Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 47.2bn, rose 4.8bn compared with the previous quarter. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses, higher tax, higher finance costs, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 1.54x
- P/B
- 0.43x
- EPS
- 3,055
- BVPS
- 10,884
- ROE
- 17.6%
- ROA
- 9.8%
- Market price
- 4,700 16 Oct 2026
The current picture
What Is Changing
On a Năm 2025 basis, BIG has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
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 |
|---|---|---|---|---|---|---|
| Revenue | 161.3 | 140.5 | 234.0 | 83.3 | 136.8 | 71.9 |
| LNST | 6.3 | 7.0 | 33.0 | 1.4 | 1.4 | 0.9 |
| Net margin | 3.89% | 4.95% | 14.09% | 1.62% | 0.99% | 1.29% |
Revenue
161bnNet income
6bnNet margin
3.89%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 7.68% +4.8pp
- Gross Margin
- 14.19%
- SG&A / Revenue
- 2.20%
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -34.8bn against investing cash flow of -9.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +44.4bn. Financing cash flow was positive +112.4bn.
CFO / net income was 0,60 lần.
After spending +10.8bn on fixed-asset investment, the business generated trailing free cash flow of +17.3bn.
Earnings Quality
▲How much income is non-core?
About 98% of pre-tax profit comes from core operations.
Within that, net financial result at −22.8%, other profit at +1.5% of PBT.
- Non-core / PBT
- 1.5% low
- Net financial / PBT
- −22.8%
- Other profit / PBT
- 1.5%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 16.06%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.16x and interest coverage at 4.30x.
At present, short-term debt accounts for 69.0% of total debt, cash equals 139.7% of debt, and total debt stands at 151.8bn.
- Net Debt / Equity
- −0.16x −0.91x
- Interest Coverage
- 4.30x
- Cash / Debt
- 139.7% +121.5pp
- Short-term Debt / Total Debt
- 69.0% +4.1pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 69.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.88x equity, with a net cash position equivalent to 0.16x equity.
None
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 earnings conversion is confirmed, with CFO/NI at 0.60x. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.60x.
What to verify next
Questions for the next period
Whether revenue sustains its +13,3% YoY pace or begins to slow.
Whether margins hold around the current 6.95% level or narrow again.
Whether operating cash flow holds its -34.8bn (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.