Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 74.5bn, rose 18.1bn compared with the same period last year. Key positives came from lower administrative expenses and higher financial income. Offsetting pressure came mainly from higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.04x
- P/B
- 1.29x
- EPS
- 3,545
- BVPS
- 16,616
- ROE
- 22.1%
- ROA
- 9.7%
- Market price
- 21,400 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, EMS has not moved the needle on revenue, but profitability has edged up slightly — the growth momentum has held across consecutive periods. What remains unclear is whether this improvement can widen without revenue momentum to back it.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Financial income
- Selling expenses
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 | 480.7 | 528.8 | 441.2 | 484.7 | 518.9 | 613.9 | 435.1 | 388.2 |
| LNST | 15.2 | 28.1 | 21.0 | 10.2 | 10.2 | 23.8 | 17.4 | 5.0 |
| Net margin | 3.15% | 5.31% | 4.76% | 2.11% | 1.97% | 3.87% | 4.01% | 1.28% |
Revenue
481bnNet income
15bnNet margin
3.15%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 are improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲Net margin edged up to 3.85%, rising 1.0pp. The main driver is SG&A / Revenue fell 0.7pp and Gross margin rose 0.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / Revenue fell 0.0pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.85% +1.0pp
- Gross Margin
- 15.48% +0.1pp
- SG&A / Revenue
- 10.98% −0.7pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 1.33x equity, with a net cash position equivalent to 0.29x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
●Cash conversion cycle lengthened by 0.3 days versus the same period last year. The main moves came from DIO fell 0.4 days, DSO rose 9.8 days, and DPO rose 9.0 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +0.3 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +9.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 17.4% to 22.1% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 57.8bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.29x and interest coverage at 66.49x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.29x
- Interest Coverage
- 66.49x +15.22x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 57.8bn in 2025, against investing cash flow of -19.4bn.
Post-investment cash flow was positive +38.4bn. Financing cash flow was negative +20.8bn.
CFO / net income was 0,61 lần.
After spending +2.6bn on fixed-asset investment, the business generated trailing free cash flow of +42.6bn.
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 0.61x. The next item to monitor is capital efficiency.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.61x.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −1,1% YoY decline.
Ability to hold margins around the current 3.85% level.
Cash-flow quality, with operating cash flow currently at 57.8bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.