Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 36.9bn, fell 33.1bn compared with the same period last year. Key positives came from lower administrative expenses and lower tax. Offsetting pressure came mainly from lower gross profit, higher finance costs, lower financial income, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.10x
- P/B
- 0.52x
- EPS
- 323
- BVPS
- 5,666
- ROE
- 6.2%
- ROA
- 3.8%
- Market price
- 2,940 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, JVC is retaining some revenue, but margins are collapsing sharply — the growth momentum has held across consecutive periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Tax
- Gross profit
- Finance costs
- Financial income
- 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 | 159.1 | 284.9 | 161.2 | 136.3 | 181.2 | 188.7 | 148.0 | 157.6 |
| LNST | 10.8 | 9.9 | 12.6 | 3.1 | 24.5 | 28.0 | 8.4 | 9.3 |
| Net margin | 6.79% | 3.46% | 7.83% | 2.27% | 13.50% | 14.82% | 5.71% | 5.89% |
Revenue
159bnNet income
11bnNet margin
6.79%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 4.90%, losing 5.5pp. The main pressure is Gross margin fell 6.0pp, outweighing the improvement in SG&A / Revenue fell 3.2pp (with lingering pressure from Net financial result / Revenue fell 3.0pp and Other profit / Revenue fell 0.7pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 4.90% −5.5pp
- Gross Margin
- 19.50% −6.0pp
- SG&A / Revenue
- 12.68% −3.2pp
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 3.57%, losing 5.6pp. That translates to 3.57 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 4.8pp and capital turnover fell 0.17x, while invested capital expanded strongly by 205bn — 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.
ROIC is currently 3.57% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▲ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 0.71x equity, net debt at 0.57x equity.
Inventory ended the period at 121.4bn, roughly 11.3% of total assets.
Over the last 12 months, working capital released 100.6bn of cash, mainly thanks to lower receivables and lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 49.2 days versus the same period last year. The main moves came from DIO rose 1.6 days, DSO fell 55.6 days, and DPO fell 4.7 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 180.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +1.6 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 13.1% to 6.1% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.57x and interest coverage only at 1.91x.
At present, short-term debt accounts for 93.1% of total debt, cash equals 7.6% of debt, and total debt stands at 390.3bn.
Interest coverage is 1.91x, leaving limited room to absorb financing costs.
Short-term debt accounts for 93.1% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.57x +0.27x
- Interest Coverage
- 1.91x −7.85x
- Cash / Debt
- 7.6% +1.2pp
- Short-term Debt / Total Debt
- 93.1% −1.9pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -88.5bn in 2025, against investing cash flow of -101.1bn.
Post-investment cash flow was negative +189.6bn. Financing cash flow was positive +199.3bn.
CFO / net income was 3,58 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 under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 5.5 pp. The next watchpoint is the earnings mix, when non-core contribution is 15.1%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.58x. Even so, net financial result still accounts for 15.1% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 4.90% after a 5.5pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +9,8% YoY pace.
Ability to hold margins around the current 4.90% level.
Cash-flow quality, with operating cash flow currently at -88.5bn in 2025.
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