Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 5.3bn, fell 2.6bn compared with the same period last year. Key positives came from lower finance costs, lower selling expenses, and lower administrative expenses. Offsetting pressure came mainly from lower gross profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 23.60x
- P/B
- 0.19x
- EPS
- 93
- BVPS
- 11,463
- ROE
- 0.8%
- ROA
- 0.6%
- Market price
- 2,200 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, KMR is losing revenue quickly, though margins have not been hit proportionally yet — profit is at an all-time high. This only holds if margins can continue to resist — if revenue stays weak, margin pressure will build.
Profit bridge
Vs last year · TTM
- Finance costs
- Selling expenses
- Administrative expenses
- Gross profit
- Financial income
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 | 84.3 | 62.7 | 54.4 | 102.3 | 107.7 | 97.6 | 88.2 | 127.9 |
| LNST | 0.2 | 5.2 | -0.5 | 0.5 | 0.7 | 3.8 | 0.0 | 3.4 |
| Net margin | 0.20% | 8.24% | -0.90% | 0.45% | 0.64% | 3.86% | 0.04% | 2.64% |
Revenue
84bnNet income
0bnNet margin
0.20%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 stands at 1.75%, 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
- 1.75% −0.1pp
- Gross Margin
- 15.85% +2.3pp
- SG&A / Revenue
- 10.44% +1.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.25x equity, net debt at 0.16x equity.
Inventory ended the period at 380.1bn, roughly 46.7% of total assets.
Over the last 12 months, working capital absorbed 14.8bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
Working Capital Efficiency
▼▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 154.1 days versus the same period last year. The main moves came from DIO rose 135.6 days, DSO rose 29.2 days, and DPO rose 10.8 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 641.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +29.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 0.8% — 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 warrants monitoring, with net debt / equity at 0.16x and interest coverage only at 1.16x.
At present, short-term debt accounts for 98.9% of total debt, cash equals 13.7% of debt, and total debt stands at 121.2bn.
Interest coverage is 1.16x, leaving limited room to absorb financing costs.
Short-term debt accounts for 98.9% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.16x −0.06x
- Interest Coverage
- 1.16x +0.27x
- Cash / Debt
- 13.7% +3.9pp
- Short-term Debt / Total Debt
- 98.9% +0.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 37.1bn in 2025, against investing cash flow of -0.6bn.
Post-investment cash flow was positive +36.6bn. Financing cash flow was negative +44.5bn.
CFO / net income was 6,79 lần.
After spending +0.1bn on fixed-asset investment, the business generated trailing free cash flow of +35.9bn.
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 leverage and liquidity remaining the main constraint, with interest coverage at 1.16x. The next watchpoint is the earnings mix, when non-core contribution is 27.0%. The main offsetting support comes from cash generation.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 30.0bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 6.79x. Even so, net financial result still accounts for 27.0% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.16x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −27,9% YoY decline.
Ability to hold margins around the current 1.75% level.
Cash-flow quality, with operating cash flow currently at 37.1bn in 2025.
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