Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 113.0bn, rose 10.7bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and lower administrative expenses. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- -176.93x
- P/B
- -19.55x
- EPS
- -2,261
- BVPS
- -20,458
- ROE
- 11.9%
- ROA
- -18.9%
- Market price
- 400,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, FTM has not accelerated revenue, but profitability is improving more visibly. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Administrative expenses
- Financial income
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 | 43.6 | 47.9 | 55.1 | 46.1 | 44.1 | 53.3 | 43.0 | 46.1 |
| LNST | -33.4 | -35.9 | -34.7 | -9.1 | -39.1 | -45.4 | -30.2 | -9.1 |
| Net margin | -76.49% | -74.84% | -63.06% | -19.62% | -88.72% | -85.17% | -70.17% | -19.62% |
Revenue
44bnNet income
-33bnNet margin
-76.49%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 improved (+7.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to −58.63%, rising 7.7pp. The main driver is Gross margin rose 4.1pp and SG&A / Revenue fell 2.7pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 2.3pp added support while Other profit / Revenue fell 1.4pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- −58.63% +7.7pp
- Gross Margin
- −3.48% +4.1pp
- SG&A / Revenue
- 45.27% −2.7pp
- Non-core / Revenue
- −9.88% +0.9pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 125.6% of PBT and lifted net margin by 0.9pp — separate the operating contribution from this source.
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 -1.57x equity, with a net cash position equivalent to 0.78x equity.
Inventory ended the period at 148.3bn, roughly 26.2% of total assets.
Over the last 12 months, working capital released 35.1bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 14.8 days versus the same period last year. The main moves came from DIO rose 17.9 days, DSO fell 28.4 days, and DPO rose 4.3 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 924.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +17.9 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 15.2% to 11.9% — the components are broadly offsetting.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −0.78x and interest coverage only at −2.11x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 0.7% of debt, and total debt stands at 797.1bn.
Interest coverage is −2.11x, 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
- −0.78x +0.12x
- Interest Coverage
- −2.11x −0.01x
- Cash / Debt
- 0.7% +0.2pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -13.0bn in 2025, against investing cash flow of 44.0bn.
Post-investment cash flow was positive +31.0bn. Financing cash flow was positive +4.9bn.
CFO / net income was 0,02 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 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 7.7 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at −2.11x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -58.63% after expanding 7.7pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 71.2% of PBT and CFO / net income currently at 0.02x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −2.11x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +3,4% YoY pace.
Ability to hold margins around the current -58.63% level.
Cash-flow quality, with operating cash flow currently at -13.0bn in 2025.
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Its weight and influence across the assets held for investment.
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well balanced?
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