Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 19.5bn, fell 1.2bn compared with the same period last year.
See what is changing ↓- P/E
- -231.00x
- P/B
- -8.83x
- EPS
- -1,299
- BVPS
- -33,990
- ROE
- 3.9%
- ROA
- -48.6%
- Market price
- 300,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PXM is retaining some revenue, but margins are collapsing sharply — margins have been compressing consistently over multiple periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
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 | 0.1 | 0.3 | 0.2 | 0.0 | 0.2 | 0.3 | 0.1 | 0.1 |
| LNST | -4.9 | -4.8 | -4.8 | -5.0 | -4.9 | -4.8 | -3.9 | -4.8 |
| Net margin | -6884.08% | -1791.57% | -2479.89% | -29683.16% | -3067.46% | -1686.03% | -4391.14% | -4516.58% |
Revenue
0bnNet income
-5bnNet margin
-6884.08%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 fell to −3542.49%, losing 673.4pp. The main pressure comes from SG&A / Revenue rose 30.1pp and Gross margin fell 8.0pp (with lingering pressure from Net financial result / Revenue fell 467.0pp).
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
- −3542.49% −673.4pp
- Gross Margin
- 10.53% −8.0pp
- SG&A / Revenue
- 182.01% +30.1pp
- Non-core / Revenue
- −3350.44% −467.0pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 467.0pp, financial result still accounts for 94.6% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.
Balance Sheet
●ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at -1.08x equity, with a net cash position equivalent to 0.16x equity.
Owner advances stand at 35.7bn (as of 2026Q1) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital.
Owner advances: 35.7bn · YoY +0.1bn
Advances / receivables: 62.97% — funded vs stuck
Owners' equity is NEGATIVE at 2026Q1 while 56.8bn of receivables remain on site — accumulated losses have consumed the capital base; equity ratios are no longer meaningful. This is the highest-risk state for a contractor.
Sector note: contractor gross margins are THIN (10.53% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.
Inventory ended the period at 14.4bn, roughly 35.9% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 1954.0 days versus the same period last year. The main moves came from DIO rose 1728.2 days, DSO rose 5098.9 days, and DPO rose 4873.0 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.
CCC is up by +1954.0 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +5098.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 3.9% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at −0.16x and interest coverage only at −1.05x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 0.1% of debt, and total debt stands at 79.2bn.
Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.
Interest coverage is −1.05x, 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
- −0.16x +0.01x
- Interest Coverage
- −1.05x −0.00x
- Cash / Debt
- 0.1% −0.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -0.1bn in 2025, against investing cash flow of 0.0bn.
Post-investment cash flow was negative +0.1bn. Financing cash flow was positive 0.0bn.
CFO / net income was 0,00 lần.
Track how much investment can be funded internally from operating cash flow.
For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.
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 core profitability, with net margin down 673.4 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 94.6% of PBT and CFO / net income currently at 0.00x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -3542.49% after a 673.4pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −13,9% YoY decline.
Ability to hold margins around the current -3542.49% level.
Cash-flow quality, with operating cash flow currently at -0.1bn in 2025.
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