Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 376.9bn, rose 91.3bn compared with the same period last year. Key positives came from higher gross profit, lower minority interests, and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.06x
- P/B
- 0.86x
- EPS
- 5,764
- BVPS
- 40,763
- ROE
- 14.7%
- ROA
- 8.7%
- Market price
- 34,950 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, FMC shows mild improvement in both revenue and margins, but the magnitude of change is narrow — margins have been compressing consistently over multiple periods. This signal only becomes convincing if the improvement widens in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Minority interests
- Financial income
- Selling expenses
- Administrative expenses
- Finance costs
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 | 1,398.5 | 1,555.5 | 2,983.6 | 1,876.4 | 1,990.5 | 1,364.0 | 2,845.1 | 1,242.8 |
| LNST | 50.8 | 165.5 | 111.9 | 101.6 | 37.7 | 187.2 | 94.8 | 83.4 |
| Net margin | 3.63% | 10.64% | 3.75% | 5.41% | 1.90% | 13.72% | 3.33% | 6.71% |
Revenue
1,399bnNet income
51bnNet margin
3.63%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 stands at 5.50%, 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
- 5.50% +0.1pp
- Gross Margin
- 12.76% +2.2pp
- SG&A / Revenue
- 8.44% +2.4pp
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. Capital structure is conservative with low leverage — liabilities at 0.85x equity, net debt at 0.16x equity.
Inventory ended the period at 884.7bn, roughly 18.3% of total assets.
Over the last 12 months, working capital released 262.1bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.6 days versus the same period last year. The main moves came from DIO fell 0.1 days, DSO fell 2.8 days, and DPO fell 0.3 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE is broadly flat at 16.7% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.16x and interest coverage at 6.06x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 57.1% of debt, and total debt stands at 987.7bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.16x +0.25x
- Interest Coverage
- 6.06x −0.58x
- Cash / Debt
- 57.1% −59.7pp
- 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 513.3bn in 2025, against investing cash flow of -912.6bn.
Post-investment cash flow was negative +399.3bn. Financing cash flow was positive +461.5bn.
CFO / net income was 1,85 lần.
After spending +5.3bn on fixed-asset investment, the business generated trailing free cash flow of +692.2bn.
In summary
Research synthesis
What this reporting period is showing
The investment case still leans positive, but the improvement right now comes mainly from cash flow, even though margin is roughly flat. Notably, the improvement in cash flow has been confirmed across multiple cycles. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 20.4%.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 217.0bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.85x. Even so, net financial result still accounts for 20.4% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Durability of revenue growth after the current +5,0% YoY pace.
Ability to hold margins around the current 5.50% level.
Cash-flow quality, with operating cash flow currently at 513.3bn in 2025.
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