Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 1.1bn, rose 8.8bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, and lower administrative expenses. Offsetting pressure came mainly from higher selling expenses and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- 1.11x
- EPS
- —
- BVPS
- 11,065
- ROE
- 0.7%
- ROA
- 0.7%
- Market price
- 12,300 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, XPH is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
- Administrative expenses
- Selling expenses
- 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 | 12.9 | 14.9 | 26.1 | 50.4 | 7.4 | 10.8 | 10.2 | 8.8 |
| LNST | -1.0 | -0.7 | -1.0 | 3.8 | -2.1 | -2.5 | -1.1 | -2.1 |
| Net margin | -8.09% | -4.70% | -3.95% | 7.61% | -27.76% | -22.69% | -11.08% | -24.07% |
Revenue
13bnNet income
-1bnNet margin
-8.09%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 expanded to 1.02%, rising 21.9pp. Core operating signals are improving as SG&A / Revenue fell 28.2pp are enough to offset pressure from Gross margin fell 9.5pp (in addition, Net financial result / Revenue rose 4.4pp added support while Other profit / Revenue fell 1.2pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 1.02% +21.9pp
- Gross Margin
- 13.40% −9.5pp
- SG&A / Revenue
- 17.74% −28.2pp
- Non-core / Revenue
- 5.35% +3.1pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 664.0% of PBT and lifted net margin by 3.1pp — separate the operating contribution from this source.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.05x equity, with a net cash position equivalent to 0.02x equity.
Inventory ended the period at 16.0bn, roughly 10.6% of total assets.
Over the last 12 months, working capital released 1.2bn of cash, mainly thanks to lower inventories. Pressure from higher receivables 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 258.5 days versus the same period last year. The main moves came from DIO fell 192.1 days, DSO fell 86.6 days, and DPO fell 20.2 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 119.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from −5.3% to 0.7% — all three components improved.
Is financial risk significant?
Leverage is safe but FCF is negative at 1.3bn due to capex of 0.7bn — an investment choice, not an urgent risk.
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
- −0.02x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲Operating cash flow reached -3.6bn in 2025, against investing cash flow of 3.4bn.
Post-investment cash flow was negative +0.2bn. Financing cash flow was positive 0.0bn.
CFO / net income was −0,55 lần.
After spending +0.7bn on fixed-asset investment, the business generated trailing free cash flow of −1.3bn.
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 21.9 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.02% after expanding 21.9pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 595.9% of PBT and CFO / net income currently at −0.55x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +180,1% YoY pace.
Ability to hold margins around the current 1.02% level.
Cash-flow quality, with operating cash flow currently at -3.6bn in 2025.
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