Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 111.5bn, rose 6.7bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, lower deferred tax, and better other profit. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.26x
- P/B
- 1.26x
- EPS
- 1,741
- BVPS
- 15,525
- ROE
- 11.8%
- ROA
- 8.9%
- Market price
- 19,600 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, OPC posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Deferred tax
- Other profit
- Selling expenses
- Administrative expenses
- 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 | 216.3 | 402.8 | 272.8 | 237.0 | 210.5 | 337.5 | 194.0 | 218.9 |
| LNST | 19.8 | 37.7 | 32.6 | 21.9 | 24.1 | 31.1 | 22.6 | 28.1 |
| Net margin | 9.15% | 9.37% | 11.97% | 9.26% | 11.46% | 9.21% | 11.65% | 12.82% |
Revenue
216bnNet income
20bnNet margin
9.15%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin narrowed to 9.93%, falling 1.1pp. The main pressure comes from SG&A / Revenue rose 1.3pp and Gross margin fell 0.1pp (with additional support from Net financial result / Revenue rose 0.3pp and Other profit / Revenue rose 0.1pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 9.93% −1.1pp
- Gross Margin
- 40.74% −0.1pp
- SG&A / Revenue
- 29.56% +1.3pp
TTM YoY · 2025Q1 -> 2026Q1
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. Balance sheet is exceptionally sound — liabilities at 0.44x equity, with a net cash position equivalent to 0.19x equity.
Inventory ended the period at 410.3bn, roughly 29.9% of total assets.
Over the last 12 months, working capital absorbed 112.0bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 22.4 days versus the same period last year. The main moves came from DIO fell 24.8 days, DSO rose 3.5 days, and DPO rose 1.1 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 292.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +3.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 11.9% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 59.9bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.19x and interest coverage at 26.21x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.19x
- Interest Coverage
- 26.21x −0.03x
- 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 59.9bn in 2025, against investing cash flow of -13.1bn.
Post-investment cash flow was positive +46.8bn. Financing cash flow was negative +95.9bn.
CFO / net income was −0,11 lần.
After spending +28.2bn on fixed-asset investment, the business generated trailing free cash flow of −40.4bn.
In summary
Research synthesis
What this reporting period is showing
The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is earnings conversion is confirmed, with CFO/NI at −0.11x. The next item to monitor is capital efficiency. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 292 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.11x.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: working capital remains tied up for too long, with cash cycle at 292.5 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +17,5% YoY pace.
Ability to hold margins around the current 9.93% level.
Cash-flow quality, with operating cash flow currently at 59.9bn 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.