Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 261.4bn, fell 47.7bn compared with the same period last year. Key positives came from lower selling expenses, lower tax, and lower finance costs. Offsetting pressure came mainly from lower gross profit, lower financial income, weaker other profit, and higher deferred tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.22x
- P/B
- 0.45x
- EPS
- 1,930
- BVPS
- 26,778
- ROE
- 6.7%
- ROA
- 2.2%
- Market price
- 12,000 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, GDA is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — profit momentum has been slowing across consecutive periods. The point still to be proven is whether this is a short adjustment or the beginning of a weaker trend.
Profit bridge
Vs last year · TTM
- Selling expenses
- Tax
- Finance costs
- Gross profit
- Financial income
- Other profit
- Deferred 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 | 3,589.0 | 3,396.6 | 3,680.3 | 4,256.9 | 3,976.6 | 3,888.1 | 5,162.6 | 5,986.1 |
| LNST | 50.7 | 36.6 | 85.0 | 87.7 | 62.7 | 21.3 | 53.7 | 171.3 |
| Net margin | 1.41% | 1.08% | 2.31% | 2.06% | 1.58% | 0.55% | 1.04% | 2.86% |
Revenue
3,589bnNet income
51bnNet margin
1.41%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 1.74%, 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
- 1.74% +0.1pp
- Gross Margin
- 5.88% −1.4pp
- SG&A / Revenue
- 3.28% −2.4pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 2.75%, broadly flat versus the same period. That translates to 2.75 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.3pp, but capital turnover fell 0.43x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
ROIC is currently 2.75% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▲Leverage is elevated, requiring monitoring — liabilities at 2.00x equity, net debt at 1.31x equity.
Inventory ended the period at 3,582.3bn, roughly 30.1% of total assets.
Over the last 12 months, working capital released 1,375.8bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 8.8 days versus the same period last year. The main moves came from DIO rose 0.7 days, DSO rose 9.1 days, and DPO rose 1.0 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 94.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +9.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 8.2% to 6.6% — asset turnover weakened the most, though net margin still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.31x and interest coverage only at 0.94x.
At present, short-term debt accounts for 96.7% of total debt, cash equals 10.0% of debt, and total debt stands at 5,825.5bn.
Net debt / equity stands at 1.31x, increasing balance-sheet pressure.
Interest coverage is 0.94x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.31x −0.24x
- Interest Coverage
- 0.94x −0.01x
- Cash / Debt
- 10.0% −1.8pp
- Short-term Debt / Total Debt
- 96.7% −2.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 511.4bn in 2025, against investing cash flow of 141.6bn.
Post-investment cash flow was positive +653.0bn. Financing cash flow was negative +736.0bn.
CFO / net income was 4,29 lần.
After spending +330.4bn on fixed-asset investment, the business generated trailing free cash flow of +791.4bn.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 2.7%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 4.29x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 4.29x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −21,5% YoY decline.
Ability to hold margins around the current 1.74% level.
Cash-flow quality, with operating cash flow currently at 511.4bn in 2025.
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