Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 2.4bn, rose 1.6bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and higher financial income. Offsetting pressure came mainly from higher administrative expenses, weaker other profit, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 32.29x
- P/B
- 0.74x
- EPS
- 297
- BVPS
- 13,030
- ROE
- 2.3%
- ROA
- 0.7%
- Market price
- 9,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ONE is still improving profit despite revenue not recovering, suggesting cost efficiency or the earnings mix is aiding current results — earnings have been recovering gradually over multiple periods. Notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs more time to clarify.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Financial income
- Administrative expenses
- Other profit
- Selling expenses
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 | 45.8 | 218.6 | 160.4 | 68.3 | 35.1 | 379.1 | 32.0 | 58.7 |
| LNST | -1.7 | 1.1 | 1.9 | 1.1 | -0.4 | 8.0 | -1.0 | -5.9 |
| Net margin | -3.63% | 0.50% | 1.16% | 1.57% | -1.23% | 2.10% | -2.97% | -9.97% |
Revenue
46bnNet income
-2bnNet margin
-3.63%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
●Net margin edged up to 0.48%, rising 0.3pp. Core operating signals are improving as Gross margin rose 2.1pp are enough to offset pressure from SG&A / Revenue rose 1.6pp (in addition, Net financial result / Revenue rose 1.1pp added support while Other profit / Revenue fell 0.8pp remained a drag).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 0.48% +0.3pp
- Gross Margin
- 8.57% +2.1pp
- SG&A / Revenue
- 6.46% +1.6pp
- Non-core / Revenue
- −1.02% +0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Other income accounts for 71.1% of PBT and lifted net margin by 0.3pp — separate the operating contribution from this source.
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. Capital structure is conservative with low leverage — liabilities at 2.30x equity, net debt at 0.20x equity.
Inventory ended the period at 64.5bn, roughly 18.5% of total assets.
Over the last 12 months, working capital absorbed 37.5bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 13.4 days versus the same period last year. The main moves came from DIO fell 13.8 days, DSO fell 16.6 days, and DPO fell 17.1 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
CCC stands at 92.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 0.7% to 2.3% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.20x and interest coverage at 3.19x.
At present, short-term debt accounts for 98.3% of total debt, cash equals 57.1% of debt, and total debt stands at 47.2bn.
Short-term debt accounts for 98.3% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.20x +0.28x
- Interest Coverage
- 3.19x +3.02x
- Cash / Debt
- 57.1% −84.6pp
- Short-term Debt / Total Debt
- 98.3% +12.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 16.7bn in 2025, against investing cash flow of 0.0bn.
Post-investment cash flow was positive +16.7bn. Financing cash flow was negative +41.9bn.
CFO / net income was −11,99 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 does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The next item to monitor is the earnings mix, when non-core contribution is −22.6%. Warning and risk signals are not yet decisive enough to shift the picture.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −22.6% of PBT and CFO / net income currently at −11.99x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −2,3% YoY decline.
Ability to hold margins around the current 0.48% level.
Cash-flow quality, with operating cash flow currently at 16.7bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.