Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 150.4bn, rose 83.1bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and lower finance costs. Offsetting pressure came mainly from higher minority interests, higher tax, weaker other profit, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.01x
- P/B
- 0.22x
- EPS
- 372
- BVPS
- 20,645
- ROE
- 1.8%
- ROA
- 0.6%
- Market price
- 4,470 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, ASM has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Finance costs
- Minority interests
- Tax
- Other profit
- Administrative 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 | 3,251.5 | 2,469.6 | 2,615.3 | 2,632.8 | 3,354.4 | 2,715.1 | 2,866.3 | 3,219.3 |
| LNST | 94.4 | 120.1 | 31.5 | 34.9 | 39.3 | 37.9 | 0.5 | 71.2 |
| Net margin | 2.90% | 4.86% | 1.21% | 1.33% | 1.17% | 1.40% | 0.02% | 2.21% |
Revenue
3,251bnNet income
94bnNet margin
2.90%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 declined 9.8% year on year — not from a single spike: quarterly growth stepped up from −18% to −3%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 10,969bn −9.8%
- Latest quarter YoY
- −3% accelerating
What is driving the margin?
▲Net margin edged up to 2.56%, rising 1.3pp. Core operating signals are improving as Gross margin rose 2.5pp are enough to offset pressure from SG&A / Revenue rose 0.7pp (with lingering pressure from Other profit / Revenue fell 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 2.56% +1.3pp
- Gross Margin
- 13.75% +2.5pp
- SG&A / Revenue
- 5.16% +0.7pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -328.6bn against investing cash flow of -860.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +1,189.1bn. Financing cash flow was negative +169.3bn.
CFO / net income was −3,99 lần.
After spending +641.4bn on fixed-asset investment, the business generated trailing free cash flow of −1,240.7bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 13.8% of pre-tax profit — worth monitoring.
Within that, net financial result at −147.0%, other profit at +13.8% of PBT.
- Non-core / PBT
- 13.8% moderate
- Net financial / PBT
- −147.0%
- Other profit / PBT
- 13.8%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 1.51%, rising 0.6pp. That translates to 1.51 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.5pp, with capital turnover fell 0.11x; while invested capital rose by 1,693bn.
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.
ROIC is currently 1.51% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 44.1 days versus the same period last year. The main moves came from DIO rose 36.2 days, DSO rose 12.1 days, and DPO rose 4.2 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 242.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +12.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 1.8% to 3.4% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.61x and interest coverage only at 0.51x.
At present, short-term debt accounts for 53.4% of total debt, cash equals 3.9% of debt, and total debt stands at 14,075.0bn.
- Net Debt / Equity
- 1.61x +0.12x
- Interest Coverage
- 0.51x +0.22x
- Cash / Debt
- 3.9% −3.8pp
- Short-term Debt / Total Debt
- 53.4% +7.5pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.61x, increasing balance-sheet pressure.
Interest coverage is 0.51x, leaving limited room to absorb financing costs.
Balance Sheet
▼Leverage is elevated, requiring monitoring — liabilities at 1.86x equity, net debt at 1.61x equity.
Inventory ended the period at 4,824.6bn, roughly 20.6% of total assets.
Over the last 12 months, working capital absorbed 1,128.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
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 operating efficiency, with net margin improving 1.3 pp. The main risk still sits in capital efficiency remains weak, with ROIC at 1.5%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.56% after expanding 1.3pp versus the same period last year.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −9,8% YoY decline or keeps falling.
Whether margins hold around the current 2.56% level or narrow again.
Whether operating cash flow holds its -328.6bn (cumulative for 2025) level in upcoming periods or weakens.
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