Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 18.6bn, rose 17.7bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.19x
- P/B
- 0.49x
- EPS
- 1,552
- BVPS
- 13,337
- ROE
- 11.9%
- ROA
- 9.3%
- Market price
- 6,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, LPT has not accelerated revenue sharply, but profitability is improving visibly — profit momentum has been slowing across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Other 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 | 113.3 | 78.3 | 74.1 | 83.2 | 81.1 | 72.7 | 71.8 | 95.3 |
| LNST | 6.4 | 8.0 | 3.9 | 0.3 | -3.1 | -2.3 | 1.8 | 4.6 |
| Net margin | 5.64% | 10.21% | 5.31% | 0.37% | -3.88% | -3.15% | 2.49% | 4.81% |
Revenue
113bnNet income
6bnNet margin
5.64%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 5.34%, rising 5.0pp. The main driver is Gross margin rose 3.8pp and SG&A / Revenue fell 0.6pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 0.6pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 5.34% +5.0pp
- Gross Margin
- 8.43% +3.8pp
- SG&A / Revenue
- 2.38% −0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
▼Balance sheet is exceptionally sound — liabilities at 0.14x equity, with a net cash position equivalent to 0.02x equity.
Inventory ended the period at 80.4bn, roughly 45.9% of total assets.
Over the last 12 months, working capital absorbed 12.6bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
●Cash conversion cycle lengthened by 2.1 days versus the same period last year. The main moves came from DIO fell 5.2 days, DSO fell 47.9 days, and DPO fell 55.3 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC stands at 143.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 0.6% to 11.9% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 14.3bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 16.7% of total debt, cash equals 425.1% of debt, and total debt stands at 0.9bn.
- Net Debt / Equity
- −0.02x
- Interest Coverage
- None
- Cash / Debt
- 425.1%
- Short-term Debt / Total Debt
- 16.7%
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 14.3bn in 2025, against investing cash flow of -3.8bn.
Post-investment cash flow was positive +10.5bn. Financing cash flow was negative +11.0bn.
CFO / net income was 0,68 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 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 5.0 pp. The next item to monitor is cash generation still needs confirmation. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 144 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.34% after expanding 5.0pp versus the same period last year.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: working capital remains tied up for too long, with cash cycle at 143.6 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +8,7% YoY pace.
Ability to hold margins around the current 5.34% level.
Cash-flow quality, with operating cash flow currently at 14.3bn in 2025.
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