Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 295.7bn, rose 57.7bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.59x
- P/B
- 1.55x
- EPS
- 9,110
- BVPS
- 38,684
- ROE
- 26.0%
- ROA
- 20.6%
- Market price
- 60,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DTP is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. The direction is leaning toward improvement, but the next test will be whether the magnitude widens enough to become a trend.
Profit bridge
Vs last year · TTM
- Gross profit
- Other
- Selling expenses
- Administrative expenses
- Tax
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 412.4 | 554.1 | 417.3 | 393.9 | 329.5 | 398.6 | 309.9 | 300.7 |
| LNST | 55.4 | 61.6 | 99.1 | 79.6 | 59.2 | 44.2 | 70.2 | 64.4 |
| Net margin | 13.43% | 11.11% | 23.74% | 20.22% | 17.97% | 11.09% | 22.64% | 21.42% |
Revenue
412bnNet income
55bnNet margin
13.43%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Margins narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin narrowed to 16.63%, falling 1.1pp. The main pressure is SG&A / Revenue rose 2.5pp, outweighing the improvement in Gross margin rose 0.9pp (with additional support from Net financial result / Revenue rose 0.2pp and Other profit / Revenue rose 0.2pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 16.63% −1.1pp
- Gross Margin
- 52.70% +0.9pp
- SG&A / Revenue
- 33.80% +2.5pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 215.7 days.
Is capital being deployed efficiently?
▲ROIC edged up to 25.78%, rising 1.3pp. That translates to 25.78 in after-tax operating profit for every 100 units of operating capital. capital turnover rose 0.18x was enough to offset the contraction in NOPAT margin narrowed 1.3pp, while invested capital rose by 168bn.
Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.32x equity, with a net cash position equivalent to 0.01x equity.
Inventory ended the period at 424.4bn, roughly 26.8% of total assets.
Over the last 12 months, working capital absorbed 24.8bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 41.9 days versus the same period last year. The main moves came from DIO fell 40.7 days, DSO fell 11.5 days, and DPO fell 10.3 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 215.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 25.5% to 26.0% — mainly driven by asset turnover, despite net margin and leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 367.7bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.01x and interest coverage at 62.07x.
At present, short-term debt accounts for 58.4% of total debt, cash equals 113.9% of debt, and total debt stands at 95.9bn.
- Net Debt / Equity
- −0.01x −0.05x
- Interest Coverage
- 62.07x +25.13x
- Cash / Debt
- 113.9% +61.9pp
- Short-term Debt / Total Debt
- 58.4% −3.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 367.7bn in 2025, against investing cash flow of -261.9bn.
Post-investment cash flow was positive +105.8bn. Financing cash flow was negative +23.6bn.
CFO / net income was 1,22 lần.
After spending +283.4bn on fixed-asset investment, the business generated trailing free cash flow of +76.3bn.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.22x. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 216 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.22x.
- Key risk: working capital remains tied up for too long, with cash cycle at 215.7 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +32,8% YoY pace.
Ability to hold margins around the current 16.63% level.
Cash-flow quality, with operating cash flow currently at 367.7bn in 2025.
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