Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 31.1bn, rose 80.1bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and higher financial income. Offsetting pressure came mainly from higher administrative expenses and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 27.05x
- P/B
- 0.87x
- EPS
- 621
- BVPS
- 19,283
- ROE
- 3.3%
- ROA
- 0.9%
- Market price
- 16,800 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BCA is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — this marks a reversal from the difficult phase before. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Financial income
- Administrative expenses
- Other profit
- 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 | 1,793.2 | 1,860.5 | 1,879.3 | 1,838.6 | 1,226.7 | 1,436.7 | 1,279.3 | 1,615.7 |
| LNST | 8.8 | 5.3 | 23.3 | -6.3 | -1.4 | 1.5 | -38.0 | -11.2 |
| Net margin | 0.49% | 0.29% | 1.24% | -0.34% | -0.11% | 0.11% | -2.97% | -0.70% |
Revenue
1,793bnNet income
9bnNet margin
0.49%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 32.6% year on year — not from a single spike: quarterly growth stepped up from +14% to +46%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 7,372bn +32.6%
- Latest quarter YoY
- +46% accelerating
What is driving the margin?
▲Net margin edged up to 0.42%, rising 1.3pp. Core operating signals are improving as Gross margin rose 0.9pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (in addition, Net financial result / Revenue rose 1.2pp added support while Other profit / Revenue fell 0.4pp remained a drag).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 0.42% +1.3pp
- Gross Margin
- 3.74% +0.9pp
- SG&A / Revenue
- 1.53% +0.4pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 222.9bn against investing cash flow of 240.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +463.0bn. Financing cash flow was negative +420.7bn.
CFO / net income was 7,55 lần.
After spending +4.1bn on fixed-asset investment, the business generated trailing free cash flow of +230.5bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 21.7% of pre-tax profit — worth monitoring.
Within that, net financial result at −321.0%, other profit at +21.7% of PBT.
- Non-core / PBT
- 21.7% moderate
- Net financial / PBT
- −321.0%
- Other profit / PBT
- 21.7%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 78.8 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 1.61%, rising 4.4pp. That translates to 1.61 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.7pp and capital turnover rose 0.37x, while invested capital rose by 349bn — capital-return quality improved from both sides.
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 1.61% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 17.2 days versus the same period last year. The main moves came from DIO fell 10.7 days, DSO fell 20.5 days, and DPO fell 14.0 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE rose from −6.6% to 3.3% — supported by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 1.62x and interest coverage only at 0.32x.
At present, short-term debt accounts for 85.2% of total debt, cash equals 13.0% of debt, and total debt stands at 1,790.3bn.
- Net Debt / Equity
- 1.62x −0.15x
- Interest Coverage
- 0.32x +0.69x
- Cash / Debt
- 13.0% +11.2pp
- Short-term Debt / Total Debt
- 85.2% −14.8pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.62x, increasing balance-sheet pressure.
Interest coverage is 0.32x, leaving limited room to absorb financing costs.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Leverage is elevated, requiring monitoring — liabilities at 2.68x equity, net debt at 1.62x equity.
Inventory ended the period at 1,498.6bn, roughly 42.8% 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 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 1.3 pp. The next item to monitor is the earnings mix, when non-core contribution is 21.7%. The main risk still sits in capital efficiency remains weak, with ROIC at 1.6%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 42.13% after expanding 1.3pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 7.55x. Even so, net financial result still accounts for 21.7% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +32,6% YoY pace or begins to slow.
Whether margins hold around the current 0.42% level or narrow again.
Whether operating cash flow holds its 222.9bn (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.