Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 158.9bn, rose 36.4bn compared with the same period last year. Key positives came from higher gross profit and lower administrative expenses. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.50x
- P/B
- 1.22x
- EPS
- 3,932
- BVPS
- 24,148
- ROE
- 16.9%
- ROA
- 11.4%
- Market price
- 29,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, QNP is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- 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 | 357.7 | 301.7 | 302.8 | 279.8 | 251.0 | 255.0 | 295.2 | 332.1 |
| LNST | 42.1 | 42.3 | 35.1 | 39.4 | 25.9 | 27.5 | 25.4 | 43.7 |
| Net margin | 11.77% | 14.02% | 11.59% | 14.08% | 10.31% | 10.78% | 8.59% | 13.17% |
Revenue
358bnNet income
42bnNet margin
11.77%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 12.79%, rising 2.0pp. The main driver is SG&A / Revenue fell 1.5pp and Gross margin rose 0.6pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.3pp added support while Net financial result / Revenue fell 0.0pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 12.79% +2.0pp
- Gross Margin
- 23.95% +0.6pp
- SG&A / Revenue
- 8.29% −1.5pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 12.2 days — working capital needs watching.
Is capital being deployed efficiently?
▲ROIC expanded to 14.20%, rising 1.7pp. That translates to 14.20 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.8pp, with capital turnover broadly stable; while invested capital rose by 121bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.50x equity, net debt at 0.21x equity.
None
Over the last 12 months, working capital released 2.0bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 12.2 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO fell 4.0 days, and DPO fell 16.1 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +12.2 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +0.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 13.9% to 16.9% — mainly driven by net margin, despite leverage 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 0.21x and interest coverage at 11.15x.
At present, short-term debt accounts for 12.2% of total debt, cash equals 18.2% of debt, and total debt stands at 246.7bn.
Cash / debt stands at 18.2%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.21x +0.07x
- Interest Coverage
- 11.15x +3.04x
- Cash / Debt
- 18.2% −34.2pp
- Short-term Debt / Total Debt
- 12.2% +0.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 183.3bn in 2025, against investing cash flow of -143.4bn.
Post-investment cash flow was positive +39.9bn. Financing cash flow was negative +69.3bn.
CFO / net income was 0,90 lần.
After spending +127.2bn on fixed-asset investment, the business generated trailing free cash flow of +15.3bn.
In summary
Research synthesis
What this reporting period is showing
The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash flow.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.79% after expanding 2.0pp versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +9,6% YoY pace.
Ability to hold margins around the current 12.79% level.
Cash-flow quality, with operating cash flow currently at 183.3bn 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.