Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 67.9bn, rose 33.2bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.26x
- P/B
- 1.10x
- EPS
- 1,404
- BVPS
- 11,872
- ROE
- 13.1%
- ROA
- 10.6%
- Market price
- 13,000 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BSL has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- 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 | 210.1 | 255.7 | 227.3 | 235.8 | 171.7 | 256.6 | 260.4 | 239.0 |
| LNST | 22.0 | 25.8 | 10.6 | 9.5 | -3.6 | 15.2 | 11.1 | 12.0 |
| Net margin | 10.47% | 10.10% | 4.66% | 4.02% | -2.12% | 5.91% | 4.26% | 5.04% |
Revenue
210bnNet income
22bnNet margin
10.47%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 expanded to 7.31%, rising 3.6pp. The main driver is Gross margin rose 3.6pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.5pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 7.31% +3.6pp
- Gross Margin
- 8.86% +3.6pp
- SG&A / Revenue
- 1.55% −0.1pp
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 0.30x equity, with a net cash position equivalent to 0.15x equity.
Inventory ended the period at 78.7bn, roughly 11.8% of total assets.
Over the last 12 months, working capital released 13.2bn 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 2.2 days versus the same period last year. The main moves came from DIO rose 2.6 days, DSO rose 4.2 days, and DPO rose 4.6 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +2.2 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +4.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 6.9% to 13.1% — 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 70.7bn.
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
- −0.15x
- 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 70.7bn in 2025, against investing cash flow of -48.3bn.
Post-investment cash flow was positive +22.4bn. Financing cash flow was negative +30.6bn.
CFO / net income was 1,66 lần.
After spending +11.8bn on fixed-asset investment, the business generated trailing free cash flow of +101.0bn.
In summary
Research synthesis
What this reporting period is showing
The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to cash flow. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 19.1%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.31% after expanding 3.6pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.66x. Even so, net financial result still accounts for 19.1% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Durability of revenue growth after the current +0,1% YoY pace.
Ability to hold margins around the current 7.31% level.
Cash-flow quality, with operating cash flow currently at 70.7bn in 2025.
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