Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 7.4bn, rose 8.3bn compared with the same period last year. Key positives came from higher financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 13.75x
- P/B
- 11.80x
- EPS
- 429
- BVPS
- 500
- ROE
- 144.7%
- ROA
- 9.1%
- Market price
- 5,900 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PIV is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- 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 | 3.8 | 2.9 | — | 0.2 | 0.1 | 0.2 | 0.0 | 0.5 |
| LNST | 0.0 | 7.7 | -0.1 | -0.2 | -0.1 | -0.3 | -0.2 | -0.2 |
| Net margin | 0.65% | 261.55% | — | -64.21% | -215.16% | -155.35% | -4257.35% | -43.83% |
Revenue
4bnNet income
0bnNet margin
0.65%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 211.56% +219.6pp
- Gross Margin
- None
- SG&A / Revenue
- None
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (110.5% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 2.05x equity, net debt at 1.40x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
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 stands at 1.40x, increasing balance-sheet pressure.
- Net Debt / Equity
- 1.40x −92.93x
- 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 7.4bn in 2025, against investing cash flow of 80.1bn.
Post-investment cash flow was positive +87.6bn. Financing cash flow was negative +62.5bn.
CFO / net income was 10,36 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 showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is leverage pressure is easing, with net debt/equity down to 1.40x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 1.40x.
- Improvement: leverage pressure is easing, with net debt / equity down 92.93x to 1.40x.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 10.36x. Even so, net financial result still accounts for 110.5% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.40x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +829,9% YoY pace.
Ability to hold margins around the current 105.19% level.
Cash-flow quality, with operating cash flow currently at 7.4bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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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.