Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 17.9bn, rose 2.1bn compared with the same period last year. Key positives came from better other profit. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- 1,022
- BVPS
- 11,028
- ROE
- 9.6%
- ROA
- 9.4%
- Market price
- —
The current picture
What Is Changing
On a TTM 2026Q1 basis, IRC has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. Notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Other profit
- Gross profit
- Administrative expenses
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 | 1.0 | 1.6 | 0.8 | 3.2 | 0.3 | 3.6 | 1.4 | 14.5 |
| LNST | -0.1 | 23.7 | -1.7 | -3.9 | -1.8 | 12.8 | 0.7 | 4.1 |
| Net margin | -11.24% | 1504.97% | -211.12% | -123.98% | -629.20% | 352.68% | 46.03% | 28.54% |
Revenue
1bnNet income
-0bnNet margin
-11.24%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲▲Net margin expanded to 272.81%, rising 193.3pp. Despite pressure from Gross margin fell 149.9pp and SG&A / Revenue rose 113.3pp, the offset came from Other profit / Revenue rose 487.9pp and Net financial result / Revenue rose 15.2pp.
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
- 272.81% +193.3pp
- Gross Margin
- −140.77% −149.9pp
- SG&A / Revenue
- 165.10% +113.3pp
- Non-core / Revenue
- 643.37% +503.0pp
TTM YoY · 2025Q1 -> 2026Q1
Other income accounts for 201.8% of PBT and lifted net margin by 503.0pp — separate the operating contribution from this source.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
▲Balance sheet is exceptionally sound — liabilities at 0.10x equity, with a net cash position equivalent to 0.04x equity.
Inventory ended the period at 24.1bn, roughly 11.4% of total assets.
Over the last 12 months, working capital absorbed 12.1bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
DIO increased by +230.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 8.9% to 9.6% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 33.0bn due to capex of 4.4bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
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
- −0.04x −0.02x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -28.3bn in 2025, against investing cash flow of 47.0bn.
Post-investment cash flow was positive +18.7bn. Financing cash flow was negative +11.7bn.
CFO / net income was −1,60 lần.
After spending +4.4bn on fixed-asset investment, the business generated trailing free cash flow of −33.0bn.
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. The brighter spot is operating efficiency, with net margin improving 193.3 pp. The next item to monitor is the earnings mix, when non-core contribution is 24.5%. The main risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 272.81% after expanding 193.3pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 24.5% of PBT and CFO / net income currently at −1.60x.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 33.0bn.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −66,9% YoY decline.
Ability to hold margins around the current 272.81% level.
Cash-flow quality, with operating cash flow currently at -28.3bn in 2025.
From one stock to the whole portfolio
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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.
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