Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 233.5bn, rose 15.6bn compared with the same period last year. Key positives came from lower administrative expenses, lower selling expenses, higher financial income, and better other profit. Offsetting pressure came mainly from lower gross profit, higher finance costs, and higher deferred tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.93x
- P/B
- 0.68x
- EPS
- 12,932
- BVPS
- 93,464
- ROE
- 14.6%
- ROA
- 8.8%
- Market price
- 63,800 12 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, NSC posted slightly higher profit versus the same period, but the increase is thin and not yet paired with clear improvement in revenue or margins. The point still to be proven is whether this profit level holds without further revenue momentum.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Selling expenses
- Financial income
- Other profit
- Gross profit
- Finance costs
- Deferred 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 | 362.9 | 770.7 | 492.7 | 668.0 | 368.2 | 969.1 | 497.3 | 632.5 |
| LNST | 41.0 | 109.4 | 27.5 | 63.0 | 37.6 | 93.5 | 37.4 | 56.9 |
| Net margin | 11.30% | 14.20% | 5.58% | 9.44% | 10.22% | 9.64% | 7.51% | 9.00% |
Revenue
363bnNet income
41bnNet margin
11.30%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 edged up to 10.50%, rising 1.4pp. Core operating signals are improving as SG&A / Revenue fell 1.2pp are enough to offset pressure from Gross margin fell 0.2pp (with additional support from Other profit / Revenue rose 0.4pp and Net financial result / Revenue rose 0.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 10.50% +1.4pp
- Gross Margin
- 29.02% −0.2pp
- SG&A / Revenue
- 15.85% −1.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 11.13%, falling 0.9pp. That translates to 11.13 in after-tax operating profit for every 100 units of operating capital. Although NOPAT margin rose 1.1pp, capital turnover fell 0.22x still pulled ROIC lower, while invested capital rose by 229bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Balance Sheet
▲Capital structure is conservative with low leverage — liabilities at 0.62x equity, net debt at 0.28x equity.
Inventory ended the period at 796.5bn, roughly 30.5% of total assets.
Over the last 12 months, working capital released 254.1bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
▼▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 35.0 days versus the same period last year. The main moves came from DIO rose 30.8 days, DSO fell 0.3 days, and DPO fell 4.5 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 245.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +30.8 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE is broadly flat at 15.1% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.28x and interest coverage at 5.23x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 34.9% of debt, and total debt stands at 697.4bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.28x −0.10x
- Interest Coverage
- 5.23x −1.64x
- Cash / Debt
- 34.9% +9.2pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲Operating cash flow reached -73.6bn in 2025, against investing cash flow of -147.1bn.
Post-investment cash flow was negative +220.7bn. Financing cash flow was positive +324.2bn.
CFO / net income was 2,11 lần.
After spending +24.4bn on fixed-asset investment, the business generated trailing free cash flow of +468.2bn.
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 1.4 pp. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 246 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 10.50% after expanding 1.4pp versus the same period last year.
- Key risk: working capital remains tied up for too long, with cash cycle at 245.9 days.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −7,0% YoY decline.
Ability to hold margins around the current 10.50% level.
Cash-flow quality, with operating cash flow currently at -73.6bn in 2025.
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