Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 115.8bn, rose 9.4bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax, higher selling expenses, higher finance costs, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.57x
- P/B
- 2.95x
- EPS
- 3,050
- BVPS
- 11,947
- ROE
- 26.4%
- ROA
- 16.9%
- Market price
- 35,300 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BCF shows mild improvement in both revenue and margins, but the magnitude of change is narrow — margins have been expanding consistently over multiple periods. This signal only becomes convincing if the improvement widens in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Selling expenses
- Finance costs
- 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 | 179.6 | 201.3 | 211.4 | 197.4 | 174.1 | 190.9 | 206.3 | 194.0 |
| LNST | 21.6 | 23.2 | 36.9 | 34.2 | 25.6 | 19.4 | 32.2 | 29.2 |
| Net margin | 12.02% | 11.51% | 17.44% | 17.30% | 14.73% | 10.15% | 15.59% | 15.03% |
Revenue
180bnNet income
22bnNet margin
12.02%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 14.66%, rising 0.8pp. Core operating signals are improving as Gross margin rose 2.7pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (with lingering pressure from Net financial result / Revenue fell 0.5pp and Other profit / Revenue fell 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 14.66% +0.8pp
- Gross Margin
- 29.20% +2.7pp
- SG&A / Revenue
- 11.30% +0.6pp
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 19.48%, losing 2.8pp. That translates to 19.48 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.29x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 119bn.
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. Capital structure is conservative with low leverage — liabilities at 0.72x equity, net debt at 0.36x equity.
Inventory ended the period at 118.4bn, roughly 15.8% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 6.7 days versus the same period last year. The main moves came from DIO rose 6.5 days, DSO rose 4.2 days, and DPO rose 4.0 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 92.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +4.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 26.4% — the components are offsetting one another.
Is financial risk significant?
Leverage is safe but FCF is negative at 26.7bn due to capex of 120.3bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.36x and interest coverage at 15.37x.
At present, short-term debt accounts for 39.1% of total debt, cash equals 22.5% of debt, and total debt stands at 213.5bn.
Cash / debt stands at 22.5%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.36x +0.07x
- Interest Coverage
- 15.37x −7.76x
- Cash / Debt
- 22.5% −3.9pp
- Short-term Debt / Total Debt
- 39.1% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 100.5bn in 2025, against investing cash flow of -146.0bn.
Post-investment cash flow was negative +45.5bn. Financing cash flow was positive +11.8bn.
CFO / net income was 0,81 lần.
After spending +120.3bn on fixed-asset investment, the business generated trailing free cash flow of −26.7bn.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.81x. The main risk still sits in self-funded cash generation remains weak.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.81x.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 26.7bn.
What to verify next
Questions for the next period
Durability of revenue growth after the current +3,2% YoY pace.
Ability to hold margins around the current 14.66% level.
Cash-flow quality, with operating cash flow currently at 100.5bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.