Analysis of business results & financial statements · Quý 3/2025
▲ Showing improvement
Trailing net profit reached 6.3bn, fell 120.5bn compared with the previous quarter. Key positives came from lower minority interests and lower tax. Offsetting pressure came mainly from lower financial income and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- -300.00x
- P/B
- 0.22x
- EPS
- -9
- BVPS
- 12,390
- ROE
- -0.1%
- ROA
- -0.0%
- Market price
- 2,700 16 Oct 2026
The current picture
What Is Changing
On a Năm 2024 basis, BGE has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 3/2025
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|
| Revenue | 349.4 | 362.9 | 296.5 | 248.5 | 339.7 | 369.3 |
| LNST | 67.5 | 20.9 | 6.5 | -109.9 | 213.6 | 225.2 |
| Net margin | 19.32% | 5.75% | 2.20% | -44.24% | 62.87% | 60.97% |
Revenue
349bnNet income
67bnNet margin
19.32%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- −1.20% +44.4pp
- Gross Margin
- 48.54%
- SG&A / Revenue
- 5.54%
- Non-core / Revenue
- −40.36%
TTM YoY · 2024Q3 -> 2025Q3
Margin support from financial result remains high (18044.3% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of −1.5% reflects a large fixed-asset base.
Is capital being deployed efficiently?
●ROIC currently stands at −1.53%. Track NOPAT margin and capital turnover to assess capital efficiency.
For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.
Balance Sheet
●ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 0.92x equity, net debt at 0.62x equity.
None
Over the last 12 months, working capital released 605.8bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.62x and interest coverage only at 0.09x.
At present, short-term debt accounts for 24.5% of total debt, cash equals 4.3% of debt, and total debt stands at 5,823.8bn.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
Interest coverage is 0.09x, leaving limited room to absorb financing costs.
Cash / debt stands at 4.3%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.62x +0.02x
- Interest Coverage
- 0.09x
- Cash / Debt
- 4.3% +0.5pp
- Short-term Debt / Total Debt
- 24.5% −3.3pp
TTM YoY · 2024Q3 -> 2025Q3
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,207.0bn in 2024, against investing cash flow of -894.6bn.
Post-investment cash flow was positive +312.4bn. Financing cash flow was negative +415.2bn.
CFO / net income was −200,70 lần.
After spending +70.8bn on fixed-asset investment, the business generated trailing free cash flow of +1,186.0bn.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 0.09x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 15443.2% of PBT and CFO / net income currently at −200.70x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.09x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +13,5% YoY pace.
Ability to hold margins around the current 30.86% level.
Cash-flow quality, with operating cash flow currently at 1,207.0bn in 2024.
From one stock to the whole portfolio
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among the rest of your investments?
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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.