Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 239.3bn, rose 131.1bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher finance costs, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.13x
- P/B
- 1.19x
- EPS
- 7,098
- BVPS
- 36,681
- ROE
- 18.7%
- ROA
- 7.5%
- Market price
- 43,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, APF is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency. 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
- Selling expenses
- Finance costs
- Administrative expenses
- Other
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 | 1,547.7 | 2,442.4 | 2,159.3 | 1,377.8 | 1,456.9 | 1,589.8 | 1,187.7 | 1,405.1 |
| LNST | 81.1 | 93.6 | 45.1 | 31.8 | 25.0 | 60.1 | 22.5 | 2.8 |
| Net margin | 5.24% | 3.83% | 2.09% | 2.31% | 1.71% | 3.78% | 1.89% | 0.20% |
Revenue
1,548bnNet income
81bnNet margin
5.24%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 33.5% year on year — not from a single spike: quarterly growth stepped up from −2% to +6%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 7,527bn +33.5%
- Latest quarter YoY
- +6% accelerating
What is driving the margin?
▲Net margin edged up to 3.34%, rising 1.4pp. Core operating signals are improving as Gross margin rose 1.9pp are enough to offset pressure from SG&A / Revenue rose 0.7pp (with additional support from Net financial result / Revenue rose 0.4pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.34% +1.4pp
- Gross Margin
- 13.83% +1.9pp
- SG&A / Revenue
- 8.96% +0.7pp
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 672.4bn against investing cash flow of -213.3bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +459.1bn. Financing cash flow was negative +393.8bn.
CFO / net income was 5,54 lần.
After spending +174.8bn on fixed-asset investment, the business generated trailing free cash flow of +1,150.4bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −37.0%, other profit at +0.3% of PBT.
- Non-core / PBT
- 0.3% low
- Net financial / PBT
- −37.0%
- Other profit / PBT
- 0.3%
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 54.0 days versus the same period last year. The main moves came from DIO fell 48.5 days, DSO fell 8.2 days, and DPO fell 2.7 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE rose from 9.1% to 19.7% — driven by net margin and asset turnover together, 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 warrants monitoring, with net debt / equity at 0.85x and interest coverage only at 1.53x.
At present, short-term debt accounts for 86.2% of total debt, cash equals 8.2% of debt, and total debt stands at 1,216.2bn.
- Net Debt / Equity
- 0.85x −0.86x
- Interest Coverage
- 1.53x +0.74x
- Cash / Debt
- 8.2% +5.2pp
- Short-term Debt / Total Debt
- 86.2% −6.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.53x, leaving limited room to absorb financing costs.
Short-term debt accounts for 86.2% of total debt, raising near-term refinancing needs.
Balance Sheet
▲Capital structure is balanced — liabilities at 1.63x equity, net debt at 0.85x equity.
Inventory ended the period at 798.4bn, roughly 24.1% of total assets.
Over the last 12 months, working capital released 904.1bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
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 operating efficiency, with net margin improving 1.4 pp. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 1.53x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.34% after expanding 1.4pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.53x.
What to verify next
Questions for the next period
Whether revenue sustains its +33,5% YoY pace or begins to slow.
Whether margins hold around the current 3.34% level or narrow again.
Whether operating cash flow holds its 672.4bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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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.