Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 169.9bn, rose 34.6bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.78x
- P/B
- 1.41x
- EPS
- 6,969
- BVPS
- 43,443
- ROE
- 20.8%
- ROA
- 18.8%
- Market price
- 61,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, FOC is improving on both growth and profitability, painting a notably more positive picture versus the same period — earnings have been recovering gradually over multiple periods. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Selling expenses
- Administrative expenses
- Tax
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 | 138.7 | 256.1 | 221.4 | 209.8 | 117.5 | 224.7 | 201.5 | 151.2 |
| LNST | 31.8 | 47.4 | 46.0 | 44.6 | 18.8 | 37.6 | 45.5 | 33.5 |
| Net margin | 22.95% | 18.52% | 20.78% | 21.27% | 15.97% | 16.71% | 22.57% | 22.18% |
Revenue
139bnNet income
32bnNet margin
22.95%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 20.57%, rising 1.1pp. Core operating signals are improving as Gross margin rose 3.7pp are enough to offset pressure from SG&A / Revenue rose 2.2pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.4pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 20.57% +1.1pp
- Gross Margin
- 50.58% +3.7pp
- SG&A / Revenue
- 29.78% +2.2pp
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 0.26x equity, with a net cash position equivalent to 0.05x equity.
None
Over the last 12 months, working capital absorbed 10.0bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
Working Capital Efficiency
●Cash conversion cycle improved by 1.0 days versus the same period last year. The main moves came from DIO fell 0.4 days, DSO fell 6.3 days, and DPO fell 5.7 days.
Working capital cycle is flat — components are offsetting each other.
DuPont
What drives ROE?
ROE rose from 17.1% to 20.8% — mainly driven by asset turnover, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 106.1bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.05x and interest coverage at 399.06x.
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
- −0.05x
- Interest Coverage
- 399.06x −406.12x
- 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 106.1bn in 2025, against investing cash flow of 90.1bn.
Post-investment cash flow was positive +196.3bn. Financing cash flow was negative +184.2bn.
CFO / net income was 0,76 lần.
After spending +0.6bn on fixed-asset investment, the business generated trailing free cash flow of +127.8bn.
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 operating efficiency, with net margin improving 1.1 pp. The next item to monitor is the earnings mix, when non-core contribution is 19.2%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 20.57% after expanding 1.1pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 19.2% of PBT and CFO / net income currently at 0.76x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +18,9% YoY pace.
Ability to hold margins around the current 20.57% level.
Cash-flow quality, with operating cash flow currently at 106.1bn in 2025.
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