Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 96.2bn, fell 15.1bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher finance costs, lower financial income, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 13.93x
- P/B
- 2.84x
- EPS
- 2,534
- BVPS
- 12,417
- ROE
- 20.7%
- ROA
- 13.2%
- Market price
- 35,300 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BCF is going through a period of clear decline across multiple metrics at once — profit is near a multi-period low. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Finance costs
- Financial income
- 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 | 214.2 | 179.6 | 201.3 | 211.4 | 197.4 | 174.1 | 190.9 | 206.3 |
| LNST | 14.6 | 21.6 | 23.2 | 36.9 | 34.2 | 25.6 | 19.4 | 32.2 |
| Net margin | 6.81% | 12.02% | 11.51% | 17.44% | 17.30% | 14.73% | 10.15% | 15.59% |
Revenue
214bnNet income
15bnNet margin
6.81%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 4.9% year on year — not from a single spike: quarterly growth stepped up from +2% to +8%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 807bn +4.9%
- Latest quarter YoY
- +8% accelerating
What is driving the margin?
▼Net margin fell to 11.93%, losing 2.6pp. The main pressure is SG&A / Revenue rose 1.9pp, outweighing the improvement in Gross margin rose 1.1pp (with lingering pressure from Net financial result / Revenue fell 1.4pp and Other profit / Revenue fell 0.2pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 11.93% −2.6pp
- Gross Margin
- 27.97% +1.1pp
- SG&A / Revenue
- 12.34% +1.9pp
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 100.5bn against investing cash flow of -146.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +45.5bn. Financing cash flow was positive +11.8bn.
CFO / net income was 0,97 lần.
After spending +120.3bn on fixed-asset investment, the business generated trailing free cash flow of −26.7bn.
Earnings Quality
▲How much income is non-core?
About 98% of pre-tax profit comes from core operations.
Within that, net financial result at +0.1%, other profit at +1.7% of PBT.
- Non-core / PBT
- 1.8% low
- Net financial / PBT
- 0.1%
- Other profit / PBT
- 1.7%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 16.47%, losing 5.0pp. That translates to 16.47 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.9pp and capital turnover fell 0.17x, while invested capital rose by 93bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.6 days versus the same period last year. The main moves came from DIO rose 1.2 days, DSO fell 0.2 days, and DPO rose 3.6 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
CCC stands at 91.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +1.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 25.7% to 20.7% — dragged by net margin and asset turnover together, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 26.7bn due to capex of 120.3bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.29x and interest coverage at 10.45x.
At present, short-term debt accounts for 37.9% of total debt, cash equals 34.8% of debt, and total debt stands at 209.4bn.
- Net Debt / Equity
- 0.29x −0.00x
- Interest Coverage
- 10.45x −13.93x
- Cash / Debt
- 34.8% +3.1pp
- Short-term Debt / Total Debt
- 37.9% +9.0pp
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.72x equity, net debt at 0.29x equity.
Inventory ended the period at 118.4bn, roughly 15.8% 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 under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 2.6 pp. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 0.97x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.97x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 11.93% after a 2.6pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +4,9% YoY pace or begins to slow.
Whether margins hold around the current 11.93% level or narrow again.
Whether operating cash flow holds its 100.5bn (cumulative for 2025) level in upcoming periods or weakens.
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