Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 1,142.4bn, rose 64.5bn compared with the same period last year. Key positives came from higher gross profit, lower minority interests, higher financial income, and lower deferred tax. Offsetting pressure came mainly from higher administrative expenses, weaker other profit, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.73x
- P/B
- 0.94x
- EPS
- 2,431
- BVPS
- 25,275
- ROE
- 10.1%
- ROA
- 5.5%
- Market price
- 23,650 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PVT is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — profit momentum has been slowing across consecutive periods. The point still to be proven is whether this is a short adjustment or the beginning of a weaker trend.
Profit bridge
Vs last year · TTM
- Gross profit
- Minority interests
- Financial income
- Deferred tax
- Administrative expenses
- Other profit
- Finance costs
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 | 4,177.1 | 4,480.3 | 4,419.4 | 4,352.0 | 2,789.5 | 3,347.9 | 2,934.1 | 2,994.0 |
| LNST | 387.4 | 344.9 | 349.0 | 360.7 | 277.0 | 271.3 | 522.1 | 369.6 |
| Net margin | 9.28% | 7.70% | 7.90% | 8.29% | 9.93% | 8.10% | 17.79% | 12.34% |
Revenue
4,177bnNet income
387bnNet margin
9.28%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 8.27%, losing 3.7pp. The main pressure is Gross margin fell 5.7pp, outweighing the improvement in SG&A / Revenue fell 1.1pp (in addition, Net financial result / Revenue rose 0.7pp added support while Other profit / Revenue fell 0.7pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 8.27% −3.7pp
- Gross Margin
- 14.15% −5.7pp
- SG&A / Revenue
- 3.26% −1.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 8.01%, falling 0.8pp. That translates to 8.01 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.23x, NOPAT margin narrowed 3.1pp still pulled ROIC lower, while invested capital rose by 1,910bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.94x equity, net debt at 0.48x equity.
None
Over the last 12 months, working capital absorbed 338.7bn 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 improved by 1.0 days versus the same period last year. The main moves came from DIO fell 2.2 days, DSO fell 3.7 days, and DPO fell 5.0 days.
Working capital cycle is flat — components are offsetting each other.
DuPont
What drives ROE?
ROE fell from 14.4% to 12.8% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 410.9bn due to capex of 3,742.8bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.48x and interest coverage at 2.84x.
At present, short-term debt accounts for 19.3% of total debt, cash equals 21.6% of debt, and total debt stands at 7,214.6bn.
Cash / debt stands at 21.6%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.48x +0.01x
- Interest Coverage
- 2.84x −0.10x
- Cash / Debt
- 21.6% −1.1pp
- Short-term Debt / Total Debt
- 19.3% −3.5pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3,161.2bn in 2025, against investing cash flow of -3,123.4bn.
Post-investment cash flow was positive +37.8bn. Financing cash flow was positive +701.5bn.
CFO / net income was 2,92 lần.
After spending +3,742.8bn on fixed-asset investment, the business generated trailing free cash flow of −410.9bn.
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 margins remain under pressure remaining the main constraint, with net margin down 3.7 pp. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.92x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.92x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 8.27% after a 3.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +44,4% YoY pace.
Ability to hold margins around the current 8.27% level.
Cash-flow quality, with operating cash flow currently at 3,161.2bn in 2025.
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