Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 63.2bn, rose 37.1bn compared with the same period last year. Key positives came from higher financial income and higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher tax, higher finance costs, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.43x
- P/B
- 0.63x
- EPS
- 1,806
- BVPS
- 15,583
- ROE
- 12.3%
- ROA
- 4.3%
- Market price
- 9,800 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, AFX is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
- Selling expenses
- Tax
- Finance costs
- Other profit
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 704.9 | 884.0 | 1,057.0 | 735.3 | 713.3 | 308.0 | 692.1 | 358.7 |
| LNST | 8.9 | 18.0 | 27.2 | 9.1 | 6.4 | 4.7 | 9.7 | 5.4 |
| Net margin | 1.26% | 2.04% | 2.57% | 1.24% | 0.89% | 1.52% | 1.40% | 1.50% |
Revenue
705bnNet income
9bnNet margin
1.26%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.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 63.2% year on year — but the quarterly pace is slowing (+105% → −1%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 3,381bn +63.2%
- Latest quarter YoY
- −1% slowing
What is driving the margin?
▲Net margin edged up to 1.87%, rising 0.6pp. Core operating signals are improving as SG&A / Revenue fell 0.3pp are enough to offset pressure from Gross margin fell 0.5pp (in addition, Net financial result / Revenue rose 1.3pp added support while Other profit / Revenue fell 0.3pp remained a drag).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 1.87% +0.6pp
- Gross Margin
- 2.36% −0.5pp
- SG&A / Revenue
- 1.11% −0.3pp
- Non-core / Revenue
- 1.09% +1.0pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 46.7% of PBT and lifted net margin by 1.0pp — separate the operating contribution from this source.
Cash Flow
▼▼Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -203.4bn against investing cash flow of 210.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +7.4bn. Financing cash flow was positive +122.0bn.
CFO / net income was −6,19 lần.
After spending +1.3bn on fixed-asset investment, the business generated trailing free cash flow of −392.3bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 46.7% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +46.7%, other profit at +0.0% of PBT.
- Non-core / PBT
- 46.7% high
- Net financial / PBT
- 46.7%
- Other profit / PBT
- 0.0%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 37.8 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 5.45%, rising 3.3pp. That translates to 5.45 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.8pp and capital turnover rose 0.82x, while invested capital rose by 172bn — 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.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 41.3 days versus the same period last year. The main moves came from DIO fell 9.6 days, DSO fell 43.5 days, and DPO fell 11.8 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE rose from 5.5% to 12.3% — driven by net margin and asset turnover together.
Is financial risk significant?
Leverage is safe but FCF is negative at 392.3bn due to capex of 1.3bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.42x and interest coverage only at 1.43x.
At present, short-term debt accounts for 99.9% of total debt, cash equals 1.9% of debt, and total debt stands at 791.3bn.
- Net Debt / Equity
- 1.42x +0.36x
- Interest Coverage
- 1.43x +0.87x
- Cash / Debt
- 1.9% −15.0pp
- Short-term Debt / Total Debt
- 99.9% +0.1pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.42x, increasing balance-sheet pressure.
Interest coverage is 1.43x, leaving limited room to absorb financing costs.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Leverage is elevated, requiring monitoring — liabilities at 2.01x equity, net debt at 1.42x equity.
Inventory ended the period at 243.2bn, roughly 15.5% of total assets.
Over the last 12 months, working capital absorbed 169.2bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
In summary
Research synthesis
What this reporting period is showing
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 leverage and liquidity remaining the main constraint, with interest coverage at 1.43x. The next watchpoint is the earnings mix, when non-core contribution is 46.7%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 46.7% of PBT and CFO / net income currently at −6.19x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.43x.
What to verify next
Questions for the next period
Whether revenue sustains its +63,2% YoY pace or begins to slow.
Whether margins hold around the current 1.87% level or narrow again.
Whether operating cash flow holds its -203.4bn (cumulative for 2025) level in upcoming periods or weakens.
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