Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 21.3bn, rose 6.5bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and better other profit. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.05x
- P/B
- 0.52x
- EPS
- 893
- BVPS
- 12,070
- ROE
- 7.5%
- ROA
- 3.2%
- Market price
- 6,300 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TDT is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Other profit
- 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 | 188.9 | 150.5 | 192.2 | 187.2 | 98.3 | 156.5 | 194.1 | 139.1 |
| LNST | 3.9 | 6.0 | 9.4 | 2.1 | 0.4 | 8.0 | 4.9 | 1.5 |
| Net margin | 2.05% | 3.96% | 4.91% | 1.10% | 0.46% | 5.11% | 2.54% | 1.08% |
Revenue
189bnNet income
4bnNet margin
2.05%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 edged up to 2.97%, rising 0.4pp. Core operating signals are improving as SG&A / Revenue fell 0.1pp are enough to offset pressure from Gross margin fell 0.8pp (with additional support from Net financial result / Revenue rose 1.1pp and Other profit / Revenue rose 0.2pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 2.97% +0.4pp
- Gross Margin
- 23.16% −0.8pp
- SG&A / Revenue
- 16.64% −0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 3.60%, rising 0.9pp. That translates to 3.60 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.2pp and capital turnover rose 0.23x, with invested capital holding roughly steady — capital-return quality improved from both sides.
Both margin and turnover contributed — the improvement has a dual foundation, but with ROIC still at a low level, several more periods in the same direction are needed to confirm a substantive shift.
ROIC is currently 3.60% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●Capital structure is balanced — liabilities at 1.34x equity, net debt at 0.89x equity.
Inventory ended the period at 347.0bn, roughly 52.2% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 44.0 days versus the same period last year. The main moves came from DIO fell 53.7 days, DSO rose 7.5 days, and DPO fell 2.2 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 234.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +7.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 5.5% to 7.5% — driven by net margin and asset turnover together.
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 0.89x and interest coverage only at 0.72x.
At present, short-term debt accounts for 92.2% of total debt, cash equals 25.0% of debt, and total debt stands at 342.3bn.
Interest coverage is 0.72x, leaving limited room to absorb financing costs.
Short-term debt accounts for 92.2% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.89x −0.00x
- Interest Coverage
- 0.72x +0.20x
- Cash / Debt
- 25.0% −0.7pp
- Short-term Debt / Total Debt
- 92.2% −1.5pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 10.4bn in 2025, against investing cash flow of -24.7bn.
Post-investment cash flow was negative +14.4bn. Financing cash flow was positive +16.9bn.
CFO / net income was 1,56 lần.
After spending +26.1bn on fixed-asset investment, the business generated trailing free cash flow of +7.2bn.
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 1.56x. The main risk still sits in capital efficiency remains weak, with ROIC at 3.6%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.56x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +22,3% YoY pace.
Ability to hold margins around the current 2.97% level.
Cash-flow quality, with operating cash flow currently at 10.4bn 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.