Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 24.8bn, rose 5.6bn compared with the same period last year. Key positives came from better other profit and higher gross profit. Offsetting pressure came mainly from higher tax, higher administrative expenses, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.82x
- P/B
- 1.17x
- EPS
- 2,532
- BVPS
- 16,872
- ROE
- 17.3%
- ROA
- 14.0%
- Market price
- 19,800 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PPP 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
- Other profit
- Gross profit
- Tax
- Administrative expenses
- 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 | 37.4 | 41.3 | 32.5 | 31.1 | 34.9 | 36.5 | 33.4 | 36.9 |
| LNST | 10.8 | 6.4 | 3.3 | 4.3 | 4.5 | 5.4 | 4.7 | 4.6 |
| Net margin | 28.88% | 15.55% | 10.09% | 13.90% | 12.97% | 14.88% | 14.09% | 12.48% |
Revenue
37bnNet income
11bnNet margin
28.88%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 17.45%, rising 3.8pp. Core operating signals are improving as Gross margin rose 2.0pp are enough to offset pressure from SG&A / Revenue rose 1.7pp (with additional support from Other profit / Revenue rose 4.2pp and Net financial result / Revenue rose 0.2pp).
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
- 17.45% +3.8pp
- Gross Margin
- 36.48% +2.0pp
- SG&A / Revenue
- 20.16% +1.7pp
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 0.27x equity, with a net cash position equivalent to 0.03x equity.
Inventory ended the period at 40.1bn, roughly 22.7% of total assets.
Over the last 12 months, working capital released 0.6bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 11.1 days versus the same period last year. The main moves came from DIO rose 17.1 days, DSO fell 2.9 days, and DPO rose 3.0 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 135.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +17.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 14.2% to 17.3% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 16.8bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.03x and interest coverage at 141.51x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 215.3% of debt, and total debt stands at 3.7bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.03x
- Interest Coverage
- 141.51x −467.85x
- Cash / Debt
- 215.3%
- 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 16.8bn in 2025, against investing cash flow of -9.2bn.
Post-investment cash flow was positive +7.6bn. Financing cash flow was negative +6.9bn.
CFO / net income was 1,04 lần.
After spending +1.5bn on fixed-asset investment, the business generated trailing free cash flow of +24.3bn.
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 3.8 pp. The next item to monitor is the earnings mix, when non-core contribution is 20.1%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 136 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 17.45% after expanding 3.8pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.04x. Even so, net financial result still accounts for 20.1% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 135.9 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +0,5% YoY pace.
Ability to hold margins around the current 17.45% level.
Cash-flow quality, with operating cash flow currently at 16.8bn in 2025.
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