Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 93.6bn, rose 13.1bn compared with the same period last year. Key positives came from lower selling expenses, lower finance costs, lower administrative expenses, and higher gross profit. Offsetting pressure came mainly from lower financial income, higher tax, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.36x
- P/B
- 1.28x
- EPS
- 3,939
- BVPS
- 22,589
- ROE
- 18.2%
- ROA
- 12.7%
- Market price
- 29,000 06 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HNI has not accelerated revenue, but profitability is improving more visibly — margins have been expanding consistently over multiple periods. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Selling expenses
- Finance costs
- Administrative expenses
- Gross profit
- Financial income
- Tax
- 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 | 168.6 | 198.0 | 232.6 | 358.7 | 191.0 | 242.4 | 366.6 | 393.1 |
| LNST | 9.8 | 57.6 | 10.7 | 15.6 | 9.9 | 37.7 | 16.2 | 16.7 |
| Net margin | 5.82% | 29.08% | 4.59% | 4.34% | 5.19% | 15.57% | 4.43% | 4.25% |
Revenue
169bnNet income
10bnNet margin
5.82%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 9.78%, rising 3.0pp. Core operating signals are improving as Gross margin rose 3.9pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (in addition, Net financial result / Revenue rose 0.4pp added support while Other profit / Revenue fell 0.2pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 9.78% +3.0pp
- Gross Margin
- 18.02% +3.9pp
- SG&A / Revenue
- 7.17% +0.3pp
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 0.57x equity, with a net cash position equivalent to 0.30x equity.
None
Over the last 12 months, working capital absorbed 7.3bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 14.1 days versus the same period last year. The main moves came from DIO rose 12.0 days, DSO rose 13.6 days, and DPO rose 11.6 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +14.1 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +13.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 17.5% to 18.2% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 132.3bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.30x and interest coverage at 25.86x.
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
- −0.30x
- Interest Coverage
- 25.86x +17.25x
- 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 132.3bn in 2025, against investing cash flow of -84.3bn.
Post-investment cash flow was positive +48.0bn. Financing cash flow was negative +35.7bn.
CFO / net income was 1,14 lần.
After spending +96.7bn on fixed-asset investment, the business generated trailing free cash flow of +10.2bn.
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 3.0 pp. The next item to monitor is capital efficiency.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.78% after expanding 3.0pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −19,7% YoY decline.
Ability to hold margins around the current 9.78% level.
Cash-flow quality, with operating cash flow currently at 132.3bn in 2025.
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