Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 25.7bn, rose 11.4bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.38x
- P/B
- 0.69x
- EPS
- 2,145
- BVPS
- 13,614
- ROE
- 16.4%
- ROA
- 9.2%
- Market price
- 9,400 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PMB 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
- Financial income
- Tax
- 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 | 835.5 | 604.4 | 518.3 | 793.6 | 734.9 | 470.3 | 494.9 | 667.6 |
| LNST | 14.1 | 3.6 | 1.0 | 7.1 | 8.5 | -0.0 | 0.5 | 5.3 |
| Net margin | 1.69% | 0.60% | 0.18% | 0.90% | 1.16% | -0.00% | 0.11% | 0.79% |
Revenue
836bnNet income
14bnNet margin
1.69%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 0.94%, rising 0.3pp. The main driver is SG&A / Revenue fell 0.4pp and Gross margin rose 0.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 0.94% +0.3pp
- Gross Margin
- 3.61% +0.3pp
- SG&A / Revenue
- 2.67% −0.4pp
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 0.61x equity, with a net cash position equivalent to 0.75x equity.
Inventory ended the period at 35.3bn, roughly 14.6% of total assets.
Over the last 12 months, working capital absorbed 23.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.3 days versus the same period last year. The main moves came from DIO fell 3.4 days, DSO rose 0.2 days, and DPO rose 0.0 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DSO increased by +0.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 9.6% to 16.4% — driven by net margin and leverage together, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 35.9bn.
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
- −0.75x
- 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 35.9bn in 2025, against investing cash flow of 0.4bn.
Post-investment cash flow was positive +36.3bn. Financing cash flow was negative +8.4bn.
CFO / net income was 0,09 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 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 0.09x.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Durability of revenue growth after the current +16,2% YoY pace.
Ability to hold margins around the current 0.94% level.
Cash-flow quality, with operating cash flow currently at 35.9bn 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.