Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 14.6bn, fell 48.5bn compared with the same period last year. Key positives came from higher gross profit and lower tax. Offsetting pressure came mainly from higher finance costs and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 23.33x
- P/B
- 0.89x
- EPS
- 540
- BVPS
- 14,103
- ROE
- 3.8%
- ROA
- 2.0%
- Market price
- 12,600 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SAV posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Finance costs
- Other 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 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 299.3 | 297.2 | 251.8 | 237.7 | 275.3 | 309.3 | 290.4 | 253.3 |
| LNST | 21.8 | -1.8 | 17.2 | -22.6 | 16.8 | 2.9 | 10.7 | 32.6 |
| Net margin | 7.28% | -0.60% | 6.82% | -9.49% | 6.09% | 0.95% | 3.70% | 12.89% |
Revenue
299bnNet income
22bnNet margin
7.28%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼▼Net margin fell to 1.35%, losing 4.2pp. Gross margin rose 2.0pp and SG&A / Revenue fell 0.0pp improved but not enough to offset the weakness in Net financial result / Revenue fell 6.6pp and Other profit / Revenue fell 0.5pp.
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
- 1.35% −4.2pp
- Gross Margin
- 17.36% +2.0pp
- SG&A / Revenue
- 10.10% −0.0pp
- Non-core / Revenue
- −5.19% −7.2pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 7.2pp, financial result still accounts for 32.9% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 5.67%, losing 10.8pp. That translates to 5.67 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 3.9pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 1.07x equity, with a net cash position equivalent to 0.26x equity.
Inventory ended the period at 150.3bn, roughly 20.7% of total assets.
Over the last 12 months, working capital released 48.1bn of cash, mainly thanks to lower receivables and lower inventories.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.8 days versus the same period last year. The main moves came from DIO rose 10.0 days, DSO rose 1.1 days, and DPO rose 15.9 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +1.1 days, pointing to slower receivables turnover.
DIO increased by +10.0 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 17.2% to 3.8% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 94.3bn.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −0.26x and interest coverage only at 0.48x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 249.7% of debt, and total debt stands at 64.0bn.
Interest coverage is 0.48x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.26x −0.29x
- Interest Coverage
- 0.48x −10.31x
- Cash / Debt
- 249.7% +170.6pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 94.3bn in 2025, against investing cash flow of 4.0bn.
Post-investment cash flow was positive +98.3bn. Financing cash flow was negative +26.1bn.
CFO / net income was 8,95 lần.
After spending +16.6bn on fixed-asset investment, the business generated trailing free cash flow of +114.2bn.
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 4.2 pp. The next watchpoint is the earnings mix, when non-core contribution is −218.1%. The main offsetting support comes from cash generation.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 7.3bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 8.95x. Even so, net financial result still accounts for −218.1% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 1.35% after a 4.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −3,7% YoY decline.
Ability to hold margins around the current 1.35% level.
Cash-flow quality, with operating cash flow currently at 94.3bn in 2025.
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