Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 6,858.9bn, fell 885.0bn compared with the same period last year. Offsetting pressure came mainly from lower gross profit, lower financial income, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 22.07x
- P/B
- 10.15x
- EPS
- 6,335
- BVPS
- 13,767
- ROE
- 40.3%
- ROA
- 21.7%
- Market price
- 139,800 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, MCH is going through a period of clear decline across multiple metrics at once — profit momentum has been slowing across consecutive periods. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.
Profit bridge
Vs last year · TTM
- Other
- Gross profit
- Financial income
- Finance costs
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 | 8,472.2 | 9,275.5 | 7,516.5 | 6,275.5 | 7,489.0 | 8,942.3 | 7,987.0 | 7,387.5 |
| LNST | 1,800.1 | 2,104.4 | 1,698.2 | 1,347.4 | 1,614.1 | 2,367.9 | 2,094.4 | 1,788.9 |
| Net margin | 21.25% | 22.69% | 22.59% | 21.47% | 21.55% | 26.48% | 26.22% | 24.21% |
Revenue
8,472bnNet income
1,800bnNet margin
21.25%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 22.04%, losing 2.7pp. The main pressure comes from Gross margin fell 1.1pp and SG&A / Revenue rose 0.0pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 1.8pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 22.04% −2.7pp
- Gross Margin
- 45.54% −1.1pp
- SG&A / Revenue
- 22.33% +0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 1.6 days — working capital needs watching.
Is capital being deployed efficiently?
▲ROIC edged up to 34.05%, rising 1.2pp. That translates to 34.05 in after-tax operating profit for every 100 units of operating capital. capital turnover rose 0.22x was enough to offset the contraction in NOPAT margin narrowed 2.7pp, while invested capital contracted by 3,574bn.
Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.82x equity, net debt at 0.28x equity.
None
Over the last 12 months, working capital absorbed 379.4bn 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 1.6 days versus the same period last year. The main moves came from DIO rose 6.0 days, DSO rose 0.5 days, and DPO rose 4.9 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +1.6 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 35.5% to 40.8% — driven by leverage and asset turnover together, despite net margin 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 0.28x and interest coverage at 14.20x.
At present, short-term debt accounts for 74.2% of total debt, cash equals 46.4% of debt, and total debt stands at 9,329.9bn.
Short-term debt accounts for 74.2% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.28x +0.17x
- Interest Coverage
- 14.20x −5.90x
- Cash / Debt
- 46.4% −34.1pp
- Short-term Debt / Total Debt
- 74.2% −0.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,132.3bn in 2025, against investing cash flow of 1,091.5bn.
Post-investment cash flow was positive +3,223.8bn. Financing cash flow was negative +628.3bn.
CFO / net income was 0,35 lần.
After spending +1,252.1bn on fixed-asset investment, the business generated trailing free cash flow of +1,171.5bn.
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 0.35x. The main risk still sits in core profitability, with net margin down 2.7 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.35x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 22.04% after a 2.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −0,8% YoY decline.
Ability to hold margins around the current 22.04% level.
Cash-flow quality, with operating cash flow currently at 2,132.3bn in 2025.
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