Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 61.4bn, rose 2.8bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, lower financial income, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.33x
- P/B
- 1.27x
- EPS
- 4,780
- BVPS
- 20,075
- ROE
- 24.9%
- ROA
- 3.9%
- Market price
- 25,500 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, FHS posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Administrative expenses
- Financial income
- 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 | 860.2 | 814.2 | 1,526.9 | 1,212.3 | 771.7 | 760.8 | 1,485.9 | 1,113.2 |
| LNST | 18.1 | 17.6 | 17.9 | 8.1 | 15.8 | 19.9 | 16.4 | 7.0 |
| Net margin | 2.11% | 2.16% | 1.17% | 0.67% | 2.05% | 2.61% | 1.10% | 0.63% |
Revenue
860bnNet income
18bnNet margin
2.11%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 1.40%, 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
- 1.40% −0.0pp
- Gross Margin
- 26.53% +1.1pp
- SG&A / Revenue
- 25.23% +0.9pp
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. Leverage is very high, with clear pressure on the capital structure — liabilities at 5.70x equity, with a net cash position equivalent to 0.18x equity.
Inventory ended the period at 867.3bn, roughly 54.4% of total assets.
Over the last 12 months, working capital released 73.1bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
Working Capital Efficiency
●Cash conversion cycle lengthened by 0.0 days versus the same period last year. The main moves came from DIO rose 7.1 days, DSO fell 0.6 days, and DPO rose 6.5 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +0.0 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +7.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 25.9% to 25.0% — dragged by asset turnover together, though leverage still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 44.7bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.18x and interest coverage at 139.28x.
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
- −0.18x
- Interest Coverage
- 139.28x −122.05x
- 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 44.7bn in 2025, against investing cash flow of -7.5bn.
Post-investment cash flow was positive +37.2bn. Financing cash flow was negative +26.1bn.
CFO / net income was 1,70 lần.
After spending +2.5bn on fixed-asset investment, the business generated trailing free cash flow of +101.9bn.
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 brighter spot is balance-sheet flexibility, with net cash/equity at about −0.18x. The next item to monitor is the earnings mix, when non-core contribution is 26.6%.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.18x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.70x. Even so, net financial result still accounts for 26.6% 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 +6,8% YoY pace.
Ability to hold margins around the current 1.40% level.
Cash-flow quality, with operating cash flow currently at 44.7bn 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.