Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 110.5bn, rose 30.8bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.13x
- P/B
- 0.91x
- EPS
- 7,183
- BVPS
- 56,107
- ROE
- 14.2%
- ROA
- 11.6%
- Market price
- 51,200 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, WSB has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- 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 | 255.5 | 241.6 | 202.1 | 279.7 | 239.5 | 256.7 | 205.6 | 240.6 |
| LNST | 30.1 | 24.9 | 23.0 | 32.5 | 17.4 | 23.7 | 16.3 | 22.3 |
| Net margin | 11.78% | 10.33% | 11.39% | 11.61% | 7.27% | 9.23% | 7.93% | 9.28% |
Revenue
255bnNet income
30bnNet margin
11.78%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 expanded to 11.29%, rising 2.8pp. Core operating signals are improving as Gross margin rose 3.0pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 0.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 11.29% +2.8pp
- Gross Margin
- 12.29% +3.0pp
- SG&A / Revenue
- 2.30% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
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 0.19x equity, with a net cash position equivalent to 0.15x equity.
None
Over the last 12 months, working capital absorbed 11.6bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
●The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 3.0 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO rose 2.9 days, and DPO rose 0.1 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +3.0 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +2.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 10.8% to 14.2% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 105.2bn.
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
- −0.15x
- 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 105.2bn in 2025, against investing cash flow of -19.3bn.
Post-investment cash flow was positive +85.9bn. Financing cash flow was negative +71.9bn.
CFO / net income was 1,20 lần.
After spending +14.4bn on fixed-asset investment, the business generated trailing free cash flow of +117.9bn.
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 operating efficiency, with net margin improving 2.8 pp. The next item to monitor is the earnings mix, when non-core contribution is 20.5%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 11.29% after expanding 2.8pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.20x. Even so, net financial result still accounts for 20.5% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Durability of revenue growth after the current +3,9% YoY pace.
Ability to hold margins around the current 11.29% level.
Cash-flow quality, with operating cash flow currently at 105.2bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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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.