Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 3,623.7bn, rose 1,568.7bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax, higher selling expenses, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 1.86x
- P/B
- 0.44x
- EPS
- 9,952
- BVPS
- 42,193
- ROE
- 27.7%
- ROA
- 19.5%
- Market price
- 18,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PNJ 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. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Other
- Tax
- Selling expenses
- Administrative expenses
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 | 17,245.2 | 9,623.0 | 8,135.5 | 7,582.4 | 9,635.1 | 8,581.3 | 7,129.6 | 9,518.7 |
| LNST | 1,467.4 | 1,218.9 | 495.7 | 441.6 | 677.7 | 732.5 | 215.8 | 428.9 |
| Net margin | 8.51% | 12.67% | 6.09% | 5.82% | 7.03% | 8.54% | 3.03% | 4.51% |
Revenue
17,245bnNet income
1,467bnNet margin
8.51%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 8.51%, rising 2.6pp. The main driver is Gross margin rose 2.5pp and SG&A / Revenue fell 0.8pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.0pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 8.51% +2.6pp
- Gross Margin
- 21.37% +2.5pp
- SG&A / Revenue
- 10.66% −0.8pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲▲ROIC expanded to 23.01%, rising 6.0pp. That translates to 23.01 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.6pp, with capital turnover fell 0.17x; while invested capital expanded strongly by 3,597bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
▲ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.52x equity, net debt at 0.14x equity.
Inventory ended the period at 15,835.3bn, roughly 78.5% of total assets.
Over the last 12 months, working capital released 115.1bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
●Cash conversion cycle improved by 0.8 days versus the same period last year. The main moves came from DIO fell 1.7 days, DSO fell 0.3 days, and DPO fell 1.2 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 144.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 18.5% to 27.7% — mainly driven by net margin.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.14x and interest coverage at 24.89x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 31.9% of debt, and total debt stands at 2,893.6bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.14x −0.14x
- Interest Coverage
- 24.89x +1.33x
- Cash / Debt
- 31.9% +24.6pp
- 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 18.9bn in 2025, against investing cash flow of -893.8bn.
Post-investment cash flow was negative +874.9bn. Financing cash flow was positive +273.0bn.
CFO / net income was 1,05 lần.
After spending +126.5bn on fixed-asset investment, the business generated trailing free cash flow of +3,685.4bn.
In summary
Research synthesis
What this reporting period is showing
The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash flow. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 144 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.51% after expanding 2.6pp versus the same period last year.
- Key risk: working capital remains tied up for too long, with cash cycle at 144.2 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +22,1% YoY pace.
Ability to hold margins around the current 8.51% level.
Cash-flow quality, with operating cash flow currently at 18.9bn in 2025.
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