Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 38.1bn, fell 70.2bn compared with the same period last year. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -12.61x
- P/B
- 1.38x
- EPS
- -634
- BVPS
- 5,799
- ROE
- -10.4%
- ROA
- -7.8%
- Market price
- 8,000 24 Aug 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BSG posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — 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
- Other
- Gross profit
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 | 81.2 | 89.4 | 98.6 | 110.3 | 116.0 | 111.3 | 160.1 | 148.8 |
| LNST | -20.0 | -11.4 | -9.0 | 2.4 | 8.5 | 1.5 | 13.9 | 8.2 |
| Net margin | -24.60% | -12.80% | -9.11% | 2.14% | 7.31% | 1.35% | 8.71% | 5.53% |
Revenue
81bnNet income
-20bnNet margin
-24.60%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 29.2% year on year — but the quarterly pace is slowing (−26% → −30%).
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 380bn −29.2%
- Latest quarter YoY
- −30% slowing
What is driving the margin?
▼▼Net margin fell to −10.03%, losing 16.0pp. The main pressure comes from Gross margin fell 15.0pp and SG&A / Revenue rose 1.8pp (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.4pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −10.03% −16.0pp
- Gross Margin
- −2.08% −15.0pp
- SG&A / Revenue
- 9.75% +1.8pp
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 25.3bn against investing cash flow of -54.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +29.6bn. Financing cash flow was negative +11.3bn.
CFO / net income was −1,65 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
▲How much income is non-core?
About 94% of pre-tax profit comes from core operations.
Within that, net financial result at −11.9%, other profit at +6.1% of PBT.
- Non-core / PBT
- 6.1% low
- Net financial / PBT
- −11.9%
- Other profit / PBT
- 6.1%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 46.6 days versus the same period last year. The main moves came from DIO rose 1.5 days, DSO rose 18.2 days, and DPO fell 26.8 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +46.6 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +18.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 8.7% to −10.4% — all three components weakened.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 25.3bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.05x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.28x equity, with a net cash position equivalent to 0.05x equity.
None
Over the last 12 months, working capital released 26.9bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables 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 16.0 pp. The next watchpoint is capital structure should be read with cycle risk in mind. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.05x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.05x of equity.
- Watchpoint: Capital structure should be read with cycle risk in mind.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -10.03% after a 16.0pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −29,2% YoY decline or keeps falling.
Whether margins hold around the current -10.03% level or narrow again.
Whether operating cash flow holds its 25.3bn (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.