Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 19.7bn, fell 4.0bn compared with the same period last year. Key positives came from lower administrative expenses, lower finance costs, and higher gross profit. Offsetting pressure came mainly from weaker other profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- -7.19x
- P/B
- 0.42x
- EPS
- -598
- BVPS
- 10,186
- ROE
- -5.7%
- ROA
- -5.5%
- Market price
- 4,300 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, GMC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Finance costs
- Gross profit
- Other profit
- Financial income
- Other
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 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.4 | 0.5 | 0.5 | 0.6 | 0.3 | 0.1 | 0.2 | 0.1 |
| LNST | -5.7 | -3.1 | -6.5 | -4.4 | -7.7 | -8.7 | -0.5 | 1.2 |
| Net margin | -1368.27% | -632.49% | -1434.43% | -799.13% | -2228.62% | -7499.68% | -216.67% | 919.22% |
Revenue
0bnNet income
-6bnNet margin
-1368.27%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 expanded to −1031.76%, rising 877.5pp. Core operating signals are improving as SG&A / Revenue fell 3459.9pp are enough to offset pressure from Gross margin fell 3.8pp (with lingering pressure from Other profit / Revenue fell 963.7pp and Net financial result / Revenue fell 295.9pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- −1031.76% +877.5pp
- Gross Margin
- 88.88% −3.8pp
- SG&A / Revenue
- 1568.57% −3459.9pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.03x equity, with a net cash position equivalent to 0.04x equity.
Inventory ended the period at 94.2bn, roughly 26.8% of total assets.
Over the last 12 months, working capital absorbed 0.3bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 542413.1 days versus the same period last year. The main moves came from DIO fell 544127.7 days, DSO fell 1021.4 days, and DPO fell 2735.9 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 187339.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from −4.2% to −5.7% — dragged by leverage.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at −0.04x and interest coverage only at −18.45x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
Interest coverage is −18.45x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- −0.04x
- Interest Coverage
- −18.45x +314.38x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -13.9bn in 2025, against investing cash flow of -51.7bn.
Post-investment cash flow was negative +65.6bn. Financing cash flow was positive 0.0bn.
CFO / net income was 0,69 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
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 877.5 pp. The next item to monitor is capital structure should be read with cycle risk in mind. The main risk still sits in leverage and liquidity, with interest coverage at −18.45x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -1031.76% after expanding 877.5pp versus the same period last year.
- Watchpoint: Capital structure should be read with cycle risk in mind.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −18.45x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +132,7% YoY pace.
Ability to hold margins around the current -1031.76% level.
Cash-flow quality, with operating cash flow currently at -13.9bn in 2025.
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