Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 429.1bn, rose 147.9bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.27x
- P/B
- 2.67x
- EPS
- 19,446
- BVPS
- 31,170
- ROE
- 59.7%
- ROA
- 50.8%
- Market price
- 83,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, NCT is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Tax
- Administrative expenses
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 | 292.7 | 372.6 | 317.6 | 280.4 | 241.2 | 277.5 | 238.6 | 218.7 |
| LNST | 106.0 | 123.3 | 114.3 | 85.4 | 64.4 | 77.2 | 75.5 | 64.0 |
| Net margin | 36.21% | 33.10% | 36.00% | 30.45% | 26.71% | 27.83% | 31.63% | 29.26% |
Revenue
293bnNet income
106bnNet margin
36.21%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 33.96%, rising 5.2pp. The main driver is Gross margin rose 1.8pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 3.4pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 33.96% +5.2pp
- Gross Margin
- 46.54% +1.8pp
- SG&A / Revenue
- 11.60% −0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
▲ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.37x equity, with a net cash position equivalent to 0.15x equity.
None
Over the last 12 months, working capital released 75.5bn of cash, mainly thanks to lower receivables and lower inventories.
Working Capital Efficiency
●The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 2.0 days versus the same period last year. The main moves came from DIO fell 0.6 days, DSO fell 0.3 days, and DPO fell 2.8 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +2.0 days, indicating weaker working-capital turnover versus the prior year.
DuPont
What drives ROE?
ROE rose from 50.8% to 59.7% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 414.0bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.15x and interest coverage at 2733.74x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.15x
- Interest Coverage
- 2733.74x +747.10x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 414.0bn in 2025, against investing cash flow of -233.6bn.
Post-investment cash flow was positive +180.4bn. Financing cash flow was negative +209.1bn.
CFO / net income was 1,03 lần.
After spending +63.4bn on fixed-asset investment, the business generated trailing free cash flow of +377.5bn.
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 5.2 pp. The next item to monitor is the earnings mix, when non-core contribution is 15.4%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 33.96% after expanding 5.2pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.03x. Even so, net financial result still accounts for 15.4% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Durability of revenue growth after the current +29,4% YoY pace.
Ability to hold margins around the current 33.96% level.
Cash-flow quality, with operating cash flow currently at 414.0bn in 2025.
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Its weight and influence across the assets held for investment.
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