Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 25.3bn, rose 9.2bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses, higher tax, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.69x
- P/B
- 0.55x
- EPS
- 1,599
- BVPS
- 13,588
- ROE
- 12.8%
- ROA
- 2.9%
- Market price
- 7,500 24 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BMF is still improving profit despite revenue not recovering, suggesting cost efficiency or the earnings mix is aiding current results — profit momentum has been slowing across consecutive periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Tax
- Selling expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 995.7 | 765.5 | 724.4 | 856.6 | 884.9 | 798.7 | 1,023.8 | 712.6 |
| LNST | 13.3 | 4.2 | 4.9 | 3.7 | 3.3 | 4.2 | 4.6 | 4.1 |
| Net margin | 1.33% | 0.55% | 0.68% | 0.43% | 0.38% | 0.52% | 0.45% | 0.57% |
Revenue
996bnNet income
13bnNet margin
1.33%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
●Net margin edged up to 0.78%, rising 0.3pp. Core operating signals are improving as Gross margin rose 1.1pp are enough to offset pressure from SG&A / Revenue rose 0.7pp (with lingering pressure from Net financial result / Revenue fell 0.0pp and Other profit / Revenue fell 0.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 0.78% +0.3pp
- Gross Margin
- 3.23% +1.1pp
- SG&A / Revenue
- 1.92% +0.7pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 3.26%, rising 0.8pp. That translates to 3.26 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.3pp, with capital turnover fell 1.21x; while invested capital expanded strongly by 143bn.
NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.
ROIC is currently 3.26% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 2.31x equity, net debt at 3.44x equity.
Inventory ended the period at 109.3bn, roughly 17.0% of total assets.
Over the last 12 months, working capital absorbed 245.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 14.4 days versus the same period last year. The main moves came from DIO rose 12.3 days, DSO rose 5.4 days, and DPO rose 3.3 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +14.4 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +5.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 9.0% to 13.2% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 3.44x and interest coverage only at 1.37x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 2.3% of debt, and total debt stands at 757.2bn.
Net debt / equity stands at 3.44x, increasing balance-sheet pressure.
Interest coverage is 1.37x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 3.44x +0.80x
- Interest Coverage
- 1.37x +0.50x
- Cash / Debt
- 2.3% −2.6pp
- Short-term Debt / Total Debt
- 100.0% +0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 40.6bn in 2025, against investing cash flow of 22.9bn.
Post-investment cash flow was positive +63.5bn. Financing cash flow was negative +88.4bn.
CFO / net income was −8,41 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 −8.41x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in capital efficiency remains weak, with ROIC at 3.3%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −8.41x.
- 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 −6,2% YoY decline.
Ability to hold margins around the current 0.78% level.
Cash-flow quality, with operating cash flow currently at 40.6bn in 2025.
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