Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 293.6bn, rose 122.4bn compared with the same period last year. Key positives came from higher financial income and higher gross profit. Offsetting pressure came mainly from higher finance costs, higher selling expenses, higher minority interests, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 16.50x
- P/B
- 1.98x
- EPS
- 3,031
- BVPS
- 25,226
- ROE
- 11.5%
- ROA
- 2.4%
- Market price
- 50,000 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PET is growing strongly on the back of scale expansion, while margins have only improved slightly — margins have been expanding consistently over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
- Finance costs
- Selling expenses
- Minority interests
- Tax
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 | 6,129.1 | 7,594.8 | 5,483.8 | 4,721.9 | 4,016.7 | 4,616.8 | 5,653.3 | 4,673.9 |
| LNST | 100.8 | 103.7 | 145.2 | 54.6 | 44.7 | 61.7 | 74.5 | 46.6 |
| Net margin | 1.65% | 1.37% | 2.65% | 1.16% | 1.11% | 1.34% | 1.32% | 1.00% |
Revenue
6,129bnNet income
101bnNet margin
1.65%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 edged up to 1.69%, rising 0.5pp. Core operating signals are improving as SG&A / Revenue fell 0.5pp are enough to offset pressure from Gross margin fell 0.1pp (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / Revenue fell 0.0pp 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
- 1.69% +0.5pp
- Gross Margin
- 5.00% −0.1pp
- SG&A / Revenue
- 3.26% −0.5pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 48.1 days.
Is capital being deployed efficiently?
▲ROIC expanded to 5.09%, rising 1.6pp. That translates to 5.09 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.5pp and capital turnover rose 0.05x, while invested capital expanded strongly by 1,473bn — capital-return quality improved from both sides.
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.
Balance Sheet
▼▼ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 4.05x equity, net debt at 2.44x equity.
Inventory ended the period at 1,630.7bn, roughly 12.2% of total assets.
Over the last 12 months, working capital absorbed 2,804.3bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 8.0 days versus the same period last year. The main moves came from DIO fell 12.6 days, DSO rose 0.2 days, and DPO fell 4.3 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DSO increased by +0.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 10.0% to 15.9% — all three components improved, with net margin contributing the most.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.44x and interest coverage only at 1.19x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 8.5% of debt, and total debt stands at 7,222.3bn.
Net debt / equity stands at 2.44x, increasing balance-sheet pressure.
Interest coverage is 1.19x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 2.44x +0.96x
- Interest Coverage
- 1.19x −0.27x
- Cash / Debt
- 8.5% −15.8pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -1,388.9bn in 2025, against investing cash flow of -959.9bn.
Post-investment cash flow was negative +2,348.8bn. Financing cash flow was positive +2,057.1bn.
CFO / net income was −9,83 lần.
After spending +43.7bn on fixed-asset investment, the business generated trailing free cash flow of −2,929.1bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 15.4%. The main risk still sits in leverage and liquidity, with interest coverage at 1.19x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 15.4% of PBT and CFO / net income currently at −9.83x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.19x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +26,2% YoY pace.
Ability to hold margins around the current 1.69% level.
Cash-flow quality, with operating cash flow currently at -1,388.9bn in 2025.
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