Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 0.6bn, rose 0.2bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 140.12x
- P/B
- 1.84x
- EPS
- 167
- BVPS
- 12,708
- ROE
- 1.3%
- ROA
- 1.0%
- Market price
- 23,400 07 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, ATS is improving on both growth and profitability, painting a notably more positive picture versus the same period — earnings have been recovering gradually over multiple periods. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
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 | 18.8 | 13.3 | 13.2 | 12.5 | 11.7 | 10.1 | 14.0 | 13.5 |
| LNST | 0.1 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Net margin | 0.29% | 1.81% | 1.17% | 1.05% | 1.22% | 1.00% | 0.51% | 0.49% |
Revenue
19bnNet income
0bnNet margin
0.29%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 17.5% year on year — not from a single spike: quarterly growth stepped up from −7% to +61%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 58bn +17.5%
- Latest quarter YoY
- +61% accelerating
What is driving the margin?
●Net margin stands at 1.01%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 1.01% +0.2pp
- Gross Margin
- 4.98% −0.3pp
- SG&A / Revenue
- 3.61% −0.7pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -0.9bn against investing cash flow of 0.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +0.9bn. Financing cash flow was positive 0.0bn.
CFO / net income was 1,21 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at +0.1% of PBT.
- Non-core / PBT
- 0.1% low
- Net financial / PBT
- 0.1%
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
●Cash conversion cycle improved by 0.9 days versus the same period last year. The main moves came from DIO rose 1.1 days, DSO fell 1.0 days, and DPO rose 1.1 days.
Working capital cycle is flat — components are offsetting each other.
DIO increased by +1.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE is broadly flat at 1.3% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.04x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.13x equity, with a net cash position equivalent to 0.04x equity.
None
Over the last 12 months, working capital released 2.8bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.21x. The next item to monitor is capital efficiency.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.21x.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue sustains its +17,5% YoY pace or begins to slow.
Whether margins hold around the current 1.01% level or narrow again.
Whether operating cash flow holds its -0.9bn (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.