Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 409.3bn, rose 94.0bn compared with the same period last year. Key positives came from lower finance costs, higher gross profit, and better other profit. Offsetting pressure came mainly from higher tax and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.44x
- P/B
- 1.15x
- EPS
- 3,272
- BVPS
- 15,523
- ROE
- 21.1%
- ROA
- 6.0%
- Market price
- 17,800 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TNG is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Finance costs
- Gross profit
- Other profit
- Tax
- 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 | 1,952.0 | 2,027.4 | 2,632.8 | 2,527.6 | 1,510.6 | 1,851.6 | 2,357.6 | 2,173.6 |
| LNST | 60.3 | 111.6 | 117.0 | 120.4 | 43.3 | 74.6 | 111.1 | 86.4 |
| Net margin | 3.09% | 5.50% | 4.45% | 4.76% | 2.87% | 4.03% | 4.71% | 3.97% |
Revenue
1,952bnNet income
60bnNet margin
3.09%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 4.48%, rising 0.5pp. Core operating signals are improving as SG&A / Revenue fell 0.9pp are enough to offset pressure from Gross margin fell 1.4pp (with additional support from Net financial result / Revenue rose 0.9pp 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
- 4.48% +0.5pp
- Gross Margin
- 13.81% −1.4pp
- SG&A / Revenue
- 6.00% −0.9pp
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 7.58%, rising 0.5pp. That translates to 7.58 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.3pp, with capital turnover broadly stable; while invested capital rose by 728bn.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 2.45x equity, net debt at 1.94x equity.
Inventory ended the period at 1,445.5bn, roughly 20.9% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 3.1 days versus the same period last year. The main moves came from DIO fell 1.7 days, DSO rose 0.3 days, and DPO fell 4.5 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +3.1 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 16.9% to 21.1% — driven by leverage and net margin together, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.94x and interest coverage only at 1.51x.
At present, short-term debt accounts for 71.8% of total debt, cash equals 9.4% of debt, and total debt stands at 4,271.4bn.
Net debt / equity stands at 1.94x, increasing balance-sheet pressure.
Interest coverage is 1.51x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.94x +0.39x
- Interest Coverage
- 1.51x +0.47x
- Cash / Debt
- 9.4% +2.0pp
- Short-term Debt / Total Debt
- 71.8% +10.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 419.2bn in 2025, against investing cash flow of -880.1bn.
Post-investment cash flow was negative +460.9bn. Financing cash flow was positive +332.8bn.
CFO / net income was 0,93 lần.
After spending +682.0bn on fixed-asset investment, the business generated trailing free cash flow of −301.1bn.
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 0.93x. The main risk still sits in leverage and liquidity, with interest coverage at 1.51x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.93x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.51x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +15,8% YoY pace.
Ability to hold margins around the current 4.48% level.
Cash-flow quality, with operating cash flow currently at 419.2bn in 2025.
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