Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 864.9bn, rose 366.3bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.82x
- P/B
- 1.31x
- EPS
- 3,249
- BVPS
- 14,464
- ROE
- 24.3%
- ROA
- 14.9%
- Market price
- 18,900 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, ANV is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Tax
- 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 | 1,937.0 | 1,841.3 | 2,118.9 | 2,000.1 | 1,726.2 | 1,106.3 | 1,360.8 | 1,341.0 |
| LNST | 134.9 | 195.4 | 251.6 | 283.1 | 332.8 | 132.0 | 5.9 | 27.9 |
| Net margin | 6.96% | 10.61% | 11.87% | 14.15% | 19.28% | 11.93% | 0.43% | 2.08% |
Revenue
1,937bnNet income
135bnNet margin
6.96%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 improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 42.7% year on year — but the quarterly pace is slowing (+49% → +12%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 7,897bn +42.7%
- Latest quarter YoY
- +12% slowing
What is driving the margin?
▲Net margin expanded to 10.95%, rising 1.9pp. The main driver is Gross margin rose 1.2pp and SG&A / Revenue fell 0.9pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.7pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 10.95% +1.9pp
- Gross Margin
- 19.64% +1.2pp
- SG&A / Revenue
- 6.29% −0.9pp
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 998.0bn against investing cash flow of -797.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +201.0bn. Financing cash flow was negative +375.3bn.
CFO / net income was 0,71 lần.
After spending +219.0bn on fixed-asset investment, the business generated trailing free cash flow of +397.3bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −2.0%, other profit at +0.3% of PBT.
- Non-core / PBT
- 0.3% low
- Net financial / PBT
- −2.0%
- Other profit / PBT
- 0.3%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 113.8 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 16.74%, rising 5.8pp. That translates to 16.74 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.9pp and capital turnover rose 0.33x, while invested capital rose by 559bn — capital-return quality improved from both sides.
Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 63.8 days versus the same period last year. The main moves came from DIO fell 67.1 days, DSO rose 6.2 days, and DPO rose 3.0 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 113.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +6.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 16.2% to 24.3% — mainly driven by asset turnover, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.47x and interest coverage at 10.64x.
At present, short-term debt accounts for 97.9% of total debt, cash equals 2.4% of debt, and total debt stands at 1,862.9bn.
- Net Debt / Equity
- 0.47x +0.05x
- Interest Coverage
- 10.64x +4.22x
- Cash / Debt
- 2.4% −2.5pp
- Short-term Debt / Total Debt
- 97.9% +3.4pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 97.9% of total debt, raising near-term refinancing needs.
Cash / debt stands at 2.4%, leaving limited liquidity buffer to monitor.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.65x equity, net debt at 0.47x equity.
Inventory ended the period at 1,421.5bn, roughly 24.4% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin and capital efficiency all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency. The residual risk still sits in leverage and liquidity, with interest coverage at 10.64x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 10.95% after expanding 1.9pp versus the same period last year.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.47x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +42,7% YoY pace or begins to slow.
Whether margins hold around the current 10.95% level or narrow again.
Whether operating cash flow holds its 998.0bn (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.