Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 125.7bn, rose 42.3bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher finance costs, higher tax, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.12x
- P/B
- 0.77x
- EPS
- 4,095
- BVPS
- 21,795
- ROE
- 20.3%
- ROA
- 8.2%
- Market price
- 16,850 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TYA is growing strongly on the back of scale expansion, while margins have only improved slightly — 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
- Finance costs
- 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 | 576.1 | 678.1 | 561.9 | 613.8 | 492.9 | 523.0 | 488.1 | 482.5 |
| LNST | 27.9 | 39.2 | 23.2 | 35.3 | 20.7 | 23.6 | 19.8 | 19.3 |
| Net margin | 4.84% | 5.78% | 4.14% | 5.76% | 4.21% | 4.50% | 4.05% | 4.00% |
Revenue
576bnNet income
28bnNet margin
4.84%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲Net margin edged up to 5.17%, rising 1.0pp. The main driver is Gross margin rose 1.3pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.4pp and Other profit / Revenue fell 0.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 5.17% +1.0pp
- Gross Margin
- 11.06% +1.3pp
- SG&A / Revenue
- 3.70% −0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 7.6 days — working capital needs watching.
Is capital being deployed efficiently?
▲ROIC expanded to 9.77%, rising 1.5pp. That translates to 9.77 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.0pp, with capital turnover fell 0.08x; while invested capital expanded strongly by 281bn.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 1.49x equity, net debt at 1.24x equity.
Inventory ended the period at 454.3bn, roughly 28.4% of total assets.
Over the last 12 months, working capital absorbed 283.5bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 7.6 days versus the same period last year. The main moves came from DIO rose 9.6 days, DSO fell 1.8 days, and DPO rose 0.3 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 107.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +9.6 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 15.7% to 20.3% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 204.2bn due to capex of 21.1bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.24x and interest coverage only at 2.46x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 8.1% of debt, and total debt stands at 903.4bn.
Net debt / equity stands at 1.24x, increasing balance-sheet pressure.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 1.24x +0.33x
- Interest Coverage
- 2.46x +0.05x
- Cash / Debt
- 8.1% −11.0pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -193.4bn in 2025, against investing cash flow of -58.3bn.
Post-investment cash flow was negative +251.7bn. Financing cash flow was positive +244.1bn.
CFO / net income was −1,46 lần.
After spending +21.1bn on fixed-asset investment, the business generated trailing free cash flow of −204.2bn.
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 −1.46x. The main risk still sits in leverage and liquidity, with interest coverage at 2.46x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −1.46x.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.24x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +22,3% YoY pace.
Ability to hold margins around the current 5.17% level.
Cash-flow quality, with operating cash flow currently at -193.4bn 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.