Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 13.3bn, fell 6.2bn compared with the same period last year. Key positives came from lower finance costs. Offsetting pressure came mainly from lower gross profit, higher administrative expenses, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -5.40x
- P/B
- 14.67x
- EPS
- -908
- BVPS
- 334
- ROE
- -101.1%
- ROA
- -12.6%
- Market price
- 4,900 21 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, FGL posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. 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
- Finance costs
- Gross profit
- Administrative expenses
- Other profit
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 | 0.7 | 15.3 | 0.2 | 0.0 | 5.7 | 15.6 | 0.1 | 0.2 |
| LNST | -2.6 | 0.2 | -3.1 | -7.9 | -0.2 | 4.0 | -8.0 | -2.9 |
| Net margin | -361.96% | 1.31% | -1782.10% | -16219.72% | -4.19% | 25.41% | -12662.52% | -1884.68% |
Revenue
1bnNet income
-3bnNet margin
-361.96%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼▼Net margin fell to −82.17%, losing 48.9pp. The main pressure comes from SG&A / Revenue rose 18.6pp and Gross margin fell 9.4pp (with lingering pressure from Other profit / Revenue fell 16.6pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- −82.17% −48.9pp
- Gross Margin
- 31.97% −9.4pp
- SG&A / Revenue
- 41.09% +18.6pp
- Non-core / Revenue
- −73.05% −20.9pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 20.9pp, non-core sources still accounts for 88.9% of PBT — earnings durability should be monitored in coming periods.
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 11.44x equity, net debt at 5.26x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 35.1 days versus the same period last year. The main moves came from DIO rose 49.0 days, DSO rose 6.1 days, and DPO rose 20.1 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 215.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +6.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from −18.1% to −101.1% — dragged by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 5.26x and interest coverage only at −1.25x.
At present, short-term debt accounts for 88.4% of total debt, cash equals 5.4% of debt, and total debt stands at 27.3bn.
Net debt / equity stands at 5.26x, increasing balance-sheet pressure.
Interest coverage is −1.25x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 5.26x +3.35x
- Interest Coverage
- −1.25x −0.89x
- Cash / Debt
- 5.4% +3.8pp
- Short-term Debt / Total Debt
- 88.4% +41.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 20.6bn in 2025, against investing cash flow of -4.6bn.
Post-investment cash flow was positive +16.0bn. Financing cash flow was negative +19.5bn.
CFO / net income was −1,34 lần.
After spending +4.9bn on fixed-asset investment, the business generated trailing free cash flow of +13.0bn.
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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 48.9 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 41.0% of PBT and CFO / net income currently at −1.34x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -82.17% after a 48.9pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −24,3% YoY decline.
Ability to hold margins around the current -82.17% level.
Cash-flow quality, with operating cash flow currently at 20.6bn 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.