Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 125.2bn, fell 27.8bn compared with the same period last year. Key positives came from lower finance costs and lower minority interests. Offsetting pressure came mainly from lower gross profit, lower financial income, weaker other profit, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.09x
- P/B
- 0.88x
- EPS
- 5,047
- BVPS
- 29,329
- ROE
- 18.0%
- ROA
- 11.5%
- Market price
- 25,700 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BDG is going through a period of clear decline across multiple metrics at once — profit momentum has been slowing across consecutive periods. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.
Profit bridge
Vs last year · TTM
- Finance costs
- Minority interests
- Gross profit
- Financial income
- Other profit
- 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 | 360.8 | 472.5 | 473.4 | 461.5 | 354.9 | 506.0 | 505.3 | 451.2 |
| LNST | 12.3 | 51.4 | 30.4 | 40.8 | 13.1 | 79.4 | 31.9 | 41.2 |
| Net margin | 3.40% | 10.88% | 6.43% | 8.85% | 3.69% | 15.69% | 6.32% | 9.12% |
Revenue
361bnNet income
12bnNet margin
3.40%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin narrowed to 7.63%, falling 1.5pp. The main pressure comes from Gross margin fell 0.6pp and SG&A / Revenue rose 0.4pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.6pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 7.63% −1.5pp
- Gross Margin
- 16.07% −0.6pp
- SG&A / Revenue
- 7.06% +0.4pp
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 16.03%, losing 6.8pp. That translates to 16.03 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.0pp and capital turnover fell 0.54x, while invested capital expanded strongly by 162bn — pressure came from both operational efficiency and asset efficiency.
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 0.63x equity, net debt at 0.28x equity.
Inventory ended the period at 236.4bn, roughly 20.3% of total assets.
Over the last 12 months, working capital absorbed 89.7bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 9.5 days versus the same period last year. The main moves came from DIO fell 2.7 days, DSO rose 12.6 days, and DPO rose 0.3 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +9.5 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +12.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 26.8% to 19.4% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Leverage is safe but FCF is negative at 54.1bn due to capex of 117.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.28x and interest coverage at 5.51x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 5.3% of debt, and total debt stands at 205.7bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 5.3%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.28x +0.07x
- Interest Coverage
- 5.51x +1.26x
- Cash / Debt
- 5.3% −21.0pp
- Short-term Debt / Total Debt
- 100.0% +18.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 119.8bn in 2025, against investing cash flow of -30.3bn.
Post-investment cash flow was positive +89.5bn. Financing cash flow was negative +98.2bn.
CFO / net income was 0,50 lần.
After spending +117.2bn on fixed-asset investment, the business generated trailing free cash flow of −54.1bn.
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 leverage and liquidity remaining the main constraint, with interest coverage at 5.51x. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 0.50x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.50x.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.28x and a thin cash buffer.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −2,7% YoY decline.
Ability to hold margins around the current 7.63% level.
Cash-flow quality, with operating cash flow currently at 119.8bn in 2025.
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