Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 16.3bn, rose 76.8bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and lower administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.40x
- P/B
- 1.24x
- EPS
- 1,046
- BVPS
- 3,710
- ROE
- 30.8%
- ROA
- 1.8%
- Market price
- 4,600 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, NDT posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. The point still to be proven is whether this new profit level can hold once the low-base effect fades.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- 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 | 317.5 | 284.3 | 259.4 | 293.9 | 274.1 | 376.9 | 368.5 | 328.2 |
| LNST | 4.6 | 17.1 | 2.0 | -4.3 | -8.2 | -21.7 | -14.7 | -18.4 |
| Net margin | 1.46% | 6.00% | 0.77% | -1.46% | -3.00% | -5.76% | -3.99% | -5.62% |
Revenue
317bnNet income
5bnNet margin
1.46%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 1.68%, rising 6.4pp. The main driver is Gross margin rose 4.1pp and SG&A / Revenue fell 0.9pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 1.1pp added support while Other profit / Revenue fell 0.0pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 1.68% +6.4pp
- Gross Margin
- 6.98% +4.1pp
- SG&A / Revenue
- 3.71% −0.9pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 50.5 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 2.65%, rising 10.4pp. That translates to 2.65 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 6.3pp, with capital turnover broadly stable; while invested capital contracted by 123bn.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 2.65% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼▼ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 14.78x equity, net debt at 9.80x equity.
Inventory ended the period at 197.6bn, roughly 20.8% of total assets.
Over the last 12 months, working capital released 96.3bn of cash, mainly thanks to lower receivables and lower inventories.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 13.7 days versus the same period last year. The main moves came from DIO fell 4.2 days, DSO rose 11.4 days, and DPO rose 20.9 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +11.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −75.5% to 36.6% — supported by net margin and leverage.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 9.80x and interest coverage only at 0.33x.
At present, short-term debt accounts for 65.5% of total debt, cash equals 4.3% of debt, and total debt stands at 593.8bn.
Net debt / equity stands at 9.80x, increasing balance-sheet pressure.
Interest coverage is 0.33x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 9.80x −4.86x
- Interest Coverage
- 0.33x +1.15x
- Cash / Debt
- 4.3% +2.8pp
- Short-term Debt / Total Debt
- 65.5% +0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 127.2bn in 2025, against investing cash flow of 9.9bn.
Post-investment cash flow was positive +137.2bn. Financing cash flow was negative +142.3bn.
CFO / net income was 8,68 lần.
After spending +2.2bn on fixed-asset investment, the business generated trailing free cash flow of +139.6bn.
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 operating efficiency, with net margin improving 6.4 pp. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 2.8%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.6%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.68% after expanding 6.4pp versus the same period last year.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −14,3% YoY decline.
Ability to hold margins around the current 1.68% level.
Cash-flow quality, with operating cash flow currently at 127.2bn in 2025.
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