Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 214.9bn, rose 67.8bn compared with the same period last year. Key positives came from higher gross profit and lower tax. Offsetting pressure came mainly from higher administrative expenses, higher finance costs, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 14.30x
- P/B
- 3.99x
- EPS
- 6,616
- BVPS
- 23,680
- ROE
- 30.4%
- ROA
- 10.2%
- Market price
- 94,600 16 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TBD is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Administrative expenses
- Finance costs
- Selling 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 | 395.1 | 1,319.9 | 506.4 | 716.4 | 371.3 | 1,225.4 | 354.3 | 401.9 |
| LNST | 16.0 | 101.3 | 28.3 | 69.3 | 15.3 | 82.0 | 25.5 | 24.3 |
| Net margin | 4.04% | 7.68% | 5.59% | 9.68% | 4.12% | 6.69% | 7.19% | 6.05% |
Revenue
395bnNet income
16bnNet margin
4.04%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 7.32%, rising 1.1pp. Core operating signals are improving as Gross margin rose 0.6pp are enough to offset pressure from SG&A / Revenue rose 0.0pp (with lingering pressure from Net financial result / Revenue fell 0.3pp and Other profit / Revenue fell 0.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 7.32% +1.1pp
- Gross Margin
- 15.40% +0.6pp
- SG&A / Revenue
- 5.81% +0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 12.6 days — working capital needs watching.
Is capital being deployed efficiently?
▲ROIC expanded to 13.76%, rising 1.8pp. That translates to 13.76 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.0pp, with capital turnover broadly stable; while invested capital expanded strongly by 323bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 2.04x equity, net debt at 1.18x equity.
Inventory ended the period at 847.9bn, roughly 36.9% of total assets.
Over the last 12 months, working capital absorbed 231.0bn 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 12.6 days versus the same period last year. The main moves came from DIO rose 14.7 days, DSO rose 1.0 days, and DPO rose 3.2 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 201.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +1.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 24.0% to 30.4% — driven by net margin and leverage together, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 62.2bn due to capex of 61.1bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.18x and interest coverage only at 4.34x.
At present, short-term debt accounts for 94.2% of total debt, cash equals 0.7% of debt, and total debt stands at 914.1bn.
Net debt / equity stands at 1.18x, increasing balance-sheet pressure.
Short-term debt accounts for 94.2% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 1.18x −0.03x
- Interest Coverage
- 4.34x −0.57x
- Cash / Debt
- 0.7% −1.4pp
- Short-term Debt / Total Debt
- 94.2% −1.3pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -235.9bn in 2025, against investing cash flow of -32.6bn.
Post-investment cash flow was negative +268.5bn. Financing cash flow was positive +276.4bn.
CFO / net income was −0,00 lần.
After spending +61.1bn on fixed-asset investment, the business generated trailing free cash flow of −62.2bn.
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 brighter spot is operating efficiency, with net margin improving 1.1 pp. The main risk still sits in leverage and liquidity, with interest coverage at 4.34x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.32% after expanding 1.1pp versus the same period last year.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.18x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +24,9% YoY pace.
Ability to hold margins around the current 7.32% level.
Cash-flow quality, with operating cash flow currently at -235.9bn in 2025.
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