Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 45.6bn, fell 3.6bn 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 and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 14.58x
- P/B
- 1.60x
- EPS
- 1,200
- BVPS
- 10,941
- ROE
- 11.3%
- ROA
- 4.9%
- Market price
- 17,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BNW is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Administrative expenses
- 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 | 90.2 | 74.5 | 77.2 | 81.4 | 74.8 | 62.7 | 75.9 | 78.1 |
| LNST | 20.7 | 9.9 | 7.3 | 7.7 | 11.3 | 8.6 | 13.3 | 16.0 |
| Net margin | 22.93% | 13.29% | 9.47% | 9.50% | 15.17% | 13.69% | 17.52% | 20.53% |
Revenue
90bnNet income
21bnNet margin
22.93%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 10.9% year on year — not from a single spike: quarterly growth stepped up from +4% to +21%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 323bn +10.9%
- Latest quarter YoY
- +21% accelerating
What is driving the margin?
▼Net margin fell to 14.11%, losing 2.8pp. The main pressure comes from Gross margin fell 2.0pp and SG&A / Revenue rose 0.7pp (with lingering pressure from Net financial result / Revenue fell 0.9pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 14.11% −2.8pp
- Gross Margin
- 28.22% −2.0pp
- SG&A / Revenue
- 7.84% +0.7pp
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 91.1bn against investing cash flow of -66.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +24.1bn. Financing cash flow was negative +13.0bn.
CFO / net income was 2,43 lần.
After spending +76.2bn on fixed-asset investment, the business generated trailing free cash flow of +34.5bn.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
Earnings Quality
▲How much income is non-core?
About 98% of pre-tax profit comes from core operations.
Within that, net financial result at −24.9%, other profit at +1.7% of PBT.
- Non-core / PBT
- 1.7% low
- Net financial / PBT
- −24.9%
- Other profit / PBT
- 1.7%
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 6.6% reflects a large fixed-asset base.
Is capital being deployed efficiently?
▼ROIC narrowed to 6.58%, falling 1.2pp. That translates to 6.58 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 2.8pp, outweighing the movement in capital turnover; while invested capital rose by 56bn.
For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 3.7 days versus the same period last year. The main moves came from DIO fell 3.5 days, DSO rose 7.0 days, and DPO fell 0.1 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
CCC is up by +3.7 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +7.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 12.4% to 11.3% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.69x and interest coverage at 3.22x.
At present, short-term debt accounts for 10.1% of total debt, cash equals 10.5% of debt, and total debt stands at 316.7bn.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
- Net Debt / Equity
- 0.69x +0.01x
- Interest Coverage
- 3.22x −1.61x
- Cash / Debt
- 10.5% +5.7pp
- Short-term Debt / Total Debt
- 10.1% +1.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash / debt stands at 10.5%, leaving limited liquidity buffer to monitor.
Balance Sheet
▲ROIC for utilities reflects a large fixed-asset base and regulated tariffs. Capital structure is balanced — liabilities at 1.25x equity, net debt at 0.69x equity.
None
Over the last 12 months, working capital released 21.7bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
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 2.8 pp. The next watchpoint is capital efficiency, with ROIC at 6.6%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.43x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.43x.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 14.11% after a 2.8pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +10,9% YoY pace or begins to slow.
Whether margins hold around the current 14.11% level or narrow again.
Whether operating cash flow holds its 91.1bn (cumulative for 2025) level in upcoming periods or weakens.
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