Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 158.3bn, rose 85.7bn compared with the same period last year. Key positives came from higher gross profit and lower selling expenses. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.09x
- P/B
- 2.11x
- EPS
- 10,060
- BVPS
- 24,281
- ROE
- 49.6%
- ROA
- 32.8%
- Market price
- 51,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, NFC has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Administrative expenses
- Tax
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 | 515.1 | 219.7 | 196.8 | 368.7 | 452.6 | 156.2 | 182.4 | 296.1 |
| LNST | 54.0 | 49.4 | 26.6 | 28.3 | 38.8 | 10.8 | 6.9 | 16.1 |
| Net margin | 10.48% | 22.48% | 13.51% | 7.68% | 8.57% | 6.88% | 3.81% | 5.44% |
Revenue
515bnNet income
54bnNet margin
10.48%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 12.17%, rising 5.5pp. The main driver is Gross margin rose 5.6pp and SG&A / Revenue fell 1.2pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 12.17% +5.5pp
- Gross Margin
- 26.80% +5.6pp
- SG&A / Revenue
- 11.75% −1.2pp
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 0.26x equity, with a net cash position equivalent to 0.80x equity.
Inventory ended the period at 253.4bn, roughly 61.4% of total assets.
Over the last 12 months, working capital absorbed 38.8bn 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 3.7 days versus the same period last year. The main moves came from DIO rose 8.7 days, DSO fell 7.5 days, and DPO rose 4.8 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DIO increased by +8.7 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 31.2% to 49.6% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 32.5bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.80x and interest coverage at 28.18x.
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
- −0.80x
- Interest Coverage
- 28.18x −2.61x
- 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 32.5bn in 2025, against investing cash flow of -11.7bn.
Post-investment cash flow was positive +20.9bn. Financing cash flow was negative +31.5bn.
CFO / net income was 0,63 lần.
After spending +9.0bn on fixed-asset investment, the business generated trailing free cash flow of +90.9bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing brighter earnings with improving operating quality. Margin improving shows the business is generating more efficient growth than before. Even so, capital efficiency remains the area to verify in upcoming periods.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.17% after expanding 5.5pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Durability of revenue growth after the current +19,6% YoY pace.
Ability to hold margins around the current 12.17% level.
Cash-flow quality, with operating cash flow currently at 32.5bn in 2025.
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