Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 341.5bn, fell 44.6bn compared with the same period last year. Key positives came from lower selling expenses and lower tax. Offsetting pressure came mainly from lower gross profit, higher minority interests, higher finance costs, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.98x
- P/B
- 1.89x
- EPS
- 5,375
- BVPS
- 31,218
- ROE
- 20.2%
- ROA
- 8.6%
- Market price
- 59,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BFC is maintaining revenue, but margins are compressing slightly — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Selling expenses
- Tax
- Gross profit
- Minority interests
- Finance costs
- Administrative expenses
- Other
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 | 3,345.4 | 2,466.2 | 2,059.5 | 3,534.6 | 2,554.3 | 2,470.8 | 2,031.0 | 2,916.0 |
| LNST | 142.2 | 68.3 | 73.3 | 147.5 | 111.1 | 99.9 | 64.3 | 190.3 |
| Net margin | 4.25% | 2.77% | 3.56% | 4.17% | 4.35% | 4.04% | 3.17% | 6.53% |
Revenue
3,345bnNet income
142bnNet margin
4.25%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 3.78%, falling 0.9pp. The main pressure is Gross margin fell 2.9pp, outweighing the improvement in SG&A / Revenue fell 1.9pp (with lingering pressure from Net financial result / Revenue fell 0.1pp and Other profit / Revenue fell 0.0pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 3.78% −0.9pp
- Gross Margin
- 12.17% −2.9pp
- SG&A / Revenue
- 6.92% −1.9pp
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 17.87%, losing 1.9pp. That translates to 17.87 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.49x, NOPAT margin narrowed 0.9pp still pulled ROIC lower, with invested capital holding roughly steady.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Balance Sheet
▼ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 1.34x equity, net debt at 0.55x equity.
Inventory ended the period at 2,283.0bn, roughly 57.5% of total assets.
Over the last 12 months, working capital absorbed 746.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 8.7 days versus the same period last year. The main moves came from DIO fell 8.6 days, DSO rose 0.5 days, and DPO rose 0.6 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DSO increased by +0.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 31.7% to 25.6% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 322.9bn due to capex of 77.1bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.55x and interest coverage at 6.03x.
At present, short-term debt accounts for 99.7% of total debt, cash equals 25.6% of debt, and total debt stands at 1,311.8bn.
Short-term debt accounts for 99.7% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.55x +0.26x
- Interest Coverage
- 6.03x −1.11x
- Cash / Debt
- 25.6% −18.1pp
- Short-term Debt / Total Debt
- 99.7% +0.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -731.6bn in 2025, against investing cash flow of -69.8bn.
Post-investment cash flow was negative +801.5bn. Financing cash flow was positive +425.0bn.
CFO / net income was −0,72 lần.
After spending +77.1bn on fixed-asset investment, the business generated trailing free cash flow of −322.9bn.
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 earnings conversion is confirmed, with CFO/NI at −0.72x. The main risk still sits in self-funded cash generation remains weak.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.72x.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 322.9bn.
What to verify next
Questions for the next period
Durability of revenue growth after the current +14,4% YoY pace.
Ability to hold margins around the current 3.78% level.
Cash-flow quality, with operating cash flow currently at -731.6bn in 2025.
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