Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 67.9bn, fell 65.9bn compared with the same period last year. Key positives came from lower finance costs, higher gross profit, lower administrative expenses, and better other profit. Offsetting pressure came mainly from lower financial income and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 23.53x
- P/B
- 0.69x
- EPS
- 331
- BVPS
- 11,235
- ROE
- 3.2%
- ROA
- 2.5%
- Market price
- 7,790 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, YEG is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Finance costs
- Gross profit
- Administrative expenses
- Other profit
- Financial income
- Selling expenses
- Other
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 | 208.3 | 584.9 | 391.0 | 455.7 | 217.7 | 377.8 | 345.0 | 207.2 |
| LNST | 16.1 | 13.7 | 7.3 | 33.3 | 23.3 | 71.0 | 34.3 | 8.5 |
| Net margin | 7.72% | 2.34% | 1.88% | 7.31% | 10.68% | 18.80% | 9.94% | 4.11% |
Revenue
208bnNet income
16bnNet margin
7.72%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼▼Net margin fell to 4.29%, losing 7.6pp. The main pressure is Gross margin fell 2.1pp, outweighing the improvement in SG&A / Revenue fell 4.1pp (in addition, Other profit / Revenue rose 0.9pp added support while Net financial result / Revenue fell 9.4pp remained a drag).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 4.29% −7.6pp
- Gross Margin
- 12.82% −2.1pp
- SG&A / Revenue
- 10.25% −4.1pp
- Non-core / Revenue
- 3.10% −8.5pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 8.5pp, financial result still accounts for 59.7% of PBT — earnings durability should be monitored in coming periods.
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 3.67%, losing 3.7pp. That translates to 3.67 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 6.6pp, outweighing the movement in capital turnover; while invested capital expanded strongly by 414bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 3.67% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▲ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.32x equity, net debt at 0.10x equity.
None
Over the last 12 months, working capital released 449.2bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 8.8 days versus the same period last year. The main moves came from DIO rose 2.0 days, DSO fell 19.4 days, and DPO fell 8.6 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +2.0 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 7.9% to 3.3% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.10x and interest coverage at 6.88x.
At present, short-term debt accounts for 90.7% of total debt, cash equals 47.5% of debt, and total debt stands at 416.2bn.
Short-term debt accounts for 90.7% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.10x +0.09x
- Interest Coverage
- 6.88x +4.24x
- Cash / Debt
- 47.5% −45.2pp
- Short-term Debt / Total Debt
- 90.7% +4.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 7.4bn in 2025, against investing cash flow of -192.8bn.
Post-investment cash flow was negative +185.4bn. Financing cash flow was positive +337.7bn.
CFO / net income was 7,53 lần.
After spending +91.1bn on fixed-asset investment, the business generated trailing free cash flow of +420.1bn.
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 cash generation. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 7.6 pp.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 815.7bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 7.53x. Even so, net financial result still accounts for 57.7% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 4.29% after a 7.6pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +42,9% YoY pace.
Ability to hold margins around the current 4.29% level.
Cash-flow quality, with operating cash flow currently at 7.4bn in 2025.
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