Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 32.8bn, fell 12.8bn compared with the same period last year. Key positives came from higher gross profit, lower tax, and lower minority interests. Offsetting pressure came mainly from higher selling expenses and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 22.35x
- P/B
- 1.04x
- EPS
- 850
- BVPS
- 18,272
- ROE
- 4.7%
- ROA
- 2.5%
- Market price
- 19,000 24 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PVM posted a sharp profit decline versus the same period — margins have been compressing consistently over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Minority interests
- Selling expenses
- 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 | 432.8 | 553.7 | 432.5 | 510.5 | 403.9 | 528.8 | 517.4 | 460.1 |
| LNST | 0.5 | 1.1 | 2.6 | 28.3 | 0.9 | 12.2 | 5.2 | 29.2 |
| Net margin | 0.12% | 0.20% | 0.61% | 5.54% | 0.23% | 2.30% | 1.00% | 6.36% |
Revenue
433bnNet income
1bnNet margin
0.12%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 1.69%, falling 0.8pp. The main pressure is SG&A / Revenue rose 1.6pp, outweighing the improvement in Gross margin rose 1.8pp (with lingering pressure from Net financial result / Revenue fell 1.1pp and Other profit / Revenue fell 0.1pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 1.69% −0.8pp
- Gross Margin
- 6.25% +1.8pp
- SG&A / Revenue
- 7.29% +1.6pp
- Non-core / Revenue
- 2.73% −1.1pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 1.1pp, financial result still accounts for 161.4% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 2.35%, losing 2.2pp. That translates to 2.35 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.8pp and capital turnover fell 0.39x, while invested capital expanded strongly by 225bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
ROIC is currently 2.35% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 0.76x equity, net debt at 0.89x equity.
None
Over the last 12 months, working capital absorbed 378.8bn 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 1.5 days versus the same period last year. The main moves came from DIO rose 3.2 days, DSO fell 2.7 days, and DPO fell 1.1 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +1.5 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +3.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 7.0% to 4.7% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 419.5bn due to capex of 5.8bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.89x and interest coverage only at 1.37x.
At present, short-term debt accounts for 56.3% of total debt, cash equals 1.7% of debt, and total debt stands at 642.1bn.
Interest coverage is 1.37x, leaving limited room to absorb financing costs.
Cash / debt stands at 1.7%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.89x +0.52x
- Interest Coverage
- 1.37x −0.86x
- Cash / Debt
- 1.7% −9.8pp
- Short-term Debt / Total Debt
- 56.3% −39.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 71.5bn in 2025, against investing cash flow of 112.6bn.
Post-investment cash flow was positive +184.0bn. Financing cash flow was negative +4.2bn.
CFO / net income was −12,59 lần.
After spending +5.8bn on fixed-asset investment, the business generated trailing free cash flow of −419.5bn.
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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at 2.4%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 143.9% of PBT and CFO / net income currently at −12.59x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +1,0% YoY pace.
Ability to hold margins around the current 1.69% level.
Cash-flow quality, with operating cash flow currently at 71.5bn in 2025.
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