Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 356.7bn, rose 23.3bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, higher finance costs, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 17.99x
- P/B
- 2.37x
- EPS
- 2,034
- BVPS
- 15,441
- ROE
- 15.4%
- ROA
- 12.4%
- Market price
- 36,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, IMP shows mild improvement in both revenue and margins, but the magnitude of change is narrow — profit is at an all-time high. This signal only becomes convincing if the improvement widens in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Selling expenses
- Administrative expenses
- Finance costs
- Tax
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 | 546.2 | 640.8 | 573.6 | 632.7 | 594.1 | 652.1 | 544.7 | 517.2 |
| LNST | 82.0 | 107.5 | 76.9 | 90.3 | 74.5 | 120.6 | 72.4 | 65.9 |
| Net margin | 15.02% | 16.77% | 13.41% | 14.27% | 12.53% | 18.50% | 13.29% | 12.75% |
Revenue
546bnNet income
82bnNet margin
15.02%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 edged up to 14.90%, rising 0.5pp. Core operating signals are improving as Gross margin rose 2.1pp are enough to offset pressure from SG&A / Revenue rose 1.4pp (with lingering pressure from Net financial result / Revenue fell 0.1pp and Other profit / Revenue fell 0.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 14.90% +0.5pp
- Gross Margin
- 41.52% +2.1pp
- SG&A / Revenue
- 22.04% +1.4pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 14.69%, broadly flat versus the same period. That translates to 14.69 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.5pp, but capital turnover broadly stable, while invested capital rose by 173bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
Balance Sheet
▲Capital structure is conservative with low leverage — liabilities at 0.21x equity, net debt at 0.05x equity.
Inventory ended the period at 677.7bn, roughly 24.4% of total assets.
Over the last 12 months, working capital released 247.5bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.9 days versus the same period last year. The main moves came from DIO fell 8.6 days, DSO rose 4.3 days, and DPO rose 1.6 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 207.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +4.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 15.4% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 11.88x.
At present, short-term debt accounts for 50.0% of total debt, cash equals 37.9% of debt, and total debt stands at 200.0bn.
- Net Debt / Equity
- 0.05x +0.01x
- Interest Coverage
- 11.88x −2.95x
- Cash / Debt
- 37.9% −40.0pp
- Short-term Debt / Total Debt
- 50.0% +14.3pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 54.2bn in 2025, against investing cash flow of -76.6bn.
Post-investment cash flow was negative +22.4bn. Financing cash flow was positive +49.7bn.
CFO / net income was 0,82 lần.
After spending +14.7bn on fixed-asset investment, the business generated trailing free cash flow of +277.9bn.
In summary
Research synthesis
What this reporting period is showing
The investment case still leans positive, but the improvement right now comes mainly from cash flow, even though margin is roughly flat. Notably, the improvement in cash flow has been confirmed across multiple cycles. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 207 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.82x.
- Key risk: working capital remains tied up for too long, with cash cycle at 207.1 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +3,7% YoY pace.
Ability to hold margins around the current 14.90% level.
Cash-flow quality, with operating cash flow currently at 54.2bn in 2025.
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