Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 723.8bn, rose 742.1bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.00x
- P/B
- 0.98x
- EPS
- 1,943
- BVPS
- 13,816
- ROE
- 13.8%
- ROA
- 7.0%
- Market price
- 13,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, MPC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — this marks a reversal from the difficult phase before. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Administrative expenses
- Other
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 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,706.1 | 4,587.6 | 3,782.5 | 3,620.9 | 2,847.2 | 4,344.2 | 3,737.7 | 1,316.6 |
| LNST | 214.6 | 132.4 | 228.2 | 164.9 | 17.7 | -90.1 | 38.4 | 24.9 |
| Net margin | 3.76% | 2.88% | 6.03% | 4.56% | 0.62% | -2.07% | 1.03% | 1.89% |
Revenue
5,706bnNet income
215bnNet margin
3.76%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲▲Net margin expanded to 4.18%, rising 4.3pp. Core operating signals are improving as Gross margin rose 4.2pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 4.18% +4.3pp
- Gross Margin
- 13.42% +4.2pp
- SG&A / Revenue
- 7.50% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 8.0 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 9.00%, rising 9.2pp. That translates to 9.00 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 4.6pp and capital turnover rose 0.32x, while invested capital expanded strongly by 1,556bn — capital-return quality improved from both sides.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.09x equity, net debt at 0.84x equity.
Inventory ended the period at 4,923.7bn, roughly 43.9% of total assets.
Over the last 12 months, working capital absorbed 1,817.3bn 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 8.0 days versus the same period last year. The main moves came from DIO rose 14.7 days, DSO rose 0.1 days, and DPO rose 6.8 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 119.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +0.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −0.2% to 14.1% — all three components improved.
Is financial risk significant?
Leverage is safe but FCF is negative at 1,658.4bn due to capex of 763.1bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.84x and interest coverage at 3.62x.
At present, short-term debt accounts for 90.9% of total debt, cash equals 5.4% of debt, and total debt stands at 4,949.0bn.
Short-term debt accounts for 90.9% of total debt, raising near-term refinancing needs.
Cash / debt stands at 5.4%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.84x +0.31x
- Interest Coverage
- 3.62x +3.27x
- Cash / Debt
- 5.4% −3.6pp
- Short-term Debt / Total Debt
- 90.9% −4.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -473.6bn in 2025, against investing cash flow of -546.6bn.
Post-investment cash flow was negative +1,020.2bn. Financing cash flow was positive +930.8bn.
CFO / net income was −1,24 lần.
After spending +763.1bn on fixed-asset investment, the business generated trailing free cash flow of −1,658.4bn.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 3.62x. The main offsetting support comes from operating efficiency, with net margin improving 4.3 pp.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.18% after expanding 4.3pp versus the same period last year.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.84x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +44,5% YoY pace.
Ability to hold margins around the current 4.18% level.
Cash-flow quality, with operating cash flow currently at -473.6bn in 2025.
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