Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 21.0bn, rose 63.4bn compared with the same period last year. Key positives came from higher gross profit, better other profit, lower finance costs, and higher financial income. Offsetting pressure came mainly from higher administrative expenses and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 40.38x
- P/B
- 0.88x
- EPS
- 416
- BVPS
- 19,108
- ROE
- 2.9%
- ROA
- 0.5%
- Market price
- 16,800 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BCA is improving on both growth and profitability, painting a notably more positive picture versus the same period — this marks a reversal from the difficult phase before. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Finance costs
- Financial income
- Administrative expenses
- 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 | 1,860.5 | 1,879.3 | 1,838.6 | 1,226.7 | 1,436.7 | 1,279.3 | 1,615.7 | 1,386.2 |
| LNST | 5.3 | 23.3 | -6.3 | -1.4 | 1.5 | -38.0 | -11.2 | 5.2 |
| Net margin | 0.29% | 1.24% | -0.34% | -0.11% | 0.11% | -2.97% | -0.70% | 0.38% |
Revenue
1,861bnNet income
5bnNet margin
0.29%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 improved (+1.1pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲Net margin edged up to 0.31%, rising 1.1pp. Core operating signals are improving as Gross margin rose 0.3pp are enough to offset pressure from SG&A / Revenue rose 0.7pp (with additional support from Net financial result / Revenue rose 1.0pp and Other profit / Revenue rose 0.4pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 0.31% +1.1pp
- Gross Margin
- 3.73% +0.3pp
- SG&A / Revenue
- 1.71% +0.7pp
- Non-core / Revenue
- −1.71% +1.4pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 59.1% of PBT and lifted net margin by 1.4pp — separate the operating contribution from this source.
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 18.5 days — working capital needs watching.
Is capital being deployed efficiently?
▲ROIC edged up to 0.29%, rising 1.4pp. That translates to 0.29 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.6pp and capital turnover rose 0.33x, with invested capital easing up by 97bn — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 0.29% — 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. Leverage is elevated, requiring monitoring — liabilities at 2.68x equity, net debt at 1.79x equity.
Inventory ended the period at 1,498.6bn, roughly 42.8% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 18.5 days versus the same period last year. The main moves came from DIO rose 10.6 days, DSO rose 5.9 days, and DPO fell 1.9 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +18.5 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +5.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −8.2% to 2.9% — supported by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.79x and interest coverage only at 0.06x.
At present, short-term debt accounts for 81.7% of total debt, cash equals 1.2% of debt, and total debt stands at 1,729.9bn.
Net debt / equity stands at 1.79x, increasing balance-sheet pressure.
Interest coverage is 0.06x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.79x −2.25x
- Interest Coverage
- 0.06x +0.22x
- Cash / Debt
- 1.2% −1.1pp
- Short-term Debt / Total Debt
- 81.7% −18.3pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 222.9bn in 2025, against investing cash flow of 240.1bn.
Post-investment cash flow was positive +463.0bn. Financing cash flow was negative +420.7bn.
CFO / net income was 3,68 lần.
After spending +26.5bn on fixed-asset investment, the business generated trailing free cash flow of +50.6bn.
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 capital efficiency remains weak remaining the main constraint, with ROIC at 0.3%. The next watchpoint is the earnings mix, when non-core contribution is −604.2%. The main offsetting support comes from operating efficiency, with net margin improving 1.1 pp.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 30.79% after expanding 1.1pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.68x. Even so, net financial result still accounts for −604.2% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +19,0% YoY pace.
Ability to hold margins around the current 0.31% level.
Cash-flow quality, with operating cash flow currently at 222.9bn in 2025.
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