Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 71.7bn, rose 7.0bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and lower administrative expenses. Offsetting pressure came mainly from higher tax and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.96x
- P/B
- 0.82x
- EPS
- 1,680
- BVPS
- 14,223
- ROE
- 14.1%
- ROA
- 11.8%
- Market price
- 11,700 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TTN is maintaining revenue growth, but margins have not improved proportionally — margins have been expanding consistently over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Administrative expenses
- Tax
- Selling 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 | 90.9 | 99.0 | 145.4 | 96.8 | 74.4 | 117.8 | 89.2 | 87.2 |
| LNST | 16.8 | 13.2 | 22.3 | 19.4 | 17.1 | 14.4 | 14.7 | 18.4 |
| Net margin | 18.47% | 13.29% | 15.37% | 20.02% | 23.06% | 12.20% | 16.49% | 21.11% |
Revenue
91bnNet income
17bnNet margin
18.47%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin narrowed to 16.58%, falling 1.0pp. The main pressure is Gross margin fell 3.6pp, outweighing the improvement in SG&A / Revenue fell 2.3pp (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 0.1pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 16.58% −1.0pp
- Gross Margin
- 29.64% −3.6pp
- SG&A / Revenue
- 11.28% −2.3pp
TTM YoY · 2025Q1 -> 2026Q1
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 0.25x equity, with a net cash position equivalent to 0.03x equity.
Inventory ended the period at 130.9bn, roughly 20.7% of total assets.
Over the last 12 months, working capital absorbed 121.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 10.7 days versus the same period last year. The main moves came from DIO rose 46.9 days, DSO fell 27.2 days, and DPO rose 9.0 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 222.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +46.9 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 13.6% to 14.1% — mainly driven by asset turnover, despite net margin moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 108.7bn.
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
- −0.03x
- 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 108.7bn in 2025, against investing cash flow of -52.1bn.
Post-investment cash flow was positive +56.6bn. Financing cash flow was negative +32.3bn.
CFO / net income was −0,54 lần.
After spending +32.9bn on fixed-asset investment, the business generated trailing free cash flow of −71.9bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at −0.54x. The next item to monitor is capital efficiency. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 223 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.54x.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: working capital remains tied up for too long, with cash cycle at 222.6 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +17,2% YoY pace.
Ability to hold margins around the current 16.58% level.
Cash-flow quality, with operating cash flow currently at 108.7bn in 2025.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
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or risks may be present?
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