Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 170.7bn, fell 7.4bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, higher associates income, and better other profit. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, higher minority interests, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.79x
- P/B
- 0.61x
- EPS
- 1,425
- BVPS
- 18,241
- ROE
- 8.0%
- ROA
- 4.4%
- Market price
- 11,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, NCG posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — margins have been expanding consistently over multiple periods. What remains unclear is which side will dominate in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Associates income
- Other profit
- Administrative expenses
- Selling expenses
- Minority interests
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 | 1,297.2 | 1,192.9 | 1,078.0 | 1,153.0 | 1,101.0 | 1,146.0 | 1,100.3 | 1,032.8 |
| LNST | 55.8 | 33.1 | 26.4 | 85.7 | 71.5 | 24.4 | 42.6 | 55.2 |
| Net margin | 4.30% | 2.77% | 2.45% | 7.43% | 6.49% | 2.13% | 3.87% | 5.34% |
Revenue
1,297bnNet income
56bnNet margin
4.30%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 stands at 4.26%, 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
- 4.26% −0.2pp
- Gross Margin
- 16.34% +0.9pp
- SG&A / Revenue
- 11.01% +1.7pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 6.28%, broadly flat versus the same period. That translates to 6.28 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.2pp, but capital turnover rose 0.08x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
Balance Sheet
▲Capital structure is conservative with low leverage — liabilities at 0.85x equity, net debt at 0.47x equity.
Inventory ended the period at 744.4bn, roughly 18.9% of total assets.
Over the last 12 months, working capital released 186.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from 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 8.7 days versus the same period last year. The main moves came from DIO fell 12.5 days, DSO rose 3.6 days, and DPO fell 0.2 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DSO increased by +3.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 9.4% — the components are offsetting one another.
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 0.47x and interest coverage at 2.29x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 9.7% of debt, and total debt stands at 1,143.8bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 9.7%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.47x −0.02x
- Interest Coverage
- 2.29x +0.24x
- Cash / Debt
- 9.7% +0.9pp
- Short-term Debt / Total Debt
- 100.0% +5.5pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 230.1bn in 2025, against investing cash flow of -6.0bn.
Post-investment cash flow was positive +224.1bn. Financing cash flow was negative +64.4bn.
CFO / net income was 0,53 lần.
After spending +13.8bn on fixed-asset investment, the business generated trailing free cash flow of +77.4bn.
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 0.53x. The main risk still sits in leverage and liquidity, with interest coverage at 2.29x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.53x.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.47x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +7,8% YoY pace.
Ability to hold margins around the current 4.26% level.
Cash-flow quality, with operating cash flow currently at 230.1bn in 2025.
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