Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 4.6bn, fell 4.5bn compared with the same period last year. Key positives came from lower selling expenses and higher financial income. Offsetting pressure came mainly from lower gross profit, higher administrative expenses, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 28.27x
- P/B
- 0.95x
- EPS
- 467
- BVPS
- 13,868
- ROE
- 3.3%
- ROA
- 0.5%
- Market price
- 13,200 15 Jun 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, KMT is maintaining revenue, but margins are compressing slightly — profit is at an all-time high. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.
Profit bridge
Vs last year · TTM
- Selling expenses
- Financial income
- Gross profit
- Administrative expenses
- Finance costs
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 | 1,435.2 | 1,326.5 | 1,409.6 | 1,380.6 | 1,197.4 | 1,340.8 | 1,135.1 | 1,017.3 |
| LNST | 0.4 | 0.0 | 1.6 | 2.6 | 2.0 | 1.6 | 4.6 | 0.9 |
| Net margin | 0.03% | 0.00% | 0.11% | 0.19% | 0.17% | 0.12% | 0.40% | 0.09% |
Revenue
1,435bnNet income
0bnNet margin
0.03%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 0.08%, 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
- 0.08% −0.1pp
- Gross Margin
- 1.56% −0.6pp
- SG&A / Revenue
- 1.23% −0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 0.61%, falling 0.6pp. That translates to 0.61 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover rose 1.28x — capital is being absorbed faster than revenue is being generated; with invested capital holding roughly steady.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 0.61% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 4.69x equity, net debt at 4.16x equity.
None
Over the last 12 months, working capital released 112.6bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and 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 9.7 days versus the same period last year. The main moves came from DIO rose 1.1 days, DSO fell 11.4 days, and DPO fell 0.6 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +1.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 6.5% to 3.3% — net margin weakened the most, though asset turnover and 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 4.16x and interest coverage only at 0.22x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 3.1% of debt, and total debt stands at 585.7bn.
Net debt / equity stands at 4.16x, increasing balance-sheet pressure.
Interest coverage is 0.22x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 4.16x −0.60x
- Interest Coverage
- 0.22x −0.14x
- Cash / Debt
- 3.1% +2.3pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 0.6bn in 2025, against investing cash flow of -4.4bn.
Post-investment cash flow was negative +3.8bn. Financing cash flow was positive +6.6bn.
CFO / net income was 25,33 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 showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 47.2%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.6%.
- 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
Durability of revenue growth after the current +18,4% YoY pace.
Ability to hold margins around the current 0.08% level.
Cash-flow quality, with operating cash flow currently at 0.6bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
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How much does this stock
contribute to the portfolio?
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.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.