Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 52.9bn, rose 16.3bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- 3,571
- BVPS
- 19,736
- ROE
- 19.9%
- ROA
- 9.7%
- Market price
- —
The current picture
What Is Changing
On a TTM 2026Q1 basis, SVH is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- 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 | 24.6 | 29.8 | 15.7 | 18.8 | 25.3 | 24.4 | 8.1 | 10.6 |
| LNST | 14.2 | 20.1 | 8.1 | 10.5 | 17.4 | 14.6 | 1.4 | 3.2 |
| Net margin | 57.56% | 67.54% | 51.91% | 55.61% | 68.96% | 59.81% | 17.43% | 29.94% |
Revenue
25bnNet income
14bnNet margin
57.56%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 expanded to 59.49%, rising 6.0pp. The main driver is Gross margin rose 4.9pp and SG&A / Revenue fell 1.4pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 3.0pp added support while Other profit / Revenue fell 1.3pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 59.49% +6.0pp
- Gross Margin
- 77.39% +4.9pp
- SG&A / Revenue
- 2.69% −1.4pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 10.8% reflects a large fixed-asset base.
Is capital being deployed efficiently?
▲ROIC expanded to 10.85%, rising 2.3pp. That translates to 10.85 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 7.1pp, with capital turnover broadly stable; while invested capital rose by 71bn.
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. Capital structure is balanced — liabilities at 1.06x equity, net debt at 0.75x equity.
None
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.
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.
DuPont
What drives ROE?
ROE rose from 16.6% to 19.9% — driven by asset turnover and net margin together, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.75x and interest coverage at 10.83x.
At present, short-term debt accounts for 25.5% of total debt, cash equals 5.3% of debt, and total debt stands at 232.0bn.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
Cash / debt stands at 5.3%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.75x −0.22x
- Interest Coverage
- 10.83x +4.50x
- Cash / Debt
- 5.3% −0.9pp
- Short-term Debt / Total Debt
- 25.5% +5.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 94.2bn in 2025, against investing cash flow of -78.4bn.
Post-investment cash flow was positive +15.8bn. Financing cash flow was negative +15.2bn.
CFO / net income was 1,74 lần.
After spending +70.2bn on fixed-asset investment, the business generated trailing free cash flow of +22.0bn.
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 showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 6.0 pp. The next item to monitor is capital efficiency, with ROIC at 10.8%. The main risk still sits in leverage and liquidity, with interest coverage at 10.83x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 59.49% after expanding 6.0pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.75x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +30,1% YoY pace.
Ability to hold margins around the current 59.49% level.
Cash-flow quality, with operating cash flow currently at 94.2bn in 2025.
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