Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 65.9bn, rose 8.3bn compared with the same period last year. Key positives came from higher gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.95x
- P/B
- 2.71x
- EPS
- 6,102
- BVPS
- 17,877
- ROE
- 34.8%
- ROA
- 32.6%
- Market price
- 48,500 09 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, NTH has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
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 | 32.6 | 35.8 | 26.3 | 32.2 | 37.0 | 33.1 | 19.4 | 26.7 |
| LNST | 18.0 | 18.8 | 11.7 | 17.4 | 21.0 | 16.4 | 6.8 | 13.4 |
| Net margin | 55.43% | 52.58% | 44.42% | 53.91% | 56.86% | 49.59% | 35.21% | 50.05% |
Revenue
33bnNet income
18bnNet margin
55.43%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 51.96%, rising 2.3pp. The main driver is Gross margin rose 1.0pp and SG&A / Revenue fell 0.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 1.1pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 51.96% +2.3pp
- Gross Margin
- 58.00% +1.0pp
- SG&A / Revenue
- 3.88% −0.4pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
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. Balance sheet is exceptionally sound — liabilities at 0.09x equity, with a net cash position equivalent to 0.21x equity.
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 2.5 days versus the same period last year. The main moves came from DIO fell 0.7 days, DSO fell 1.8 days, and DPO rose 0.0 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
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.
DuPont
What drives ROE?
ROE rose from 31.3% to 34.8% — mainly driven by asset turnover, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 67.6bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
- Net Debt / Equity
- −0.21x −0.14x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 67.6bn in 2025, against investing cash flow of 0.6bn.
Post-investment cash flow was positive +68.2bn. Financing cash flow was negative +76.1bn.
CFO / net income was 1,26 lần.
Track how much investment can be funded internally from operating cash flow.
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 showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 2.3 pp. The next item to monitor is capital efficiency.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 51.96% after expanding 2.3pp 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 +9,2% YoY pace.
Ability to hold margins around the current 51.96% level.
Cash-flow quality, with operating cash flow currently at 67.6bn in 2025.
From one stock to the whole portfolio
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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
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