Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 19,666.4bn, rose 19,721.8bn 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
- 7.02x
- P/B
- 1.91x
- EPS
- 4,040
- BVPS
- 14,850
- ROE
- 30.0%
- ROA
- 20.7%
- Market price
- 28,350 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BSR is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.
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 | 58,716.5 | 45,919.5 | 37,621.4 | 35,290.2 | 36,772.2 | 31,894.6 | 35,968.3 | 31,945.9 |
| LNST | 7,461.0 | 8,265.5 | 3,034.5 | 908.6 | 846.9 | 399.5 | -89.1 | -1,209.5 |
| Net margin | 12.71% | 18.00% | 8.07% | 2.57% | 2.30% | 1.25% | -0.25% | -3.79% |
Revenue
58,716bnNet income
7,461bnNet margin
12.71%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 improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 30.0% year on year — not from a single spike: quarterly growth stepped up from +10% to +60%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 177,548bn +30.0%
- Latest quarter YoY
- +60% accelerating
What is driving the margin?
▲▲Net margin expanded to 11.08%, rising 11.1pp. Core operating signals are improving as Gross margin rose 12.8pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (with lingering pressure from Net financial result / Revenue fell 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 11.08% +11.1pp
- Gross Margin
- 12.82% +12.8pp
- SG&A / Revenue
- 1.08% +0.1pp
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 5,258.1bn against investing cash flow of -21,662.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +16,404.2bn. Financing cash flow was negative +5,354.5bn.
CFO / net income was 0,46 lần.
After spending +733.0bn on fixed-asset investment, the business generated trailing free cash flow of +8,348.2bn.
Earnings Quality
▲How much income is non-core?
About 94% of pre-tax profit comes from core operations.
Within that, net financial result at +6.0%, other profit at +0.2% of PBT.
- Non-core / PBT
- 6.2% low
- Net financial / PBT
- 6.0%
- Other profit / PBT
- 0.2%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 34.1 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 29.94%, rising 29.9pp. That translates to 29.94 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 11.0pp, with capital turnover fell 0.13x; while invested capital expanded strongly by 17,449bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 9.3 days versus the same period last year. The main moves came from DIO fell 3.7 days, DSO fell 3.3 days, and DPO rose 2.3 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE rose from −0.1% to 30.1% — supported by net margin and asset turnover.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.08x and interest coverage at 28.17x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 52.2% of debt, and total debt stands at 12,766.3bn.
- Net Debt / Equity
- 0.08x +0.19x
- Interest Coverage
- 28.17x +28.18x
- Cash / Debt
- 52.2% −99.7pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.41x equity, net debt at 0.08x equity.
Inventory ended the period at 12,666.9bn, roughly 14.9% of total assets.
Over the last 12 months, working capital absorbed 11,966.1bn of cash, mainly because of higher receivables and higher 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 11.1 pp. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 11.08% after expanding 11.1pp versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +30,0% YoY pace or begins to slow.
Whether margins hold around the current 11.08% level or narrow again.
Whether operating cash flow holds its 5,258.1bn (cumulative for 2025) level in upcoming periods or weakens.
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