Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 535.8bn, rose 234.6bn compared with the same period last year. Key positives came from better other profit, higher gross profit, and lower finance costs. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.05x
- P/B
- 0.66x
- EPS
- 6,094
- BVPS
- 37,317
- ROE
- 17.7%
- ROA
- 16.4%
- Market price
- 24,700 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, RTB is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Other profit
- Gross profit
- Finance costs
- 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 | 387.2 | 447.1 | 315.6 | 264.0 | 203.1 | 381.2 | 311.4 | 204.9 |
| LNST | 228.3 | 128.5 | 113.5 | 209.5 | 73.8 | 155.1 | 117.7 | 85.0 |
| Net margin | 58.95% | 28.75% | 35.96% | 79.35% | 36.33% | 40.69% | 37.82% | 41.49% |
Revenue
387bnNet income
228bnNet margin
58.95%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 improved (+8.9pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 48.08%, rising 8.9pp. Core operating signals are improving as SG&A / Revenue fell 1.3pp are enough to offset pressure from Gross margin fell 4.1pp (with additional support from Other profit / Revenue rose 11.1pp and Net financial result / Revenue rose 0.9pp).
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
- 48.08% +8.9pp
- Gross Margin
- 39.52% −4.1pp
- SG&A / Revenue
- 8.55% −1.3pp
- Non-core / Revenue
- 24.42% +12.0pp
TTM YoY · 2025Q1 -> 2026Q1
Other income accounts for 44.0% of PBT and lifted net margin by 12.0pp — separate the operating contribution from this source.
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 83.9 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 15.13%, rising 2.8pp. That translates to 15.13 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.11x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 0.9pp; with invested capital holding roughly steady.
Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.09x equity, with a net cash position equivalent to 0.20x equity.
None
Over the last 12 months, working capital absorbed 92.6bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 14.9 days versus the same period last year. The main moves came from DIO fell 13.2 days, DSO fell 4.0 days, and DPO fell 2.3 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE rose from 16.4% to 22.5% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 312.3bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.20x and interest coverage at 54.62x.
At present, short-term debt accounts for 18.2% of total debt, cash equals 3928.2% of debt, and total debt stands at 17.6bn.
- Net Debt / Equity
- −0.20x −0.15x
- Interest Coverage
- 54.62x +43.40x
- Cash / Debt
- 3928.2% +3648.5pp
- Short-term Debt / Total Debt
- 18.2% −15.4pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 312.3bn in 2025, against investing cash flow of 175.0bn.
Post-investment cash flow was positive +487.3bn. Financing cash flow was negative +337.5bn.
CFO / net income was 0,94 lần.
After spending +76.9bn on fixed-asset investment, the business generated trailing free cash flow of +427.6bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is operating efficiency, with net margin improving 8.9 pp. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 2.2%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 48.08% after expanding 8.9pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 2.2% of PBT and CFO / net income currently at 0.94x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +28,5% YoY pace.
Ability to hold margins around the current 48.08% level.
Cash-flow quality, with operating cash flow currently at 312.3bn in 2025.
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