Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 100.8bn, fell 86.2bn compared with the same period last year. Offsetting pressure came mainly from higher selling expenses, lower gross profit, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.21x
- P/B
- 0.74x
- EPS
- 3,360
- BVPS
- 23,670
- ROE
- 14.1%
- ROA
- 5.0%
- Market price
- 17,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HNF is retaining some revenue, but margins are collapsing sharply — profit momentum has been slowing across consecutive periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.
Profit bridge
Vs last year · TTM
- Other
- Selling expenses
- Gross profit
- Financial income
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 | 542.2 | 536.1 | 534.1 | 344.5 | 385.2 | 620.0 | 537.6 | 361.5 |
| LNST | 27.8 | 24.6 | 39.8 | 8.5 | 29.2 | 71.8 | 45.3 | 40.7 |
| Net margin | 5.13% | 4.60% | 7.44% | 2.48% | 7.58% | 11.59% | 8.43% | 11.25% |
Revenue
542bnNet income
28bnNet margin
5.13%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 5.15%, losing 4.7pp. The main pressure comes from Gross margin fell 2.8pp and SG&A / Revenue rose 1.5pp (with lingering pressure from Net financial result / Revenue fell 0.7pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 5.15% −4.7pp
- Gross Margin
- 30.27% −2.8pp
- SG&A / Revenue
- 22.50% +1.5pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 6.63%, losing 6.6pp. That translates to 6.63 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 4.6pp and capital turnover fell 0.06x, while invested capital rose by 102bn — pressure came from both operational efficiency and asset efficiency.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Balance Sheet
▲ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 1.81x equity, net debt at 1.14x equity.
None
Over the last 12 months, working capital released 135.9bn 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 3.7 days versus the same period last year. The main moves came from DIO fell 2.3 days, DSO fell 3.1 days, and DPO fell 1.7 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE fell from 28.3% to 14.1% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 107.4bn due to capex of 412.6bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.14x and interest coverage only at 2.79x.
At present, short-term debt accounts for 64.4% of total debt, cash equals 19.3% of debt, and total debt stands at 999.9bn.
Net debt / equity stands at 1.14x, increasing balance-sheet pressure.
Short-term debt accounts for 64.4% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 1.14x +0.07x
- Interest Coverage
- 2.79x −2.37x
- Cash / Debt
- 19.3% +10.1pp
- Short-term Debt / Total Debt
- 64.4% −12.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 204.6bn in 2025, against investing cash flow of -72.0bn.
Post-investment cash flow was positive +132.6bn. Financing cash flow was negative +55.7bn.
CFO / net income was 3,03 lần.
After spending +412.6bn on fixed-asset investment, the business generated trailing free cash flow of −107.4bn.
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 earnings conversion is confirmed, with CFO/NI at 3.03x. The main risk still sits in core profitability, with net margin down 4.7 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 3.03x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 5.15% after a 4.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +2,8% YoY pace.
Ability to hold margins around the current 5.15% level.
Cash-flow quality, with operating cash flow currently at 204.6bn in 2025.
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