Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 19.3bn, rose 3.2bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses, higher finance costs, higher selling expenses, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.71x
- P/B
- 0.59x
- EPS
- 1,090
- BVPS
- 14,269
- ROE
- 7.9%
- ROA
- 4.3%
- Market price
- 8,400 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, AVG has not moved the needle on revenue, but profitability has edged up slightly — margins have been expanding consistently over multiple periods. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Finance costs
- Selling expenses
- Other profit
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 | 184.0 | 157.0 | 291.4 | 93.8 | 190.1 | 191.3 | 239.6 | 134.3 |
| LNST | 4.7 | 4.4 | 8.3 | 2.0 | 1.8 | 6.0 | 4.8 | 3.6 |
| Net margin | 2.54% | 2.83% | 2.86% | 2.13% | 0.92% | 3.13% | 1.99% | 2.69% |
Revenue
184bnNet income
5bnNet margin
2.54%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 3.9% year on year — not from a single spike: quarterly growth stepped up from −30% to −3%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 726bn −3.9%
- Latest quarter YoY
- −3% accelerating
What is driving the margin?
▲Net margin edged up to 2.68%, rising 0.5pp. Core operating signals are improving as Gross margin rose 1.7pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (with lingering pressure from Net financial result / Revenue fell 0.5pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 2.68% +0.5pp
- Gross Margin
- 6.32% +1.7pp
- SG&A / Revenue
- 1.72% +0.6pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼Is profit converting into cash?
Operating cash flow reached -2.2bn against investing cash flow of -46.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +48.7bn. Financing cash flow was positive +31.9bn.
CFO / net income was −0,50 lần.
After spending +59.0bn on fixed-asset investment, the business generated trailing free cash flow of −68.7bn.
Earnings Quality
▲How much income is non-core?
About 96% of pre-tax profit comes from core operations.
Within that, net financial result at −59.1%, other profit at +4.3% of PBT.
- Non-core / PBT
- 4.3% low
- Net financial / PBT
- −59.1%
- Other profit / PBT
- 4.3%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 5.12%, rising 0.4pp. That translates to 5.12 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.6pp was enough to offset the decline from capital turnover fell 0.32x, with invested capital holding roughly steady.
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.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 6.8 days versus the same period last year. The main moves came from DIO fell 6.9 days, DSO rose 18.3 days, and DPO rose 4.5 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +6.8 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +18.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 7.1% to 8.0% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 68.7bn due to capex of 59.0bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.71x and interest coverage only at 1.75x.
At present, short-term debt accounts for 95.7% of total debt, cash equals 9.5% of debt, and total debt stands at 198.9bn.
- Net Debt / Equity
- 0.71x +0.18x
- Interest Coverage
- 1.75x −0.15x
- Cash / Debt
- 9.5% +3.3pp
- Short-term Debt / Total Debt
- 95.7% −1.2pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.75x, leaving limited room to absorb financing costs.
Short-term debt accounts for 95.7% of total debt, raising near-term refinancing needs.
Balance Sheet
▼Capital structure is balanced — liabilities at 0.93x equity, net debt at 0.71x equity.
Inventory ended the period at 57.6bn, roughly 12.3% of total assets.
Over the last 12 months, working capital absorbed 40.1bn 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 next item to monitor is effective tax rate looks unusual, with effective tax rate at 4.9%. The main risk still sits in leverage and liquidity, with interest coverage at 1.75x.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.75x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −3,9% YoY decline or keeps falling.
Whether margins hold around the current 2.68% level or narrow again.
Whether operating cash flow holds its -2.2bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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