Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 234.8bn, rose 28.6bn compared with the same period last year. Key positives came from higher financial income, better other profit, lower administrative expenses, and lower finance costs. Offsetting pressure came mainly from lower gross profit and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.90x
- P/B
- 1.16x
- EPS
- 2,263
- BVPS
- 19,352
- ROE
- 12.0%
- ROA
- 7.3%
- Market price
- 22,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PVP posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.
Profit bridge
Vs last year · TTM
- Financial income
- Other profit
- Administrative expenses
- Finance costs
- Other
- Gross profit
- 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 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 644.8 | 593.2 | 833.5 | 554.4 | 421.2 | 706.5 | 359.2 | 359.8 |
| LNST | 75.5 | 44.2 | 69.2 | 45.8 | 40.4 | 33.9 | 68.9 | 62.9 |
| Net margin | 11.72% | 7.45% | 8.30% | 8.26% | 9.59% | 4.80% | 19.18% | 17.48% |
Revenue
645bnNet income
76bnNet margin
11.72%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 fell to 8.94%, losing 2.2pp. The main pressure is Gross margin fell 5.7pp, outweighing the improvement in SG&A / Revenue fell 1.0pp (with additional support from Net financial result / Revenue rose 1.1pp and Other profit / Revenue rose 0.3pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 8.94% −2.2pp
- Gross Margin
- 12.23% −5.7pp
- SG&A / Revenue
- 1.71% −1.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 9.43%, broadly flat versus the same period. That translates to 9.43 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 2.8pp, but capital turnover rose 0.27x, while invested capital rose by 181bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
Balance Sheet
▲Capital structure is conservative with low leverage — liabilities at 0.63x equity, net debt at 0.10x equity.
None
Over the last 12 months, working capital released 75.9bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.5 days versus the same period last year. The main moves came from DIO fell 0.8 days, DSO rose 0.1 days, and DPO rose 5.7 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +0.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 11.2% to 12.0% — driven by asset turnover and leverage together, despite net margin moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.10x and interest coverage at 4.26x.
At present, short-term debt accounts for 21.3% of total debt, cash equals 71.8% of debt, and total debt stands at 687.2bn.
- Net Debt / Equity
- 0.10x −0.22x
- Interest Coverage
- 4.26x +0.53x
- Cash / Debt
- 71.8% +39.8pp
- Short-term Debt / Total Debt
- 21.3% −0.9pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 563.5bn in 2025, against investing cash flow of -47.3bn.
Post-investment cash flow was positive +516.2bn. Financing cash flow was negative +295.8bn.
CFO / net income was 2,66 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 balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is earnings conversion is confirmed, with CFO/NI at 2.66x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in core profitability, with net margin down 2.2 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.66x.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 8.94% after a 2.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +42,2% YoY pace.
Ability to hold margins around the current 8.94% level.
Cash-flow quality, with operating cash flow currently at 563.5bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.