Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 61.8bn, rose 180.1bn compared with the same period last year. Key positives came from higher gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.78x
- P/B
- 0.49x
- EPS
- 501
- BVPS
- 9,001
- ROE
- 5.7%
- ROA
- 2.0%
- Market price
- 4,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BTS has not accelerated revenue sharply, but profitability is improving visibly — this marks a reversal from the difficult phase before. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Gross profit
- Other
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 | 748.8 | 608.0 | 848.7 | 521.8 | 672.2 | 613.9 | 769.8 | 633.2 |
| LNST | 11.1 | 3.0 | 37.6 | 10.1 | 12.4 | -28.5 | -75.9 | -26.2 |
| Net margin | 1.48% | 0.50% | 4.43% | 1.93% | 1.85% | -4.65% | -9.86% | -4.14% |
Revenue
749bnNet income
11bnNet margin
1.48%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?
Margins improved (+6.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 1.4% year on year — not from a single spike: quarterly growth stepped up from −18% to +11%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,727bn +1.4%
- Latest quarter YoY
- +11% accelerating
What is driving the margin?
▲▲Net margin expanded to 2.27%, rising 6.7pp. Core operating signals are improving as Gross margin rose 7.0pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (with lingering pressure from Net financial result / Revenue fell 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 2.27% +6.7pp
- Gross Margin
- 9.35% +7.0pp
- SG&A / Revenue
- 6.42% +0.3pp
- Non-core / Revenue
- −0.66% −0.1pp
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (90.0% of PBT) — sustainability should be monitored.
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 196.1bn against investing cash flow of -63.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +132.3bn. Financing cash flow was negative +79.3bn.
CFO / net income was 1,79 lần.
After spending +48.9bn on fixed-asset investment, the business generated trailing free cash flow of +62.1bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 90.0% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −119.3%, other profit at +90.0% of PBT.
- Non-core / PBT
- 90.0% high
- Net financial / PBT
- −119.3%
- Other profit / PBT
- 90.0%
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 17.4 days versus the same period last year. The main moves came from DIO rose 6.4 days, DSO rose 0.5 days, and DPO fell 10.5 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +17.4 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −10.6% to 5.7% — 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 warrants monitoring, with net debt / equity at 0.90x and interest coverage only at 0.08x.
At present, short-term debt accounts for 90.4% of total debt, cash equals 2.6% of debt, and total debt stands at 1,023.2bn.
- Net Debt / Equity
- 0.90x −0.09x
- Interest Coverage
- 0.08x +2.53x
- Cash / Debt
- 2.6% −4.5pp
- Short-term Debt / Total Debt
- 90.4% +3.1pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 0.08x, leaving limited room to absorb financing costs.
Short-term debt accounts for 90.4% of total debt, raising near-term refinancing needs.
Balance Sheet
▼Capital structure is balanced — liabilities at 1.78x equity, net debt at 0.90x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 7.0pp YoY to 9.35% (TTM).
Gross margin (TTM): 9.35% · YoY +7.0pp
Inventory 518.1bn — 16.99% of total assets, above the materials-group median (13.00%); ≈ 76 days of sales.
Inventory / assets: 16.99% (group median 13.00%)
Days inventory outstanding: 76
Inventory ended the period at 525.3bn, roughly 17.2% of total assets.
Over the last 12 months, working capital absorbed 153.6bn 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 6.7 pp. The next item to monitor is the earnings mix, when non-core contribution is −119.3%. The main risk still sits in leverage and liquidity, with interest coverage at 0.08x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.27% after expanding 6.7pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.79x. Even so, net financial result still accounts for −119.3% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.08x.
What to verify next
Questions for the next period
Whether revenue sustains its +1,4% YoY pace or begins to slow.
Whether margins hold around the current 2.27% level or narrow again.
Whether operating cash flow holds its 196.1bn (cumulative for 2025) level in upcoming periods or weakens.
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