Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 34.1bn, rose 7.5bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher finance costs, higher administrative expenses, higher selling expenses, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 13.90x
- P/B
- 0.71x
- EPS
- 711
- BVPS
- 13,956
- ROE
- 5.1%
- ROA
- 2.0%
- Market price
- 9,880 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SFG is maintaining revenue growth, but margins have not improved proportionally — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Finance costs
- Administrative expenses
- Selling expenses
- 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 | 1,018.9 | 327.6 | 678.3 | 572.5 | 487.2 | 509.7 | 298.8 | 447.7 |
| LNST | 9.7 | 2.8 | 9.6 | 12.0 | 6.4 | 4.4 | 7.9 | 7.9 |
| Net margin | 0.95% | 0.85% | 1.41% | 2.10% | 1.32% | 0.86% | 2.65% | 1.76% |
Revenue
1,019bnNet income
10bnNet margin
0.95%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
●Net margin stands at 1.31%, 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
- 1.31% −0.2pp
- Gross Margin
- 7.48% −0.5pp
- SG&A / Revenue
- 4.81% −1.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 2.24%, rising 0.6pp. That translates to 2.24 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.37x — the business is generating more revenue per unit of capital, with NOPAT margin steady; while invested capital rose by 225bn.
Capital turnover improved — a positive signal on asset efficiency, but with ROIC still low, NOPAT margin also needs to lift in coming periods to produce meaningful returns.
ROIC is currently 2.24% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 1.69x equity, net debt at 1.37x equity.
Inventory ended the period at 1,035.5bn, roughly 58.3% of total assets.
Over the last 12 months, working capital absorbed 210.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.0 days versus the same period last year. The main moves came from DIO rose 2.3 days, DSO fell 8.5 days, and DPO fell 5.1 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 116.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +2.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 4.1% to 5.1% — driven by leverage and asset turnover together, despite net margin moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 185.9bn due to capex of 26.7bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.37x and interest coverage only at 0.78x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 16.9% of debt, and total debt stands at 1,102.0bn.
Net debt / equity stands at 1.37x, increasing balance-sheet pressure.
Interest coverage is 0.78x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.37x +0.26x
- Interest Coverage
- 0.78x −0.12x
- Cash / Debt
- 16.9% +13.9pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -465.9bn in 2025, against investing cash flow of 146.4bn.
Post-investment cash flow was negative +319.5bn. Financing cash flow was positive +322.0bn.
CFO / net income was −4,67 lần.
After spending +26.7bn on fixed-asset investment, the business generated trailing free cash flow of −185.9bn.
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 capital efficiency remains weak remaining the main constraint, with ROIC at 2.2%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at −4.67x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −4.67x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +49,0% YoY pace.
Ability to hold margins around the current 1.31% level.
Cash-flow quality, with operating cash flow currently at -465.9bn in 2025.
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