Analysis of business results & financial statements · Quý 1/2026
Trailing net profit reached 2,546.7bn, rose 1,417.7bn compared with the previous quarter. Key positives came from better other profit, higher financial income, and higher gross profit. Offsetting pressure came mainly from higher finance costs, higher tax, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 55.63x
- P/B
- 3.72x
- EPS
- 1,420
- BVPS
- 21,249
- ROE
- 6.9%
- ROA
- 3.0%
- Market price
- 79,000 16 Oct 2026
The current picture
What is changing?
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 |
|---|---|---|---|---|---|
| Revenue | 3,485.1 | 6,525.5 | 3,101.1 | 2,941.8 | 2,970.6 |
| LNST | 1,508.1 | 702.7 | 169.3 | 166.7 | 90.4 |
| Net margin | 43.27% | 10.77% | 5.46% | 5.67% | 3.04% |
Revenue
3,485bnNet income
1,508bnNet margin
43.27%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 15.87%
- Gross Margin
- 35.97%
- SG&A / Revenue
- 16.60%
- Non-core / Revenue
- −2.57%
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (64.2% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 1.97%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently 1.97% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 1.37x equity, net debt at 0.21x equity.
None
Over the last 12 months, working capital absorbed 704.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Leverage is safe but FCF is negative at 623.3bn due to capex of 2,849.7bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.21x and interest coverage only at 0.17x.
At present, short-term debt accounts for 37.8% of total debt, cash equals 14.8% of debt, and total debt stands at 9,230.5bn.
Interest coverage is 0.17x, leaving limited room to absorb financing costs.
Cash / debt stands at 14.8%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.21x −0.10x
- Interest Coverage
- 0.17x
- Cash / Debt
- 14.8% +5.3pp
- Short-term Debt / Total Debt
- 37.8% +16.4pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼Operating cash flow reached -1,399.9bn in 2025, against investing cash flow of -185.2bn.
Post-investment cash flow was negative +1,585.1bn. Financing cash flow was positive +1,396.7bn.
CFO / net income was 0,87 lần.
After spending +2,849.7bn on fixed-asset investment, the business generated trailing free cash flow of −623.3bn.
In summary
Research synthesis
What this reporting period is showing
The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is the earnings mix, when non-core contribution is −79.5%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.0%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −79.5% of PBT and CFO / net income currently at 0.87x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth into the next cycle.
Ability to hold margins around the current 7.09% level.
Cash-flow quality, with operating cash flow currently at -1,399.9bn 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.