PXM
Xây lắp Dầu khí Miền Trung ·UPCOM ·2026Q1
▼▼ Declining sharply
TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity
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.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.1 | 0.3 | 0.2 | 0.0 | 0.2 | 0.3 | 0.1 | 0.1 | 0.2 | 0.4 | 0.5 | 0.3 |
| Growth | -74% | +39% | +1051% | -89% | -45% | +226% | -17% | -39% | -53% | -22% | +69% | — |
| Net Income | -4.9 | -4.8 | -4.8 | -5.0 | -4.9 | -4.8 | -3.9 | -4.8 | -4.8 | -4.7 | -4.7 | -5.8 |
| Net Margin | -6884.08% | -1791.57% | -2479.89% | -29683.16% | -3067.46% | -1686.03% | -4391.14% | -4516.58% | -2810.71% | -1277.27% | -999.23% | -2049.49% |
Drivers of PXM's profit
Net profit attributable to parent declined vs last year, mainly due to the main negative driver. Supporting and offsetting drivers:
Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:
Financial Highlights
Detailed analysis of each financial dimension
ROE = Profit Margin × Asset Turnover × Equity Multiplier
ROE is broadly flat at 3.9% — the components are offsetting one another.
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.
Profitability trend
TTM YoY · 2025Q1 -> 2026Q1
Watchpoints
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 should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
CAPITAL EFFICIENCY TREND
TTM YoY · 2025Q1 -> 2026Q1
Balance Sheet
ROIC above should be read with industry context — 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.
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 Drivers
TTM YoY · 2025Q1 -> 2026Q1
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.
Watchpoints
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.
Working Capital Efficiency
TTM YoY · 2025Q1 -> 2026Q1
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.
Watchpoints
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.
Leverage and liquidity trend
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 0.00x.
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.
Cash Conversion
TTM Cash Conversion · 2025Q1 -> 2026Q1
Investment Takeaway
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 673.4 pp. The next watchpoint is the earnings mix, when non-core contribution is 94.6%.
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.
Statement Data
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
|
Net Revenue
|
0.6 | 0.7 | 1.4 | 2.0 | 1.6 |
|
Cost of Goods Sold
|
0.5 | 0.5 | 0.4 | 1.1 | 0.0 |
|
Gross Profit
|
0.1 | 0.2 | 1.0 | 0.9 | 0.5 |
|
Financial Expenses
|
18.4 | 18.4 | 18.4 | 18.4 | -18.4 |
|
Selling Expenses
|
— | 0.0 | 0.0 | 0.0 | 0.0 |
|
General and Administrative Expenses
|
1.0 | 1.0 | 2.4 | 2.3 | -1.2 |
|
Operating Profit
|
-19.3 | -19.2 | -19.9 | -19.8 | -19.1 |
|
Profit Before Tax
|
-19.5 | -18.3 | -19.9 | -20.2 | -19.1 |
|
Net Income
|
-19.5 | -18.3 | -19.9 | -20.2 | -19.1 |
|
Profit Attributable to Parent
|
-19.5 | -18.3 | -19.9 | -20.2 | -19.1 |
|
Earnings per Share
|
-1,297.00 | -1,221.00 | -1,325.00 | -1,345.00 | -676.00 |
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