Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 19.8bn, rose 3.8bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, weaker other profit, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.96x
- P/B
- 0.24x
- EPS
- 795
- BVPS
- 13,350
- ROE
- 6.2%
- ROA
- 3.2%
- Market price
- 3,150 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, NO1 is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Administrative expenses
- Selling expenses
- Other profit
- Finance costs
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 | 123.1 | 159.9 | 77.4 | 613.1 | 227.4 | 133.8 | 226.2 | 198.6 |
| LNST | 0.3 | 3.5 | 1.4 | 13.5 | 2.5 | 0.2 | 4.8 | 8.6 |
| Net margin | 0.26% | 2.16% | 1.84% | 2.20% | 1.10% | 0.15% | 2.11% | 4.31% |
Revenue
123bnNet income
0bnNet margin
0.26%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
●Net margin stands at 1.92%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 1.92% −0.1pp
- Gross Margin
- 11.00% +3.4pp
- SG&A / Revenue
- 8.44% +3.2pp
- Non-core / Revenue
- 0.04% −0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from non-core sources remains high (69.4% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 60.7 days.
Is capital being deployed efficiently?
▲ROIC expanded to 6.70%, rising 1.7pp. That translates to 6.70 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.5pp and capital turnover rose 0.23x, with invested capital holding roughly steady — capital-return quality improved from both sides.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Balance Sheet
▲ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.52x equity, net debt at 0.35x equity.
Inventory ended the period at 136.8bn, roughly 16.9% of total assets.
Over the last 12 months, working capital absorbed 2.9bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 13.0 days versus the same period last year. The main moves came from DIO rose 3.3 days, DSO fell 25.8 days, and DPO fell 9.4 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +3.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 5.1% to 5.9% — mainly driven by asset turnover, despite net margin moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 94.8bn due to capex of 120.6bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.35x and interest coverage at 2.31x.
At present, short-term debt accounts for 50.4% of total debt, cash equals 19.0% of debt, and total debt stands at 138.9bn.
Cash / debt stands at 19.0%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.35x +0.36x
- Interest Coverage
- 2.31x +0.46x
- Cash / Debt
- 19.0% −84.8pp
- Short-term Debt / Total Debt
- 50.4% −46.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 240.7bn in 2025, against investing cash flow of -264.7bn.
Post-investment cash flow was negative +24.0bn. Financing cash flow was positive +43.9bn.
CFO / net income was 1,30 lần.
After spending +120.6bn on fixed-asset investment, the business generated trailing free cash flow of −94.8bn.
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 cash generation. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 28.9bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.30x. Even so, net financial result still accounts for 35.5% 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 +23,9% YoY pace.
Ability to hold margins around the current 1.92% level.
Cash-flow quality, with operating cash flow currently at 240.7bn in 2025.
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