Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 136.0bn, rose 84.9bn compared with the same period last year. Key positives came from higher financial income, lower administrative expenses, and higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.75x
- P/B
- 1.08x
- EPS
- 10,074
- BVPS
- 35,065
- ROE
- 30.5%
- ROA
- 23.1%
- Market price
- 37,800 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BTT posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Financial income
- Administrative expenses
- Gross profit
- Other
- 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 | 51.5 | 61.3 | 66.2 | 63.1 | 60.2 | 79.2 | 80.5 | 60.0 |
| LNST | 19.8 | 78.2 | 22.9 | 15.1 | 14.2 | 14.5 | 10.5 | 12.0 |
| Net margin | 38.35% | 127.58% | 34.52% | 23.95% | 23.58% | 18.34% | 13.05% | 20.00% |
Revenue
51bnNet income
20bnNet margin
38.35%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 (+37.9pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 13.5% year on year — but the quarterly pace is slowing (+5% → −14%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 242bn −13.5%
- Latest quarter YoY
- −14% slowing
What is driving the margin?
▲▲Net margin expanded to 56.15%, rising 37.9pp. The main driver is Gross margin rose 11.0pp and SG&A / Revenue fell 4.1pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 31.9pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 56.15% +37.9pp
- Gross Margin
- 59.05% +11.0pp
- SG&A / Revenue
- 21.17% −4.1pp
- Non-core / Revenue
- 33.38% +32.0pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 47.4% of PBT and lifted net margin by 32.0pp — separate the operating contribution from this source.
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 97.6bn against investing cash flow of -95.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +2.0bn. Financing cash flow was negative +40.5bn.
CFO / net income was 0,60 lần.
After spending +0.6bn on fixed-asset investment, the business generated trailing free cash flow of +80.8bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 47.4% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +47.2%, other profit at +0.2% of PBT.
- Non-core / PBT
- 47.4% high
- Net financial / PBT
- 47.2%
- 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
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 31.2 days versus the same period last year. The main moves came from DIO rose 5.8 days, DSO fell 1.1 days, and DPO rose 35.9 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DIO increased by +5.8 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 12.3% to 30.5% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 97.6bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.10x and interest coverage at 464.29x.
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
- −0.10x
- Interest Coverage
- 464.29x +431.10x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▲Balance sheet is exceptionally sound — liabilities at 0.27x equity, with a net cash position equivalent to 0.10x equity.
None
Over the last 12 months, working capital released 86.0bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 37.9 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 56.15% after expanding 37.9pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 47.2% of PBT and CFO / net income currently at 0.60x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −13,5% YoY decline or keeps falling.
Whether margins hold around the current 56.15% level or narrow again.
Whether operating cash flow holds its 97.6bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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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.