Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 13.1bn, fell 7.5bn compared with the same period last year. Key positives came from lower finance costs. Offsetting pressure came mainly from lower gross profit, weaker other profit, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -4.07x
- P/B
- -0.26x
- EPS
- -467
- BVPS
- -7,243
- ROE
- 6.7%
- ROA
- -5.1%
- Market price
- 1,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, AGF posted a sharp profit decline versus the same period — profit is near a multi-period low. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Finance costs
- Gross profit
- Other profit
- Selling expenses
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 | 114.6 | 95.7 | 159.8 | 158.0 | 118.4 | 85.8 | 137.7 | 148.5 |
| LNST | -7.3 | -11.6 | 2.9 | 2.8 | 0.8 | -9.3 | 0.5 | 2.4 |
| Net margin | -6.41% | -12.07% | 1.82% | 1.80% | 0.72% | -10.87% | 0.34% | 1.61% |
Revenue
115bnNet income
-7bnNet margin
-6.41%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 7.7% year on year — but the quarterly pace is slowing (+6% → −3%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 528bn +7.7%
- Latest quarter YoY
- −3% slowing
What is driving the margin?
▼Net margin narrowed to −2.49%, falling 1.3pp. The main pressure comes from Gross margin fell 1.9pp and SG&A / Revenue rose 0.1pp (in addition, Net financial result / Revenue rose 0.9pp added support while Other profit / Revenue fell 0.2pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −2.49% −1.3pp
- Gross Margin
- 7.10% −1.9pp
- SG&A / Revenue
- 3.37% +0.1pp
- Non-core / Revenue
- −6.22% +0.7pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 249.9% of PBT and lifted net margin by 0.7pp — separate the operating contribution from this source.
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 41.7bn against investing cash flow of -6.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +35.4bn. Financing cash flow was negative +35.4bn.
CFO / net income was −3,20 lần.
After spending +10.9bn on fixed-asset investment, the business generated trailing free cash flow of +31.2bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 249.9% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +239.5%, other profit at +10.4% of PBT.
- Non-core / PBT
- 249.9% high
- Net financial / PBT
- 239.5%
- Other profit / PBT
- 10.4%
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.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 10.7 days versus the same period last year. The main moves came from DIO fell 2.0 days, DSO rose 4.9 days, and DPO rose 13.5 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +4.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 3.0% to 6.7% — supported by asset turnover and leverage.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 41.7bn.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −1.64x and interest coverage only at −0.37x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 3.0% of debt, and total debt stands at 344.9bn.
- Net Debt / Equity
- −1.64x +0.28x
- Interest Coverage
- −0.37x −0.21x
- Cash / Debt
- 3.0% +0.6pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −0.37x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▲Balance sheet is exceptionally sound — liabilities at -2.38x equity, with a net cash position equivalent to 1.64x equity.
Inventory ended the period at 25.9bn, roughly 10.1% of total assets.
Over the last 12 months, working capital released 41.1bn of cash, mainly thanks to lower receivables and lower inventories.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at −0.37x.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 6.3bn versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 239.5% of PBT and CFO / net income currently at −3.20x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −0.37x.
What to verify next
Questions for the next period
Whether revenue sustains its +7,7% YoY pace or begins to slow.
Whether margins hold around the current -2.49% level or narrow again.
Whether operating cash flow holds its 41.7bn (cumulative for 2025) level in upcoming periods or weakens.
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