Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 9.6bn, fell 46.3bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -50.06x
- P/B
- 1.30x
- EPS
- -160
- BVPS
- 6,132
- ROE
- -2.6%
- ROA
- -1.9%
- Market price
- 8,000 24 Aug 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BSG posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive 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
- Administrative expenses
- Gross 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 | 89.4 | 98.6 | 110.3 | 116.0 | 111.3 | 160.1 | 148.8 | 170.7 |
| LNST | -11.4 | -9.0 | 2.4 | 8.5 | 1.5 | 13.9 | 8.2 | 13.0 |
| Net margin | -12.80% | -9.11% | 2.14% | 7.31% | 1.35% | 8.71% | 5.53% | 7.65% |
Revenue
89bnNet income
-11bnNet margin
-12.80%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 fell to −2.31%, losing 8.5pp. The main pressure comes from Gross margin fell 7.6pp and SG&A / Revenue rose 1.8pp (with additional support from Other profit / Revenue rose 0.5pp and Net financial result / Revenue rose 0.3pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −2.31% −8.5pp
- Gross Margin
- 5.32% −7.6pp
- SG&A / Revenue
- 9.28% +1.8pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.28x equity, with a net cash position equivalent to 0.16x equity.
None
Over the last 12 months, working capital absorbed 55.7bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
Working Capital Efficiency
▼▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 39.7 days versus the same period last year. The main moves came from DIO rose 1.0 days, DSO rose 15.8 days, and DPO fell 23.0 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +39.7 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +15.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 10.2% to −2.6% — all three components weakened.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 25.3bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.16x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 25.3bn in 2025, against investing cash flow of -54.9bn.
Post-investment cash flow was negative +29.6bn. Financing cash flow was negative +11.3bn.
CFO / net income was −0,95 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 under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 8.5 pp. The next watchpoint is the earnings mix, when non-core contribution is 27.8%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.16x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.16x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 27.8% of PBT and CFO / net income currently at −0.95x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -2.31% after a 8.5pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −29,9% YoY decline.
Ability to hold margins around the current -2.31% level.
Cash-flow quality, with operating cash flow currently at 25.3bn in 2025.
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.