Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 1,345.9bn, rose 515.6bn 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, higher administrative expenses, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.65x
- P/B
- 1.60x
- EPS
- 7,168
- BVPS
- 38,720
- ROE
- 15.3%
- ROA
- 3.4%
- Market price
- 62,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PVI is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Tax
- Administrative expenses
- Finance costs
- 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 | 2,764.8 | 2,638.1 | 2,300.5 | 2,324.2 | 2,179.1 | 2,061.1 | 1,931.3 | 1,831.9 |
| LNST | 571.8 | -28.9 | 420.8 | 436.9 | 347.7 | 66.6 | 161.8 | 291.2 |
| Net margin | 20.68% | -1.09% | 18.29% | 18.80% | 15.96% | 3.23% | 8.38% | 15.89% |
Revenue
2,765bnNet income
572bnNet margin
20.68%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 improved (+3.1pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 13.97%, rising 3.1pp. The main driver is Gross margin rose 5.0pp and SG&A / Revenue fell 0.7pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 1.7pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 13.97% +3.1pp
- Gross Margin
- 16.80% +5.0pp
- SG&A / Revenue
- 8.57% −0.7pp
- Non-core / Revenue
- 9.49% −1.7pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 1.7pp, financial result still accounts for 53.5% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 460.6 days.
Balance Sheet
▼▼ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 4.22x equity, net debt at 0.06x equity.
None
Over the last 12 months, working capital released 1,204.8bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
DuPont
What drives ROE?
ROE rose from 10.2% to 15.9% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
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 operating efficiency, with net margin improving 3.1 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 13.97% after expanding 3.1pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 53.0% of PBT and CFO / net income currently at 0.49x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +25,3% YoY pace.
Ability to hold margins around the current 13.97% level.
Cash-flow quality, with operating cash flow currently at 723.9bn in 2025.
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