Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 76.2bn, rose 12.4bn compared with the same period last year. Key positives came from lower administrative expenses and lower selling expenses. Offsetting pressure came mainly from lower gross profit, weaker other profit, higher tax, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.96x
- P/B
- 1.13x
- EPS
- 3,178
- BVPS
- 13,918
- ROE
- 23.1%
- ROA
- 12.6%
- Market price
- 15,750 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, GDT has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Selling expenses
- Gross profit
- Other profit
- Tax
- Finance costs
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 | 67.5 | 112.0 | 79.7 | 71.1 | 70.6 | 86.7 | 91.7 | 88.1 |
| LNST | 17.2 | 21.7 | 20.6 | 16.7 | 15.8 | 16.8 | 15.8 | 15.5 |
| Net margin | 25.46% | 19.34% | 25.89% | 23.55% | 22.34% | 19.38% | 17.24% | 17.56% |
Revenue
67bnNet income
17bnNet margin
25.46%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 expanded to 23.08%, rising 4.1pp. Core operating signals are improving as SG&A / Revenue fell 8.4pp are enough to offset pressure from Gross margin fell 1.5pp (with lingering pressure from Other profit / Revenue fell 1.2pp and Net financial result / Revenue fell 0.4pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 23.08% +4.1pp
- Gross Margin
- 42.80% −1.5pp
- SG&A / Revenue
- 11.42% −8.4pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 14.63%, falling 1.0pp. That translates to 14.63 in after-tax operating profit for every 100 units of operating capital. Although NOPAT margin rose 5.0pp, capital turnover fell 0.22x still pulled ROIC lower, while invested capital expanded strongly by 132bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Balance Sheet
▼Capital structure is balanced — liabilities at 0.56x equity, net debt at 0.76x equity.
Inventory ended the period at 63.1bn, roughly 11.4% of total assets.
Over the last 12 months, working capital absorbed 119.6bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 21.5 days versus the same period last year. The main moves came from DIO fell 10.0 days, DSO fell 1.0 days, and DPO rose 10.6 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 132.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 21.5% to 23.1% — supported by net margin and leverage.
Is financial risk significant?
Leverage is safe but FCF is negative at 230.1bn due to capex of 204.6bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.76x and interest coverage at 7.49x.
At present, short-term debt accounts for 28.6% of total debt, cash equals 1.3% of debt, and total debt stands at 267.4bn.
Cash / debt stands at 1.3%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.76x +0.30x
- Interest Coverage
- 7.49x +0.86x
- Cash / Debt
- 1.3% +0.1pp
- Short-term Debt / Total Debt
- 28.6% −16.3pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 87.0bn in 2025, against investing cash flow of -50.4bn.
Post-investment cash flow was positive +36.5bn. Financing cash flow was negative +36.8bn.
CFO / net income was −0,33 lần.
After spending +204.6bn on fixed-asset investment, the business generated trailing free cash flow of −230.1bn.
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 4.1 pp. The main risk still sits in leverage and liquidity, with interest coverage at 7.49x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 23.08% after expanding 4.1pp versus the same period last year.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.76x and a thin cash buffer.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −2,0% YoY decline.
Ability to hold margins around the current 23.08% level.
Cash-flow quality, with operating cash flow currently at 87.0bn in 2025.
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