Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 31.1bn, fell 24.7bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and lower administrative expenses. Offsetting pressure came mainly from higher finance costs, higher selling expenses, and lower associates income. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.48x
- P/B
- 0.47x
- EPS
- 692
- BVPS
- 16,924
- ROE
- 4.2%
- ROA
- 1.1%
- Market price
- 7,950 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, RYG posted a sharp profit decline versus the same period — margins have been compressing consistently over multiple periods. What still needs to be determined is whether this drop reflects current operating pressure or an unusually high comparison base from the prior period.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Administrative expenses
- Finance costs
- Selling expenses
- Associates income
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 | 540.6 | 554.2 | 538.2 | 529.0 | 479.5 | 474.5 | 353.2 | 429.8 |
| LNST | 3.0 | 5.0 | 12.2 | 11.0 | 3.5 | 8.2 | 18.5 | 26.1 |
| Net margin | 0.55% | 0.90% | 2.26% | 2.09% | 0.73% | 1.73% | 5.23% | 6.07% |
Revenue
541bnNet income
3bnNet margin
0.55%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 1.44%, losing 1.8pp. The main pressure is Gross margin fell 1.1pp, outweighing the improvement in SG&A / Revenue fell 1.4pp (with lingering pressure from Net financial result / Revenue fell 1.7pp and Other profit / Revenue fell 0.1pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 1.44% −1.8pp
- Gross Margin
- 13.06% −1.1pp
- SG&A / Revenue
- 6.64% −1.4pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 1.43%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently 1.43% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 2.89x equity, net debt at 2.28x equity.
Inventory ended the period at 797.0bn, roughly 26.6% of total assets.
Over the last 12 months, working capital absorbed 46.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
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.
CCC stands at 185.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.28x and interest coverage only at 0.37x.
At present, short-term debt accounts for 80.3% of total debt, cash equals 0.7% of debt, and total debt stands at 1,750.6bn.
Net debt / equity stands at 2.28x, increasing balance-sheet pressure.
Interest coverage is 0.37x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 2.28x +0.46x
- Interest Coverage
- 0.37x −0.75x
- Cash / Debt
- 0.7% +0.2pp
- Short-term Debt / Total Debt
- 80.3% +5.9pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -98.9bn in 2025, against investing cash flow of -414.6bn.
Post-investment cash flow was negative +513.5bn. Financing cash flow was positive +482.6bn.
CFO / net income was 0,97 lần.
After spending +384.0bn on fixed-asset investment, the business generated trailing free cash flow of −353.7bn.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 1.8 pp. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 0.97x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.97x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 1.44% after a 1.8pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +24,5% YoY pace.
Ability to hold margins around the current 1.44% level.
Cash-flow quality, with operating cash flow currently at -98.9bn in 2025.
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