Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 9.2bn, rose 7.9bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, higher tax, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 15.59x
- P/B
- 0.61x
- EPS
- 449
- BVPS
- 11,561
- ROE
- 3.5%
- ROA
- 1.5%
- Market price
- 7,000 12 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TNB is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Selling expenses
- Administrative expenses
- Tax
- Finance costs
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 | 704.5 | 623.5 | 505.4 | 439.2 | 334.8 | 447.8 | 280.3 | 369.9 |
| LNST | 5.3 | 0.8 | 1.0 | 2.1 | 0.1 | 6.8 | -5.9 | 0.3 |
| Net margin | 0.75% | 0.13% | 0.19% | 0.48% | 0.02% | 1.52% | -2.12% | 0.08% |
Revenue
705bnNet income
5bnNet margin
0.75%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.
What is driving the margin?
●Net margin edged up to 0.40%, rising 0.3pp. Core operating signals are improving as Gross margin rose 0.0pp are enough to offset pressure from SG&A / Revenue rose 0.0pp (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.0pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 0.40% +0.3pp
- Gross Margin
- 3.99% +0.0pp
- SG&A / Revenue
- 3.09% +0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 35.6 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 2.97%, rising 2.4pp. That translates to 2.97 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.3pp and capital turnover rose 2.15x, with invested capital holding roughly steady — capital-return quality improved from both sides.
NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.
ROIC is currently 2.97% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.17x equity, net debt at 0.32x equity.
Inventory ended the period at 256.7bn, roughly 35.1% of total assets.
Over the last 12 months, working capital absorbed 161.3bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 25.0 days versus the same period last year. The main moves came from DIO fell 20.7 days, DSO fell 7.2 days, and DPO fell 3.0 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE rose from 0.7% to 3.5% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 147.3bn due to capex of 6.5bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.32x and interest coverage only at 0.85x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 47.7% of debt, and total debt stands at 206.5bn.
Interest coverage is 0.85x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.32x +0.27x
- Interest Coverage
- 0.85x +0.65x
- Cash / Debt
- 47.7% −46.7pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -19.4bn in 2025, against investing cash flow of -105.2bn.
Post-investment cash flow was negative +124.7bn. Financing cash flow was positive +205.9bn.
CFO / net income was −15,37 lần.
After spending +6.5bn on fixed-asset investment, the business generated trailing free cash flow of −147.3bn.
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 −15.37x. The main risk still sits in capital efficiency remains weak, with ROIC at 3.0%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −15.37x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +58,6% YoY pace.
Ability to hold margins around the current 0.40% level.
Cash-flow quality, with operating cash flow currently at -19.4bn in 2025.
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