Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 193.8bn, rose 102.3bn compared with the same period last year. Key positives came from higher gross profit and higher associates income. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, higher finance costs, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.93x
- P/B
- 0.53x
- EPS
- 819
- BVPS
- 12,165
- ROE
- 6.7%
- ROA
- 2.0%
- Market price
- 6,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TLP is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Associates income
- Selling expenses
- Administrative expenses
- Finance costs
- Tax
- Other
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 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,966.4 | 5,983.4 | 5,225.1 | 5,023.3 | 5,249.6 | 4,441.7 | 5,180.3 | 5,108.3 |
| LNST | 56.6 | 108.6 | 19.1 | 22.4 | 23.6 | 27.9 | 17.2 | 36.8 |
| Net margin | 0.95% | 1.82% | 0.37% | 0.45% | 0.45% | 0.63% | 0.33% | 0.72% |
Revenue
5,966bnNet income
57bnNet margin
0.95%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 11.1% year on year — not from a single spike: quarterly growth stepped up from −3% to +14%.
2 of the last 3 quarters grew year on year.
- Revenue TTM
- 22,198bn +11.1%
- Latest quarter YoY
- +14% accelerating
What is driving the margin?
●Net margin edged up to 0.93%, rising 0.4pp. Core operating signals are improving as Gross margin rose 1.0pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (with lingering pressure from Net financial result / Revenue fell 0.1pp and Other profit / Revenue fell 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 0.93% +0.4pp
- Gross Margin
- 4.45% +1.0pp
- SG&A / Revenue
- 2.51% +0.4pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -700.2bn against investing cash flow of -5.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +706.1bn. Financing cash flow was positive +1,190.8bn.
CFO / net income was −1,20 lần.
After spending +208.4bn on fixed-asset investment, the business generated trailing free cash flow of −441.6bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −90.6%, other profit at +0.5% of PBT.
- Non-core / PBT
- 0.5% low
- Net financial / PBT
- −90.6%
- Other profit / PBT
- 0.5%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 58.6 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 3.64%, rising 2.0pp. That translates to 3.64 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.5pp and capital turnover rose 0.55x, with invested capital easing slightly by 263bn — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 3.64% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 11.4 days versus the same period last year. The main moves came from DIO rose 5.0 days, DSO fell 3.5 days, and DPO rose 13.0 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DIO increased by +5.0 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 3.7% to 7.2% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Leverage is safe but FCF is negative at 441.6bn due to capex of 208.4bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.01x and interest coverage only at 0.87x.
At present, short-term debt accounts for 99.5% of total debt, cash equals 33.5% of debt, and total debt stands at 4,356.5bn.
- Net Debt / Equity
- 1.01x +0.09x
- Interest Coverage
- 0.87x +0.45x
- Cash / Debt
- 33.5% −8.5pp
- Short-term Debt / Total Debt
- 99.5% +0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Net debt / equity stands at 1.01x, increasing balance-sheet pressure.
Interest coverage is 0.87x, leaving limited room to absorb financing costs.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Leverage is elevated, requiring monitoring — liabilities at 2.36x equity, net debt at 1.01x equity.
Inventory ended the period at 2,639.0bn, roughly 27.8% of total assets.
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 under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 3.6%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at −1.20x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −1.20x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +11,1% YoY pace or begins to slow.
Whether margins hold around the current 0.93% level or narrow again.
Whether operating cash flow holds its -700.2bn (cumulative for 2025) level in upcoming periods or weakens.
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