Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 37.8bn, rose 12.8bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, lower finance costs, and lower tax. Offsetting pressure came mainly from weaker other profit, lower financial income, and higher minority interests. Detailed impact is shown below:
See what is changing ↓- P/E
- 20.63x
- P/B
- 0.30x
- EPS
- 383
- BVPS
- 26,183
- ROE
- 1.5%
- ROA
- 1.0%
- Market price
- 7,900 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, GIL 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. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Finance costs
- Tax
- Other profit
- Financial income
- Minority interests
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 | 197.4 | 260.5 | 198.1 | 128.9 | 126.0 | 191.7 | 152.6 | 145.1 |
| LNST | 11.3 | 138.2 | -33.0 | -71.6 | 2.1 | 14.3 | 2.3 | 4.7 |
| Net margin | 5.72% | 53.04% | -16.65% | -55.57% | 1.67% | 7.45% | 1.53% | 3.22% |
Revenue
197bnNet income
11bnNet margin
5.72%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?
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 5.71%, rising 1.9pp. The main driver is SG&A / Revenue fell 7.9pp and Gross margin rose 4.9pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 8.6pp and Net financial result / Revenue fell 3.6pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 5.71% +1.9pp
- Gross Margin
- 24.63% +4.9pp
- SG&A / Revenue
- 18.28% −7.9pp
- Non-core / Revenue
- 2.36% −12.1pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 12.1pp, financial result still accounts for 39.0% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 97.6 days — working capital needs watching.
Is capital being deployed efficiently?
▲ROIC expanded to 1.52%, rising 1.5pp. That translates to 1.52 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 5.9pp, with capital turnover broadly stable; while invested capital rose by 480bn.
NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.
ROIC is currently 1.52% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.43x equity, net debt at 0.26x equity.
Inventory ended the period at 1,915.8bn, roughly 50.4% of total assets.
Over the last 12 months, working capital absorbed 689.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 97.6 days versus the same period last year. The main moves came from DIO rose 21.3 days, DSO fell 16.6 days, and DPO fell 92.9 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC stands at 1104.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +21.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 0.9% to 1.7% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Leverage is safe but FCF is negative at 734.5bn due to capex of 50.7bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.26x and interest coverage at 3.09x.
At present, short-term debt accounts for 33.6% of total debt, cash equals 31.8% of debt, and total debt stands at 1,006.7bn.
- Net Debt / Equity
- 0.26x +0.18x
- Interest Coverage
- 3.09x +3.09x
- Cash / Debt
- 31.8% −38.8pp
- Short-term Debt / Total Debt
- 33.6% +20.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -602.9bn in 2025, against investing cash flow of -162.1bn.
Post-investment cash flow was negative +765.0bn. Financing cash flow was positive +613.9bn.
CFO / net income was −18,07 lần.
After spending +50.7bn on fixed-asset investment, the business generated trailing free cash flow of −734.5bn.
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 1.9 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at 1.5%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.71% after expanding 1.9pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 33.0% of PBT and CFO / net income currently at −18.07x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +27,6% YoY pace.
Ability to hold margins around the current 5.71% level.
Cash-flow quality, with operating cash flow currently at -602.9bn in 2025.
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