Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 120.1bn, rose 53.9bn compared with the same period last year. Key positives came from better other profit, higher financial income, and lower deferred tax. Offsetting pressure came mainly from higher administrative expenses, higher tax, and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 14.11x
- P/B
- 1.28x
- EPS
- 1,779
- BVPS
- 19,677
- ROE
- 9.1%
- ROA
- 3.9%
- Market price
- 25,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TV2 posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — earnings have been recovering gradually over multiple periods. The point still to be proven is whether this new profit level can hold once the low-base effect fades.
Profit bridge
Vs last year · TTM
- Other profit
- Financial income
- Deferred tax
- Other
- Administrative expenses
- Tax
- 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 | 244.0 | 536.7 | 253.8 | 215.8 | 299.9 | 443.8 | 291.5 | 362.4 |
| LNST | 53.4 | 49.0 | 13.4 | 5.7 | 14.5 | 19.9 | 19.4 | 12.4 |
| Net margin | 21.87% | 9.12% | 5.29% | 2.66% | 4.84% | 4.49% | 6.66% | 3.43% |
Revenue
244bnNet income
53bnNet margin
21.87%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?
Start with profitability and earnings quality.
What is driving the margin?
▲▲Net margin expanded to 9.72%, rising 5.0pp. Core operating signals are improving as Gross margin rose 1.0pp are enough to offset pressure from SG&A / Revenue rose 2.3pp (with additional support from Other profit / Revenue rose 1.7pp and Net financial result / Revenue rose 1.5pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 9.72% +5.0pp
- Gross Margin
- 15.45% +1.0pp
- SG&A / Revenue
- 11.86% +2.3pp
- Non-core / Revenue
- 4.11% +3.2pp
TTM YoY · 2025Q1 -> 2026Q1
Profit includes a contribution from financial result (36.2% of PBT), not dominant but worth monitoring across periods.
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 34.8 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 8.89%, rising 4.0pp. That translates to 8.89 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.5pp, with capital turnover broadly stable; while invested capital contracted by 172bn.
NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.
Balance Sheet
▲ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 1.34x equity, with a net cash position equivalent to 0.24x equity.
None
Over the last 12 months, working capital released 1,992.2bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
Working Capital Efficiency
▼▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 34.8 days versus the same period last year. The main moves came from DIO fell 2.2 days, DSO rose 25.0 days, and DPO fell 12.1 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 209.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +25.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 5.0% to 9.2% — driven by net margin and leverage together, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 933.2bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.24x and interest coverage at 15.86x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 265.8% of debt, and total debt stands at 190.0bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.24x −0.21x
- Interest Coverage
- 15.86x +4.43x
- Cash / Debt
- 265.8% +131.4pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 933.2bn in 2025, against investing cash flow of -80.9bn.
Post-investment cash flow was positive +852.3bn. Financing cash flow was negative +125.5bn.
CFO / net income was 17,18 lần.
After spending +18.5bn on fixed-asset investment, the business generated trailing free cash flow of +2,045.6bn.
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 5.0 pp. The next item to monitor is the earnings mix, when non-core contribution is 20.1%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 210 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.72% after expanding 5.0pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 17.18x. Even so, net financial result still accounts for 20.1% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 209.6 days.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −10,5% YoY decline.
Ability to hold margins around the current 9.72% level.
Cash-flow quality, with operating cash flow currently at 933.2bn in 2025.
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