Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 5.1bn, rose 0.2bn compared with the same period last year. Key positives came from lower administrative expenses and lower selling expenses. Offsetting pressure came mainly from lower gross profit and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 20.31x
- P/B
- 0.71x
- EPS
- 340
- BVPS
- 9,699
- ROE
- 3.5%
- ROA
- 2.1%
- Market price
- 6,900 08 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PDC is in an offsetting state — revenue softened slightly but margins improved. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Selling expenses
- Gross profit
- Other profit
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 | 11.0 | 12.8 | 8.7 | 11.3 | 11.6 | 10.8 | 10.8 | 11.4 |
| LNST | 1.0 | 0.8 | 2.3 | 0.9 | 1.9 | -1.3 | 2.2 | 2.1 |
| Net margin | 9.40% | 6.47% | 26.49% | 8.22% | 16.30% | -12.09% | 20.34% | 18.41% |
Revenue
11bnNet income
1bnNet margin
9.40%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲Net margin edged up to 11.62%, rising 0.7pp. The main driver is SG&A / Revenue fell 2.2pp and Gross margin rose 0.5pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 0.1pp and Net financial result / Revenue fell 0.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 11.62% +0.7pp
- Gross Margin
- 39.99% +0.5pp
- SG&A / Revenue
- 26.47% −2.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.67x equity, with a net cash position equivalent to 0.01x equity.
None
Over the last 12 months, working capital absorbed 18.7bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
▼▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 236.9 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO rose 31.3 days, and DPO fell 205.5 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +236.9 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +31.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 3.5% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 1.1bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
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
- −0.01x
- Interest Coverage
- None
- 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 1.1bn in 2025, against investing cash flow of 0.0bn.
Post-investment cash flow was positive +1.1bn. Financing cash flow was positive 0.0bn.
CFO / net income was −0,27 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 some core pressures remaining the main constraint. The next watchpoint is capital structure should be read with cycle risk in mind. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.01x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.01x of equity.
- Watchpoint: Capital structure should be read with cycle risk in mind.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −1,6% YoY decline.
Ability to hold margins around the current 11.62% level.
Cash-flow quality, with operating cash flow currently at 1.1bn 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.