Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 28.1bn, rose 1.7bn compared with the same period last year. Key positives came from higher financial income and lower tax. Offsetting pressure came mainly from higher administrative expenses and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.68x
- P/B
- 0.98x
- EPS
- 2,074
- BVPS
- 18,315
- ROE
- 11.6%
- ROA
- 10.3%
- Market price
- 18,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HMH posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — margins have been expanding consistently over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Financial income
- Tax
- 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 | 30.7 | 33.2 | 30.4 | 30.4 | 27.7 | 29.6 | 28.3 | 27.3 |
| LNST | 12.4 | 5.0 | 8.9 | 1.9 | 11.2 | 1.8 | 11.2 | 2.4 |
| Net margin | 40.50% | 15.18% | 29.17% | 6.29% | 40.36% | 5.93% | 39.47% | 8.69% |
Revenue
31bnNet income
12bnNet margin
40.50%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 22.66%, falling 0.8pp. The main pressure comes from Gross margin fell 1.6pp and SG&A / Revenue rose 0.8pp (in addition, Net financial result / Revenue rose 0.7pp added support while Other profit / Revenue fell 0.1pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 22.66% −0.8pp
- Gross Margin
- 16.56% −1.6pp
- SG&A / Revenue
- 7.19% +0.8pp
- Non-core / Revenue
- 16.41% +0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 63.7% of PBT and lifted net margin by 0.6pp — separate the operating contribution from this source.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 13.07%, falling 1.0pp. That translates to 13.07 in after-tax operating profit for every 100 units of operating capital. ROIC is under pressure as NOPAT margin steady and capital turnover broadly stable have not provided enough support, with invested capital holding roughly steady.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.16x equity, with a net cash position equivalent to 0.13x equity.
None
Over the last 12 months, working capital released 2.3bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 24.1 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO rose 6.9 days, and DPO fell 17.1 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +24.1 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +6.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 12.2% to 11.7% — dragged by net margin and asset turnover together, though leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.13x and interest coverage at 6.20x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 1616.1% of debt, and total debt stands at 2.1bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.13x −0.01x
- Interest Coverage
- 6.20x −2.07x
- Cash / Debt
- 1616.1% +222.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲Operating cash flow reached -30.6bn in 2025, against investing cash flow of 27.5bn.
Post-investment cash flow was negative +3.1bn. Financing cash flow was positive +6.9bn.
CFO / net income was 0,67 lần.
After spending +6.4bn on fixed-asset investment, the business generated trailing free cash flow of +12.4bn.
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 balance-sheet flexibility, with net cash/equity at about −0.13x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.13x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 62.7% of PBT and CFO / net income currently at 0.67x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +10,4% YoY pace.
Ability to hold margins around the current 22.66% level.
Cash-flow quality, with operating cash flow currently at -30.6bn in 2025.
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