Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 31.5bn, rose 19.3bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher tax, higher administrative expenses, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.15x
- P/B
- 0.86x
- EPS
- 1,913
- BVPS
- 11,440
- ROE
- 11.3%
- ROA
- 4.5%
- Market price
- 9,850 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, YBM 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, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Tax
- Administrative expenses
- 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 | 263.5 | 245.9 | 234.3 | 239.3 | 165.8 | 225.8 | 170.3 | 204.9 |
| LNST | 7.4 | 8.3 | 7.1 | 9.0 | 2.2 | 2.8 | 1.8 | 5.4 |
| Net margin | 2.82% | 3.39% | 3.04% | 3.76% | 1.31% | 1.26% | 1.07% | 2.62% |
Revenue
264bnNet income
7bnNet margin
2.82%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲Net margin expanded to 3.25%, rising 1.7pp. Core operating signals are improving as Gross margin rose 2.1pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (in addition, Net financial result / Revenue rose 0.0pp added support while Other profit / Revenue fell 0.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.25% +1.7pp
- Gross Margin
- 34.76% +2.1pp
- SG&A / Revenue
- 28.70% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 80.6 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 5.65%, rising 3.3pp. That translates to 5.65 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.7pp and capital turnover rose 0.21x, while invested capital rose by 62bn — capital-return quality improved from both sides.
NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 2.31x equity, net debt at 0.77x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 2.1pp YoY to 34.76% (TTM).
Gross margin (TTM): 34.76% · YoY +2.1pp
Inventory 107.8bn — 14.00% of total assets, above the materials-group median (13.00%); ≈ 61 days of sales.
Inventory / assets: 14.00% (group median 13.00%)
Days inventory outstanding: 61
Inventory ended the period at 104.1bn, roughly 14.6% of total assets.
Over the last 12 months, working capital absorbed 95.0bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.6 days versus the same period last year. The main moves came from DIO fell 6.4 days, DSO rose 3.0 days, and DPO rose 1.1 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DSO increased by +3.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 6.5% to 11.4% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 46.4bn due to capex of 26.9bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.77x and interest coverage only at 1.55x.
At present, short-term debt accounts for 74.5% of total debt, cash equals 8.1% of debt, and total debt stands at 309.3bn.
Interest coverage is 1.55x, leaving limited room to absorb financing costs.
Short-term debt accounts for 74.5% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.77x −0.99x
- Interest Coverage
- 1.55x +0.86x
- Cash / Debt
- 8.1% +2.4pp
- Short-term Debt / Total Debt
- 74.5% +1.3pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 36.1bn in 2025, against investing cash flow of -37.9bn.
Post-investment cash flow was negative +1.7bn. Financing cash flow was positive +15.0bn.
CFO / net income was −0,62 lần.
After spending +26.9bn on fixed-asset investment, the business generated trailing free cash flow of −46.4bn.
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 1.7 pp. The main risk still sits in leverage and liquidity, with interest coverage at 1.55x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.25% after expanding 1.7pp versus the same period last year.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.55x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +28,2% YoY pace.
Ability to hold margins around the current 3.25% level.
Cash-flow quality, with operating cash flow currently at 36.1bn in 2025.
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