Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 541.3bn, rose 146.3bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses, weaker other profit, higher administrative expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.88x
- P/B
- 0.66x
- EPS
- 7,714
- BVPS
- 45,509
- ROE
- 16.1%
- ROA
- 9.1%
- Market price
- 29,900 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PTB is improving on both growth and profitability, painting a notably more positive picture versus the same period — earnings have been recovering gradually over multiple 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
- Selling expenses
- Other profit
- Administrative expenses
- 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 | 2,094.7 | 2,088.4 | 1,683.9 | 1,904.6 | 1,620.2 | 1,936.5 | 1,485.0 | 1,608.1 |
| LNST | 154.0 | 132.8 | 140.1 | 132.9 | 117.0 | 93.7 | 82.1 | 114.0 |
| Net margin | 7.35% | 6.36% | 8.32% | 6.98% | 7.22% | 4.84% | 5.53% | 7.09% |
Revenue
2,095bnNet income
154bnNet margin
7.35%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 7.20%, rising 1.1pp. The main driver is Gross margin rose 1.4pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.0pp added support while Other profit / Revenue fell 0.5pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 7.20% +1.1pp
- Gross Margin
- 20.49% +1.4pp
- SG&A / Revenue
- 11.44% −0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 4.4 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 12.14%, rising 2.7pp. That translates to 12.14 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.5pp, with capital turnover broadly stable; while invested capital rose by 584bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.91x equity, net debt at 0.43x equity.
Inventory ended the period at 1,783.6bn, roughly 27.9% of total assets.
Over the last 12 months, working capital absorbed 628.7bn 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 4.4 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO fell 2.6 days, and DPO fell 7.0 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC stands at 109.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +0.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 13.9% to 16.6% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 369.6bn due to capex of 501.7bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.43x and interest coverage at 6.51x.
At present, short-term debt accounts for 77.5% of total debt, cash equals 21.5% of debt, and total debt stands at 1,999.9bn.
Short-term debt accounts for 77.5% of total debt, raising near-term refinancing needs.
Cash / debt stands at 21.5%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.43x +0.09x
- Interest Coverage
- 6.51x +1.23x
- Cash / Debt
- 21.5% −5.6pp
- Short-term Debt / Total Debt
- 77.5% −16.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 445.7bn in 2025, against investing cash flow of -477.8bn.
Post-investment cash flow was negative +32.0bn. Financing cash flow was positive +210.5bn.
CFO / net income was 0,24 lần.
After spending +501.7bn on fixed-asset investment, the business generated trailing free cash flow of −369.6bn.
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. The residual risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.20% after expanding 1.1pp versus the same period last year.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 369.6bn.
What to verify next
Questions for the next period
Durability of revenue growth after the current +16,9% YoY pace.
Ability to hold margins around the current 7.20% level.
Cash-flow quality, with operating cash flow currently at 445.7bn in 2025.
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