Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 48.7bn, rose 0.5bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, better other profit, and lower tax. Offsetting pressure came mainly from higher selling expenses and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 13.99x
- P/B
- 3.54x
- EPS
- 4,040
- BVPS
- 15,983
- ROE
- 25.4%
- ROA
- 17.2%
- Market price
- 56,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SAF is maintaining revenue, but margins are compressing slightly — the growth momentum has held across consecutive periods. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Other profit
- Tax
- Selling expenses
- Administrative 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 | 191.9 | 199.1 | 179.3 | 190.1 | 174.4 | 185.9 | 197.0 | 172.1 |
| LNST | 12.5 | 11.1 | 13.0 | 12.0 | 12.4 | 11.1 | 12.9 | 11.7 |
| Net margin | 6.50% | 5.59% | 7.26% | 6.33% | 7.12% | 5.97% | 6.57% | 6.79% |
Revenue
192bnNet income
12bnNet margin
6.50%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 stands at 6.40%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 6.40% −0.2pp
- Gross Margin
- 20.20% +0.4pp
- SG&A / Revenue
- 13.28% +0.9pp
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. Balance sheet is exceptionally sound — liabilities at 0.44x equity, with a net cash position equivalent to 0.31x equity.
Inventory ended the period at 55.8bn, roughly 21.5% of total assets.
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 15.3 days versus the same period last year. The main moves came from DIO fell 15.2 days, DSO fell 0.5 days, and DPO fell 0.5 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE is broadly flat at 25.4% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 38.8bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.31x and interest coverage at 85.42x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.31x −0.04x
- Interest Coverage
- 85.42x +8.76x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 38.8bn in 2025, against investing cash flow of -8.7bn.
Post-investment cash flow was positive +30.2bn. Financing cash flow was negative +36.1bn.
CFO / net income was 0,86 lần.
After spending +2.8bn on fixed-asset investment, the business generated trailing free cash flow of +39.0bn.
In summary
Research synthesis
What this reporting period is showing
The investment case still leans positive as other financial axes hold their base, even though margin is roughly flat. Even so, capital efficiency remains the area to verify in upcoming periods.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.86x.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Durability of revenue growth after the current +4,3% YoY pace.
Ability to hold margins around the current 6.40% level.
Cash-flow quality, with operating cash flow currently at 38.8bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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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.