Analysis of business results & financial statements · Quý 4/2026
▼▼ Declining sharply
Trailing net profit reached 5.6bn, fell 28.5bn compared with the same period last year. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 18.82x
- P/B
- 0.41x
- EPS
- 1,100
- BVPS
- 50,768
- ROE
- 2.2%
- ROA
- 1.0%
- Market price
- 20,700 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q4 basis, KTS is holding revenue at an acceptable level, but margins are eroding visibly — margins have been compressing consistently over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Gross profit
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 4/2026
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 310.1 | 101.4 | 109.2 | 59.5 | 100.9 | 64.2 | 118.8 | 57.1 |
| LNST | 1.5 | 0.9 | 0.7 | 2.5 | 3.7 | 11.1 | 14.8 | 4.5 |
| Net margin | 0.49% | 0.84% | 0.65% | 4.19% | 3.64% | 17.35% | 12.47% | 7.83% |
Revenue
310bnNet income
2bnNet margin
0.49%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 70.1% year on year — not from a single spike: quarterly growth stepped up from +4% to +207%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 580bn +70.1%
- Latest quarter YoY
- +207% accelerating
What is driving the margin?
▼Net margin fell to 0.96%, losing 9.0pp. The main pressure is Gross margin fell 12.6pp, outweighing the improvement in SG&A / Revenue fell 1.8pp (with additional support from Net financial result / Revenue rose 1.5pp and Other profit / Revenue rose 0.1pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 0.96% −9.0pp
- Gross Margin
- 7.60% −12.6pp
- SG&A / Revenue
- 3.01% −1.8pp
- Non-core / Revenue
- −3.56% +1.6pp
TTM YoY · 2025Q4 -> 2026Q4
Financial result accounts for 46.6% of PBT and lifted net margin by 1.6pp — separate the operating contribution from this source.
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 4.9bn against investing cash flow of -4.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +0.8bn. Financing cash flow was positive +8.7bn.
CFO / net income was 42,56 lần.
After spending +0.6bn on fixed-asset investment, the business generated trailing free cash flow of +236.5bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 46.6% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −299.2%, other profit at +46.6% of PBT.
- Non-core / PBT
- 46.6% high
- Net financial / PBT
- −299.2%
- Other profit / PBT
- 46.6%
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 1.66%, losing 5.9pp. That translates to 1.66 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 9.2pp, outweighing the movement in capital turnover; 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 1.66% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 137.7 days versus the same period last year. The main moves came from DIO fell 154.6 days, DSO rose 30.7 days, and DPO rose 13.9 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 174.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +30.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 14.1% to 2.2% — net margin weakened the most, though asset turnover and leverage still provided support.
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 0.91x and interest coverage only at 0.45x.
At present, short-term debt accounts for 92.1% of total debt, cash equals 2.2% of debt, and total debt stands at 238.1bn.
- Net Debt / Equity
- 0.91x −0.02x
- Interest Coverage
- 0.45x −1.53x
- Cash / Debt
- 2.2% −2.2pp
- Short-term Debt / Total Debt
- 92.1% −1.9pp
TTM YoY · 2025Q4 -> 2026Q4
Interest coverage is 0.45x, leaving limited room to absorb financing costs.
Short-term debt accounts for 92.1% of total debt, raising near-term refinancing needs.
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Capital structure is balanced — liabilities at 1.36x equity, net debt at 0.91x equity.
Inventory ended the period at 91.2bn, roughly 15.0% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
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 brighter spot is cash generation. The next item to monitor is the earnings mix, when non-core contribution is −299.2%. The main risk still sits in core profitability, with net margin down 9.0 pp.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 238.5bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 42.56x. Even so, net financial result still accounts for −299.2% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 96.01% after a 9.0pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +70,1% YoY pace or begins to slow.
Whether margins hold around the current 0.96% level or narrow again.
Whether operating cash flow holds its 4.9bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.