Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 322.7bn, rose 7.3bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.62x
- P/B
- 2.43x
- EPS
- 2,956
- BVPS
- 12,899
- ROE
- 25.8%
- ROA
- 24.6%
- Market price
- 31,400 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SHP is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — profit momentum has been slowing across consecutive periods. The point still to be proven is whether this is a short adjustment or the beginning of a weaker trend.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Tax
- 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 | 97.0 | 206.5 | 236.4 | 138.6 | 66.1 | 239.3 | 232.5 | 99.5 |
| LNST | 37.6 | 89.4 | 136.9 | 58.8 | 13.2 | 129.9 | 138.8 | 33.5 |
| Net margin | 38.73% | 43.26% | 57.92% | 42.44% | 19.96% | 54.30% | 59.71% | 33.66% |
Revenue
97bnNet income
38bnNet margin
38.73%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 fell to 47.55%, losing 1.9pp. The main pressure comes from SG&A / Revenue rose 0.7pp and Gross margin fell 0.6pp (in addition, Net financial result / Revenue rose 1.3pp added support while Other profit / Revenue fell 0.1pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 47.55% −1.9pp
- Gross Margin
- 59.68% −0.6pp
- SG&A / Revenue
- 5.59% +0.7pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.
Balance Sheet
▼ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.07x equity, with a net cash position equivalent to 0.17x equity.
None
Over the last 12 months, working capital absorbed 40.0bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 4.1 days versus the same period last year. The main moves came from DIO rose 0.8 days, DSO rose 0.5 days, and DPO fell 2.7 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
CCC is up by +4.1 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 25.8% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 429.4bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
- Net Debt / Equity
- −0.17x −0.12x
- Interest Coverage
- None
- 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 429.4bn in 2025, against investing cash flow of 15.7bn.
Post-investment cash flow was positive +445.1bn. Financing cash flow was negative +280.6bn.
CFO / net income was 1,16 lần.
After spending +3.5bn on fixed-asset investment, the business generated trailing free cash flow of +372.0bn.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
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 1.9 pp. The next watchpoint is capital efficiency. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.16x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.16x.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 47.55% after a 1.9pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +6,5% YoY pace.
Ability to hold margins around the current 47.55% level.
Cash-flow quality, with operating cash flow currently at 429.4bn in 2025.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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