Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 4.1bn, fell 1.7bn compared with the same period last year. Key positives came from better other profit, lower finance costs, and lower minority interests. Offsetting pressure came mainly from lower gross profit, lower financial income, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.20x
- P/B
- -0.45x
- EPS
- 164
- BVPS
- -4,397
- ROE
- -3.7%
- ROA
- 0.5%
- Market price
- 2,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PVE is losing revenue quickly, though margins have not been hit proportionally yet. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Other profit
- Finance costs
- Minority interests
- Other
- Gross profit
- Financial income
- 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 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 41.0 | 61.2 | 34.4 | 33.2 | 39.2 | 39.8 | 42.2 | 104.7 |
| LNST | 0.6 | 5.7 | -0.6 | -2.0 | -0.2 | 0.1 | 0.8 | 5.1 |
| Net margin | 1.35% | 9.25% | -1.77% | -6.15% | -0.44% | 0.29% | 1.91% | 4.87% |
Revenue
41bnNet income
1bnNet margin
1.35%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
●Net margin narrowed to 2.10%, falling 0.5pp. The main pressure is Gross margin fell 12.2pp, outweighing the improvement in SG&A / Revenue fell 8.3pp (in addition, Other profit / Revenue rose 6.3pp added support while Net financial result / Revenue fell 1.9pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 2.10% −0.5pp
- Gross Margin
- 25.86% −12.2pp
- SG&A / Revenue
- 19.12% −8.3pp
- Non-core / Revenue
- −2.66% +4.4pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 138.1% of PBT and lifted net margin by 4.4pp — separate the operating contribution from this source.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at −7.18%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently −7.18% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▲Balance sheet is exceptionally sound — liabilities at -8.40x equity, with a net cash position equivalent to 1.09x equity.
Inventory ended the period at 630.1bn, roughly 77.1% of total assets.
Over the last 12 months, working capital released 148.4bn of cash, mainly thanks to lower receivables and lower inventories.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
CCC stands at 1565.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 10.1% to −3.2% — all three components weakened.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 32.8bn.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −1.09x and interest coverage only at −0.18x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 1.3% of debt, and total debt stands at 121.4bn.
Interest coverage is −0.18x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −1.09x +0.16x
- Interest Coverage
- −0.18x −0.75x
- Cash / Debt
- 1.3% −7.2pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 32.8bn in 2025, against investing cash flow of 2.4bn.
Post-investment cash flow was positive +35.2bn. Financing cash flow was negative +37.8bn.
CFO / net income was 1,37 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 under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at −7.2%. The next watchpoint is the earnings mix, when non-core contribution is −203.5%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.37x. Even so, net financial result still accounts for −203.5% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −24,8% YoY decline.
Ability to hold margins around the current 2.10% level.
Cash-flow quality, with operating cash flow currently at 32.8bn 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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