Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 37.8bn, rose 4.8bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.27x
- P/B
- 0.84x
- EPS
- 1,913
- BVPS
- 14,348
- ROE
- 13.7%
- ROA
- 10.1%
- Market price
- 12,000 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TV4 is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- 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 | 60.7 | 111.6 | 69.3 | 52.2 | 45.9 | 114.0 | 34.1 | 46.8 |
| LNST | 3.6 | 26.5 | 4.5 | 3.2 | 2.7 | 24.9 | 1.7 | 3.7 |
| Net margin | 5.89% | 23.78% | 6.53% | 6.13% | 5.89% | 21.86% | 5.11% | 7.80% |
Revenue
61bnNet income
4bnNet margin
5.89%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼Net margin narrowed to 12.87%, falling 0.8pp. The main pressure is Gross margin fell 0.9pp, outweighing the improvement in SG&A / Revenue fell 1.2pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 1.3pp remained a drag).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 12.87% −0.8pp
- Gross Margin
- 23.46% −0.9pp
- SG&A / Revenue
- 17.21% −1.2pp
- Non-core / Revenue
- 8.03% −1.2pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 1.2pp, financial result still accounts for 59.7% of PBT — earnings durability should be monitored in coming periods.
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 0.53x equity, with a net cash position equivalent to 0.17x equity.
None
Over the last 12 months, working capital released 57.2bn 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 45.6 days versus the same period last year. The main moves came from DIO fell 10.4 days, DSO fell 33.8 days, and DPO rose 1.3 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 153.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 12.5% to 13.7% — driven by asset turnover and leverage together, despite net margin moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 60.8bn.
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
- −0.17x
- 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 60.8bn in 2025, against investing cash flow of -46.0bn.
Post-investment cash flow was positive +14.8bn. Financing cash flow was negative +19.8bn.
CFO / net income was 1,73 lần.
After spending +6.0bn on fixed-asset investment, the business generated trailing free cash flow of +59.3bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Reported net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is balance-sheet flexibility, with net cash/equity at about −0.17x. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 58.2%. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 154 days.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.17x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.73x. Even so, net financial result still accounts for 58.2% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 153.9 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +22,0% YoY pace.
Ability to hold margins around the current 12.87% level.
Cash-flow quality, with operating cash flow currently at 60.8bn 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?
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or risks may be present?
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