Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 62.1bn, rose 74.5bn compared with the same period last year. Key positives came from higher financial income, better other profit, and lower finance costs. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.47x
- P/B
- 0.36x
- EPS
- 1,182
- BVPS
- 11,419
- ROE
- 11.3%
- ROA
- 7.3%
- Market price
- 4,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TNI has not accelerated revenue sharply, but profitability is improving visibly — this marks a reversal from the difficult phase before. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Financial income
- Other profit
- Finance costs
- Gross profit
- Administrative expenses
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 | 239.7 | 354.1 | 175.0 | 322.0 | 208.9 | 382.2 | 259.8 | 224.3 |
| LNST | 6.6 | 52.6 | -2.2 | 5.0 | -5.3 | -21.6 | 6.0 | 8.4 |
| Net margin | 2.76% | 14.85% | -1.26% | 1.55% | -2.56% | -5.65% | 2.30% | 3.75% |
Revenue
240bnNet income
7bnNet margin
2.76%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 improved (+6.8pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 5.68%, rising 6.8pp. Despite pressure from Gross margin fell 2.3pp and SG&A / Revenue rose 1.0pp, the offset came from Net financial result / Revenue rose 7.1pp and Other profit / Revenue rose 2.7pp.
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
- 5.68% +6.8pp
- Gross Margin
- 0.22% −2.3pp
- SG&A / Revenue
- 2.00% +1.0pp
- Non-core / Revenue
- 7.78% +9.8pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 135.4% of PBT and lifted net margin by 9.8pp — separate the operating contribution from this source.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 4.27%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently 4.27% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.58x equity, net debt at 0.45x equity.
Inventory ended the period at 181.8bn, roughly 19.5% of total assets.
Over the last 12 months, working capital released 63.1bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.6 days versus the same period last year. The main moves came from DIO fell 9.3 days, DSO fell 7.4 days, and DPO rose 1.9 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 120.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from −2.5% to 11.3% — supported by net margin.
Is financial risk significant?
Leverage is safe but FCF is negative at 19.0bn due to capex of 80.8bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.45x and interest coverage at 2.03x.
At present, short-term debt accounts for 93.6% of total debt, cash equals 7.8% of debt, and total debt stands at 289.5bn.
Short-term debt accounts for 93.6% of total debt, raising near-term refinancing needs.
Cash / debt stands at 7.8%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.45x +0.18x
- Interest Coverage
- 2.03x +2.54x
- Cash / Debt
- 7.8% +0.9pp
- Short-term Debt / Total Debt
- 93.6% +7.5pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -28.7bn in 2025, against investing cash flow of -18.5bn.
Post-investment cash flow was negative +47.1bn. Financing cash flow was negative +111.1bn.
CFO / net income was 1,00 lần.
After spending +80.8bn on fixed-asset investment, the business generated trailing free cash flow of −19.0bn.
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 operating efficiency, with net margin improving 6.8 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at 4.3%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.68% after expanding 6.8pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 88.4% of PBT and CFO / net income currently at 1.00x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +1,5% YoY pace.
Ability to hold margins around the current 5.68% level.
Cash-flow quality, with operating cash flow currently at -28.7bn in 2025.
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