Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 2,632.2bn, rose 1,130.2bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.96x
- P/B
- 3.71x
- EPS
- 13,161
- BVPS
- 31,803
- ROE
- 49.2%
- ROA
- 24.0%
- Market price
- 117,900 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, KSV is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Other
- Tax
- 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 | 5,233.2 | 3,548.6 | 3,868.0 | 3,921.5 | 3,061.7 | 3,635.8 | 3,031.2 | 3,432.5 |
| LNST | 896.5 | 631.2 | 594.0 | 440.0 | 314.1 | 382.9 | 239.1 | 503.8 |
| Net margin | 17.13% | 17.79% | 15.36% | 11.22% | 10.26% | 10.53% | 7.89% | 14.68% |
Revenue
5,233bnNet income
897bnNet margin
17.13%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 expanded to 15.46%, rising 4.5pp. The main driver is Gross margin rose 4.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.7pp and Other profit / Revenue rose 0.4pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 15.46% +4.5pp
- Gross Margin
- 25.43% +4.3pp
- SG&A / Revenue
- 5.33% −0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 7.6 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 37.21%, rising 16.2pp. That translates to 37.21 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 4.2pp and capital turnover rose 0.53x, with invested capital holding roughly steady — capital-return quality improved from both sides.
Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.
Balance Sheet
▲ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.79x equity, net debt at 0.02x equity.
Inventory ended the period at 2,820.5bn, roughly 28.6% of total assets.
Over the last 12 months, working capital absorbed 138.1bn 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 7.6 days versus the same period last year. The main moves came from DIO fell 9.3 days, DSO rose 14.6 days, and DPO fell 2.4 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 103.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +14.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 39.3% to 47.9% — driven by net margin and asset turnover together, despite 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 looks fairly comfortable, with net debt / equity at 0.02x and interest coverage at 19.20x.
At present, short-term debt accounts for 56.4% of total debt, cash equals 93.0% of debt, and total debt stands at 1,879.5bn.
- Net Debt / Equity
- 0.02x −0.62x
- Interest Coverage
- 19.20x +10.67x
- Cash / Debt
- 93.0% +80.3pp
- Short-term Debt / Total Debt
- 56.4% −3.5pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,305.3bn in 2025, against investing cash flow of -336.4bn.
Post-investment cash flow was positive +1,968.9bn. Financing cash flow was negative +1,676.9bn.
CFO / net income was 1,26 lần.
After spending +265.3bn on fixed-asset investment, the business generated trailing free cash flow of +3,039.2bn.
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 operating efficiency, with net margin improving 4.5 pp. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 15.46% after expanding 4.5pp versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +25,9% YoY pace.
Ability to hold margins around the current 15.46% level.
Cash-flow quality, with operating cash flow currently at 2,305.3bn in 2025.
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