Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 6.7bn, rose 4.0bn compared with the same period last year. Key positives came from higher gross profit and lower tax. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, weaker other profit, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.59x
- P/B
- 0.31x
- EPS
- 276
- BVPS
- 10,384
- ROE
- 2.7%
- ROA
- 1.1%
- Market price
- 3,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BMV is still improving profit despite revenue not recovering, suggesting cost efficiency or the earnings mix is aiding current results — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Administrative expenses
- Selling expenses
- Other profit
- Finance costs
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 | 150.6 | 160.0 | 171.8 | 162.0 | 153.0 | 147.5 | 183.8 | 164.4 |
| LNST | 3.7 | 1.2 | 0.7 | 1.0 | 1.0 | 1.0 | 1.1 | -0.5 |
| Net margin | 2.48% | 0.78% | 0.42% | 0.60% | 0.67% | 0.69% | 0.61% | -0.32% |
Revenue
151bnNet income
4bnNet margin
2.48%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 0.6% year on year, with the quarterly pace steady around −2%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 644bn −0.6%
- Latest quarter YoY
- −2% steady
What is driving the margin?
▲Net margin edged up to 1.04%, rising 0.6pp. Core operating signals are improving as Gross margin rose 2.3pp are enough to offset pressure from SG&A / Revenue rose 1.5pp (with lingering pressure from Net financial result / Revenue fell 0.1pp and Other profit / Revenue fell 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 1.04% +0.6pp
- Gross Margin
- 8.19% +2.3pp
- SG&A / Revenue
- 6.94% +1.5pp
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 34.5bn against investing cash flow of 70.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +104.9bn. Financing cash flow was negative +43.4bn.
CFO / net income was −24,65 lần.
After spending +8.2bn on fixed-asset investment, the business generated trailing free cash flow of −172.8bn.
Earnings Quality
▲How much income is non-core?
About 96% of pre-tax profit comes from core operations.
Within that, net financial result at +3.2%, other profit at +0.7% of PBT.
- Non-core / PBT
- 3.9% low
- Net financial / PBT
- 3.2%
- Other profit / PBT
- 0.7%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 1.39%, rising 0.9pp. That translates to 1.39 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.7pp, with capital turnover fell 0.18x; while invested capital rose by 55bn.
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 1.39% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 48.6 days versus the same period last year. The main moves came from DIO rose 55.8 days, DSO rose 3.0 days, and DPO rose 10.2 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 154.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +3.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 1.1% to 2.7% — 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 172.8bn due to capex of 8.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.06x and interest coverage only at 0.96x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 8.6% of debt, and total debt stands at 291.2bn.
- Net Debt / Equity
- 1.06x +0.29x
- Interest Coverage
- 0.96x +0.38x
- Cash / Debt
- 8.6% +4.0pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.06x, increasing balance-sheet pressure.
Interest coverage is 0.96x, leaving limited room to absorb financing costs.
Balance Sheet
▼Leverage is elevated, requiring monitoring — liabilities at 0.72x equity, net debt at 1.06x equity.
Inventory ended the period at 92.8bn, roughly 21.7% of total assets.
Over the last 12 months, working capital absorbed 172.6bn 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 brighter spot is earnings conversion is confirmed, with CFO/NI at −24.65x. The main risk still sits in capital efficiency remains weak, with ROIC at 1.4%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −24.65x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −0,6% YoY decline or keeps falling.
Whether margins hold around the current 1.04% level or narrow again.
Whether operating cash flow holds its 34.5bn (cumulative for 2025) level in upcoming periods or weakens.
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