Analysis of business results & financial statements · Năm 2025
▲ Slightly positive
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- —
- BVPS
- —
- ROE
- 16.7%
- ROA
- 8.1%
- Market price
- 16,000 06 Oct 2026
The current picture
What Is Changing
On a Năm 2025 basis, THW posted slightly higher profit versus the same period, but the increase is thin and not yet paired with clear improvement in revenue or margins — the growth momentum has held across consecutive periods. The point still to be proven is whether this profit level holds without further revenue momentum.
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
- 5.00% −0.3pp
- Gross Margin
- None
- SG&A / Revenue
- None
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
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.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Balance Sheet
●Focus on inventory, liability structure, and year-end cash balance.
None
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The next item to monitor is working capital needs model and cycle context. Warning and risk signals are not yet decisive enough to shift the picture.
- Watchpoint: Working capital needs model and cycle context.
What to verify next
Questions for the next period
Whether revenue sustains its +15,9% YoY pace or begins to slow.
Whether margins hold around the current 5.00% level or narrow again.
Whether operating cash flow holds its -15.3bn (cumulative for 2025) level in upcoming periods or weakens.
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.