Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 38.4bn, rose 4.8bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.21x
- P/B
- 0.92x
- EPS
- 2,010
- BVPS
- 17,888
- ROE
- 12.2%
- ROA
- 9.7%
- Market price
- 16,500 29 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BSH has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Administrative expenses
- Tax
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 | 131.0 | 164.4 | 158.0 | 137.3 | 108.6 | 153.4 | 172.7 | 182.4 |
| LNST | 7.5 | 10.4 | 13.8 | 6.8 | -1.4 | 7.5 | 12.8 | 14.6 |
| Net margin | 5.69% | 6.30% | 8.73% | 4.92% | -1.25% | 4.89% | 7.40% | 8.01% |
Revenue
131bnNet income
7bnNet margin
5.69%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 improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲Net margin edged up to 6.49%, rising 1.1pp. Core operating signals are improving as Gross margin rose 1.4pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 0.0pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 6.49% +1.1pp
- Gross Margin
- 9.92% +1.4pp
- SG&A / Revenue
- 3.57% +0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
▲ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.28x equity, with a net cash position equivalent to 0.33x equity.
Inventory ended the period at 45.2bn, roughly 11.2% of total assets.
Over the last 12 months, working capital released 4.4bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
Working Capital Efficiency
●The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 2.1 days versus the same period last year. The main moves came from DIO fell 2.8 days, DSO rose 5.5 days, and DPO rose 0.7 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +2.1 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +5.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 10.9% to 12.2% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 26.9bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.33x and interest coverage at 77.50x.
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
- −0.33x
- Interest Coverage
- 77.50x
- 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 26.9bn in 2025, against investing cash flow of -209.3bn.
Post-investment cash flow was negative +182.4bn. Financing cash flow was negative +18.0bn.
CFO / net income was 1,08 lần.
After spending +4.1bn on fixed-asset investment, the business generated trailing free cash flow of +37.4bn.
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 operating efficiency, with net margin improving 1.1 pp. The next item to monitor is the earnings mix, when non-core contribution is 22.9%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 6.49% after expanding 1.1pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.08x. Even so, net financial result still accounts for 22.9% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −4,3% YoY decline.
Ability to hold margins around the current 6.49% level.
Cash-flow quality, with operating cash flow currently at 26.9bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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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.