Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 0.8bn, rose 3.6bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 220.00x
- P/B
- 2.78x
- EPS
- 30
- BVPS
- 2,370
- ROE
- 1.3%
- ROA
- 0.1%
- Market price
- 6,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, FCS is still improving profit despite revenue not recovering, suggesting cost efficiency or the earnings mix is aiding current results — this marks a reversal from the difficult phase before. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Gross profit
- 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 | 79.7 | 91.7 | 87.9 | 73.3 | 74.0 | 100.9 | 92.2 | 106.4 |
| LNST | -0.6 | 6.5 | 0.1 | -5.3 | -1.1 | -0.7 | -0.8 | -0.3 |
| Net margin | -0.70% | 7.09% | 0.08% | -7.16% | -1.47% | -0.72% | -0.82% | -0.25% |
Revenue
80bnNet income
-1bnNet margin
-0.70%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲Net margin edged up to 0.23%, rising 1.0pp. Core operating signals are improving as Gross margin rose 3.3pp are enough to offset pressure from SG&A / Revenue rose 2.4pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 0.23% +1.0pp
- Gross Margin
- 20.86% +3.3pp
- SG&A / Revenue
- 21.09% +2.4pp
- Non-core / Revenue
- 0.46% +0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from other income remains high (202.1% of PBT) — sustainability should be monitored.
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. Leverage is very high, with clear pressure on the capital structure — liabilities at 10.77x equity, with a net cash position equivalent to 0.28x equity.
None
Over the last 12 months, working capital absorbed 20.7bn 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 11.3 days versus the same period last year. The main moves came from DIO fell 20.3 days, DSO fell 1.2 days, and DPO fell 10.3 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE rose from −4.7% to 1.3% — supported by net margin.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 17.1bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 100.0% of total debt, cash equals 1997.6% of debt, and total debt stands at 0.9bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.28x +0.14x
- Interest Coverage
- None
- Cash / Debt
- 1997.6% −873.2pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 17.1bn in 2025, against investing cash flow of -0.2bn.
Post-investment cash flow was positive +16.9bn. Financing cash flow was positive 0.0bn.
CFO / net income was −10,13 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 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 some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 5.0%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.28x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.28x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 5.0% of PBT and CFO / net income currently at −10.13x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −10,9% YoY decline.
Ability to hold margins around the current 0.23% level.
Cash-flow quality, with operating cash flow currently at 17.1bn 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.