Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 42.5bn, fell 4.7bn compared with the same period last year. Key positives came from lower selling expenses and higher financial income. Offsetting pressure came mainly from higher administrative expenses, lower gross profit, higher tax, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.26x
- P/B
- 0.59x
- EPS
- 2,463
- BVPS
- 17,906
- ROE
- 14.0%
- ROA
- 8.8%
- Market price
- 10,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, X20 is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Selling expenses
- Financial income
- Administrative expenses
- Gross profit
- Tax
- Other 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 | 288.3 | 418.9 | 275.0 | 171.5 | 256.4 | 575.5 | 226.4 | 131.7 |
| LNST | 16.8 | 7.6 | 11.9 | 6.2 | 9.2 | 29.8 | 3.9 | 4.3 |
| Net margin | 5.82% | 1.81% | 4.34% | 3.60% | 3.57% | 5.17% | 1.72% | 3.30% |
Revenue
288bnNet income
17bnNet margin
5.82%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
●Net margin stands at 3.68%, 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
- 3.68% −0.3pp
- Gross Margin
- 19.10% −0.2pp
- SG&A / Revenue
- 14.74% −0.5pp
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 fell to 23.00%, losing 3.9pp. That translates to 23.00 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.2pp and capital turnover fell 0.76x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
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. Balance sheet is exceptionally sound — liabilities at 1.05x equity, with a net cash position equivalent to 0.32x equity.
Inventory ended the period at 142.0bn, roughly 23.7% of total assets.
Over the last 12 months, working capital released 31.8bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Working Capital Efficiency
●Cash conversion cycle lengthened by 0.4 days versus the same period last year. The main moves came from DIO rose 4.2 days, DSO fell 0.0 days, and DPO rose 3.7 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +0.4 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +4.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 16.7% to 14.0% — asset turnover weakened the most, though leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.32x and interest coverage at 64.15x.
At present, short-term debt accounts for 21.2% of total debt, cash equals 1118.2% of debt, and total debt stands at 9.8bn.
- Net Debt / Equity
- −0.32x +0.15x
- Interest Coverage
- 64.15x
- Cash / Debt
- 1118.2% −114.2pp
- Short-term Debt / Total Debt
- 21.2% +5.5pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼Operating cash flow reached -19.5bn in 2025, against investing cash flow of -55.9bn.
Post-investment cash flow was negative +75.4bn. Financing cash flow was negative +23.0bn.
CFO / net income was 1,46 lần.
After spending +32.3bn on fixed-asset investment, the business generated trailing free cash flow of +29.8bn.
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 1.46x. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.46x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −3,1% YoY decline.
Ability to hold margins around the current 3.68% level.
Cash-flow quality, with operating cash flow currently at -19.5bn in 2025.
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