Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 116.0bn, rose 20.1bn compared with the same period last year. Key positives came from higher financial income, better other profit, and higher gross profit. Offsetting pressure came mainly from higher finance costs, lower associates income, higher administrative expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 22.87x
- P/B
- 2.27x
- EPS
- 1,303
- BVPS
- 13,136
- ROE
- 10.2%
- ROA
- 2.7%
- Market price
- 29,800 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TDP is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Financial income
- Other profit
- Gross profit
- Finance costs
- Associates income
- Administrative expenses
- 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 | 1,448.2 | 1,293.5 | 1,277.9 | 1,129.4 | 1,060.5 | 1,132.1 | 1,058.9 | 1,099.4 |
| LNST | 32.4 | 22.8 | 34.8 | 26.0 | 15.3 | 19.8 | 31.7 | 29.1 |
| Net margin | 2.24% | 1.76% | 2.72% | 2.30% | 1.44% | 1.75% | 2.99% | 2.65% |
Revenue
1,448bnNet income
32bnNet margin
2.24%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 stands at 2.25%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 2.25% +0.0pp
- Gross Margin
- 7.88% −1.2pp
- SG&A / Revenue
- 2.47% −0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 3.78%, broadly flat versus the same period. That translates to 3.78 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.2pp, but capital turnover rose 0.20x, with invested capital easing up by 118bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
ROIC is currently 3.78% — 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 3.01x equity, net debt at 1.56x equity.
Inventory ended the period at 1,139.1bn, roughly 25.5% of total assets.
Over the last 12 months, working capital absorbed 49.3bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 16.1 days versus the same period last year. The main moves came from DIO fell 25.3 days, DSO rose 1.2 days, and DPO fell 8.1 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 106.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +1.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 10.2% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.56x and interest coverage only at 0.74x.
At present, short-term debt accounts for 91.5% of total debt, cash equals 35.9% of debt, and total debt stands at 2,998.0bn.
Net debt / equity stands at 1.56x, increasing balance-sheet pressure.
Interest coverage is 0.74x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.56x −0.34x
- Interest Coverage
- 0.74x −0.05x
- Cash / Debt
- 35.9% +11.1pp
- Short-term Debt / Total Debt
- 91.5% +0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 165.1bn in 2025, against investing cash flow of -73.1bn.
Post-investment cash flow was positive +92.0bn. Financing cash flow was positive +341.2bn.
CFO / net income was 0,61 lần.
After spending +39.1bn on fixed-asset investment, the business generated trailing free cash flow of +32.0bn.
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 0.61x. The main risk still sits in capital efficiency remains weak, with ROIC at 3.8%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.61x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +18,3% YoY pace.
Ability to hold margins around the current 2.25% level.
Cash-flow quality, with operating cash flow currently at 165.1bn in 2025.
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