Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 149.7bn, fell 38.9bn compared with the same period last year. Key positives came from lower tax, lower finance costs, and better other profit. Offsetting pressure came mainly from lower gross profit, higher administrative expenses, higher selling expenses, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.22x
- P/B
- 1.17x
- EPS
- 8,891
- BVPS
- 31,963
- ROE
- 31.0%
- ROA
- 16.6%
- Market price
- 37,500 14 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TFC is retaining some revenue, but margins are collapsing sharply — profit is at an all-time high. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.
Profit bridge
Vs last year · TTM
- Tax
- Finance costs
- Other profit
- Gross profit
- Administrative expenses
- Selling expenses
- Financial income
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 | 224.8 | 195.7 | 388.6 | 230.0 | 213.0 | 222.9 | 398.6 | 192.5 |
| LNST | 18.6 | 31.0 | 69.3 | 30.9 | 39.2 | 40.3 | 81.8 | 27.3 |
| Net margin | 8.27% | 15.82% | 17.83% | 13.45% | 18.39% | 18.09% | 20.53% | 14.19% |
Revenue
225bnNet income
19bnNet margin
8.27%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 fell to 14.42%, losing 4.0pp. The main pressure comes from Gross margin fell 4.4pp and SG&A / Revenue rose 1.7pp (with additional support from Other profit / Revenue rose 0.6pp and Net financial result / Revenue rose 0.5pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 14.42% −4.0pp
- Gross Margin
- 24.67% −4.4pp
- SG&A / Revenue
- 11.42% +1.7pp
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 23.81%, losing 11.7pp. That translates to 23.81 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 4.5pp and capital turnover fell 0.22x, while invested capital rose by 76bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
Balance Sheet
▼ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.97x equity, net debt at 0.21x equity.
Inventory ended the period at 190.1bn, roughly 18.6% of total assets.
Over the last 12 months, working capital absorbed 61.8bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 14.5 days versus the same period last year. The main moves came from DIO fell 2.5 days, DSO rose 12.0 days, and DPO fell 4.9 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 104.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +12.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 55.6% to 31.1% — dragged 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 looks fairly comfortable, with net debt / equity at 0.21x and interest coverage at 8.17x.
At present, short-term debt accounts for 98.3% of total debt, cash equals 63.2% of debt, and total debt stands at 300.6bn.
Short-term debt accounts for 98.3% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.21x −0.13x
- Interest Coverage
- 8.17x +0.74x
- Cash / Debt
- 63.2% +10.9pp
- Short-term Debt / Total Debt
- 98.3% +1.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 94.4bn in 2025, against investing cash flow of -13.5bn.
Post-investment cash flow was positive +80.9bn. Financing cash flow was negative +35.9bn.
CFO / net income was 0,34 lần.
After spending +8.2bn on fixed-asset investment, the business generated trailing free cash flow of +42.3bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.34x. The main risk still sits in core profitability, with net margin down 4.0 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.34x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 14.42% after a 4.0pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +1,2% YoY pace.
Ability to hold margins around the current 14.42% level.
Cash-flow quality, with operating cash flow currently at 94.4bn in 2025.
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