PXM

Xây lắp Dầu khí Miền Trung ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −3542.49%, −673.39pp YoY
Price
500,000
Latest close
29 May 2026
P/E -385.01x
P/B -14.71x
EPS -1,299
BVPS -33,990
ROE 3.9%
ROA -48.6%
Profit Margin -3,542.5%
Asset Turnover 0.01x
Equity Mult. -0.08x

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.

TTM REVENUE
VND 1bn
−13.9%YoY
NET MARGIN
−3542.49%
−673.4ppYoY
TTM NET PROFIT
−VND 19bn
−6.3%YoY
Net financial result / PBT
94.6%
affects earnings 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

TTM

Net profit attributable to parent declined vs last year, mainly due to the main negative driver. Supporting and offsetting drivers:

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Administrative expenses ↓ 0.0bn
Gross profit ↓ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.8% = -2869.1% × 0.02 × -0.08
2026Q1 3.9% = -3542.5% × 0.01 × -0.08

ROE is broadly flat at 3.9% — the components are offsetting one another.

Net margin: -3542.5% -673.4pp Asset turnover: 0.01x -0.00x Leverage: -0.08x +0.00x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

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

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

Watchpoints

Financial result share remains high

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

ROIC
NOPAT Margin
Capital Turnover -0.00x +0.00x
Average Invested Capital 421.0bn −18.9bn

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

Receivables were broadly stable → neutral CFO:
Inventories were broadly stable → neutral CFO:
Payables were broadly stable → neutral CFO:

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

Cash conversion cycle is lengthening

CCC is up by +1954.0 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +5098.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

TTM YoY · 2025Q1 -> 2026Q1

Receivables 37753.6 days +5098.9 days
Inventory 31961.2 days +1728.2 days
Payables 92367.9 days +4873.0 days
Cash Conversion Cycle -22653.2 days +1954.0 days

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 thin

Interest coverage is -1.05x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

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
CFO / NI 0.00x +0.01x

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

CFO TTM 0.1bn −0.2bn
Cash Capex
FCF TTM

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

Explore Other Stocks In The Same Sector

HHS, DGW, TLP, PSD, BTT, HAM, BIG, PTM, VCM, HTC, HTL, MTS, BMF, HFC, TMC, LPT, KMT, PTH, AMP, GPC, VXT, HSV, APL, SHN, KDM, THS, CEN, VTJ, PEG, PMJ, TOP, PTV, DAS, TSC, LMH, ST8, TTH, FID, HFX, TIE, HTM, VKC, TNA, DPS, FBA

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.