Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 8,205.1bn, rose 3,839.8bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher tax, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.96x
- P/B
- 3.03x
- EPS
- 5,726
- BVPS
- 24,450
- ROE
- 25.0%
- ROA
- 10.5%
- Market price
- 74,200 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, MWG is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Other
- Administrative expenses
- Tax
- Finance costs
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 | 46,462.0 | 42,850.4 | 39,852.5 | 37,620.0 | 36,135.0 | 34,573.9 | 34,146.7 | 34,134.1 |
| LNST | 2,757.6 | 2,086.5 | 1,783.7 | 1,657.5 | 1,547.8 | 852.1 | 805.8 | 1,172.4 |
| Net margin | 5.94% | 4.87% | 4.48% | 4.41% | 4.28% | 2.46% | 2.36% | 3.43% |
Revenue
46,462bnNet income
2,758bnNet margin
5.94%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 4.97%, rising 1.8pp. Core operating signals are improving as SG&A / Revenue fell 2.2pp are enough to offset pressure from Gross margin fell 0.5pp (with additional support from Other profit / Revenue rose 0.3pp and Net financial result / Revenue rose 0.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 4.97% +1.8pp
- Gross Margin
- 19.67% −0.5pp
- SG&A / Revenue
- 14.63% −2.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲▲ROIC expanded to 14.77%, rising 5.1pp. That translates to 14.77 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.6pp and capital turnover rose 0.10x, while invested capital rose by 7,678bn — 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 balanced — liabilities at 1.53x equity, net debt at 0.66x equity.
Inventory ended the period at 27,266.9bn, roughly 32.5% of total assets.
Over the last 12 months, working capital absorbed 2,431.5bn 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 improved by 0.1 days versus the same period last year. The main moves came from DIO fell 2.1 days, DSO fell 0.2 days, and DPO fell 2.1 days.
Working capital cycle is flat — components are offsetting each other.
DuPont
What drives ROE?
ROE rose from 15.7% to 25.3% — 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 is balanced for now, with net debt / equity at 0.66x and interest coverage at 6.20x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 16.2% of debt, and total debt stands at 28,100.7bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 16.2%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.66x −0.14x
- Interest Coverage
- 6.20x +1.03x
- Cash / Debt
- 16.2% +6.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 6,096.1bn in 2025, against investing cash flow of -6,660.8bn.
Post-investment cash flow was negative +564.6bn. Financing cash flow was positive +667.2bn.
CFO / net income was 0,58 lần.
After spending +1,075.5bn on fixed-asset investment, the business generated trailing free cash flow of +3,724.3bn.
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 1.8 pp. The next item to monitor is the earnings mix, when non-core contribution is 16.4%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.97% after expanding 1.8pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 16.4% of PBT and CFO / net income currently at 0.58x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +20,0% YoY pace.
Ability to hold margins around the current 4.97% level.
Cash-flow quality, with operating cash flow currently at 6,096.1bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.