Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 44.2bn, rose 16.0bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, higher tax, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.02x
- P/B
- 1.24x
- EPS
- 5,981
- BVPS
- 24,253
- ROE
- 26.1%
- ROA
- 17.1%
- Market price
- 30,000 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PJC is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Selling expenses
- Tax
- 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 | 403.3 | 367.6 | 326.5 | 306.3 | 289.7 | 305.3 | 285.4 | 307.3 |
| LNST | 15.1 | 13.4 | 7.3 | 8.4 | 7.3 | 9.2 | 4.9 | 6.8 |
| Net margin | 3.74% | 3.64% | 2.25% | 2.75% | 2.51% | 3.03% | 1.70% | 2.22% |
Revenue
403bnNet income
15bnNet margin
3.74%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 edged up to 3.15%, rising 0.8pp. The main driver is Gross margin rose 0.8pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.2pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.15% +0.8pp
- Gross Margin
- 11.37% +0.8pp
- SG&A / Revenue
- 7.48% −0.3pp
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 0.68x equity, with a net cash position equivalent to 0.26x equity.
None
Over the last 12 months, working capital absorbed 11.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
●Cash conversion cycle lengthened by 0.3 days versus the same period last year. The main moves came from DIO rose 1.1 days, DSO fell 0.8 days, and DPO rose 0.0 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +0.3 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +1.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 17.7% to 26.1% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 53.1bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.26x and interest coverage at 981.07x.
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
- −0.26x
- Interest Coverage
- 981.07x +941.69x
- 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 53.1bn in 2025, against investing cash flow of -5.2bn.
Post-investment cash flow was positive +47.9bn. Financing cash flow was negative +20.6bn.
CFO / net income was 1,16 lần.
After spending +8.1bn on fixed-asset investment, the business generated trailing free cash flow of +43.2bn.
In summary
Research synthesis
What this reporting period is showing
The investment case still leans positive as other financial axes hold their base, even though margin is roughly flat. Even so, capital efficiency remains the area to verify in upcoming periods.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.16x.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Durability of revenue growth after the current +18,2% YoY pace.
Ability to hold margins around the current 3.15% level.
Cash-flow quality, with operating cash flow currently at 53.1bn 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.