Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 9.1bn, fell 4.4bn compared with the same period last year. Offsetting pressure came mainly from lower gross profit, weaker other profit, higher selling expenses, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 15.94x
- P/B
- 0.19x
- EPS
- 128
- BVPS
- 10,668
- ROE
- 1.2%
- ROA
- 1.1%
- Market price
- 2,040 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BKG is going through a period of clear decline across multiple metrics at once — margins have been compressing consistently over multiple 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
- Gross profit
- Other profit
- Selling expenses
- Financial income
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 | 46.7 | 62.5 | 41.2 | 86.3 | 44.5 | 65.6 | 65.2 | 88.5 |
| LNST | 1.7 | 2.9 | 1.3 | 3.5 | 2.7 | 3.9 | 2.9 | 4.3 |
| Net margin | 3.58% | 4.56% | 3.23% | 4.07% | 6.11% | 5.94% | 4.38% | 4.92% |
Revenue
47bnNet income
2bnNet margin
3.58%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 3.96%, falling 1.3pp. The main pressure is SG&A / Revenue rose 0.6pp, outweighing the improvement in Gross margin rose 0.1pp (with lingering pressure from Other profit / Revenue fell 0.4pp and Net financial result / Revenue fell 0.4pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 3.96% −1.3pp
- Gross Margin
- 10.41% +0.1pp
- SG&A / Revenue
- 4.04% +0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 1.41%, falling 0.3pp. That translates to 1.41 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.0pp, outweighing the movement in capital turnover; with invested capital easing slightly by 71bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 1.41% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.07x equity, with a net cash position equivalent to 0.02x equity.
Inventory ended the period at 145.2bn, roughly 17.8% of total assets.
Over the last 12 months, working capital absorbed 29.9bn 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 47.5 days versus the same period last year. The main moves came from DIO rose 41.0 days, DSO rose 9.6 days, and DPO rose 3.1 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 293.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +9.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 1.2% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.02x and interest coverage at 8.57x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 160.7% of debt, and total debt stands at 27.6bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.02x −0.03x
- Interest Coverage
- 8.57x −4.25x
- Cash / Debt
- 160.7% +92.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -52.3bn in 2025, against investing cash flow of 46.2bn.
Post-investment cash flow was negative +6.1bn. Financing cash flow was positive +2.7bn.
CFO / net income was −2,21 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
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 −2.21x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in capital efficiency remains weak, with ROIC at 1.4%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −2.21x.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −10,2% YoY decline.
Ability to hold margins around the current 3.96% level.
Cash-flow quality, with operating cash flow currently at -52.3bn in 2025.
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