Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 2,309.8bn, rose 361.0bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and higher associates income. Offsetting pressure came mainly from weaker other profit, higher minority interests, lower financial income, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 31.95x
- P/B
- 3.65x
- EPS
- 1,925
- BVPS
- 16,857
- ROE
- 12.2%
- ROA
- 6.9%
- Market price
- 61,500 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, MVN is maintaining revenue growth, but margins have not improved proportionally — profit momentum has been slowing across consecutive periods. What is still missing is the ability to convert top-line growth into better profitability.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Associates income
- Other profit
- Minority interests
- Financial income
- 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 | 6,610.7 | 5,360.1 | 5,282.7 | 4,627.0 | 3,743.7 | 4,642.7 | 4,094.1 | 4,645.6 |
| LNST | 861.9 | 730.4 | 895.2 | 604.9 | 366.7 | 385.4 | 603.1 | 1,137.6 |
| Net margin | 13.04% | 13.63% | 16.95% | 13.07% | 9.80% | 8.30% | 14.73% | 24.49% |
Revenue
6,611bnNet income
862bnNet margin
13.04%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
●Net margin narrowed to 14.13%, falling 0.4pp. Gross margin rose 1.9pp and SG&A / Revenue fell 1.2pp improved but not enough to offset the weakness in Other profit / Revenue fell 4.5pp (Net financial result / Revenue rose 0.3pp still added support).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 14.13% −0.4pp
- Gross Margin
- 17.78% +1.9pp
- SG&A / Revenue
- 7.42% −1.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲▲ROIC expanded to 12.16%, rising 4.0pp. That translates to 12.16 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 3.3pp and capital turnover rose 0.05x, while invested capital expanded strongly by 3,661bn — capital-return quality improved from both sides.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.84x equity, net debt at 0.13x equity.
None
Over the last 12 months, working capital absorbed 1,735.6bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
●Cash conversion cycle improved by 0.2 days versus the same period last year. The main moves came from DIO fell 3.1 days, DSO rose 1.8 days, and DPO fell 1.1 days.
Working capital cycle is flat — components are offsetting each other.
DSO increased by +1.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 14.9% to 16.3% — mainly driven by asset turnover, despite net margin moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 3,263.6bn due to capex of 4,120.6bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.13x and interest coverage at 7.93x.
At present, short-term debt accounts for 29.5% of total debt, cash equals 54.7% of debt, and total debt stands at 5,931.3bn.
- Net Debt / Equity
- 0.13x +0.09x
- Interest Coverage
- 7.93x +5.46x
- Cash / Debt
- 54.7% −27.7pp
- Short-term Debt / Total Debt
- 29.5% −3.3pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,021.2bn in 2025, against investing cash flow of -3,355.9bn.
Post-investment cash flow was negative +2,334.6bn. Financing cash flow was positive +2,946.3bn.
CFO / net income was 0,37 lần.
After spending +4,120.6bn on fixed-asset investment, the business generated trailing free cash flow of −3,263.6bn.
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 capital efficiency, with ROIC at 12.2%. The next item to monitor is the earnings mix, when non-core contribution is 18.7%. The main risk still sits in self-funded cash generation remains weak.
- Improvement: capital efficiency is improving, with trailing-12M ROIC at 12.16%, up 4.0pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 18.7% of PBT and CFO / net income currently at 0.37x.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 3,263.6bn.
What to verify next
Questions for the next period
Durability of revenue growth after the current +27,8% YoY pace.
Ability to hold margins around the current 14.13% level.
Cash-flow quality, with operating cash flow currently at 1,021.2bn in 2025.
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