Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 1,142.7bn, rose 875.2bn 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
- 6.22x
- P/B
- 1.38x
- EPS
- 3,872
- BVPS
- 17,505
- ROE
- 25.3%
- ROA
- 13.5%
- Market price
- 24,100 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, NT2 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
- Other
- 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 | 2,171.7 | 2,367.3 | 1,928.2 | 2,081.3 | 1,426.7 | 1,791.8 | 1,711.8 | 2,186.1 |
| LNST | 180.0 | 422.2 | 214.2 | 326.2 | 37.0 | 64.0 | 44.3 | 122.2 |
| Net margin | 8.29% | 17.84% | 11.11% | 15.68% | 2.59% | 3.57% | 2.59% | 5.59% |
Revenue
2,172bnNet income
180bnNet margin
8.29%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 13.37%, rising 9.6pp. The main driver is Gross margin rose 10.5pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 0.0pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 13.37% +9.6pp
- Gross Margin
- 14.81% +10.5pp
- SG&A / Revenue
- 1.06% −0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 19.4% reflects a large fixed-asset base.
Is capital being deployed efficiently?
▲ROIC expanded to 19.39%, rising 14.1pp. That translates to 19.39 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 9.6pp, with capital turnover broadly stable; while invested capital rose by 863bn.
For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.
Balance Sheet
●ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.91x equity, net debt at 0.27x equity.
None
Over the last 12 months, working capital released 448.8bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 44.4 days versus the same period last year. The main moves came from DIO fell 0.7 days, DSO rose 21.9 days, and DPO fell 23.3 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
CCC is up by +44.4 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +21.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 6.7% to 25.3% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.27x and interest coverage at 18.29x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 0.0% of debt, and total debt stands at 1,342.7bn.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 0.0%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.27x −0.08x
- Interest Coverage
- 18.29x +11.75x
- Cash / Debt
- 0.0% −0.6pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,003.2bn in 2025, against investing cash flow of -1,372.3bn.
Post-investment cash flow was negative +369.1bn. Financing cash flow was positive +334.5bn.
CFO / net income was 1,78 lần.
After spending +9.5bn on fixed-asset investment, the business generated trailing free cash flow of +2,023.0bn.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
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 9.6 pp. The next item to monitor is capital efficiency, with ROIC at 19.4%. The main risk still sits in leverage and liquidity, with interest coverage at 18.29x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 13.37% after expanding 9.6pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.27x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +20,1% YoY pace.
Ability to hold margins around the current 13.37% level.
Cash-flow quality, with operating cash flow currently at 1,003.2bn in 2025.
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