Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 4,960.6bn, rose 2,672.4bn compared with the same period last year. Key positives came from higher gross profit, better other profit, lower finance costs, and higher associates income. Offsetting pressure came mainly from lower financial income, higher administrative expenses, and higher minority interests. Detailed impact is shown below:
See what is changing ↓- P/E
- 22.17x
- P/B
- 2.38x
- EPS
- 3,265
- BVPS
- 30,426
- ROE
- 11.1%
- ROA
- 3.6%
- Market price
- 72,400 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, MSN has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Finance costs
- Associates income
- Other
- Financial income
- Administrative expenses
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 | 24,019.8 | 23,245.8 | 21,163.8 | 18,315.1 | 18,896.5 | 22,701.5 | 21,486.9 | 20,134.4 |
| LNST | 1,973.6 | 2,295.3 | 1,865.8 | 1,619.4 | 983.0 | 1,546.6 | 1,301.0 | 946.0 |
| Net margin | 8.22% | 9.87% | 8.82% | 8.84% | 5.20% | 6.81% | 6.05% | 4.70% |
Revenue
24,020bnNet income
1,974bnNet margin
8.22%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 expanded to 8.94%, rising 3.2pp. The main driver is Gross margin rose 0.7pp and SG&A / Revenue fell 0.5pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 1.6pp added support while Net financial result / Revenue fell 1.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 8.94% +3.2pp
- Gross Margin
- 31.46% +0.7pp
- SG&A / Revenue
- 21.69% −0.5pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 25.2 days.
Is capital being deployed efficiently?
▲ROIC expanded to 7.68%, rising 1.9pp. That translates to 7.68 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.0pp, with capital turnover broadly stable; with invested capital holding roughly steady.
NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 1.86x equity, net debt at 1.25x equity.
None
Over the last 12 months, working capital released 1,689.5bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 17.9 days versus the same period last year. The main moves came from DIO fell 7.0 days, DSO fell 2.3 days, and DPO rose 8.6 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE rose from 11.6% to 17.3% — mainly driven by net margin, 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 warrants monitoring, with net debt / equity at 1.25x and interest coverage only at 1.26x.
At present, short-term debt accounts for 38.7% of total debt, cash equals 10.9% of debt, and total debt stands at 65,037.2bn.
Net debt / equity stands at 1.25x, increasing balance-sheet pressure.
Interest coverage is 1.26x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.25x +0.13x
- Interest Coverage
- 1.26x +0.29x
- Cash / Debt
- 10.9% −9.9pp
- Short-term Debt / Total Debt
- 38.7% −0.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,369.6bn in 2025, against investing cash flow of 16,898.9bn.
Post-investment cash flow was positive +18,268.5bn. Financing cash flow was negative +24,783.8bn.
CFO / net income was 0,99 lần.
After spending +1,977.3bn on fixed-asset investment, the business generated trailing free cash flow of +2,941.9bn.
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 3.2 pp. The main risk still sits in leverage and liquidity, with interest coverage at 1.26x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.94% after expanding 3.2pp versus the same period last year.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.26x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +4,2% YoY pace.
Ability to hold margins around the current 8.94% level.
Cash-flow quality, with operating cash flow currently at 1,369.6bn in 2025.
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