Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 13,052.2bn, rose 13,185.7bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.22x
- P/B
- 2.10x
- EPS
- 2,823
- BVPS
- 13,736
- ROE
- 20.9%
- ROA
- 14.2%
- Market price
- 28,850 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BSR is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Other
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 | 45,919.5 | 37,621.4 | 35,290.2 | 36,772.2 | 31,894.6 | 35,968.3 | 31,945.9 | 24,428.6 |
| LNST | 8,265.5 | 3,034.5 | 908.6 | 846.9 | 399.5 | -89.1 | -1,209.5 | 768.5 |
| Net margin | 18.00% | 8.07% | 2.57% | 2.30% | 1.25% | -0.25% | -3.79% | 3.15% |
Revenue
45,920bnNet income
8,266bnNet margin
18.00%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 8.39%, rising 8.5pp. Core operating signals are improving as Gross margin rose 10.1pp are enough to offset pressure from SG&A / Revenue rose 0.2pp (with lingering pressure from Net financial result / Revenue fell 0.4pp and Other profit / Revenue fell 0.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 8.39% +8.5pp
- Gross Margin
- 9.76% +10.1pp
- SG&A / Revenue
- 1.18% +0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 8.0 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 22.36%, rising 22.7pp. That translates to 22.36 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 8.5pp, with capital turnover fell 0.21x; while invested capital expanded strongly by 15,178bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.41x equity, net debt at 0.10x equity.
Inventory ended the period at 12,666.9bn, roughly 14.9% of total assets.
Over the last 12 months, working capital absorbed 8,794.5bn 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 8.0 days versus the same period last year. The main moves came from DIO rose 13.8 days, DSO rose 14.5 days, and DPO rose 20.3 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +8.0 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +14.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −0.2% to 20.9% — all three components improved.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.10x and interest coverage at 23.39x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 49.5% of debt, and total debt stands at 13,397.7bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.10x +0.36x
- Interest Coverage
- 23.39x +23.62x
- Cash / Debt
- 49.5% −187.0pp
- 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 5,258.1bn in 2025, against investing cash flow of -21,662.2bn.
Post-investment cash flow was negative +16,404.2bn. Financing cash flow was negative +5,354.5bn.
CFO / net income was 0,45 lần.
After spending +923.4bn on fixed-asset investment, the business generated trailing free cash flow of +4,897.2bn.
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 operating efficiency, with net margin improving 8.5 pp. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.39% after expanding 8.5pp versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +25,2% YoY pace.
Ability to hold margins around the current 8.39% level.
Cash-flow quality, with operating cash flow currently at 5,258.1bn in 2025.
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