Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 1,029.4bn, rose 417.5bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax, weaker other profit, higher administrative expenses, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.80x
- P/B
- 1.42x
- EPS
- 18,974
- BVPS
- 63,865
- ROE
- 44.6%
- ROA
- 14.4%
- Market price
- 91,000 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TOS is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Tax
- Other profit
- Administrative expenses
- Finance costs
- 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 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,229.2 | 1,931.6 | 1,357.8 | 1,228.5 | 881.5 | 1,910.0 | 839.9 | 959.2 |
| LNST | 225.5 | 378.1 | 325.0 | 208.0 | 214.4 | 252.8 | 107.4 | 101.3 |
| Net margin | 18.34% | 19.57% | 23.94% | 16.93% | 24.32% | 13.23% | 12.78% | 10.56% |
Revenue
1,229bnNet income
225bnNet margin
18.34%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 expanded to 19.78%, rising 5.1pp. Core operating signals are improving as Gross margin rose 8.1pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (in addition, Net financial result / Revenue rose 0.7pp added support while Other profit / Revenue fell 1.7pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 19.78% +5.1pp
- Gross Margin
- 28.96% +8.1pp
- SG&A / Revenue
- 4.23% +0.4pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 23.2 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 33.12%, rising 5.9pp. That translates to 33.12 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 6.5pp, with capital turnover fell 0.41x; while invested capital expanded strongly by 1,198bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 2.07x equity, net debt at 0.48x equity.
Inventory ended the period at 1,000.7bn, roughly 12.3% of total assets.
Over the last 12 months, working capital released 146.3bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 23.2 days versus the same period last year. The main moves came from DIO rose 33.5 days, DSO rose 4.3 days, and DPO rose 14.6 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 113.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +4.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 46.4% to 49.3% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 477.4bn due to capex of 1,375.6bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.48x and interest coverage at 7.76x.
At present, short-term debt accounts for 38.5% of total debt, cash equals 49.1% of debt, and total debt stands at 2,716.9bn.
- Net Debt / Equity
- 0.48x +0.06x
- Interest Coverage
- 7.76x +2.39x
- Cash / Debt
- 49.1% −4.1pp
- Short-term Debt / Total Debt
- 38.5% −2.5pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 803.8bn in 2025, against investing cash flow of -1,280.7bn.
Post-investment cash flow was negative +476.9bn. Financing cash flow was positive +954.8bn.
CFO / net income was 0,87 lần.
After spending +1,375.6bn on fixed-asset investment, the business generated trailing free cash flow of −477.4bn.
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 5.1 pp. The main risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 19.78% after expanding 5.1pp versus the same period last year.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 477.4bn.
What to verify next
Questions for the next period
Durability of revenue growth after the current +25,2% YoY pace.
Ability to hold margins around the current 19.78% level.
Cash-flow quality, with operating cash flow currently at 803.8bn in 2025.
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