Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 16.7bn, rose 13.7bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and better other profit. Offsetting pressure came mainly from lower financial income, higher minority interests, higher administrative expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 14.38x
- P/B
- 0.77x
- EPS
- 695
- BVPS
- 12,984
- ROE
- 2.6%
- ROA
- 2.0%
- Market price
- 10,000 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TNT is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — this marks a reversal from the difficult phase before. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Other profit
- Financial income
- Minority interests
- Administrative expenses
- Tax
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 | 227.3 | 573.5 | 208.4 | 131.7 | 102.3 | 187.7 | 220.3 | 315.3 |
| LNST | 17.6 | 10.4 | 2.8 | 0.7 | 6.0 | -4.6 | 0.7 | 0.5 |
| Net margin | 7.74% | 1.81% | 1.33% | 0.50% | 5.86% | -2.43% | 0.30% | 0.16% |
Revenue
227bnNet income
18bnNet margin
7.74%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 expanded to 2.75%, rising 2.4pp. Core operating signals are improving as Gross margin rose 4.8pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (in addition, Other profit / Revenue rose 0.6pp added support while Net financial result / Revenue fell 1.9pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 2.75% +2.4pp
- Gross Margin
- 5.65% +4.8pp
- SG&A / Revenue
- −0.17% +0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 73.4 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 4.11%, rising 3.7pp. That translates to 4.11 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.1pp and capital turnover rose 0.85x, while invested capital contracted by 371bn — 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 4.11% — 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 0.29x equity, net debt at 0.12x equity.
None
Over the last 12 months, working capital released 36.7bn 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 6.7 days versus the same period last year. The main moves came from DIO rose 11.9 days, DSO fell 4.4 days, and DPO rose 14.1 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DIO increased by +11.9 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 0.4% to 4.9% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 87.5bn due to capex of 2.8bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.12x and interest coverage only at 0.96x.
At present, short-term debt accounts for 98.2% of total debt, cash equals 29.4% of debt, and total debt stands at 116.3bn.
Interest coverage is 0.96x, leaving limited room to absorb financing costs.
Short-term debt accounts for 98.2% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.12x +0.07x
- Interest Coverage
- 0.96x +0.82x
- Cash / Debt
- 29.4% −17.4pp
- Short-term Debt / Total Debt
- 98.2% −0.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -158.8bn in 2025, against investing cash flow of -15.5bn.
Post-investment cash flow was negative +174.3bn. Financing cash flow was positive +50.1bn.
CFO / net income was −5,08 lần.
After spending +2.8bn on fixed-asset investment, the business generated trailing free cash flow of −87.5bn.
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 2.4 pp. The main risk still sits in capital efficiency remains weak, with ROIC at 4.1%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.75% after expanding 2.4pp versus the same period last year.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +38,2% YoY pace.
Ability to hold margins around the current 2.75% level.
Cash-flow quality, with operating cash flow currently at -158.8bn in 2025.
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