Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 58.8bn, rose 45.5bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.83x
- P/B
- 1.14x
- EPS
- 6,102
- BVPS
- 20,496
- ROE
- 36.6%
- ROA
- 26.5%
- Market price
- 23,400 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PDB 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
- 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 | 89.2 | 104.7 | 122.0 | 126.7 | 72.2 | 83.2 | 94.6 | 67.8 |
| LNST | 11.6 | 10.3 | 20.9 | 16.0 | 4.9 | -2.2 | 8.3 | 2.3 |
| Net margin | 13.00% | 9.79% | 17.14% | 12.65% | 6.75% | -2.64% | 8.76% | 3.46% |
Revenue
89bnNet income
12bnNet margin
13.00%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 13.28%, rising 9.1pp. Core operating signals are improving as Gross margin rose 9.0pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (with additional support from Other profit / Revenue rose 1.0pp and Net financial result / Revenue rose 0.5pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 13.28% +9.1pp
- Gross Margin
- 20.05% +9.0pp
- SG&A / Revenue
- 4.13% +0.4pp
TTM YoY · 2025Q1 -> 2026Q1
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 0.47x equity, with a net cash position equivalent to 0.08x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 9.0pp YoY to 20.05% (TTM).
Gross margin (TTM): 20.05% · YoY +9.0pp
Inventory 11.7bn — 4.94% of total assets, below the materials-group median (13.00%); ≈ 12 days of sales.
Inventory / assets: 4.94% (group median 13.00%)
Days inventory outstanding: 12
None
Over the last 12 months, working capital absorbed 0.8bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.3 days versus the same period last year. The main moves came from DIO fell 3.2 days, DSO fell 37.5 days, and DPO fell 22.4 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE rose from 9.9% to 36.6% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 68.3bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.08x and interest coverage at 1625.66x.
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
- −0.08x −0.12x
- Interest Coverage
- 1625.66x +1576.23x
- 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 68.3bn in 2025, against investing cash flow of -39.9bn.
Post-investment cash flow was positive +28.4bn. Financing cash flow was negative +31.5bn.
CFO / net income was 1,13 lần.
After spending +1.3bn on fixed-asset investment, the business generated trailing free cash flow of +64.9bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing brighter earnings with improving operating quality. Margin improving shows the business is generating more efficient growth than before. Even so, capital efficiency remains the area to verify in upcoming periods.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 13.28% after expanding 9.1pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Durability of revenue growth after the current +39,3% YoY pace.
Ability to hold margins around the current 13.28% level.
Cash-flow quality, with operating cash flow currently at 68.3bn 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.