Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 36.8bn, rose 21.0bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.23x
- P/B
- 1.38x
- EPS
- 5,647
- BVPS
- 17,336
- ROE
- 36.3%
- ROA
- 23.5%
- Market price
- 23,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HCC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
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 | 112.0 | 108.3 | 116.2 | 119.6 | 76.6 | 81.2 | 90.6 | 73.8 |
| LNST | 10.9 | 4.6 | 9.2 | 12.1 | 4.5 | 2.6 | 4.9 | 3.8 |
| Net margin | 9.77% | 4.22% | 7.96% | 10.08% | 5.92% | 3.18% | 5.40% | 5.11% |
Revenue
112bnNet income
11bnNet margin
9.77%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 8.07%, rising 3.2pp. The main driver is Gross margin rose 2.7pp and SG&A / Revenue fell 1.2pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 8.07% +3.2pp
- Gross Margin
- 12.94% +2.7pp
- SG&A / Revenue
- 2.65% −1.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.66x equity, with a net cash position equivalent to 0.23x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 2.7pp YoY to 12.94% (TTM).
Gross margin (TTM): 12.94% · YoY +2.7pp
Inventory 8.6bn — 5.18% of total assets, below the materials-group median (13.00%); ≈ 8 days of sales.
Inventory / assets: 5.18% (group median 13.00%)
Days inventory outstanding: 8
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 25.3 days versus the same period last year. The main moves came from DIO fell 3.9 days, DSO fell 29.6 days, and DPO fell 8.2 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE rose from 18.3% to 36.3% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 39.0bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.23x and interest coverage at 141.19x.
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.
- Net Debt / Equity
- −0.23x
- Interest Coverage
- 141.19x +77.76x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 39.0bn in 2025, against investing cash flow of -9.5bn.
Post-investment cash flow was positive +29.5bn. Financing cash flow was negative +13.0bn.
CFO / net income was 0,96 lần.
After spending +9.9bn on fixed-asset investment, the business generated trailing free cash flow of +25.6bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing brighter earnings with improving operating quality. Margin improving shows the business is generating more efficient growth than before. Even so, capital efficiency remains the area to verify in upcoming periods.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.07% after expanding 3.2pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Durability of revenue growth after the current +41,6% YoY pace.
Ability to hold margins around the current 8.07% level.
Cash-flow quality, with operating cash flow currently at 39.0bn in 2025.
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