Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 42.5bn, fell 0.8bn compared with the same period last year. Key positives came from lower administrative expenses, higher financial income, lower tax, and better other profit. Offsetting pressure came mainly from higher finance costs, higher selling expenses, and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.41x
- P/B
- 1.03x
- EPS
- 2,793
- BVPS
- 17,337
- ROE
- 16.5%
- ROA
- 9.3%
- Market price
- 17,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, LAF is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Financial income
- Tax
- Other profit
- Finance costs
- Selling expenses
- Gross profit
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 | 134.0 | 278.6 | 127.0 | 134.6 | 75.8 | 150.5 | 104.4 | 113.3 |
| LNST | 6.3 | 16.2 | 7.6 | 12.4 | 3.8 | 16.3 | 13.1 | 10.1 |
| Net margin | 4.67% | 5.83% | 6.02% | 9.21% | 5.07% | 10.85% | 12.53% | 8.92% |
Revenue
134bnNet income
6bnNet margin
4.67%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 fell to 6.31%, losing 3.5pp. The main pressure is Gross margin fell 7.8pp, outweighing the improvement in SG&A / Revenue fell 4.4pp (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 1.3pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 6.31% −3.5pp
- Gross Margin
- 14.44% −7.8pp
- SG&A / Revenue
- 5.00% −4.4pp
TTM YoY · 2025Q1 -> 2026Q1
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 10.65%, losing 2.2pp. That translates to 10.65 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.37x, NOPAT margin narrowed 3.6pp still pulled ROIC lower, while invested capital rose by 62bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Balance Sheet
▼ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 1.27x equity, net debt at 0.76x equity.
Inventory ended the period at 284.8bn, roughly 48.7% of total assets.
Over the last 12 months, working capital absorbed 71.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 81.8 days versus the same period last year. The main moves came from DIO fell 74.2 days, DSO fell 1.2 days, and DPO rose 6.4 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 146.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 18.1% to 16.5% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 60.3bn due to capex of 49.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.76x and interest coverage at 2.77x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 10.0% of debt, and total debt stands at 222.5bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 10.0%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.76x +0.30x
- Interest Coverage
- 2.77x −3.19x
- Cash / Debt
- 10.0% +1.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -119.0bn in 2025, against investing cash flow of -26.8bn.
Post-investment cash flow was negative +145.9bn. Financing cash flow was positive +150.7bn.
CFO / net income was −0,26 lần.
After spending +49.2bn on fixed-asset investment, the business generated trailing free cash flow of −60.3bn.
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 earnings conversion is confirmed, with CFO/NI at −0.26x. The main risk still sits in core profitability, with net margin down 3.5 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.26x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 6.31% after a 3.5pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +51,9% YoY pace.
Ability to hold margins around the current 6.31% level.
Cash-flow quality, with operating cash flow currently at -119.0bn in 2025.
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