Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 7.5bn, fell 1.8bn compared with the same period last year. Key positives came from lower finance costs and higher gross profit. Offsetting pressure came mainly from higher administrative expenses, lower financial income, weaker other profit, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.33x
- P/B
- 0.60x
- EPS
- 626
- BVPS
- 11,862
- ROE
- 5.5%
- ROA
- 2.0%
- Market price
- 7,100 15 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SPD is maintaining revenue, but margins are compressing slightly — profit momentum has been slowing across consecutive periods. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.
Profit bridge
Vs last year · TTM
- Finance costs
- Gross profit
- Administrative expenses
- Financial income
- Other profit
- Selling 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 | 190.4 | 209.3 | 222.1 | 203.6 | 190.4 | 211.2 | 179.4 | 172.1 |
| LNST | -0.9 | 3.2 | 3.3 | 1.9 | -0.9 | 4.8 | 3.1 | 2.3 |
| Net margin | -0.45% | 1.51% | 1.51% | 0.92% | -0.45% | 2.28% | 1.71% | 1.34% |
Revenue
190bnNet income
-1bnNet margin
-0.45%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 narrowed to 0.91%, falling 0.3pp. The main pressure is Gross margin fell 0.5pp, outweighing the improvement in SG&A / Revenue fell 0.1pp (in addition, Net financial result / Revenue rose 0.4pp 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
- 0.91% −0.3pp
- Gross Margin
- 8.75% −0.5pp
- SG&A / Revenue
- 6.80% −0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.73x equity, net debt at 0.92x equity.
Inventory ended the period at 209.1bn, roughly 54.9% of total assets.
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 29.6 days versus the same period last year. The main moves came from DIO fell 25.5 days, DSO fell 5.5 days, and DPO fell 1.3 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 148.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 7.4% to 5.5% — dragged by net margin and leverage together, though asset turnover still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.92x and interest coverage only at 0.75x.
At present, short-term debt accounts for 98.4% of total debt, cash equals 19.1% of debt, and total debt stands at 161.5bn.
Interest coverage is 0.75x, leaving limited room to absorb financing costs.
Short-term debt accounts for 98.4% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.92x −0.86x
- Interest Coverage
- 0.75x +0.24x
- Cash / Debt
- 19.1% +8.5pp
- Short-term Debt / Total Debt
- 98.4% +0.5pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 37.4bn in 2025, against investing cash flow of -5.5bn.
Post-investment cash flow was positive +31.9bn. Financing cash flow was negative +44.0bn.
CFO / net income was 14,48 lần.
After spending +6.9bn on fixed-asset investment, the business generated trailing free cash flow of +102.0bn.
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 leverage and liquidity remaining the main constraint, with interest coverage at 0.75x. The next watchpoint is capital efficiency. The main offsetting support comes from cash generation.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 110.3bn versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.75x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +9,6% YoY pace.
Ability to hold margins around the current 0.91% level.
Cash-flow quality, with operating cash flow currently at 37.4bn in 2025.
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