Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 256.4bn, fell 35.3bn compared with the same period last year. Key positives came from lower tax and lower administrative expenses. Offsetting pressure came mainly from lower gross profit and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.59x
- P/B
- 0.67x
- EPS
- 2,229
- BVPS
- 21,911
- ROE
- 10.8%
- ROA
- 6.1%
- Market price
- 14,700 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TCM is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Tax
- Administrative expenses
- Gross profit
- Other profit
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 | 1,010.1 | 858.1 | 902.4 | 873.0 | 1,010.9 | 925.0 | 1,104.6 | 846.7 |
| LNST | 65.9 | 46.7 | 64.0 | 82.0 | 78.6 | 61.7 | 81.5 | 72.3 |
| Net margin | 6.52% | 5.45% | 7.10% | 9.39% | 7.77% | 6.67% | 7.38% | 8.54% |
Revenue
1,010bnNet income
66bnNet margin
6.52%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 7.10%, falling 0.5pp. The main pressure comes from SG&A / Revenue rose 0.4pp and Gross margin fell 0.1pp (with lingering pressure from Other profit / Revenue fell 0.2pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 7.10% −0.5pp
- Gross Margin
- 15.96% −0.1pp
- SG&A / Revenue
- 7.91% +0.4pp
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 9.54%, losing 2.2pp. That translates to 9.54 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.3pp and capital turnover fell 0.23x, while invested capital rose by 240bn — 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 0.70x equity, net debt at 0.12x equity.
Inventory ended the period at 987.3bn, roughly 23.7% of total assets.
Over the last 12 months, working capital released 106.8bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 12.2 days versus the same period last year. The main moves came from DIO rose 9.1 days, DSO rose 13.0 days, and DPO rose 9.9 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 134.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +13.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 13.4% to 10.9% — asset turnover weakened the most, though leverage still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.12x and interest coverage at 5.23x.
At present, short-term debt accounts for 84.5% of total debt, cash equals 72.7% of debt, and total debt stands at 1,073.9bn.
Short-term debt accounts for 84.5% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.12x −0.03x
- Interest Coverage
- 5.23x −0.68x
- Cash / Debt
- 72.7% +4.6pp
- Short-term Debt / Total Debt
- 84.5% +1.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 235.0bn in 2025, against investing cash flow of -25.4bn.
Post-investment cash flow was positive +209.5bn. Financing cash flow was positive +42.1bn.
CFO / net income was 1,61 lần.
After spending +213.3bn on fixed-asset investment, the business generated trailing free cash flow of +199.4bn.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.61x. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 134 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.61x.
- Key risk: working capital remains tied up for too long, with cash cycle at 134.1 days.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −6,3% YoY decline.
Ability to hold margins around the current 7.10% level.
Cash-flow quality, with operating cash flow currently at 235.0bn in 2025.
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