Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 312.2bn, fell 605.7bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from higher selling expenses, lower gross profit, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 51.16x
- P/B
- 4.47x
- EPS
- 5,082
- BVPS
- 58,119
- ROE
- 9.2%
- ROA
- 4.1%
- Market price
- 260,000 05 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, IDP posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Tax
- Selling expenses
- Gross profit
- Finance costs
- Other
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 | 1,901.0 | 1,870.2 | 1,618.0 | 2,112.7 | 1,831.7 | 2,048.3 | 1,929.9 | 1,584.4 |
| LNST | 244.1 | 239.9 | -133.7 | -36.2 | 107.0 | 299.6 | 287.9 | 223.4 |
| Net margin | 12.84% | 12.83% | -8.26% | -1.71% | 5.84% | 14.62% | 14.92% | 14.10% |
Revenue
1,901bnNet income
244bnNet margin
12.84%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 4.19%, losing 8.2pp. The main pressure comes from SG&A / Revenue rose 6.3pp and Gross margin fell 3.4pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.9pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 4.19% −8.2pp
- Gross Margin
- 36.67% −3.4pp
- SG&A / Revenue
- 31.70% +6.3pp
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 5.19%, losing 14.2pp. That translates to 5.19 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 8.2pp and capital turnover fell 0.32x, while invested capital expanded strongly by 1,306bn — 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. Capital structure is balanced — liabilities at 1.19x equity, net debt at 0.79x equity.
None
Over the last 12 months, working capital released 315.6bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 9.4 days versus the same period last year. The main moves came from DIO rose 4.6 days, DSO rose 1.4 days, and DPO fell 3.4 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +9.4 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +1.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 29.3% to 9.2% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 262.5bn due to capex of 1,237.9bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.79x and interest coverage at 2.57x.
At present, short-term debt accounts for 58.2% of total debt, cash equals 2.5% of debt, and total debt stands at 2,903.5bn.
Cash / debt stands at 2.5%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.79x +0.05x
- Interest Coverage
- 2.57x −11.00x
- Cash / Debt
- 2.5% −4.6pp
- Short-term Debt / Total Debt
- 58.2% −11.5pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 308.6bn in 2025, against investing cash flow of -836.3bn.
Post-investment cash flow was negative +527.7bn. Financing cash flow was positive +325.1bn.
CFO / net income was 3,12 lần.
After spending +1,237.9bn on fixed-asset investment, the business generated trailing free cash flow of −262.5bn.
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 3.12x. The main risk still sits in core profitability, with net margin down 8.2 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 3.12x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 4.19% after a 8.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +1,5% YoY pace.
Ability to hold margins around the current 4.19% level.
Cash-flow quality, with operating cash flow currently at 308.6bn in 2025.
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