Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 45.0bn, rose 3.8bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and lower finance costs. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.77x
- P/B
- 1.23x
- EPS
- 2,792
- BVPS
- 15,319
- ROE
- 18.6%
- ROA
- 13.4%
- Market price
- 18,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PNP shows mild improvement in both revenue and margins, but the magnitude of change is narrow — profit is at an all-time high. This signal only becomes convincing if the improvement widens in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Finance costs
- 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 | 87.9 | 95.7 | 86.5 | 90.1 | 80.4 | 87.3 | 91.5 | 86.1 |
| LNST | 11.4 | 11.4 | 10.5 | 11.7 | 10.0 | 9.0 | 11.4 | 10.8 |
| Net margin | 13.01% | 11.89% | 12.11% | 12.95% | 12.47% | 10.31% | 12.43% | 12.51% |
Revenue
88bnNet income
11bnNet margin
13.01%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 12.48%, rising 0.6pp. Core operating signals are improving as Gross margin rose 1.7pp are enough to offset pressure from SG&A / Revenue rose 1.7pp (in addition, Net financial result / Revenue rose 0.8pp added support while Other profit / Revenue fell 0.1pp remained a drag).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 12.48% +0.6pp
- Gross Margin
- 26.04% +1.7pp
- SG&A / Revenue
- 10.37% +1.7pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 7.1 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 25.09%, rising 6.0pp. That translates to 25.09 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.6pp and capital turnover rose 0.40x, with invested capital holding roughly steady — capital-return quality improved from both sides.
Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.54x equity, with a net cash position equivalent to 0.21x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 7.1 days versus the same period last year. The main moves came from DIO rose 0.3 days, DSO rose 0.8 days, and DPO fell 6.0 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +7.1 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 17.5% to 18.6% — driven by asset turnover and net margin together, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 176.7bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.21x and interest coverage at 12.54x.
At present, short-term debt accounts for 22.7% of total debt, cash equals 180.9% of debt, and total debt stands at 63.6bn.
- Net Debt / Equity
- −0.21x +0.09x
- Interest Coverage
- 12.54x +3.05x
- Cash / Debt
- 180.9% −52.4pp
- Short-term Debt / Total Debt
- 22.7% −4.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 176.7bn in 2025, against investing cash flow of -36.2bn.
Post-investment cash flow was positive +140.5bn. Financing cash flow was negative +40.2bn.
CFO / net income was 1,52 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 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 1.52x. The next item to monitor is cash generation still needs confirmation.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.52x.
- Watchpoint: Cash generation still needs confirmation.
What to verify next
Questions for the next period
Durability of revenue growth after the current +4,3% YoY pace.
Ability to hold margins around the current 12.48% level.
Cash-flow quality, with operating cash flow currently at 176.7bn in 2025.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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