Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 5.7bn, rose 5.2bn compared with the same period last year. Key positives came from better other profit and higher gross profit. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.98x
- P/B
- 0.93x
- EPS
- 1,694
- BVPS
- 19,983
- ROE
- 9.9%
- ROA
- 6.3%
- Market price
- 18,600 24 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, NHC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — earnings have been recovering gradually over multiple periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Other profit
- Gross profit
- 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 | 30.1 | 30.4 | 23.9 | 26.0 | 18.6 | 22.0 | 12.5 | 11.1 |
| LNST | 0.6 | 3.3 | 0.9 | 0.9 | 0.0 | -0.7 | 0.9 | 0.3 |
| Net margin | 2.03% | 10.98% | 3.92% | 3.35% | 0.01% | -3.08% | 6.88% | 2.40% |
Revenue
30bnNet income
1bnNet margin
2.03%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 improved (+4.5pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 5.21%, rising 4.5pp. Core operating signals are improving as SG&A / Revenue fell 2.8pp are enough to offset pressure from Gross margin fell 1.3pp (in addition, Other profit / Revenue rose 4.5pp added support while Net financial result / Revenue fell 1.3pp remained a drag).
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
- 5.21% +4.5pp
- Gross Margin
- 9.97% −1.3pp
- SG&A / Revenue
- 5.65% −2.8pp
- Non-core / Revenue
- 2.00% +3.2pp
TTM YoY · 2025Q1 -> 2026Q1
Other income accounts for 43.1% of PBT and lifted net margin by 3.2pp — separate the operating contribution from this source.
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to -10.8 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 4.77%, rising 3.3pp. That translates to 4.77 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.5pp and capital turnover rose 0.57x, with invested capital holding roughly steady — capital-return quality improved from both sides.
NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.
ROIC is currently 4.77% — 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. Capital structure is conservative with low leverage — liabilities at 0.44x equity, net debt at 0.16x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 1.3pp YoY to 9.97% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.
Gross margin (TTM): 9.97% · YoY -1.3pp
Inventory 2.3bn — 2.65% of total assets, below the materials-group median (13.00%); ≈ 9 days of sales.
Inventory / assets: 2.65% (group median 13.00%)
Days inventory outstanding: 9
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 20.7 days versus the same period last year. The main moves came from DIO fell 36.1 days, DSO fell 5.4 days, and DPO fell 20.8 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE rose from 0.8% to 10.0% — all three components improved, with net margin contributing the most.
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 0.16x and interest coverage at 3.76x.
At present, short-term debt accounts for 12.5% of total debt, cash equals 38.2% of debt, and total debt stands at 15.4bn.
- Net Debt / Equity
- 0.16x −0.06x
- Interest Coverage
- 3.76x
- Cash / Debt
- 38.2% +5.2pp
- Short-term Debt / Total Debt
- 12.5%
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 17.2bn in 2025, against investing cash flow of -32.6bn.
Post-investment cash flow was negative +15.4bn. Financing cash flow was positive +16.1bn.
CFO / net income was 2,67 lần.
After spending +5.4bn on fixed-asset investment, the business generated trailing free cash flow of +9.9bn.
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 4.5 pp. The next item to monitor is the earnings mix, when non-core contribution is −11.5%. The main risk still sits in capital efficiency remains weak, with ROIC at 4.8%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.21% after expanding 4.5pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.67x. Even so, net financial result still accounts for −11.5% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +72,0% YoY pace.
Ability to hold margins around the current 5.21% level.
Cash-flow quality, with operating cash flow currently at 17.2bn in 2025.
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