Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 15.6bn, fell 6.1bn compared with the same period last year. Key positives came from higher gross profit, better other profit, lower tax, and lower minority interests. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, higher finance costs, and lower associates income. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- 779
- BVPS
- 23,802
- ROE
- 3.3%
- ROA
- 1.0%
- Market price
- —
The current picture
What Is Changing
On a TTM 2026Q1 basis, GMA is maintaining revenue, but margins are compressing slightly — the growth momentum has held across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Tax
- Minority interests
- Selling expenses
- Administrative expenses
- 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 | 1,010.4 | 1,476.2 | 1,095.7 | 515.1 | 594.0 | 864.4 | 797.4 | 590.3 |
| LNST | -2.5 | 26.4 | 4.1 | -13.2 | 3.0 | 5.1 | 10.4 | 3.5 |
| Net margin | -0.24% | 1.79% | 0.37% | -2.57% | 0.50% | 0.59% | 1.30% | 0.60% |
Revenue
1,010bnNet income
-2bnNet margin
-0.24%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
●Net margin narrowed to 0.36%, falling 0.4pp. The main pressure is Gross margin fell 0.9pp, outweighing the improvement in SG&A / Revenue fell 0.1pp (with additional support from Net financial result / Revenue rose 0.3pp and Other profit / Revenue rose 0.3pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 0.36% −0.4pp
- Gross Margin
- 7.56% −0.9pp
- SG&A / Revenue
- 5.81% −0.1pp
- Non-core / Revenue
- −1.21% +0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 74.9% of PBT and lifted net margin by 0.6pp — separate the operating contribution from this source.
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 0.28%, falling 1.4pp. That translates to 0.28 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.6pp, outweighing the movement in capital turnover; while invested capital rose by 118bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 0.28% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 2.58x equity, net debt at 1.83x equity.
Inventory ended the period at 387.0bn, roughly 22.6% of total assets.
Over the last 12 months, working capital released 43.9bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.3 days versus the same period last year. The main moves came from DIO fell 1.6 days, DSO fell 5.0 days, and DPO fell 0.4 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE fell from 4.7% to 3.1% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.83x and interest coverage only at 0.08x.
At present, short-term debt accounts for 71.3% of total debt, cash equals 10.0% of debt, and total debt stands at 966.5bn.
Net debt / equity stands at 1.83x, increasing balance-sheet pressure.
Interest coverage is 0.08x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.83x +0.18x
- Interest Coverage
- 0.08x −0.40x
- Cash / Debt
- 10.0% +1.8pp
- Short-term Debt / Total Debt
- 71.3% −2.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 40.6bn in 2025, against investing cash flow of -41.1bn.
Post-investment cash flow was negative +0.5bn. Financing cash flow was positive +16.2bn.
CFO / net income was 8,66 lần.
After spending +237.2bn on fixed-asset investment, the business generated trailing free cash flow of −102.2bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. The next item to monitor is the earnings mix, when non-core contribution is −319.3%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.3%.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 44.8bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 8.66x. Even so, net financial result still accounts for −319.3% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +44,0% YoY pace.
Ability to hold margins around the current 0.36% level.
Cash-flow quality, with operating cash flow currently at 40.6bn in 2025.
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