Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 97.2bn, rose 30.6bn compared with the same period last year. Key positives came from higher financial income, better other profit, and higher gross profit. Offsetting pressure came mainly from lower associates income, higher finance costs, higher deferred tax, and higher minority interests. Detailed impact is shown below:
See what is changing ↓- P/E
- 23.67x
- P/B
- 0.48x
- EPS
- 256
- BVPS
- 12,517
- ROE
- 2.1%
- ROA
- 1.4%
- Market price
- 6,060 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SAM is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.
Profit bridge
Vs last year · TTM
- Financial income
- Other profit
- Gross profit
- Associates income
- Finance costs
- Deferred tax
- Minority interests
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 | 1,775.4 | 2,018.5 | 1,540.1 | 1,403.8 | 1,163.7 | 861.0 | 918.8 | 1,635.0 |
| LNST | 15.3 | 47.3 | 15.5 | 33.9 | 5.7 | 12.3 | 8.1 | 46.8 |
| Net margin | 0.86% | 2.35% | 1.01% | 2.41% | 0.49% | 1.42% | 0.89% | 2.86% |
Revenue
1,775bnNet income
15bnNet margin
0.86%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
●Net margin stands at 1.66%, 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
- 1.66% +0.1pp
- Gross Margin
- 3.27% −1.0pp
- SG&A / Revenue
- 2.24% −0.8pp
- Non-core / Revenue
- 1.20% +1.3pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 57.1% of PBT and lifted net margin by 1.3pp — separate the operating contribution from this source.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 1.72%, broadly flat versus the same period. That translates to 1.72 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.5pp, but capital turnover rose 0.29x, while invested capital rose by 431bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
ROIC is currently 1.72% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.50x equity, net debt at 0.37x 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 13.7 days versus the same period last year. The main moves came from DIO fell 9.1 days, DSO fell 5.8 days, and DPO fell 1.3 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE rose from 1.6% to 2.4% — mainly driven by asset turnover.
Is financial risk significant?
Leverage is safe but FCF is negative at 615.2bn due to capex of 11.0bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.37x and interest coverage only at 1.39x.
At present, short-term debt accounts for 86.2% of total debt, cash equals 10.7% of debt, and total debt stands at 1,949.6bn.
Interest coverage is 1.39x, leaving limited room to absorb financing costs.
Short-term debt accounts for 86.2% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.37x +0.11x
- Interest Coverage
- 1.39x −0.06x
- Cash / Debt
- 10.7% −2.8pp
- Short-term Debt / Total Debt
- 86.2% +6.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -359.4bn in 2025, against investing cash flow of -139.9bn.
Post-investment cash flow was negative +499.3bn. Financing cash flow was positive +453.2bn.
CFO / net income was −6,22 lần.
After spending +11.0bn on fixed-asset investment, the business generated trailing free cash flow of −615.2bn.
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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at 1.7%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 52.1% of PBT and CFO / net income currently at −6.22x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +47,2% YoY pace.
Ability to hold margins around the current 1.66% level.
Cash-flow quality, with operating cash flow currently at -359.4bn in 2025.
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