Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 15.4bn, rose 9.7bn compared with the same period last year. Key positives came from lower selling expenses, lower finance costs, and lower tax. Offsetting pressure came mainly from lower gross profit, lower financial income, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.11x
- P/B
- 0.50x
- EPS
- 604
- BVPS
- 10,973
- ROE
- 5.6%
- ROA
- 1.1%
- Market price
- 5,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, KGM is still improving profit despite revenue not recovering, suggesting cost efficiency or the earnings mix is aiding current results — profit is at an all-time high. What is still missing is enough revenue momentum to make this profit level more durable.
Profit bridge
Vs last year · TTM
- Selling expenses
- Finance costs
- Tax
- Gross profit
- Financial income
- 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 | 628.2 | 777.2 | 1,140.9 | 1,943.1 | 1,370.3 | 1,818.4 | 1,671.6 | 2,305.8 |
| LNST | 4.5 | 0.2 | 3.4 | 7.2 | 3.7 | -5.2 | 1.2 | 6.1 |
| Net margin | 0.72% | 0.02% | 0.30% | 0.37% | 0.27% | -0.29% | 0.07% | 0.26% |
Revenue
628bnNet income
5bnNet margin
0.72%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 stands at 0.34%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 0.34% +0.3pp
- Gross Margin
- 11.75% +3.0pp
- SG&A / Revenue
- 10.98% +3.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 85.2 days.
Is capital being deployed efficiently?
▲ROIC edged up to 1.74%, rising 1.4pp. That translates to 1.74 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.3pp and capital turnover rose 0.59x, while invested capital contracted by 730bn — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 1.74% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▲ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.40x equity, net debt at 0.58x equity.
Inventory ended the period at 233.2bn, roughly 35.5% of total assets.
Over the last 12 months, working capital released 897.4bn 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 6.4 days versus the same period last year. The main moves came from DIO fell 12.2 days, DSO rose 2.5 days, and DPO fell 3.4 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DSO increased by +2.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 2.1% to 5.6% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.58x and interest coverage only at 0.55x.
At present, short-term debt accounts for 98.5% of total debt, cash equals 58.5% of debt, and total debt stands at 387.8bn.
Interest coverage is 0.55x, leaving limited room to absorb financing costs.
Short-term debt accounts for 98.5% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.58x −3.49x
- Interest Coverage
- 0.55x +0.39x
- Cash / Debt
- 58.5% +46.6pp
- Short-term Debt / Total Debt
- 98.5% −1.3pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 568.9bn in 2025, against investing cash flow of -15.2bn.
Post-investment cash flow was positive +553.7bn. Financing cash flow was negative +512.7bn.
CFO / net income was 61,29 lần.
After spending +16.1bn on fixed-asset investment, the business generated trailing free cash flow of +925.5bn.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is cash generation. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 30.1%. The main risk still sits in capital efficiency remains weak, with ROIC at 1.7%.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 369.7bn versus the same period last year.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −37,4% YoY decline.
Ability to hold margins around the current 0.34% level.
Cash-flow quality, with operating cash flow currently at 568.9bn in 2025.
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