Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 324.3bn, rose 32.3bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and lower selling expenses. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.73x
- P/B
- 1.03x
- EPS
- 9,007
- BVPS
- 32,544
- ROE
- 30.1%
- ROA
- 10.0%
- Market price
- 33,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HTG is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. This signal only becomes convincing if the improvement continues through the next few periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Selling expenses
- Tax
- Administrative expenses
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 | 1,339.3 | 1,306.9 | 1,518.2 | 1,309.5 | 1,277.5 | 1,331.2 | 1,498.5 | 1,094.0 |
| LNST | 64.5 | 53.1 | 81.3 | 130.4 | 57.8 | 94.0 | 74.8 | 69.1 |
| Net margin | 4.81% | 4.07% | 5.36% | 9.96% | 4.52% | 7.06% | 4.99% | 6.31% |
Revenue
1,339bnNet income
64bnNet margin
4.81%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 improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
●Net margin edged up to 6.02%, rising 0.3pp. Core operating signals are improving as SG&A / Revenue fell 0.3pp are enough to offset pressure from Gross margin fell 0.0pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.1pp remained a drag).
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
- 6.02% +0.3pp
- Gross Margin
- 11.70% −0.0pp
- SG&A / Revenue
- 5.33% −0.3pp
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 13.88%, losing 4.0pp. That translates to 13.88 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.90x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 707bn.
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. Leverage is elevated, requiring monitoring — liabilities at 2.36x equity, net debt at 1.44x equity.
Inventory ended the period at 842.0bn, roughly 22.5% of total assets.
Over the last 12 months, working capital absorbed 34.3bn 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 6.2 days versus the same period last year. The main moves came from DIO rose 3.1 days, DSO rose 1.3 days, and DPO fell 1.8 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +6.2 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +1.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 31.8% to 30.6% — asset turnover weakened the most, though net margin 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 warrants monitoring, with net debt / equity at 1.44x and interest coverage only at 4.68x.
At present, short-term debt accounts for 82.7% of total debt, cash equals 5.0% of debt, and total debt stands at 1,771.5bn.
Net debt / equity stands at 1.44x, increasing balance-sheet pressure.
Short-term debt accounts for 82.7% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 1.44x +0.69x
- Interest Coverage
- 4.68x +0.42x
- Cash / Debt
- 5.0% −30.6pp
- Short-term Debt / Total Debt
- 82.7% +1.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 323.1bn in 2025, against investing cash flow of -801.7bn.
Post-investment cash flow was negative +478.6bn. Financing cash flow was positive +417.4bn.
CFO / net income was 1,06 lần.
After spending +278.8bn on fixed-asset investment, the business generated trailing free cash flow of +63.4bn.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 4.68x. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.06x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.06x.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.44x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +5,2% YoY pace.
Ability to hold margins around the current 6.02% level.
Cash-flow quality, with operating cash flow currently at 323.1bn in 2025.
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