Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 2.0bn, fell 2.4bn compared with the same period last year. Key positives came from lower minority interests, lower selling expenses, and lower finance costs. Offsetting pressure came mainly from lower gross profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- -45.45x
- P/B
- 0.40x
- EPS
- -99
- BVPS
- 11,165
- ROE
- -0.9%
- ROA
- -0.4%
- Market price
- 4,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PTV posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Minority interests
- Selling expenses
- Finance costs
- Gross profit
- Financial income
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 | 61.1 | 38.7 | 34.3 | 21.7 | 25.8 | 725.2 | 29.7 | 33.4 |
| LNST | -1.5 | 0.8 | -1.2 | 0.2 | -1.0 | 3.5 | 0.3 | -0.5 |
| Net margin | -2.42% | 2.17% | -3.39% | 1.13% | -4.03% | 0.49% | 0.97% | -1.36% |
Revenue
61bnNet income
-1bnNet margin
-2.42%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin narrowed to −1.00%, falling 1.3pp. The main pressure is SG&A / Revenue rose 15.6pp, outweighing the improvement in Gross margin rose 12.5pp (with additional support from Net financial result / Revenue rose 2.2pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- −1.00% −1.3pp
- Gross Margin
- 16.12% +12.5pp
- SG&A / Revenue
- 19.50% +15.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 2.56x equity, net debt at 2.98x equity.
Inventory ended the period at 484.3bn, roughly 60.6% of total assets.
Over the last 12 months, working capital absorbed 351.0bn 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 644.3 days versus the same period last year. The main moves came from DIO rose 556.9 days, DSO rose 185.0 days, and DPO rose 97.6 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 793.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +185.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 1.0% to −0.7% — all three components weakened.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.98x and interest coverage only at −1.87x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 9.7% of debt, and total debt stands at 350.0bn.
Net debt / equity stands at 2.98x, increasing balance-sheet pressure.
Interest coverage is −1.87x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 2.98x
- Interest Coverage
- −1.87x −5.97x
- Cash / Debt
- 9.7%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -318.7bn in 2025, against investing cash flow of 6.1bn.
Post-investment cash flow was negative +312.6bn. Financing cash flow was positive +330.5bn.
CFO / net income was 178,30 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 showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is cash generation still needs confirmation. The main risk still sits in leverage and liquidity, with interest coverage at −1.87x.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −1.87x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −80,9% YoY decline.
Ability to hold margins around the current -1.00% level.
Cash-flow quality, with operating cash flow currently at -318.7bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
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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.