Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 5.1bn, rose 6.3bn compared with the same period last year. Key positives came from higher financial income and higher gross profit. Offsetting pressure came mainly from higher tax, higher finance costs, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- —
- BVPS
- —
- ROE
- 7.9%
- ROA
- 3.2%
- Market price
- 8,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, CMC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
- Tax
- Finance costs
- Administrative expenses
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 | 23.7 | 23.1 | 33.3 | 46.8 | 22.6 | 21.5 | 30.9 | 13.6 |
| LNST | -2.1 | 0.1 | 4.1 | 3.0 | 1.4 | 0.1 | -0.1 | -2.6 |
| Net margin | -8.98% | 0.62% | 12.32% | 6.44% | 6.14% | 0.69% | -0.25% | -19.35% |
Revenue
24bnNet income
-2bnNet margin
-8.98%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 43.1% year on year — but the quarterly pace is slowing (+245% → +5%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 127bn +43.1%
- Latest quarter YoY
- +5% slowing
What is driving the margin?
▲▲Net margin expanded to 4.04%, rising 5.4pp. Core operating signals are improving as SG&A / Revenue fell 1.0pp are enough to offset pressure from Gross margin fell 0.1pp (with additional support from Net financial result / Revenue rose 5.4pp).
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
- 4.04% +5.4pp
- Gross Margin
- 8.68% −0.1pp
- SG&A / Revenue
- 3.97% −1.0pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 47.8bn against investing cash flow of -21.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +26.2bn. Financing cash flow was negative +10.6bn.
CFO / net income was 5,05 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
▲How much income is non-core?
About 98% of pre-tax profit comes from core operations.
Within that, net financial result at +2.3% of PBT.
- Non-core / PBT
- 2.3% low
- Net financial / PBT
- 2.3%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲▲ROIC expanded to 3.33%, rising 4.1pp. That translates to 3.33 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 5.4pp and capital turnover rose 0.23x, with invested capital holding roughly steady — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 3.33% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
DuPont
What drives ROE?
ROE rose from −1.8% to 7.9% — supported by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 1.31x and interest coverage only at 0.78x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 0.6% of debt, and total debt stands at 88.3bn.
- Net Debt / Equity
- 1.31x −0.14x
- Interest Coverage
- 0.78x +0.97x
- Cash / Debt
- 0.6% +0.2pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.31x, increasing balance-sheet pressure.
Interest coverage is 0.78x, leaving limited room to absorb financing costs.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Leverage is elevated, requiring monitoring — liabilities at 1.30x equity, net debt at 1.31x equity.
Inventory ended the period at 34.8bn, roughly 21.8% 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 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 5.4 pp. The next item to monitor is cash generation still needs confirmation. The main risk still sits in capital efficiency remains weak, with ROIC at 3.3%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.04% after expanding 5.4pp versus the same period last year.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +43,1% YoY pace or begins to slow.
Whether margins hold around the current 4.04% level or narrow again.
Whether operating cash flow holds its 47.8bn (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?
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.