Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 204.7bn, fell 517.2bn compared with the same period last year. Key positives came from lower selling expenses and lower tax. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 2.27x
- P/B
- 0.90x
- EPS
- 8,187
- BVPS
- 20,558
- ROE
- 27.9%
- ROA
- 20.8%
- Market price
- 18,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BTH is in an offsetting state — revenue softened slightly but margins improved — margins have been expanding consistently over multiple periods. What is still missing is a signal strong enough to tilt this picture clearly in either direction.
Profit bridge
Vs last year · TTM
- Selling expenses
- Tax
- Gross profit
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 | 39.7 | 249.6 | 5.0 | 5.5 | 12.0 | 384.2 | 216.2 | 1,214.1 |
| LNST | 29.3 | 154.3 | 10.8 | 10.3 | 10.7 | 217.8 | 94.1 | 399.3 |
| Net margin | 73.83% | 61.84% | 216.55% | 186.90% | 88.70% | 56.69% | 43.53% | 32.89% |
Revenue
40bnNet income
29bnNet margin
73.83%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 improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲▲Net margin expanded to 68.28%, rising 28.8pp. The main driver is Gross margin rose 21.5pp and SG&A / Revenue fell 2.9pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 11.6pp added support while Other profit / Revenue fell 0.0pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 68.28% +28.8pp
- Gross Margin
- 77.49% +21.5pp
- SG&A / Revenue
- 5.47% −2.9pp
TTM YoY · 2025Q1 -> 2026Q1
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 24.17%, losing 71.5pp. That translates to 24.17 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 2.07x — capital is being absorbed faster than revenue is being generated; while invested capital rose by 92bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.39x equity, net debt at 0.05x equity.
Inventory ended the period at 88.4bn, roughly 13.2% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 611.2 days versus the same period last year. The main moves came from DIO rose 569.9 days, DSO rose 68.4 days, and DPO rose 27.0 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 635.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +68.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 117.7% to 27.9% — asset turnover weakened the most, though net margin still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 141.43x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 6.3% of debt, and total debt stands at 27.0bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 6.3%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.05x −0.16x
- Interest Coverage
- 141.43x −49.18x
- Cash / Debt
- 6.3% +5.8pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 220.9bn in 2025, against investing cash flow of 549.1bn.
Post-investment cash flow was positive +770.0bn. Financing cash flow was negative +766.4bn.
CFO / net income was 1,45 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 operating efficiency, with net margin improving 28.8 pp. The next item to monitor is the earnings mix, when non-core contribution is 15.6%. The main risk still sits in leverage and liquidity, with interest coverage at 141.43x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 68.28% after expanding 28.8pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.45x. Even so, net financial result still accounts for 15.6% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.05x and a thin cash buffer.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −83,6% YoY decline.
Ability to hold margins around the current 68.28% level.
Cash-flow quality, with operating cash flow currently at 220.9bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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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.