Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 161.3bn, rose 87.0bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.25x
- P/B
- 1.77x
- EPS
- 7,359
- BVPS
- 25,969
- ROE
- 32.1%
- ROA
- 27.1%
- Market price
- 46,000 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, NNC 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
- Tax
- Other
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 | 120.3 | 129.1 | 100.3 | 91.5 | 70.1 | 96.0 | 66.7 | 65.5 |
| LNST | 39.6 | 44.1 | 42.6 | 35.1 | 16.2 | 21.4 | 16.2 | 20.5 |
| Net margin | 32.91% | 34.15% | 42.44% | 38.34% | 23.16% | 22.27% | 24.25% | 31.28% |
Revenue
120bnNet income
40bnNet margin
32.91%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 36.56%, rising 11.7pp. The main driver is Gross margin rose 15.2pp and SG&A / Revenue fell 1.7pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 1.5pp and Other profit / Revenue fell 0.8pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 36.56% +11.7pp
- Gross Margin
- 49.41% +15.2pp
- SG&A / Revenue
- 5.24% −1.7pp
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 0.24x equity, with a net cash position equivalent to 0.02x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 15.2pp YoY to 49.41% (TTM).
Gross margin (TTM): 49.41% · YoY +15.2pp
Inventory 15.6bn — 2.29% of total assets, below the materials-group median (13.00%); ≈ 25 days of sales. Inventory is growing faster than revenue (150.86% vs 47.89% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.
Inventory / assets: 2.29% (group median 13.00%)
Days inventory outstanding: 25
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 36.9 days versus the same period last year. The main moves came from DIO fell 27.6 days, DSO fell 11.4 days, and DPO fell 2.1 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE rose from 18.2% to 32.1% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 189.9bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.02x and interest coverage at 25.09x.
At present, short-term debt accounts for 18.4% of total debt, cash equals 149.5% of debt, and total debt stands at 27.2bn.
- Net Debt / Equity
- −0.02x
- Interest Coverage
- 25.09x
- Cash / Debt
- 149.5%
- Short-term Debt / Total Debt
- 18.4%
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 189.9bn in 2025, against investing cash flow of -206.1bn.
Post-investment cash flow was negative +16.2bn. Financing cash flow was positive +7.1bn.
CFO / net income was 1,11 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
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 36.56% after expanding 11.7pp 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 +47,9% YoY pace.
Ability to hold margins around the current 36.56% level.
Cash-flow quality, with operating cash flow currently at 189.9bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.