Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 11.7bn, rose 3.2bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and lower selling expenses. Offsetting pressure came mainly from higher administrative expenses and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.83x
- P/B
- 0.65x
- EPS
- 1,084
- BVPS
- 11,431
- ROE
- 9.6%
- ROA
- 4.3%
- Market price
- 7,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, MCF is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — earnings have been recovering gradually over multiple periods. The point still to be proven is whether this improvement broadens out in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Selling expenses
- Administrative expenses
- 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 | 123.9 | 119.6 | 125.4 | 140.8 | 144.9 | 137.2 | 103.4 | 120.9 |
| LNST | 3.2 | 3.0 | 2.1 | 3.4 | 1.8 | 1.5 | 2.3 | 2.9 |
| Net margin | 2.57% | 2.52% | 1.66% | 2.42% | 1.23% | 1.08% | 2.23% | 2.43% |
Revenue
124bnNet income
3bnNet margin
2.57%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 edged up to 2.29%, rising 0.6pp. Core operating signals are improving as Gross margin rose 4.1pp are enough to offset pressure from SG&A / Revenue rose 2.0pp (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 1.8pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 2.29% +0.6pp
- Gross Margin
- 12.43% +4.1pp
- SG&A / Revenue
- 9.22% +2.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 181.2 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 4.41%, rising 4.3pp. That translates to 4.41 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.0pp and capital turnover rose 0.56x, while invested capital contracted by 83bn — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 4.41% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▲ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.41x equity, net debt at 0.18x equity.
Inventory ended the period at 121.1bn, roughly 71.6% of total assets.
Over the last 12 months, working capital released 186.3bn of cash, mainly thanks to lower receivables and lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 62.8 days versus the same period last year. The main moves came from DIO fell 60.8 days, DSO fell 1.2 days, and DPO rose 0.8 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 181.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 6.9% to 9.6% — 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 is balanced for now, with net debt / equity at 0.18x and interest coverage at 2.73x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 20.5% of debt, and total debt stands at 27.8bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 20.5%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.18x −1.58x
- Interest Coverage
- 2.73x +2.65x
- Cash / Debt
- 20.5% +17.9pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 40.8bn in 2025, against investing cash flow of 0.6bn.
Post-investment cash flow was positive +41.4bn. Financing cash flow was negative +42.7bn.
CFO / net income was 17,48 lần.
After spending +1.2bn on fixed-asset investment, the business generated trailing free cash flow of +203.0bn.
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 earnings conversion is confirmed, with CFO/NI at 17.48x. The main risk still sits in capital efficiency remains weak, with ROIC at 4.4%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 17.48x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +0,6% YoY pace.
Ability to hold margins around the current 2.29% level.
Cash-flow quality, with operating cash flow currently at 40.8bn in 2025.
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