Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 29.1bn, rose 13.4bn compared with the same period last year. Key positives came from higher gross profit and lower selling expenses. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 22.20x
- P/B
- 0.50x
- EPS
- 1,131
- BVPS
- 49,758
- ROE
- 2.3%
- ROA
- 1.8%
- Market price
- 25,100 13 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, MKP is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Financial income
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 | 207.9 | 342.8 | 226.3 | 197.5 | 229.7 | 244.8 | 204.9 | 224.6 |
| LNST | 1.6 | 53.1 | -9.7 | -15.9 | -13.5 | 28.9 | 6.5 | -6.2 |
| Net margin | 0.78% | 15.48% | -4.28% | -8.04% | -5.86% | 11.80% | 3.18% | -2.78% |
Revenue
208bnNet income
2bnNet margin
0.78%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 improved (+1.3pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲Net margin edged up to 2.99%, rising 1.3pp. The main driver is Gross margin rose 4.8pp and SG&A / Revenue fell 2.4pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 5.8pp 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
- 2.99% +1.3pp
- Gross Margin
- 29.47% +4.8pp
- SG&A / Revenue
- 26.63% −2.4pp
- Non-core / Revenue
- 1.39% −5.7pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 5.7pp, financial result still accounts for 32.8% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
▲Balance sheet is exceptionally sound — liabilities at 0.31x equity, with a net cash position equivalent to 0.16x equity.
Inventory ended the period at 640.5bn, roughly 38.6% of total assets.
Over the last 12 months, working capital released 122.6bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.7 days versus the same period last year. The main moves came from DIO rose 3.9 days, DSO fell 0.7 days, and DPO rose 6.9 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
CCC stands at 345.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +3.9 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 1.2% to 2.3% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 64.8bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.16x and interest coverage at 16.01x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.16x
- Interest Coverage
- 16.01x +8.64x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 64.8bn in 2025, against investing cash flow of 28.0bn.
Post-investment cash flow was positive +92.8bn. Financing cash flow was negative +12.6bn.
CFO / net income was 4,80 lần.
After spending +18.5bn on fixed-asset investment, the business generated trailing free cash flow of +121.3bn.
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 1.3 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 345 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.99% after expanding 1.3pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 4.80x. Even so, net financial result still accounts for 30.3% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 345.1 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +7,8% YoY pace.
Ability to hold margins around the current 2.99% level.
Cash-flow quality, with operating cash flow currently at 64.8bn in 2025.
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