Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 4.6bn, rose 0.1bn compared with the same period last year. Key positives came from higher gross profit, lower tax, lower minority interests, and lower selling expenses. Offsetting pressure came mainly from higher finance costs, higher administrative expenses, weaker other profit, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 22.89x
- P/B
- 0.17x
- EPS
- 83
- BVPS
- 11,052
- ROE
- 0.8%
- ROA
- 0.7%
- Market price
- 1,900 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, GPC posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Minority interests
- Selling expenses
- Finance costs
- Administrative expenses
- Other profit
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 | 26.8 | 52.8 | 47.7 | 21.7 | 30.6 | 37.5 | 10.5 | 21.8 |
| LNST | 1.7 | 9.6 | -7.3 | 1.0 | 1.5 | -1.8 | 0.9 | 4.3 |
| Net margin | 6.36% | 18.16% | -15.24% | 4.70% | 4.89% | -4.67% | 8.18% | 19.99% |
Revenue
27bnNet income
2bnNet margin
6.36%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 fell to 3.38%, losing 1.6pp. SG&A / Revenue fell 4.3pp and Gross margin rose 1.0pp improved but not enough to offset the weakness in Net financial result / Revenue fell 8.1pp and Other profit / Revenue fell 0.3pp.
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 3.38% −1.6pp
- Gross Margin
- 13.62% +1.0pp
- SG&A / Revenue
- 9.59% −4.3pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 0.72%, broadly flat versus the same period. That translates to 0.72 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 1.6pp, but capital turnover rose 0.07x, 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 0.72% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▲Capital structure is conservative with low leverage — liabilities at 0.20x equity, net debt at 0.10x equity.
None
Over the last 12 months, working capital released 45.2bn of cash, mainly thanks to lower receivables and lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 43.9 days versus the same period last year. The main moves came from DIO fell 45.7 days, DSO rose 1.8 days, and DPO fell 0.0 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 100.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +1.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 0.8% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.10x and interest coverage only at 0.90x.
At present, short-term debt accounts for 86.1% of total debt, cash equals 4.3% of debt, and total debt stands at 62.8bn.
Interest coverage is 0.90x, leaving limited room to absorb financing costs.
Short-term debt accounts for 86.1% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.10x −0.10x
- Interest Coverage
- 0.90x −7.58x
- Cash / Debt
- 4.3% −16.5pp
- Short-term Debt / Total Debt
- 86.1% −7.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲Operating cash flow reached -37.0bn in 2025, against investing cash flow of 87.5bn.
Post-investment cash flow was positive +50.4bn. Financing cash flow was negative +62.8bn.
CFO / net income was 9,04 lần.
After spending +1.3bn on fixed-asset investment, the business generated trailing free cash flow of +40.4bn.
In summary
Research synthesis
What this reporting period is showing
The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is earnings conversion is confirmed, with CFO/NI at 9.04x. The main risk still sits in core profitability, with net margin down 1.6 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 9.04x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 3.38% after a 1.6pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +48,5% YoY pace.
Ability to hold margins around the current 3.38% level.
Cash-flow quality, with operating cash flow currently at -37.0bn in 2025.
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