Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 20.9bn, rose 3.4bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, higher finance costs, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.00x
- P/B
- 1.27x
- EPS
- 1,191
- BVPS
- 11,223
- ROE
- 10.6%
- ROA
- 4.1%
- Market price
- 14,300 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PBT is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. What is still missing is the ability to convert top-line growth into better profitability.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Administrative expenses
- Selling expenses
- Finance costs
- 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 | 556.7 | 398.8 | 359.4 | 361.7 | 325.5 | 239.0 | 217.1 | 168.9 |
| LNST | 5.3 | 3.2 | 6.3 | 6.1 | 4.4 | 4.3 | 4.0 | 4.8 |
| Net margin | 0.95% | 0.80% | 1.74% | 1.69% | 1.34% | 1.79% | 1.86% | 2.83% |
Revenue
557bnNet income
5bnNet margin
0.95%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 1.25%, falling 0.6pp. The main pressure is Gross margin fell 0.8pp, outweighing the improvement in SG&A / Revenue fell 0.2pp (with lingering pressure from Net financial result / Revenue fell 0.0pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 1.25% −0.6pp
- Gross Margin
- 3.42% −0.8pp
- SG&A / Revenue
- 2.35% −0.2pp
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. Capital structure is conservative with low leverage — liabilities at 1.34x equity, net debt at 0.39x equity.
None
Over the last 12 months, working capital released 50.1bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 13.3 days versus the same period last year. The main moves came from DIO fell 4.7 days, DSO fell 7.6 days, and DPO rose 1.0 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE rose from 8.9% to 10.6% — driven by leverage and asset turnover together, despite net margin 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 0.39x and interest coverage at 10.02x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 40.2% of debt, and total debt stands at 127.7bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.39x
- Interest Coverage
- 10.02x −975.68x
- Cash / Debt
- 40.2%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 26.3bn in 2025, against investing cash flow of -67.0bn.
Post-investment cash flow was negative +40.6bn. Financing cash flow was positive +71.2bn.
CFO / net income was 2,92 lần.
After spending +44.0bn on fixed-asset investment, the business generated trailing free cash flow of +17.1bn.
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 next item to monitor is the earnings mix, when non-core contribution is 28.1%. Warning and risk signals are not yet decisive enough to shift the picture.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.92x. Even so, net financial result still accounts for 28.1% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Durability of revenue growth after the current +76,4% YoY pace.
Ability to hold margins around the current 1.25% level.
Cash-flow quality, with operating cash flow currently at 26.3bn in 2025.
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