Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 21.2bn, rose 7.7bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.77x
- P/B
- 0.68x
- EPS
- 1,709
- BVPS
- 27,175
- ROE
- 6.3%
- ROA
- 4.5%
- Market price
- 18,400 15 Jul 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, MED is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Tax
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 | 88.7 | 117.6 | 87.1 | 162.3 | 75.4 | 105.9 | 92.2 | 140.3 |
| LNST | 5.9 | 6.1 | 3.9 | 5.2 | 2.2 | 2.9 | 3.5 | 4.9 |
| Net margin | 6.68% | 5.22% | 4.49% | 3.22% | 2.89% | 2.74% | 3.78% | 3.50% |
Revenue
89bnNet income
6bnNet margin
6.68%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 4.65%, rising 1.4pp. Core operating signals are improving as Gross margin rose 1.7pp are enough to offset pressure from SG&A / Revenue rose 0.0pp (with lingering pressure from Net financial result / Revenue fell 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 4.65% +1.4pp
- Gross Margin
- 23.12% +1.7pp
- SG&A / Revenue
- 16.65% +0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 81.9 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 5.76%, rising 2.0pp. That translates to 5.76 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.2pp and capital turnover rose 0.16x, with invested capital holding roughly steady — 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.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.38x equity, net debt at 0.06x equity.
Inventory ended the period at 93.2bn, roughly 20.4% of total assets.
Over the last 12 months, working capital absorbed 3.8bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 33.4 days versus the same period last year. The main moves came from DIO fell 19.5 days, DSO fell 32.2 days, and DPO fell 18.3 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE rose from 4.1% to 6.3% — driven by net margin and asset turnover together, despite leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.06x and interest coverage at 5.49x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 61.0% of debt, and total debt stands at 50.4bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.06x +0.01x
- Interest Coverage
- 5.49x +1.64x
- Cash / Debt
- 61.0% −8.6pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -5.4bn in 2025, against investing cash flow of -4.0bn.
Post-investment cash flow was negative +9.3bn. Financing cash flow was negative +8.9bn.
CFO / net income was 0,23 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 entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin and capital efficiency all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency. Even so, cash generation still needs confirmation remains the area to verify in upcoming periods.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.65% after expanding 1.4pp versus the same period last year.
- Watchpoint: Cash generation still needs confirmation.
What to verify next
Questions for the next period
Durability of revenue growth after the current +10,1% YoY pace.
Ability to hold margins around the current 4.65% level.
Cash-flow quality, with operating cash flow currently at -5.4bn in 2025.
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Its weight and influence across the assets held for investment.
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