Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 26.0bn, rose 10.6bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, higher finance costs, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.90x
- P/B
- 0.67x
- EPS
- 1,733
- BVPS
- 12,742
- ROE
- 14.0%
- ROA
- 2.9%
- Market price
- 8,500 13 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, MTS is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — profit is at an all-time high. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Administrative expenses
- Selling expenses
- Finance costs
- 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 | 1,222.7 | 1,090.5 | 893.2 | 1,065.1 | 1,084.1 | 1,026.0 | 862.9 | 1,099.0 |
| LNST | 8.7 | 6.3 | 5.7 | 5.3 | 4.5 | 4.6 | 3.1 | 3.2 |
| Net margin | 0.71% | 0.57% | 0.64% | 0.50% | 0.41% | 0.45% | 0.35% | 0.29% |
Revenue
1,223bnNet income
9bnNet margin
0.71%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 stands at 0.61%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 0.61% +0.2pp
- Gross Margin
- 5.17% +0.8pp
- SG&A / Revenue
- 4.51% +0.9pp
- Non-core / Revenue
- 0.11% +0.4pp
TTM YoY · 2025Q1 -> 2026Q1
Other income accounts for 50.6% of PBT and lifted net margin by 0.4pp — separate the operating contribution from this source.
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 3.51%, losing 3.6pp. That translates to 3.51 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.2pp and capital turnover fell 3.53x, while invested capital expanded strongly by 90bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
ROIC is currently 3.51% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 2.56x equity, net debt at 1.23x equity.
Inventory ended the period at 111.3bn, roughly 17.2% of total assets.
Over the last 12 months, working capital absorbed 215.2bn 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 4.0 days versus the same period last year. The main moves came from DIO rose 0.2 days, DSO rose 11.8 days, and DPO rose 8.0 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +4.0 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +11.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 8.5% to 14.0% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 151.3bn due to capex of 29.6bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.23x and interest coverage only at 1.35x.
At present, short-term debt accounts for 91.9% of total debt, cash equals 8.8% of debt, and total debt stands at 258.3bn.
Net debt / equity stands at 1.23x, increasing balance-sheet pressure.
Interest coverage is 1.35x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.23x +0.74x
- Interest Coverage
- 1.35x −1.67x
- Cash / Debt
- 8.8% −35.8pp
- Short-term Debt / Total Debt
- 91.9% −3.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -10.3bn in 2025, against investing cash flow of -21.3bn.
Post-investment cash flow was negative +31.6bn. Financing cash flow was positive +34.4bn.
CFO / net income was −4,68 lần.
After spending +29.6bn on fixed-asset investment, the business generated trailing free cash flow of −151.3bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is −36.2%. The main risk still sits in capital efficiency remains weak, with ROIC at 3.5%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −36.2% of PBT and CFO / net income currently at −4.68x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +4,9% YoY pace.
Ability to hold margins around the current 0.61% level.
Cash-flow quality, with operating cash flow currently at -10.3bn in 2025.
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