Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 914.3bn, rose 467.5bn 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, higher finance costs, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 25.44x
- P/B
- 4.35x
- EPS
- 5,542
- BVPS
- 32,377
- ROE
- 23.3%
- ROA
- 4.3%
- Market price
- 141,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, FRT is growing strongly on the back of scale expansion, while margins have only improved slightly — margins have been expanding consistently over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Selling expenses
- Administrative expenses
- Finance costs
- Tax
- Other
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 | 15,116.9 | 14,912.8 | 13,109.9 | 11,390.3 | 11,669.8 | 11,447.6 | 10,375.7 | 9,239.5 |
| LNST | 374.6 | 348.3 | 265.9 | 157.2 | 212.8 | 133.9 | 165.4 | 48.5 |
| Net margin | 2.48% | 2.34% | 2.03% | 1.38% | 1.82% | 1.17% | 1.59% | 0.52% |
Revenue
15,117bnNet income
375bnNet margin
2.48%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 2.10%, rising 0.8pp. Core operating signals are improving as Gross margin rose 0.6pp are enough to offset pressure from SG&A / Revenue rose 0.0pp (with additional support from Net financial result / Revenue rose 0.3pp and Other profit / Revenue rose 0.0pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 2.10% +0.8pp
- Gross Margin
- 19.59% +0.6pp
- SG&A / Revenue
- 16.89% +0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 3.0 days — working capital needs watching.
Is capital being deployed efficiently?
▲ROIC expanded to 9.10%, rising 2.0pp. That translates to 9.10 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.8pp, with capital turnover fell 1.01x; while invested capital expanded strongly by 4,562bn.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Balance Sheet
▼▼ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 3.61x equity, net debt at 2.13x equity.
Inventory ended the period at 11,926.7bn, roughly 50.3% of total assets.
Over the last 12 months, working capital absorbed 2,338.9bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 3.0 days versus the same period last year. The main moves came from DIO rose 9.7 days, DSO rose 0.1 days, and DPO rose 6.8 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +3.0 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 27.3% to 29.2% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.13x and interest coverage only at 3.14x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 5.2% of debt, and total debt stands at 12,381.4bn.
Net debt / equity stands at 2.13x, increasing balance-sheet pressure.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 2.13x −0.23x
- Interest Coverage
- 3.14x +0.58x
- Cash / Debt
- 5.2% −32.9pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 2,747.3bn in 2025, against investing cash flow of -5,263.9bn.
Post-investment cash flow was negative +2,516.6bn. Financing cash flow was positive +3,288.6bn.
CFO / net income was −1,10 lần.
After spending +540.1bn on fixed-asset investment, the business generated trailing free cash flow of −1,546.0bn.
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. The brighter spot is earnings conversion is confirmed, with CFO/NI at −1.10x. The main risk still sits in leverage and liquidity, with interest coverage at 3.14x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −1.10x.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 2.13x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +27,6% YoY pace.
Ability to hold margins around the current 2.10% level.
Cash-flow quality, with operating cash flow currently at 2,747.3bn 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.