Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 42.4bn, rose 5.8bn compared with the previous quarter. Key positives came from higher gross profit. Offsetting pressure came mainly from higher finance costs, higher tax, higher administrative expenses, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 1.73x
- P/B
- 0.34x
- EPS
- 2,721
- BVPS
- 13,857
- ROE
- 22.0%
- ROA
- 8.7%
- Market price
- 4,700 16 Oct 2026
The current picture
What Is Changing
On a Năm 2025 basis, BIG has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
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 |
|---|---|---|---|---|---|
| Revenue | 140.5 | 234.0 | 83.3 | 136.8 | 71.9 |
| LNST | 7.0 | 33.0 | 1.4 | 1.4 | 0.9 |
| Net margin | 4.95% | 14.09% | 1.62% | 0.99% | 1.29% |
Revenue
141bnNet income
7bnNet margin
4.95%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
- 7.17% +4.8pp
- Gross Margin
- 12.99%
- SG&A / Revenue
- 1.82%
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 19.05%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.88x equity, with a net cash position equivalent to 0.09x equity.
None
Over the last 12 months, working capital released 66.3bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories 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.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.09x and interest coverage at 4.22x.
At present, short-term debt accounts for 69.3% of total debt, cash equals 112.9% of debt, and total debt stands at 156.6bn.
Short-term debt accounts for 69.3% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.09x −0.63x
- Interest Coverage
- 4.22x
- Cash / Debt
- 112.9% +95.6pp
- Short-term Debt / Total Debt
- 69.3% +19.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -34.8bn in 2025, against investing cash flow of -9.6bn.
Post-investment cash flow was negative +44.4bn. Financing cash flow was positive +112.4bn.
CFO / net income was 2,81 lần.
After spending +41.9bn on fixed-asset investment, the business generated trailing free cash flow of +77.4bn.
In summary
Research synthesis
What this reporting period is showing
The investment case still leans positive as other financial axes hold their base.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.81x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +13,3% YoY pace.
Ability to hold margins around the current 6.95% level.
Cash-flow quality, with operating cash flow currently at -34.8bn 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.