Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 152.9bn, rose 73.2bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, higher associates income, and lower tax. Offsetting pressure came mainly from lower financial income, higher administrative expenses, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.41x
- P/B
- 0.54x
- EPS
- 1,157
- BVPS
- 24,451
- ROE
- 5.6%
- ROA
- 2.9%
- Market price
- 13,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, KSB 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
- Finance costs
- Associates income
- Tax
- Financial income
- Administrative expenses
- Selling expenses
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 | 202.2 | 181.0 | 259.9 | 143.1 | 126.9 | 119.0 | 89.5 | 150.3 |
| LNST | 31.8 | 40.0 | 35.4 | 45.4 | 35.9 | 19.3 | 12.2 | 12.1 |
| Net margin | 15.72% | 22.10% | 13.64% | 31.72% | 28.29% | 16.22% | 13.61% | 8.03% |
Revenue
202bnNet income
32bnNet margin
15.72%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 19.41%, rising 3.1pp. Core operating signals are improving as SG&A / Revenue fell 3.2pp are enough to offset pressure from Gross margin fell 8.8pp (in addition, Other profit / Revenue rose 4.5pp added support while Net financial result / Revenue fell 1.4pp remained a drag).
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
- 19.41% +3.1pp
- Gross Margin
- 37.23% −8.8pp
- SG&A / Revenue
- 12.80% −3.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 39.1 days.
Is capital being deployed efficiently?
▲ROIC expanded to 4.49%, rising 1.5pp. That translates to 4.49 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.4pp and capital turnover rose 0.07x, while invested capital rose by 308bn — capital-return quality improved from both sides.
Capital turnover improved — a positive signal on asset efficiency, but with ROIC still low, NOPAT margin also needs to lift in coming periods to produce meaningful returns.
ROIC is currently 4.49% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.86x equity, net debt at 0.34x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 8.8pp YoY to 37.23% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.
Gross margin (TTM): 37.23% · YoY -8.8pp
Inventory 19.6bn — 0.35% of total assets, below the materials-group median (13.00%); ≈ 15 days of sales.
Inventory / assets: 0.35% (group median 13.00%)
Days inventory outstanding: 15
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 90.8 days versus the same period last year. The main moves came from DIO fell 16.6 days, DSO fell 58.3 days, and DPO rose 15.9 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE rose from 3.0% to 5.6% — all three components improved, with asset turnover contributing the most.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.34x and interest coverage only at 1.52x.
At present, short-term debt accounts for 22.8% of total debt, cash equals 19.1% of debt, and total debt stands at 1,179.2bn.
Interest coverage is 1.52x, leaving limited room to absorb financing costs.
Cash / debt stands at 19.1%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.34x −0.03x
- Interest Coverage
- 1.52x +0.54x
- Cash / Debt
- 19.1% +17.0pp
- Short-term Debt / Total Debt
- 22.8% −12.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 474.4bn in 2025, against investing cash flow of -222.9bn.
Post-investment cash flow was positive +251.5bn. Financing cash flow was positive +137.0bn.
CFO / net income was 2,43 lần.
After spending +34.2bn on fixed-asset investment, the business generated trailing free cash flow of +337.9bn.
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 3.1 pp. The main risk still sits in capital efficiency remains weak, with ROIC at 4.5%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 19.41% after expanding 3.1pp versus the same period last year.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +61,9% YoY pace.
Ability to hold margins around the current 19.41% level.
Cash-flow quality, with operating cash flow currently at 474.4bn in 2025.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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