Analysis of business results & financial statements · Quý 2/2026
Trailing net profit reached 277.8bn, fell 18.0bn compared with the previous quarter. Key positives came from lower tax. Offsetting pressure came mainly from lower gross profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 2.82x
- P/B
- 0.46x
- EPS
- 5,037
- BVPS
- 30,716
- ROE
- 17.3%
- ROA
- 10.9%
- Market price
- 14,200 16 Oct 2026
The current picture
What is changing?
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 |
|---|---|---|---|---|---|---|
| Revenue | 337.5 | 316.3 | 355.5 | 342.5 | 321.9 | 292.6 |
| LNST | 55.0 | 59.0 | 93.3 | 70.4 | 73.0 | 47.4 |
| Net margin | 16.30% | 18.66% | 26.25% | 20.56% | 22.69% | 16.19% |
Revenue
337bnNet income
55bnNet margin
16.30%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 20.55%
- Gross Margin
- 32.75%
- SG&A / Revenue
- 5.39%
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 388.6bn against investing cash flow of -49.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +339.6bn. Financing cash flow was negative +292.2bn.
CFO / net income was 1,33 lần.
After spending +838.7bn on fixed-asset investment, the business generated trailing free cash flow of −468.7bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −5.6%, other profit at +0.0% of PBT.
- Non-core / PBT
- 0.0% low
- Net financial / PBT
- −5.6%
- Other profit / PBT
- 0.0%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 17.86%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Leverage is safe but FCF is negative at 468.7bn due to capex of 838.7bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.23x and interest coverage at 7.32x.
At present, short-term debt accounts for 25.7% of total debt, cash equals 57.7% of debt, and total debt stands at 937.0bn.
- Net Debt / Equity
- 0.23x +0.57x
- Interest Coverage
- 7.32x
- Cash / Debt
- 57.7% −296.5pp
- Short-term Debt / Total Debt
- 25.7% −74.3pp
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.39x equity, net debt at 0.23x equity.
None
Over the last 12 months, working capital absorbed 19.7bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.33x. The main risk still sits in self-funded cash generation remains weak.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.33x.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 468.7bn.
What to verify next
Questions for the next period
Whether revenue growth holds into the next cycle or stalls.
Whether margins hold around the current 21.65% level or narrow again.
Whether operating cash flow holds its 388.6bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.