Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 78.9bn, rose 95.6bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.45x
- P/B
- 0.37x
- EPS
- 639
- BVPS
- 14,534
- ROE
- 4.5%
- ROA
- 2.2%
- Market price
- 5,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BCC has not accelerated revenue sharply, but profitability is improving visibly — this marks a reversal from the difficult phase before. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Other
- Selling expenses
- Other profit
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 | 875.3 | 979.6 | 879.8 | 1,065.2 | 771.6 | 984.9 | 792.8 | 1,020.6 |
| LNST | -11.6 | 33.5 | -10.7 | 63.1 | -60.4 | 39.9 | -25.4 | 27.1 |
| Net margin | -1.32% | 3.41% | -1.22% | 5.93% | -7.83% | 4.05% | -3.21% | 2.66% |
Revenue
875bnNet income
-12bnNet margin
-1.32%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 expanded to 1.95%, rising 2.5pp. The main driver is Gross margin rose 2.6pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / Revenue fell 0.3pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 1.95% +2.5pp
- Gross Margin
- 10.85% +2.6pp
- SG&A / Revenue
- 8.19% −0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.87x equity, net debt at 0.35x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 2.6pp YoY to 10.85% (TTM).
Gross margin (TTM): 10.85% · YoY +2.6pp
Inventory 352.0bn — 9.82% of total assets, below the materials-group median (13.00%); ≈ 38 days of sales.
Inventory / assets: 9.82% (group median 13.00%)
Days inventory outstanding: 38
Inventory ended the period at 357.0bn, roughly 10.5% of total assets.
Over the last 12 months, working capital absorbed 25.9bn 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 4.1 days versus the same period last year. The main moves came from DIO fell 1.2 days, DSO fell 1.9 days, and DPO fell 7.2 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +4.1 days, indicating weaker working-capital turnover versus the prior year.
DuPont
What drives ROE?
ROE rose from −1.1% to 4.2% — supported by net margin and asset turnover.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.35x and interest coverage at 2.26x.
At present, short-term debt accounts for 95.8% of total debt, cash equals 15.5% of debt, and total debt stands at 736.9bn.
Short-term debt accounts for 95.8% of total debt, raising near-term refinancing needs.
Cash / debt stands at 15.5%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.35x −0.08x
- Interest Coverage
- 2.26x +3.20x
- Cash / Debt
- 15.5% +12.6pp
- Short-term Debt / Total Debt
- 95.8% −2.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 314.5bn in 2025, against investing cash flow of -172.1bn.
Post-investment cash flow was positive +142.5bn. Financing cash flow was negative +7.8bn.
CFO / net income was 4,36 lần.
After spending +204.7bn on fixed-asset investment, the business generated trailing free cash flow of +139.1bn.
In summary
Research synthesis
What this reporting period is showing
The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to cash flow. Even so, capital efficiency remains the area to verify in upcoming periods.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.95% after expanding 2.5pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Durability of revenue growth after the current +6,4% YoY pace.
Ability to hold margins around the current 1.95% level.
Cash-flow quality, with operating cash flow currently at 314.5bn in 2025.
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