Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 101.8bn, rose 22.2bn compared with the same period last year. Key positives came from higher financial income and higher gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 16.96x
- P/B
- 1.94x
- EPS
- 1,362
- BVPS
- 11,901
- ROE
- 11.6%
- ROA
- 11.1%
- Market price
- 23,100 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TSJ has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. 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
- Gross profit
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 | 25.1 | 37.5 | 39.1 | 37.0 | 25.7 | 35.7 | 39.5 | 47.1 |
| LNST | 10.5 | 12.1 | 20.7 | 58.6 | 8.7 | 10.2 | 12.3 | 48.4 |
| Net margin | 41.56% | 32.10% | 52.98% | 158.27% | 34.00% | 28.73% | 31.06% | 102.79% |
Revenue
25bnNet income
10bnNet margin
41.56%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 (+19.5pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 73.36%, rising 19.5pp. Core operating signals are improving as Gross margin rose 5.8pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (with additional support from Net financial result / Revenue rose 15.7pp and Other profit / Revenue rose 0.1pp).
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
- 73.36% +19.5pp
- Gross Margin
- 28.03% +5.8pp
- SG&A / Revenue
- 11.77% +0.3pp
- Non-core / Revenue
- 64.67% +15.9pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 80.3% of PBT and lifted net margin by 15.9pp — separate the operating contribution from this source.
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.04x equity, with a net cash position equivalent to 0.10x equity.
None
Over the last 12 months, working capital absorbed 1.2bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 5.7 days versus the same period last year. The main moves came from DIO rose 0.0 days, DSO rose 6.6 days, and DPO rose 1.0 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +5.7 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +6.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 9.2% to 11.6% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 11.4bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.10x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 11.4bn in 2025, against investing cash flow of 52.0bn.
Post-investment cash flow was positive +63.4bn. Financing cash flow was negative +74.3bn.
CFO / net income was 0,11 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
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 19.5 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 73.36% after expanding 19.5pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 80.0% of PBT and CFO / net income currently at 0.11x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −6,2% YoY decline.
Ability to hold margins around the current 73.36% level.
Cash-flow quality, with operating cash flow currently at 11.4bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.