Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 112.8bn, rose 26.3bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher selling expenses, higher tax, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.98x
- P/B
- 1.13x
- EPS
- 2,912
- BVPS
- 15,404
- ROE
- 19.9%
- ROA
- 14.3%
- Market price
- 17,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, GCF is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit momentum has been slowing across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Selling expenses
- Tax
- Other profit
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 | 186.0 | 171.3 | 192.3 | 199.7 | 147.6 | 146.5 | 172.0 | 141.5 |
| LNST | 31.3 | 19.1 | 31.6 | 27.8 | 24.1 | 11.4 | 22.9 | 24.4 |
| Net margin | 16.85% | 11.13% | 16.43% | 13.94% | 16.36% | 7.75% | 13.34% | 17.26% |
Revenue
186bnNet income
31bnNet margin
16.85%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 14.66%, rising 1.0pp. Core operating signals are improving as SG&A / Revenue fell 2.6pp are enough to offset pressure from Gross margin fell 1.9pp (in addition, Net financial result / Revenue rose 1.3pp added support while Other profit / Revenue fell 0.6pp remained a drag).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 14.66% +1.0pp
- Gross Margin
- 35.72% −1.9pp
- SG&A / Revenue
- 15.54% −2.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 103.2 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 20.26%, rising 6.7pp. That translates to 20.26 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.5pp and capital turnover rose 0.35x, with invested capital easing slightly by 52bn — capital-return quality improved from both sides.
Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.
Balance Sheet
▲ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.22x equity, with a net cash position equivalent to 0.26x equity.
Inventory ended the period at 94.9bn, roughly 12.2% of total assets.
Over the last 12 months, working capital released 63.0bn of cash, mainly thanks to lower receivables and lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 25.7 days versus the same period last year. The main moves came from DIO fell 9.2 days, DSO fell 16.0 days, and DPO rose 0.5 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 103.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE is broadly flat at 19.4% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 71.5bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.26x and interest coverage at 15.38x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 312.8% of debt, and total debt stands at 81.6bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.26x −0.59x
- Interest Coverage
- 15.38x +8.94x
- Cash / Debt
- 312.8% +288.1pp
- Short-term Debt / Total Debt
- 100.0% +1.4pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 71.5bn in 2025, against investing cash flow of -19.2bn.
Post-investment cash flow was positive +52.3bn. Financing cash flow was positive +85.3bn.
CFO / net income was 1,38 lần.
After spending +33.1bn on fixed-asset investment, the business generated trailing free cash flow of +122.0bn.
In summary
Research synthesis
What this reporting period is showing
The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash flow.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 14.66% after expanding 1.0pp versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +23,3% YoY pace.
Ability to hold margins around the current 14.66% level.
Cash-flow quality, with operating cash flow currently at 71.5bn 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.