Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 33.1bn, fell 21.0bn compared with the same period last year. Key positives came from lower finance costs, lower selling expenses, and lower tax. Offsetting pressure came mainly from lower gross profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.46x
- P/B
- 0.16x
- EPS
- 752
- BVPS
- 16,495
- ROE
- 4.3%
- ROA
- 2.1%
- Market price
- 2,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DVM is losing revenue quickly, though margins have not been hit proportionally yet — profit is at an all-time high. This only holds if margins can continue to resist — if revenue stays weak, margin pressure will build.
Profit bridge
Vs last year · TTM
- Finance costs
- Selling expenses
- Tax
- Gross profit
- Financial income
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 | 49.0 | 423.0 | 330.1 | 378.0 | 319.8 | 406.9 | 456.7 | 322.5 |
| LNST | 0.2 | 10.0 | 8.1 | 14.8 | 12.3 | 12.0 | 18.2 | 11.6 |
| Net margin | 0.38% | 2.37% | 2.45% | 3.92% | 3.85% | 2.94% | 3.98% | 3.61% |
Revenue
49bnNet income
0bnNet margin
0.38%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 2.80%, falling 0.8pp. The main pressure comes from Gross margin fell 0.6pp and SG&A / Revenue rose 0.3pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.0pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 2.80% −0.8pp
- Gross Margin
- 9.13% −0.6pp
- SG&A / Revenue
- 2.89% +0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼ROIC fell to 2.66%, losing 1.5pp. That translates to 2.66 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.9pp and capital turnover fell 0.19x, with invested capital easing slightly by 66bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
ROIC is currently 2.66% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 1.13x equity, net debt at 0.60x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.3 days versus the same period last year. The main moves came from DIO fell 6.3 days, DSO rose 29.9 days, and DPO rose 28.9 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 133.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +29.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 7.5% to 4.3% — dragged by net margin and asset turnover together.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.60x and interest coverage only at 1.20x.
At present, short-term debt accounts for 97.2% of total debt, cash equals 0.8% of debt, and total debt stands at 467.3bn.
Interest coverage is 1.20x, leaving limited room to absorb financing costs.
Short-term debt accounts for 97.2% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.60x −0.22x
- Interest Coverage
- 1.20x −0.25x
- Cash / Debt
- 0.8% −6.4pp
- Short-term Debt / Total Debt
- 97.2% +1.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,124.0bn in 2025, against investing cash flow of 80.2bn.
Post-investment cash flow was positive +1,204.1bn. Financing cash flow was negative +1,176.2bn.
CFO / net income was 31,01 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 31.01x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in capital efficiency remains weak, with ROIC at 2.7%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 31.01x.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −21,6% YoY decline.
Ability to hold margins around the current 2.80% level.
Cash-flow quality, with operating cash flow currently at 1,124.0bn in 2025.
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Its weight and influence across the assets held for investment.
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