Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 44.9bn, rose 19.2bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.20x
- P/B
- 0.97x
- EPS
- 2,291
- BVPS
- 17,042
- ROE
- 15.0%
- ROA
- 11.2%
- Market price
- 16,500 29 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BSH has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. 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
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 | 157.9 | 131.0 | 164.4 | 158.0 | 137.3 | 108.6 | 153.4 | 172.7 |
| LNST | 13.3 | 7.5 | 10.4 | 13.8 | 6.8 | -1.4 | 7.5 | 12.8 |
| Net margin | 8.39% | 5.69% | 6.30% | 8.73% | 4.92% | -1.25% | 4.89% | 7.40% |
Revenue
158bnNet income
13bnNet margin
8.39%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 grew 6.9% year on year — not from a single spike: quarterly growth stepped up from −9% to +15%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 611bn +6.9%
- Latest quarter YoY
- +15% accelerating
What is driving the margin?
▲Net margin expanded to 7.34%, rising 2.8pp. The main driver is Gross margin rose 3.5pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin.
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 7.34% +2.8pp
- Gross Margin
- 10.87% +3.5pp
- SG&A / Revenue
- 3.38% −0.2pp
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 26.9bn against investing cash flow of -209.3bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +182.4bn. Financing cash flow was negative +18.0bn.
CFO / net income was −0,20 lần.
After spending +5.0bn on fixed-asset investment, the business generated trailing free cash flow of −14.1bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 19.7% of pre-tax profit — worth monitoring.
Within that, net financial result at +19.5%, other profit at +0.2% of PBT.
- Non-core / PBT
- 19.7% moderate
- Net financial / PBT
- 19.5%
- Other profit / PBT
- 0.2%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
▼Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 3.1 days versus the same period last year. The main moves came from DIO fell 3.8 days, DSO rose 4.3 days, and DPO fell 2.6 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +3.1 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +4.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 8.6% to 15.0% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 26.9bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.16x and interest coverage at 77.14x.
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
- −0.16x
- Interest Coverage
- 77.14x
- 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 0.16x equity.
Inventory ended the period at 45.2bn, roughly 11.2% of total assets.
Over the last 12 months, working capital absorbed 55.7bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
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 operating efficiency, with net margin improving 2.8 pp. The next item to monitor is the earnings mix, when non-core contribution is 19.5%. The main risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.34% after expanding 2.8pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 19.5% of PBT and CFO / net income currently at −0.20x.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 14.1bn.
What to verify next
Questions for the next period
Whether revenue sustains its +6,9% YoY pace or begins to slow.
Whether margins hold around the current 7.34% level or narrow again.
Whether operating cash flow holds its 26.9bn (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.