Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 1,923.2bn, fell 313.4bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.34x
- P/B
- 1.74x
- EPS
- 6,100
- BVPS
- 29,172
- ROE
- 18.5%
- ROA
- 12.6%
- Market price
- 50,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, QNS is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Selling expenses
- Tax
- Other
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 | 2,763.4 | 2,700.9 | 2,684.9 | 2,955.8 | 2,269.4 | 2,173.9 | 2,726.5 | 2,820.4 |
| LNST | 391.5 | 604.7 | 380.9 | 546.1 | 391.6 | 622.7 | 531.9 | 690.3 |
| Net margin | 14.17% | 22.39% | 14.19% | 18.47% | 17.26% | 28.64% | 19.51% | 24.48% |
Revenue
2,763bnNet income
391bnNet margin
14.17%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 fell to 17.32%, losing 5.1pp. The main pressure comes from SG&A / Revenue rose 4.6pp and Gross margin fell 0.7pp (in addition, Net financial result / Revenue rose 0.4pp added support while Other profit / Revenue fell 0.1pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 17.32% −5.1pp
- Gross Margin
- 33.53% −0.7pp
- SG&A / Revenue
- 16.37% +4.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 13.48%, losing 3.5pp. That translates to 13.48 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 5.0pp, outweighing the movement in capital turnover; while invested capital rose by 922bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Balance Sheet
▲ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.35x equity, net debt at 0.28x equity.
None
Over the last 12 months, working capital released 602.0bn of cash, mainly thanks to lower receivables and lower inventories.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.2 days versus the same period last year. The main moves came from DIO fell 8.0 days, DSO fell 0.2 days, and DPO fell 2.0 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 108.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 23.7% to 18.5% — net margin weakened the most, though asset turnover still provided support.
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 0.28x and interest coverage at 17.44x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 12.8% of debt, and total debt stands at 3,441.9bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 12.8%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.28x −0.06x
- Interest Coverage
- 17.44x −7.69x
- Cash / Debt
- 12.8% +2.9pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,106.3bn in 2025, against investing cash flow of -946.9bn.
Post-investment cash flow was positive +1,159.4bn. Financing cash flow was negative +1,425.7bn.
CFO / net income was 1,36 lần.
After spending +722.4bn on fixed-asset investment, the business generated trailing free cash flow of +1,888.8bn.
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 earnings conversion is confirmed, with CFO/NI at 1.36x. The main risk still sits in core profitability, with net margin down 5.1 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.36x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 17.32% after a 5.1pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +11,2% YoY pace.
Ability to hold margins around the current 17.32% level.
Cash-flow quality, with operating cash flow currently at 2,106.3bn in 2025.
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