Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 13.8bn, fell 24.5bn compared with the same period last year. Key positives came from lower minority interests. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -4.01x
- P/B
- 0.11x
- EPS
- -274
- BVPS
- 9,601
- ROE
- -5.6%
- ROA
- -3.9%
- Market price
- 1,100 02 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, FID posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Minority interests
- Administrative 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 | 4.6 | 11.0 | 0.8 | 22.7 | 9.8 | 36.4 | 5.8 | 13.1 |
| LNST | -3.8 | -3.5 | -3.6 | -3.8 | -3.4 | 21.2 | -1.2 | -1.3 |
| Net margin | -81.35% | -31.56% | -457.76% | -16.90% | -35.05% | 58.17% | -20.28% | -10.01% |
Revenue
5bnNet income
-4bnNet margin
-81.35%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?
Start with profitability and earnings quality.
What is driving the margin?
▼▼Net margin fell to −37.63%, losing 61.0pp. The main pressure comes from SG&A / Revenue rose 52.1pp (with lingering pressure from Net financial result / Revenue fell 6.6pp and Other profit / Revenue fell 2.3pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −37.63% −61.0pp
- Gross Margin
- 2.37% −0.0pp
- SG&A / Revenue
- 27.16% +52.1pp
- Non-core / Revenue
- −12.84% −8.9pp
TTM YoY · 2025Q1 -> 2026Q1
Profit includes a contribution from financial result (34.1% of PBT), not dominant but worth monitoring across 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. Capital structure is conservative with low leverage — liabilities at 0.45x equity, net debt at 0.15x equity.
None
Over the last 12 months, working capital absorbed 1.3bn of cash, mainly because of higher receivables. Part of that drag was offset by 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.
DSO increased by +56.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 5.6% to −6.0% — 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 0.15x and interest coverage only at −3.90x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 3.8% of debt, and total debt stands at 36.9bn.
Interest coverage is −3.90x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.15x +0.01x
- Interest Coverage
- −3.90x −16.52x
- Cash / Debt
- 3.8% +1.7pp
- 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 1.2bn in 2025, against investing cash flow of -19.9bn.
Post-investment cash flow was negative +18.7bn. Financing cash flow was positive 0.0bn.
CFO / net income was −0,05 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 margins remain under pressure remaining the main constraint, with net margin down 61.0 pp. The next watchpoint is the earnings mix, when non-core contribution is 22.7%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 22.7% of PBT and CFO / net income currently at −0.05x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -37.63% after a 61.0pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −39,9% YoY decline.
Ability to hold margins around the current -37.63% level.
Cash-flow quality, with operating cash flow currently at 1.2bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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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.