Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 24.1bn, rose 59.6bn compared with the same period last year. Key positives came from higher gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 14.29x
- P/B
- 0.58x
- EPS
- 343
- BVPS
- 8,450
- ROE
- 4.2%
- ROA
- 2.6%
- Market price
- 4,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, RIC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — this marks a reversal from the difficult phase before. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
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 | Q3'24 | Q2'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 44.0 | 46.2 | 34.3 | 46.9 | 29.1 | 32.6 | 35.8 | 24.8 |
| LNST | 7.4 | 8.1 | -1.3 | 10.0 | -9.4 | -5.7 | -1.9 | -18.4 |
| Net margin | 16.74% | 17.54% | -3.87% | 21.34% | -32.12% | -17.57% | -5.29% | -74.37% |
Revenue
44bnNet income
7bnNet margin
16.74%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 14.09%, rising 43.1pp. The main driver is Gross margin rose 35.3pp and SG&A / Revenue fell 8.6pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.3pp added support while Net financial result / Revenue fell 1.2pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 14.09% +43.1pp
- Gross Margin
- 42.71% +35.3pp
- SG&A / Revenue
- 20.02% −8.6pp
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 0.59x equity, net debt at 0.20x equity.
None
Over the last 12 months, working capital absorbed 5.1bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
DuPont
What drives ROE?
ROE rose from −6.1% to 4.2% — all three components improved.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.20x and interest coverage only at 1.01x.
At present, short-term debt accounts for 30.3% of total debt, cash equals 30.1% of debt, and total debt stands at 166.5bn.
Interest coverage is 1.01x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 0.20x −0.12x
- Interest Coverage
- 1.01x +2.49x
- Cash / Debt
- 30.1% +16.2pp
- Short-term Debt / Total Debt
- 30.3% −6.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 51.9bn in 2025, against investing cash flow of -1.9bn.
Post-investment cash flow was positive +50.1bn. Financing cash flow was negative +46.1bn.
CFO / net income was 2,49 lần.
After spending +2.2bn on fixed-asset investment, the business generated trailing free cash flow of +57.8bn.
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 operating efficiency, with net margin improving 43.1 pp. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 1.01x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 14.09% after expanding 43.1pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.01x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +40,1% YoY pace.
Ability to hold margins around the current 14.09% level.
Cash-flow quality, with operating cash flow currently at 51.9bn 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.