Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 10.5bn, rose 2.2bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.31x
- P/B
- 0.53x
- EPS
- 3,507
- BVPS
- 28,435
- ROE
- 12.8%
- ROA
- 8.7%
- Market price
- 15,100 24 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SFN is improving on both growth and profitability, painting a notably more positive picture versus the same period — the growth momentum has held across consecutive periods. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Administrative expenses
- Tax
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 | 33.4 | 37.7 | 38.3 | 38.6 | 34.0 | 37.0 | 34.3 | 34.2 |
| LNST | 1.4 | 3.6 | 2.6 | 3.0 | 2.0 | 2.3 | 2.0 | 2.0 |
| Net margin | 4.29% | 9.48% | 6.69% | 7.66% | 5.96% | 6.32% | 5.90% | 5.73% |
Revenue
33bnNet income
1bnNet margin
4.29%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 improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲Net margin edged up to 7.11%, rising 1.1pp. Core operating signals are improving as Gross margin rose 2.2pp are enough to offset pressure from SG&A / Revenue rose 1.8pp (with lingering pressure from Net financial result / Revenue fell 0.9pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 7.11% +1.1pp
- Gross Margin
- 16.12% +2.2pp
- SG&A / Revenue
- 9.12% +1.8pp
TTM YoY · 2025Q1 -> 2026Q1
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 8.70%, losing 4.2pp. That translates to 8.70 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.4pp and capital turnover fell 0.63x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.55x equity, net debt at 0.31x equity.
Inventory ended the period at 20.5bn, roughly 15.6% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
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.
DuPont
What drives ROE?
ROE rose from 10.8% to 12.8% — driven by net margin and leverage together, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 46.8bn due to capex of 48.7bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.31x and interest coverage at 5.49x.
At present, cash equals 27.7% of debt and total debt stands at 37.0bn.
- Net Debt / Equity
- 0.31x +0.38x
- Interest Coverage
- 5.49x
- Cash / Debt
- 27.7% −94.1pp
- 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 12.2bn in 2025, against investing cash flow of -51.6bn.
Post-investment cash flow was negative +39.4bn. Financing cash flow was positive +35.0bn.
CFO / net income was 0,19 lần.
After spending +48.7bn on fixed-asset investment, the business generated trailing free cash flow of −46.8bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing brighter earnings with improving operating quality. Margin improving shows the business is generating more efficient growth than before. The residual risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.11% after expanding 1.1pp versus the same period last year.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 46.8bn.
What to verify next
Questions for the next period
Durability of revenue growth after the current +6,0% YoY pace.
Ability to hold margins around the current 7.11% level.
Cash-flow quality, with operating cash flow currently at 12.2bn 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.