Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 1,549.5bn, fell 199.8bn compared with the same period last year. Key positives came from higher gross profit, higher associates income, and better other profit. Offsetting pressure came mainly from higher tax, higher minority interests, higher finance costs, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 13.01x
- P/B
- 0.60x
- EPS
- 1,730
- BVPS
- 37,608
- ROE
- 5.3%
- ROA
- 2.2%
- Market price
- 22,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, GEX is maintaining revenue growth, but margins have not improved proportionally — 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
- Gross profit
- Associates income
- Other profit
- Tax
- Minority interests
- Finance costs
- Administrative expenses
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 | 10,721.7 | 11,642.4 | 9,841.1 | 10,130.6 | 7,916.4 | 10,142.4 | 8,708.6 | 8,250.5 |
| LNST | 578.8 | 595.7 | 781.3 | 1,205.1 | 436.5 | 1,013.8 | 297.1 | 1,103.7 |
| Net margin | 5.40% | 5.12% | 7.94% | 11.90% | 5.51% | 10.00% | 3.41% | 13.38% |
Revenue
10,722bnNet income
579bnNet margin
5.40%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin narrowed to 7.47%, falling 0.7pp. SG&A / Revenue fell 0.7pp and Gross margin rose 0.4pp improved but not enough to offset the weakness in Net financial result / Revenue fell 1.1pp (Other profit / Revenue rose 0.1pp still added support).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 7.47% −0.7pp
- Gross Margin
- 20.85% +0.4pp
- SG&A / Revenue
- 8.34% −0.7pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼ROIC narrowed to 5.97%, falling 1.3pp. That translates to 5.97 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.7pp and capital turnover fell 0.08x, while invested capital expanded strongly by 13,019bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
Balance Sheet
▼ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 1.44x equity, net debt at 0.89x equity.
Inventory ended the period at 14,455.0bn, roughly 19.6% of total assets.
Over the last 12 months, working capital absorbed 4,446.3bn 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 35.5 days versus the same period last year. The main moves came from DIO rose 39.6 days, DSO fell 4.0 days, and DPO rose 0.1 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 152.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +39.6 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 12.4% to 10.8% — dragged by net margin and asset turnover together, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 6,380.0bn due to capex of 5,264.9bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.89x and interest coverage at 2.38x.
At present, short-term debt accounts for 39.2% of total debt, cash equals 14.4% of debt, and total debt stands at 35,497.7bn.
Cash / debt stands at 14.4%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.89x +0.28x
- Interest Coverage
- 2.38x −0.01x
- Cash / Debt
- 14.4% −7.4pp
- Short-term Debt / Total Debt
- 39.2% −10.4pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 546.2bn in 2025, against investing cash flow of -5,016.7bn.
Post-investment cash flow was negative +4,470.5bn. Financing cash flow was positive +9,049.0bn.
CFO / net income was −0,72 lần.
After spending +5,264.9bn on fixed-asset investment, the business generated trailing free cash flow of −6,380.0bn.
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 working capital is tied up too long in the operating cycle remaining the main constraint, with CCC extended to 153 days. The next watchpoint is effective tax rate looks unusual, with effective tax rate at 34.9%.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: working capital remains tied up for too long, with cash cycle at 152.7 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +20,9% YoY pace.
Ability to hold margins around the current 7.47% level.
Cash-flow quality, with operating cash flow currently at 546.2bn in 2025.
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