Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 2.8bn, rose 0.1bn compared with the same period last year. Key positives came from lower administrative expenses, lower selling expenses, and better other profit. Offsetting pressure came mainly from lower gross profit, higher finance costs, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- -7.80x
- P/B
- 0.27x
- EPS
- -218
- BVPS
- 6,294
- ROE
- -3.4%
- ROA
- -1.5%
- Market price
- 1,700 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ICF shows mild improvement in both revenue and margins, but the magnitude of change is narrow — profit is at an all-time high. Notably, a significant portion of profit is supported by non-core sources, affecting earnings quality.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Selling expenses
- Other profit
- Gross profit
- Finance costs
- 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 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.1 | 10.5 | 10.6 | 14.1 | 7.8 | 8.5 | 15.7 | 11.1 |
| LNST | -2.2 | -1.5 | 0.7 | 0.2 | -1.7 | -0.4 | 0.2 | -1.0 |
| Net margin | -26.92% | -14.06% | 6.39% | 1.38% | -22.29% | -4.78% | 1.26% | -8.97% |
Revenue
8bnNet income
-2bnNet margin
-26.92%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 improved (+0.4pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
●Net margin edged up to −6.44%, rising 0.4pp. Core operating signals are improving as SG&A / Revenue fell 3.0pp are enough to offset pressure from Gross margin fell 2.3pp (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 0.6pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- −6.44% +0.4pp
- Gross Margin
- 24.85% −2.3pp
- SG&A / Revenue
- 27.55% −3.0pp
- Non-core / Revenue
- −3.75% −0.4pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 0.4pp, financial result still accounts for 58.2% of PBT — earnings durability should be monitored in coming periods.
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. Capital structure is conservative with low leverage — liabilities at 1.18x equity, net debt at 0.39x equity.
Inventory ended the period at 133.4bn, roughly 74.1% of total assets.
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 42.9 days versus the same period last year. The main moves came from DIO fell 43.6 days, DSO fell 9.7 days, and DPO fell 10.3 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 1577.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE is broadly flat at −3.4% — 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 0.39x and interest coverage only at −1.60x.
At present, short-term debt accounts for 66.1% of total debt, cash equals 8.2% of debt, and total debt stands at 34.7bn.
Interest coverage is −1.60x, leaving limited room to absorb financing costs.
Short-term debt accounts for 66.1% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.39x +0.04x
- Interest Coverage
- −1.60x +0.25x
- Cash / Debt
- 8.2% +5.0pp
- Short-term Debt / Total Debt
- 66.1% +5.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -4.8bn in 2025, against investing cash flow of -0.0bn.
Post-investment cash flow was negative +4.8bn. Financing cash flow was positive +5.0bn.
CFO / net income was 0,74 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at −1.60x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 50.9% of PBT and CFO / net income currently at 0.74x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −1.60x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +0,7% YoY pace.
Ability to hold margins around the current -6.44% level.
Cash-flow quality, with operating cash flow currently at -4.8bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.