Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 25.6bn, rose 12.3bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from weaker other profit, higher administrative expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.80x
- P/B
- 0.67x
- EPS
- 1,028
- BVPS
- 13,498
- ROE
- 7.7%
- ROA
- 5.1%
- Market price
- 9,050 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PJT is improving on both growth and profitability, painting a notably more positive picture versus the same period — the growth momentum has held across consecutive periods. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Administrative expenses
- Tax
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 | 187.8 | 174.9 | 190.8 | 183.6 | 166.5 | 170.9 | 175.2 | 163.9 |
| LNST | 7.1 | 1.9 | 8.2 | 8.4 | 3.6 | -4.6 | 5.8 | 8.5 |
| Net margin | 3.76% | 1.10% | 4.32% | 4.55% | 2.18% | -2.71% | 3.29% | 5.17% |
Revenue
188bnNet income
7bnNet margin
3.76%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 expanded to 3.47%, rising 1.5pp. The main driver is Gross margin rose 2.0pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 0.6pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.47% +1.5pp
- Gross Margin
- 10.03% +2.0pp
- SG&A / Revenue
- 5.67% −0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 25.6 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 6.80%, rising 3.4pp. That translates to 6.80 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.0pp, with capital turnover fell 0.32x; while invested capital expanded strongly by 79bn.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Balance Sheet
▲ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.60x equity, net debt at 0.40x equity.
Inventory ended the period at 65.8bn, roughly 12.5% of total assets.
Over the last 12 months, working capital released 3.6bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.7 days versus the same period last year. The main moves came from DIO rose 8.9 days, DSO fell 4.7 days, and DPO rose 5.9 days.
Working capital cycle is flat — components are offsetting each other.
DIO increased by +8.9 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 4.2% to 7.7% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.40x and interest coverage at 8.66x.
At present, short-term debt accounts for 11.1% of total debt, cash equals 14.3% of debt, and total debt stands at 157.9bn.
Cash / debt stands at 14.3%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.40x +0.55x
- Interest Coverage
- 8.66x +5.52x
- Cash / Debt
- 14.3% −210.5pp
- Short-term Debt / Total Debt
- 11.1% −52.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 89.6bn in 2025, against investing cash flow of -147.8bn.
Post-investment cash flow was negative +58.3bn. Financing cash flow was positive +34.8bn.
CFO / net income was 2,92 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 entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin and capital efficiency all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency. Even so, cash generation still needs confirmation remains the area to verify in upcoming periods.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.47% after expanding 1.5pp versus the same period last year.
- Watchpoint: Cash generation still needs confirmation.
What to verify next
Questions for the next period
Durability of revenue growth after the current +9,0% YoY pace.
Ability to hold margins around the current 3.47% level.
Cash-flow quality, with operating cash flow currently at 89.6bn in 2025.
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