Analysis of business results & financial statements · Quý 4/2025
▼▼ Declining sharply
Trailing net profit reached 14.6bn, fell 2.9bn compared with the same period last year. Key positives came from higher financial income. Offsetting pressure came mainly from lower gross profit, higher finance costs, higher administrative expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.88x
- P/B
- 0.68x
- EPS
- 1,454
- BVPS
- 14,610
- ROE
- 9.5%
- ROA
- 8.1%
- Market price
- 10,000 12 Oct 2026
The current picture
What Is Changing
On a TTM 2025Q4 basis, EBS is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
- Finance costs
- Administrative expenses
- Tax
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 4/2025
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.6 | 21.3 | 28.7 | 8.5 | 5.0 | 31.1 | 30.5 | 6.0 |
| LNST | 3.3 | 5.3 | 3.5 | 2.5 | 6.6 | 4.5 | 4.8 | 1.6 |
| Net margin | 93.55% | 24.69% | 12.26% | 29.21% | 130.81% | 14.32% | 15.82% | 27.46% |
Revenue
4bnNet income
3bnNet margin
93.55%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼Net margin narrowed to 23.51%, falling 0.6pp. The main pressure is SG&A / Revenue rose 7.6pp, outweighing the improvement in Gross margin rose 2.1pp (with additional support from Net financial result / Revenue rose 6.4pp and Other profit / Revenue rose 0.3pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 23.51% −0.6pp
- Gross Margin
- 41.66% +2.1pp
- SG&A / Revenue
- 34.64% +7.6pp
- Non-core / Revenue
- 19.64% +6.7pp
TTM YoY · 2024Q4 -> 2025Q4
Financial result accounts for 73.3% of PBT and lifted net margin by 6.7pp — separate the operating contribution from this source.
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 9.98%, losing 2.2pp. That translates to 9.98 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.8pp and capital turnover fell 0.08x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.17x equity, with a net cash position equivalent to 0.02x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 33.2 days versus the same period last year. The main moves came from DIO rose 38.8 days, DSO fell 11.4 days, and DPO fell 5.8 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 219.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +38.8 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 11.4% to 9.5% — asset turnover weakened the most, though leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.02x and interest coverage at 5.44x.
At present, short-term debt accounts for 59.7% of total debt, cash equals 165.1% of debt, and total debt stands at 4.3bn.
- Net Debt / Equity
- −0.02x +0.07x
- Interest Coverage
- 5.44x −16.15x
- Cash / Debt
- 165.1% −210.8pp
- Short-term Debt / Total Debt
- 59.7% +24.6pp
TTM YoY · 2024Q4 -> 2025Q4
Cash Flow
●Operating cash flow reached -11.1bn in 2025, against investing cash flow of 16.2bn.
Post-investment cash flow was positive +5.0bn. Financing cash flow was negative +16.8bn.
CFO / net income was −0,86 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 under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with working capital is tied up too long in the operating cycle remaining the main constraint, with CCC extended to 219 days. The next watchpoint is the earnings mix, when non-core contribution is 72.3%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.02x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 72.3% of PBT and CFO / net income currently at −0.86x.
- Key risk: working capital remains tied up for too long, with cash cycle at 219.0 days.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −14,6% YoY decline.
Ability to hold margins around the current 23.51% level.
Cash-flow quality, with operating cash flow currently at -11.1bn in 2025.
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