Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 25.7bn, fell 30.0bn compared with the same period last year. Key positives came from higher gross profit and lower tax. Offsetting pressure came mainly from weaker other profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.24x
- P/B
- 0.63x
- EPS
- 934
- BVPS
- 16,755
- ROE
- 5.6%
- ROA
- 3.5%
- Market price
- 10,500 15 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PIS posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Other profit
- Financial income
- Other
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 | 135.3 | 112.7 | 83.0 | 97.7 | 96.5 | 104.0 | 117.7 | 154.1 |
| LNST | 5.9 | 11.3 | 3.0 | 10.9 | 3.4 | 35.9 | 8.6 | 15.6 |
| Net margin | 4.39% | 10.00% | 3.66% | 11.16% | 3.54% | 34.48% | 7.31% | 10.14% |
Revenue
135bnNet income
6bnNet margin
4.39%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼▼Net margin fell to 7.27%, losing 6.2pp. The main pressure is SG&A / Revenue rose 2.0pp, outweighing the improvement in Gross margin rose 4.0pp (with lingering pressure from Other profit / Revenue fell 5.5pp and Net financial result / Revenue fell 1.4pp).
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
- 7.27% −6.2pp
- Gross Margin
- 18.65% +4.0pp
- SG&A / Revenue
- 11.78% +2.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 4.86%, losing 2.3pp. That translates to 4.86 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.5pp and capital turnover fell 0.15x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
ROIC is currently 4.86% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.66x equity, net debt at 0.22x equity.
None
Over the last 12 months, working capital released 34.2bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.8 days versus the same period last year. The main moves came from DIO fell 5.3 days, DSO fell 0.5 days, and DPO rose 1.1 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE fell from 15.4% to 6.8% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.22x and interest coverage at 4.02x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 22.8% of debt, and total debt stands at 129.8bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 22.8%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.22x −0.06x
- Interest Coverage
- 4.02x −1.12x
- Cash / Debt
- 22.8% +1.4pp
- Short-term Debt / Total Debt
- 100.0% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲Operating cash flow reached -30.7bn in 2025, against investing cash flow of 13.9bn.
Post-investment cash flow was negative +16.7bn. Financing cash flow was positive +12.5bn.
CFO / net income was 2,21 lần.
After spending +7.0bn on fixed-asset investment, the business generated trailing free cash flow of +49.7bn.
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 earnings conversion is confirmed, with CFO/NI at 2.21x. The main risk still sits in core profitability, with net margin down 6.2 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.21x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 7.27% after a 6.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −9,3% YoY decline.
Ability to hold margins around the current 7.27% level.
Cash-flow quality, with operating cash flow currently at -30.7bn in 2025.
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