Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 19.9bn, fell 100.6bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher finance costs, higher tax, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -61.72x
- P/B
- 0.64x
- EPS
- -128
- BVPS
- 12,296
- ROE
- -1.1%
- ROA
- -0.5%
- Market price
- 7,900 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, STK posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — the growth momentum has held across consecutive periods. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- 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 | 268.3 | 324.3 | 319.0 | 333.4 | 376.4 | 334.1 | 307.2 | 303.2 |
| LNST | -34.4 | 10.2 | 10.4 | -6.0 | 35.6 | 18.8 | 81.8 | -55.6 |
| Net margin | -12.83% | 3.14% | 3.25% | -1.80% | 9.46% | 5.64% | 26.63% | -18.32% |
Revenue
268bnNet income
-34bnNet margin
-12.83%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 −1.60%, losing 7.7pp. The main pressure is SG&A / Revenue rose 1.3pp, outweighing the improvement in Gross margin rose 2.8pp (with lingering pressure from Net financial result / Revenue fell 7.8pp and Other profit / Revenue fell 0.3pp).
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
- −1.60% −7.7pp
- Gross Margin
- 18.14% +2.8pp
- SG&A / Revenue
- 5.90% +1.3pp
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 −0.69%, losing 3.2pp. That translates to −0.69 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 8.1pp and capital turnover fell 0.06x, while invested capital rose by 380bn — pressure came from both operational efficiency and asset efficiency.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently −0.69% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 1.36x equity, net debt at 1.18x equity.
Inventory ended the period at 984.3bn, roughly 23.7% of total assets.
Over the last 12 months, working capital absorbed 403.7bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 100.6 days versus the same period last year. The main moves came from DIO rose 96.0 days, DSO rose 7.3 days, and DPO rose 2.6 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 229.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +7.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 4.8% to −1.1% — dragged by net margin and asset turnover.
Is financial risk significant?
Leverage is safe but FCF is negative at 382.0bn due to capex of 65.3bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.18x and interest coverage only at 0.10x.
At present, short-term debt accounts for 50.0% of total debt, cash equals 3.9% of debt, and total debt stands at 2,107.7bn.
Net debt / equity stands at 1.18x, increasing balance-sheet pressure.
Interest coverage is 0.10x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.18x +0.21x
- Interest Coverage
- 0.10x −1.60x
- Cash / Debt
- 3.9% +1.3pp
- Short-term Debt / Total Debt
- 50.0% −8.9pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -292.1bn in 2025, against investing cash flow of -83.7bn.
Post-investment cash flow was negative +375.8bn. Financing cash flow was positive +328.2bn.
CFO / net income was 15,90 lần.
After spending +65.3bn on fixed-asset investment, the business generated trailing free cash flow of −382.0bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 24.7%. The main risk still sits in core profitability, with net margin down 7.7 pp.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 15.90x. Even so, net financial result still accounts for 24.7% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -1.60% after a 7.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −5,7% YoY decline.
Ability to hold margins around the current -1.60% level.
Cash-flow quality, with operating cash flow currently at -292.1bn in 2025.
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