Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 95.6bn, rose 17.3bn compared with the same period last year. Key positives came from lower administrative expenses and better other profit. Offsetting pressure came mainly from higher finance costs and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.28x
- P/B
- 0.60x
- EPS
- 2,127
- BVPS
- 15,052
- ROE
- 13.9%
- ROA
- 3.7%
- Market price
- 9,100 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TVD is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — profit is at an all-time high. The point still to be proven is whether this improvement broadens out in coming periods.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Other profit
- Other
- Finance costs
- 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 | 1,525.7 | 2,052.6 | 1,303.4 | 1,674.4 | 1,649.1 | 1,723.9 | 1,230.9 | 1,864.7 |
| LNST | 20.6 | 42.5 | 14.2 | 18.4 | 18.2 | 82.5 | -57.3 | 35.0 |
| Net margin | 1.35% | 2.07% | 1.09% | 1.10% | 1.10% | 4.78% | -4.66% | 1.88% |
Revenue
1,526bnNet income
21bnNet margin
1.35%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 stands at 1.46%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 1.46% +0.2pp
- Gross Margin
- 5.61% −0.2pp
- SG&A / Revenue
- 3.28% −0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼ROIC narrowed to 5.00%, falling 1.3pp. That translates to 5.00 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.66x — capital is being absorbed faster than revenue is being generated; while invested capital rose by 247bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 2.91x equity, net debt at 1.64x equity.
None
Over the last 12 months, working capital released 13.5bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.9 days versus the same period last year. The main moves came from DIO rose 3.9 days, DSO fell 7.5 days, and DPO fell 1.7 days.
Working capital cycle is flat — components are offsetting each other.
DIO increased by +3.9 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 10.9% to 13.9% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.64x and interest coverage only at 1.59x.
At present, short-term debt accounts for 39.3% of total debt, cash equals 4.1% of debt, and total debt stands at 1,158.0bn.
Net debt / equity stands at 1.64x, increasing balance-sheet pressure.
Interest coverage is 1.59x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.64x +0.53x
- Interest Coverage
- 1.59x −0.62x
- Cash / Debt
- 4.1% −0.6pp
- Short-term Debt / Total Debt
- 39.3% +5.5pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 360.1bn in 2025, against investing cash flow of -477.7bn.
Post-investment cash flow was negative +117.6bn. Financing cash flow was positive +113.4bn.
CFO / net income was 2,23 lần.
After spending +525.1bn on fixed-asset investment, the business generated trailing free cash flow of −311.9bn.
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 earnings conversion is confirmed, with CFO/NI at 2.23x. The main risk still sits in leverage and liquidity, with interest coverage at 1.59x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.23x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.59x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +1,4% YoY pace.
Ability to hold margins around the current 1.46% level.
Cash-flow quality, with operating cash flow currently at 360.1bn in 2025.
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