Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 259.5bn, fell 74.6bn compared with the same period last year. Key positives came from lower selling expenses, lower administrative expenses, lower tax, and lower minority interests. Offsetting pressure came mainly from lower gross profit, higher finance costs, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 14.45x
- P/B
- 1.87x
- EPS
- 4,084
- BVPS
- 31,513
- ROE
- 15.5%
- ROA
- 6.4%
- Market price
- 59,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BFC is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Selling expenses
- Administrative expenses
- Tax
- Minority interests
- Gross profit
- Finance costs
- Financial income
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 | 1,698.5 | 3,345.4 | 2,466.2 | 2,059.5 | 3,534.6 | 2,554.3 | 2,470.8 | 2,031.0 |
| LNST | 51.7 | 142.2 | 68.3 | 73.3 | 147.5 | 111.1 | 99.9 | 64.3 |
| Net margin | 3.04% | 4.25% | 2.77% | 3.56% | 4.17% | 4.35% | 4.04% | 3.17% |
Revenue
1,698bnNet income
52bnNet margin
3.04%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 declined 9.6% year on year — but the quarterly pace is slowing (+1% → −52%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 9,570bn −9.6%
- Latest quarter YoY
- −52% slowing
What is driving the margin?
●Net margin narrowed to 3.51%, falling 0.5pp. The main pressure is Gross margin fell 1.0pp, outweighing the improvement in SG&A / Revenue fell 0.8pp (with lingering pressure from Net financial result / Revenue fell 0.4pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 3.51% −0.5pp
- Gross Margin
- 12.48% −1.0pp
- SG&A / Revenue
- 7.32% −0.8pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
Operating cash flow reached -731.6bn against investing cash flow of -69.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +801.5bn. Financing cash flow was positive +425.0bn.
CFO / net income was −4,38 lần.
After spending +100.5bn on fixed-asset investment, the business generated trailing free cash flow of −1,237.6bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −19.9%, other profit at +0.4% of PBT.
- Non-core / PBT
- 0.4% low
- Net financial / PBT
- −19.9%
- Other profit / PBT
- 0.4%
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 12.28%, losing 9.0pp. That translates to 12.28 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.5pp and capital turnover fell 1.84x, while invested capital expanded strongly by 743bn — pressure came from both operational efficiency and asset efficiency.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 38.2 days versus the same period last year. The main moves came from DIO rose 39.7 days, DSO fell 3.8 days, and DPO fell 2.3 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 106.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +39.7 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 28.8% to 20.0% — all three components weakened, with asset turnover being the main drag.
Is financial risk significant?
Leverage is safe but FCF is negative at 1,237.6bn due to capex of 100.5bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.93x and interest coverage at 4.07x.
At present, short-term debt accounts for 99.8% of total debt, cash equals 9.2% of debt, and total debt stands at 1,840.0bn.
- Net Debt / Equity
- 0.93x +0.66x
- Interest Coverage
- 4.07x −3.05x
- Cash / Debt
- 9.2% −37.0pp
- Short-term Debt / Total Debt
- 99.8% +0.9pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 99.8% of total debt, raising near-term refinancing needs.
Cash / debt stands at 9.2%, leaving limited liquidity buffer to monitor.
Balance Sheet
▼The balance sheet shows capital-allocation efficiency slipping. Capital structure is balanced — liabilities at 1.34x equity, net debt at 0.93x equity.
Inventory ended the period at 2,283.0bn, roughly 57.5% of total assets.
Over the last 12 months, working capital absorbed 1,496.5bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
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 leverage and liquidity remaining the main constraint, with interest coverage at 4.07x. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at −4.38x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −4.38x.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.93x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −9,6% YoY decline or keeps falling.
Whether margins hold around the current 3.51% level or narrow again.
Whether operating cash flow holds its -731.6bn (cumulative for 2025) level in upcoming periods or weakens.
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