Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 68.6bn, fell 17.1bn compared with the previous quarter. Offsetting pressure came mainly from higher finance costs and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- -2,081
- BVPS
- -32,355
- ROE
- 6.7%
- ROA
- -36.9%
- Market price
- —
The current picture
What Is Changing
On a Năm 2025 basis, BT6 is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — margins have been expanding consistently over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
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 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|
| Revenue | 11.6 | 32.4 | 16.9 | 31.0 | 28.9 | 22.3 | 15.9 |
| LNST | -17.1 | -52.8 | -1.6 | 2.8 | 0.0 | -15.8 | -41.6 |
| Net margin | -147.51% | -163.12% | -9.43% | 9.15% | 0.01% | -70.84% | -262.10% |
Revenue
12bnNet income
-17bnNet margin
-147.51%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- −74.71% +48.6pp
- Gross Margin
- 14.26%
- SG&A / Revenue
- 3.68%
- Non-core / Revenue
- −87.42%
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (117.0% of PBT) — sustainability should be monitored.
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 -1.17x equity, with a net cash position equivalent to 0.29x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Gross margin is flat around 14.26% (TTM) — the input-cost cycle is stable for now.
Gross margin (TTM): 14.26%
Inventory 21.0bn — 10.90% of total assets, below the materials-group median (13.00%); ≈ 97 days of sales.
Inventory / assets: 10.90% (group median 13.00%)
Days inventory outstanding: 97
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 10.8bn.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −0.29x and interest coverage only at −0.88x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 7.9% of debt, and total debt stands at 339.3bn.
Interest coverage is −0.88x, 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
- −0.29x +0.03x
- Interest Coverage
- −0.88x
- Cash / Debt
- 7.9% +3.7pp
- 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 10.8bn in 2025, against investing cash flow of 0.3bn.
Post-investment cash flow was positive +11.2bn. Financing cash flow was negative +8.6bn.
CFO / net income was −0,18 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 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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at −0.88x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 117.0% of PBT and CFO / net income currently at −0.18x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −0.88x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +43,0% YoY pace.
Ability to hold margins around the current -51.77% level.
Cash-flow quality, with operating cash flow currently at 10.8bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.