Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 15.7bn, rose 3.6bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, and lower finance costs. Offsetting pressure came mainly from higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.71x
- P/B
- 1.18x
- EPS
- 4,859
- BVPS
- 19,486
- ROE
- 26.7%
- ROA
- 14.2%
- Market price
- 22,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, QST has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Finance costs
- 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 | 33.8 | 56.1 | 39.0 | 68.5 | 24.5 | 52.8 | 63.9 | 62.8 |
| LNST | 9.2 | 7.3 | -3.0 | 2.2 | 5.5 | 8.1 | -2.7 | 1.4 |
| Net margin | 27.24% | 13.07% | -7.72% | 3.22% | 22.26% | 15.35% | -4.28% | 2.17% |
Revenue
34bnNet income
9bnNet margin
27.24%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 7.97%, rising 2.0pp. Core operating signals are improving as Gross margin rose 2.2pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 7.97% +2.0pp
- Gross Margin
- 19.84% +2.2pp
- SG&A / Revenue
- 10.33% +0.5pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 14.6 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 18.04%, rising 3.6pp. That translates to 18.04 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.0pp, with capital turnover fell 0.16x; with invested capital holding roughly steady.
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 1.13x equity, net debt at 0.29x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.6 days versus the same period last year. The main moves came from DIO fell 1.1 days, DSO rose 2.2 days, and DPO rose 6.7 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +2.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 23.2% to 26.7% — mainly driven by net margin, despite asset turnover and 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 0.29x and interest coverage at 9.64x.
At present, short-term debt accounts for 69.1% of total debt, cash equals 28.1% of debt, and total debt stands at 25.7bn.
Short-term debt accounts for 69.1% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.29x −0.31x
- Interest Coverage
- 9.64x +4.65x
- Cash / Debt
- 28.1% +16.4pp
- Short-term Debt / Total Debt
- 69.1% −15.6pp
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 -14.2bn.
Post-investment cash flow was positive +12.1bn. Financing cash flow was negative +10.7bn.
CFO / net income was 2,07 lần.
After spending +13.2bn on fixed-asset investment, the business generated trailing free cash flow of +19.4bn.
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 7.97% after expanding 2.0pp versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −3,3% YoY decline.
Ability to hold margins around the current 7.97% level.
Cash-flow quality, with operating cash flow currently at 26.3bn in 2025.
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