Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 192.8bn, rose 74.9bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 13.86x
- P/B
- 3.51x
- EPS
- 3,462
- BVPS
- 13,683
- ROE
- 21.0%
- ROA
- 7.7%
- Market price
- 48,000 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, NAF is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Finance costs
- 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 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 449.3 | 405.7 | 627.9 | 680.1 | 349.8 | 327.9 | 358.3 | 441.0 |
| LNST | 60.1 | 30.7 | 43.8 | 58.7 | 12.9 | 26.0 | 28.1 | 51.1 |
| Net margin | 13.38% | 7.56% | 6.98% | 8.63% | 3.69% | 7.93% | 7.85% | 11.60% |
Revenue
449bnNet income
60bnNet margin
13.38%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 edged up to 8.93%, rising 0.9pp. Core operating signals are improving as SG&A / Revenue fell 2.6pp are enough to offset pressure from Gross margin fell 1.0pp (with lingering pressure from Net financial result / Revenue fell 0.7pp and Other profit / Revenue fell 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 8.93% +0.9pp
- Gross Margin
- 24.12% −1.0pp
- SG&A / Revenue
- 11.48% −2.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 99.4 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 8.42%, rising 2.7pp. That translates to 8.42 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.1pp and capital turnover rose 0.22x, while invested capital rose by 277bn — capital-return quality improved from both sides.
Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 1.96x equity, net debt at 1.83x equity.
None
Over the last 12 months, working capital absorbed 265.6bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 56.1 days versus the same period last year. The main moves came from DIO fell 34.2 days, DSO fell 20.6 days, and DPO rose 1.4 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 99.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 11.8% to 21.1% — driven by asset turnover and leverage together.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.83x and interest coverage only at 2.19x.
At present, short-term debt accounts for 52.7% of total debt, cash equals 5.0% of debt, and total debt stands at 1,611.3bn.
Net debt / equity stands at 1.83x, increasing balance-sheet pressure.
Cash / debt stands at 5.0%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 1.83x +0.85x
- Interest Coverage
- 2.19x +0.35x
- Cash / Debt
- 5.0% +0.3pp
- Short-term Debt / Total Debt
- 52.7% −31.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 89.6bn in 2025, against investing cash flow of -198.0bn.
Post-investment cash flow was negative +108.4bn. Financing cash flow was positive +108.8bn.
CFO / net income was −0,15 lần.
After spending +278.4bn on fixed-asset investment, the business generated trailing free cash flow of −307.8bn.
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 earnings conversion is confirmed, with CFO/NI at −0.15x. The main risk still sits in leverage and liquidity, with interest coverage at 2.19x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.15x.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.83x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +46,4% YoY pace.
Ability to hold margins around the current 8.93% level.
Cash-flow quality, with operating cash flow currently at 89.6bn in 2025.
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