Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 148.4bn, rose 68.8bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.05x
- P/B
- 1.55x
- EPS
- 3,709
- BVPS
- 16,868
- ROE
- 22.7%
- ROA
- 16.2%
- Market price
- 26,150 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, LBM is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Tax
- Administrative 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 | 308.7 | 317.8 | 265.4 | 369.5 | 245.2 | 258.6 | 195.0 | 241.9 |
| LNST | 29.8 | 35.2 | 27.7 | 55.7 | 22.3 | 20.3 | 15.2 | 21.9 |
| Net margin | 9.65% | 11.08% | 10.44% | 15.07% | 9.10% | 7.86% | 7.81% | 9.07% |
Revenue
309bnNet income
30bnNet margin
9.65%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 11.76%, rising 3.3pp. The main driver is SG&A / Revenue fell 2.0pp and Gross margin rose 1.1pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 1.1pp added support while Net financial result / Revenue fell 0.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 11.76% +3.3pp
- Gross Margin
- 22.94% +1.1pp
- SG&A / Revenue
- 8.86% −2.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 48.4 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 18.28%, rising 6.0pp. That translates to 18.28 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.4pp and capital turnover rose 0.23x, while invested capital rose by 102bn — capital-return quality improved from both sides.
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 0.54x equity, net debt at 0.24x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 1.1pp YoY to 22.94% (TTM).
Gross margin (TTM): 22.94% · YoY +1.1pp
Inventory 108.0bn — 10.87% of total assets, below the materials-group median (13.00%); ≈ 41 days of sales.
Inventory / assets: 10.87% (group median 13.00%)
Days inventory outstanding: 41
None
Over the last 12 months, working capital absorbed 45.2bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 17.7 days versus the same period last year. The main moves came from DIO fell 15.2 days, DSO fell 6.3 days, and DPO fell 3.8 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE rose from 12.7% to 22.7% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Leverage is safe but FCF is negative at 23.1bn due to capex of 219.6bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.24x and interest coverage at 21.78x.
At present, short-term debt accounts for 94.6% of total debt, cash equals 26.1% of debt, and total debt stands at 222.9bn.
Short-term debt accounts for 94.6% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.24x +0.19x
- Interest Coverage
- 21.78x +0.16x
- Cash / Debt
- 26.1% −37.8pp
- Short-term Debt / Total Debt
- 94.6% +84.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 248.0bn in 2025, against investing cash flow of -217.2bn.
Post-investment cash flow was positive +30.8bn. Financing cash flow was negative +10.7bn.
CFO / net income was 1,32 lần.
After spending +219.6bn on fixed-asset investment, the business generated trailing free cash flow of −23.1bn.
In summary
Research synthesis
What this reporting period is showing
The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin and capital efficiency all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency. The residual risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 11.76% after expanding 3.3pp versus the same period last year.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 23.1bn.
What to verify next
Questions for the next period
Durability of revenue growth after the current +34,1% YoY pace.
Ability to hold margins around the current 11.76% level.
Cash-flow quality, with operating cash flow currently at 248.0bn in 2025.
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