Analysis of business results & financial statements · Quý 1/2026
Trailing net profit reached 58.5bn, fell 0.0bn compared with the previous quarter. Key positives came from lower tax, better other profit, and higher financial income. Offsetting pressure came mainly from higher finance costs, lower gross profit, higher administrative expenses, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.67x
- P/B
- 0.51x
- EPS
- 944
- BVPS
- 12,296
- ROE
- 7.8%
- ROA
- 2.0%
- Market price
- 6,300 16 Oct 2026
The current picture
What is changing?
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 |
|---|---|---|---|---|---|
| Revenue | 1,421.1 | 1,199.1 | 793.6 | 1,583.2 | 1,688.3 |
| LNST | 6.0 | 38.3 | 8.3 | 5.8 | 6.1 |
| Net margin | 0.42% | 3.20% | 1.05% | 0.37% | 0.36% |
Revenue
1,421bnNet income
6bnNet margin
0.42%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 1.17%
- Gross Margin
- 7.03%
- SG&A / Revenue
- 4.97%
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 2.99%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently 2.99% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 2.64x equity, net debt at 1.27x equity.
Inventory ended the period at 947.5bn, roughly 34.5% of total assets.
Over the last 12 months, working capital released 810.9bn of cash, mainly thanks to lower receivables and lower inventories.
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.
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 1.27x and interest coverage only at 0.92x.
At present, short-term debt accounts for 56.8% of total debt, cash equals 0.9% of debt, and total debt stands at 975.6bn.
Net debt / equity stands at 1.27x, increasing balance-sheet pressure.
Interest coverage is 0.92x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.27x −0.13x
- Interest Coverage
- 0.92x
- Cash / Debt
- 0.9% +0.2pp
- Short-term Debt / Total Debt
- 56.8% +3.5pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 207.5bn in 2025, against investing cash flow of -285.5bn.
Post-investment cash flow was negative +78.0bn. Financing cash flow was positive +77.6bn.
CFO / net income was 4,13 lần.
After spending +168.0bn on fixed-asset investment, the business generated trailing free cash flow of +73.4bn.
In summary
Research synthesis
What this reporting period is showing
The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is the earnings mix, when non-core contribution is 27.9%. The main risk still sits in capital efficiency remains weak, with ROIC at 3.0%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 4.13x. Even so, net financial result still accounts for 27.9% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth into the next cycle.
Ability to hold margins around the current 1.10% level.
Cash-flow quality, with operating cash flow currently at 207.5bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.