Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 14.9bn, fell 4.5bn compared with the same period last year. Key positives came from better other profit and lower finance costs. Offsetting pressure came mainly from lower gross profit, higher administrative expenses, higher selling expenses, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 18.30x
- P/B
- 1.41x
- EPS
- 1,175
- BVPS
- 15,271
- ROE
- 7.8%
- ROA
- 4.7%
- Market price
- 21,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, CFV is holding revenue at an acceptable level, but margins are eroding visibly — 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 profit
- Finance costs
- Gross profit
- Administrative expenses
- Selling expenses
- Financial income
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 | 139.9 | 116.9 | 76.2 | 22.3 | 191.5 | 90.1 | 21.6 | 7.1 |
| LNST | 1.2 | 1.4 | 15.0 | -2.7 | 0.6 | 0.6 | 15.2 | 2.9 |
| Net margin | 0.87% | 1.18% | 19.66% | -12.15% | 0.30% | 0.69% | 70.47% | 41.03% |
Revenue
140bnNet income
1bnNet margin
0.87%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 grew 14.5% year on year — but the quarterly pace is slowing (+212% → −27%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 355bn +14.5%
- Latest quarter YoY
- −27% slowing
What is driving the margin?
▼Net margin fell to 4.18%, losing 2.1pp. The main pressure comes from Gross margin fell 3.6pp and SG&A / Revenue rose 0.2pp (with additional support from Other profit / Revenue rose 1.1pp and Net financial result / Revenue rose 0.3pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 4.18% −2.1pp
- Gross Margin
- 10.10% −3.6pp
- SG&A / Revenue
- 4.86% +0.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
Operating cash flow reached -105.2bn against investing cash flow of 13.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +92.2bn. Financing cash flow was positive +92.2bn.
CFO / net income was −20,12 lần.
After spending +24.8bn on fixed-asset investment, the business generated trailing free cash flow of −323.9bn.
Earnings Quality
▲How much income is non-core?
About 92% of pre-tax profit comes from core operations.
Within that, net financial result at −3.9%, other profit at +7.5% of PBT.
- Non-core / PBT
- 7.5% low
- Net financial / PBT
- −3.9%
- Other profit / PBT
- 7.5%
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
▼▼Cash conversion cycle lengthened by 73.9 days versus the same period last year. The main moves came from DIO rose 73.8 days, DSO fell 0.1 days, and DPO fell 0.3 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 140.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +73.8 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 10.9% to 7.8% — dragged by net margin and asset turnover together, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 323.9bn due to capex of 24.8bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.69x and interest coverage at 2.13x.
At present, short-term debt accounts for 89.3% of total debt, cash equals 8.8% of debt, and total debt stands at 146.9bn.
- Net Debt / Equity
- 0.69x +0.52x
- Interest Coverage
- 2.13x −0.60x
- Cash / Debt
- 8.8% +6.9pp
- Short-term Debt / Total Debt
- 89.3% −10.7pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 89.3% of total debt, raising near-term refinancing needs.
Cash / debt stands at 8.8%, leaving limited liquidity buffer to monitor.
Balance Sheet
●Capital structure is balanced — liabilities at 0.71x equity, net debt at 0.69x equity.
Inventory ended the period at 103.7bn, roughly 29.8% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is capital efficiency. The main risk still sits in core profitability, with net margin down 2.1 pp.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 4.18% after a 2.1pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +14,5% YoY pace or begins to slow.
Whether margins hold around the current 4.18% level or narrow again.
Whether operating cash flow holds its -105.2bn (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.