Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 2.6bn, fell 4.3bn compared with the same period last year. Key positives came from lower selling expenses, lower administrative expenses, lower minority interests, and lower tax. Offsetting pressure came mainly from lower gross profit, higher finance costs, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 2.17x
- P/B
- 1.07x
- EPS
- 2,766
- BVPS
- 5,588
- ROE
- 5.3%
- ROA
- 3.2%
- Market price
- 6,000 14 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PGT posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — earnings have been recovering gradually over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Selling expenses
- Administrative expenses
- Minority interests
- Tax
- Gross profit
- Finance costs
- Financial income
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 | 8.3 | 12.9 | 13.9 | 11.9 | 12.2 | 10.4 | 14.1 | 6.7 |
| LNST | -0.5 | 0.1 | 1.0 | 2.0 | 1.6 | 1.0 | 5.4 | 0.1 |
| Net margin | -6.04% | 0.78% | 7.03% | 17.06% | 13.29% | 9.43% | 38.23% | 1.01% |
Revenue
8bnNet income
-1bnNet margin
-6.04%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 fell to 5.55%, losing 13.0pp. The main pressure is Gross margin fell 19.2pp, outweighing the improvement in SG&A / Revenue fell 16.1pp (in addition, Other profit / Revenue rose 1.4pp added support while Net financial result / Revenue fell 12.8pp remained a drag).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 5.55% −13.0pp
- Gross Margin
- 28.57% −19.2pp
- SG&A / Revenue
- 25.89% −16.1pp
- Non-core / Revenue
- 3.84% −11.3pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 11.3pp, other income still accounts for 63.5% of PBT — earnings durability should be monitored in coming periods.
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 0.49x equity, with a net cash position equivalent to 0.28x equity.
None
Over the last 12 months, working capital released 5.2bn of cash, mainly thanks to lower receivables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 14.8 days versus the same period last year. The main moves came from DIO rose 12.8 days, DSO rose 8.4 days, and DPO rose 6.4 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 365.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +8.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 20.1% to 5.4% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 2.4bn.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at −0.28x and interest coverage only at 0.93x.
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.
Interest coverage is 0.93x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- −0.28x
- Interest Coverage
- 0.93x −3.24x
- 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 2.4bn in 2025, against investing cash flow of -1.5bn.
Post-investment cash flow was positive +0.9bn. Financing cash flow was positive +1.3bn.
CFO / net income was 2,00 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 margins remain under pressure remaining the main constraint, with net margin down 13.0 pp. The next watchpoint is the earnings mix, when non-core contribution is 8.1%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.00x. Even so, net financial result still accounts for 8.1% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 5.55% after a 13.0pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +8,6% YoY pace.
Ability to hold margins around the current 5.55% level.
Cash-flow quality, with operating cash flow currently at 2.4bn 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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well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
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