Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 4.0bn, rose 1.4bn compared with the same period last year. Key positives came from higher gross profit, lower tax, higher financial income, and lower finance costs. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 19.47x
- P/B
- 0.31x
- EPS
- 164
- BVPS
- 10,336
- ROE
- 1.6%
- ROA
- 0.8%
- Market price
- 3,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BMV is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — earnings have been recovering gradually over multiple periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Financial income
- Finance costs
- Administrative expenses
- Selling expenses
- Other profit
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 | 160.0 | 171.8 | 162.0 | 153.0 | 147.5 | 183.8 | 164.4 | 145.5 |
| LNST | 1.2 | 0.7 | 1.0 | 1.0 | 1.0 | 1.1 | -0.5 | 1.0 |
| Net margin | 0.78% | 0.42% | 0.60% | 0.67% | 0.69% | 0.61% | -0.32% | 0.68% |
Revenue
160bnNet income
1bnNet margin
0.78%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 improved (+0.2pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
●Net margin stands at 0.61%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 0.61% +0.2pp
- Gross Margin
- 6.82% +0.6pp
- SG&A / Revenue
- 6.45% +0.9pp
- Non-core / Revenue
- 0.40% +0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (51.4% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 0.92%, rising 0.4pp. That translates to 0.92 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.3pp, with capital turnover broadly stable; with invested capital holding roughly steady.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 0.92% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●Capital structure is balanced — liabilities at 0.72x equity, net debt at 0.63x equity.
Inventory ended the period at 92.8bn, roughly 21.7% of total assets.
Over the last 12 months, working capital released 29.8bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
Working Capital Efficiency
●Cash conversion cycle lengthened by 0.8 days versus the same period last year. The main moves came from DIO rose 1.1 days, DSO rose 5.1 days, and DPO rose 5.5 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 97.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +5.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 1.0% to 1.6% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
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 0.63x and interest coverage only at 0.67x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 17.0% of debt, and total debt stands at 189.1bn.
Interest coverage is 0.67x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.63x −0.07x
- Interest Coverage
- 0.67x +0.14x
- Cash / Debt
- 17.0% +8.3pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 34.5bn in 2025, against investing cash flow of 70.4bn.
Post-investment cash flow was positive +104.9bn. Financing cash flow was negative +43.4bn.
CFO / net income was 8,72 lần.
After spending +7.4bn on fixed-asset investment, the business generated trailing free cash flow of +27.2bn.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is cash generation. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at 0.9%.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 74.3bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 8.72x. Even so, net financial result still accounts for 47.4% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +0,9% YoY pace.
Ability to hold margins around the current 0.61% level.
Cash-flow quality, with operating cash flow currently at 34.5bn in 2025.
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