Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 12.3bn, fell 0.9bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher finance costs, higher selling expenses, higher administrative expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 35.17x
- P/B
- 1.79x
- EPS
- 580
- BVPS
- 11,386
- ROE
- 4.3%
- ROA
- 2.7%
- Market price
- 20,400 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ECO is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Finance costs
- 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 | 99.7 | 109.9 | 116.2 | 133.1 | 108.0 | 133.5 | 112.6 | 106.0 |
| LNST | 2.0 | 2.7 | 5.1 | 2.4 | 2.9 | 3.8 | 3.3 | 3.1 |
| Net margin | 1.99% | 2.45% | 4.41% | 1.79% | 2.66% | 2.88% | 2.93% | 2.96% |
Revenue
100bnNet income
2bnNet margin
1.99%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 stands at 2.66%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 2.66% −0.2pp
- Gross Margin
- 8.51% +2.3pp
- SG&A / Revenue
- 4.00% +0.8pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 2.81%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently 2.81% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▲Capital structure is conservative with low leverage — liabilities at 0.86x equity, net debt at 0.40x equity.
Inventory ended the period at 84.6bn, roughly 19.0% of total assets.
Over the last 12 months, working capital absorbed 13.5bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
CCC stands at 95.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
Is financial risk significant?
Leverage is safe but FCF is negative at 53.6bn due to capex of 70.7bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.40x and interest coverage only at 0.94x.
At present, short-term debt accounts for 57.6% of total debt, cash equals 19.6% of debt, and total debt stands at 168.1bn.
Interest coverage is 0.94x, leaving limited room to absorb financing costs.
Cash / debt stands at 19.6%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.40x −0.11x
- Interest Coverage
- 0.94x −0.95x
- Cash / Debt
- 19.6% +9.5pp
- Short-term Debt / Total Debt
- 57.6% −16.9pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼Operating cash flow reached -44.3bn in 2025, against investing cash flow of -87.4bn.
Post-investment cash flow was negative +131.7bn. Financing cash flow was positive +117.8bn.
CFO / net income was 1,40 lần.
After spending +70.7bn on fixed-asset investment, the business generated trailing free cash flow of −53.6bn.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 2.8%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.40x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.40x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −0,3% YoY decline.
Ability to hold margins around the current 2.66% level.
Cash-flow quality, with operating cash flow currently at -44.3bn in 2025.
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