Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 130.3bn, rose 81.6bn compared with the same period last year. Key positives came from higher financial income and lower administrative expenses. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.92x
- P/B
- 1.03x
- EPS
- 9,651
- BVPS
- 36,602
- ROE
- 29.0%
- ROA
- 22.9%
- Market price
- 37,800 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BTT posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Financial income
- Administrative expenses
- Other
- 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 | 61.3 | 66.2 | 63.1 | 60.2 | 79.2 | 80.5 | 60.0 | 69.9 |
| LNST | 78.2 | 22.9 | 15.1 | 14.2 | 14.5 | 10.5 | 12.0 | 11.8 |
| Net margin | 127.58% | 34.52% | 23.95% | 23.58% | 18.34% | 13.05% | 20.00% | 16.92% |
Revenue
61bnNet income
78bnNet margin
127.58%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 improved (+35.1pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 51.99%, rising 35.1pp. The main driver is Gross margin rose 10.4pp and SG&A / Revenue fell 3.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 30.0pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 51.99% +35.1pp
- Gross Margin
- 56.69% +10.4pp
- SG&A / Revenue
- 21.50% −3.3pp
- Non-core / Revenue
- 30.86% +30.1pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 47.4% of PBT and lifted net margin by 30.1pp — separate the operating contribution from this source.
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 0.27x equity, with a net cash position equivalent to 0.16x equity.
None
Over the last 12 months, working capital released 32.8bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 22.9 days versus the same period last year. The main moves came from DIO rose 6.3 days, DSO fell 0.3 days, and DPO rose 28.9 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DIO increased by +6.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 12.1% to 29.0% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 97.6bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.16x and interest coverage at 1153.26x.
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
- 1153.26x +1132.31x
- 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 97.6bn in 2025, against investing cash flow of -95.6bn.
Post-investment cash flow was positive +2.0bn. Financing cash flow was negative +40.5bn.
CFO / net income was 0,82 lần.
After spending +0.3bn on fixed-asset investment, the business generated trailing free cash flow of +106.9bn.
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 35.1 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 51.99% after expanding 35.1pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 47.2% of PBT and CFO / net income currently at 0.82x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −13,4% YoY decline.
Ability to hold margins around the current 51.99% level.
Cash-flow quality, with operating cash flow currently at 97.6bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
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