Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 152.8bn, rose 18.0bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 15.46x
- P/B
- 2.27x
- EPS
- 2,037
- BVPS
- 13,848
- ROE
- 15.1%
- ROA
- 12.3%
- Market price
- 31,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, CQN is maintaining revenue growth, but margins have not improved proportionally — margins have been expanding consistently over multiple periods. What is still missing is the ability to convert top-line growth into better profitability.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- 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 | 235.0 | 213.7 | 196.0 | 157.5 | 165.6 | 183.0 | 196.1 | 139.7 |
| LNST | 62.1 | 43.8 | 21.3 | 25.7 | 51.8 | 36.7 | 25.0 | 21.3 |
| Net margin | 26.41% | 20.51% | 10.86% | 16.28% | 31.24% | 20.08% | 12.76% | 15.28% |
Revenue
235bnNet income
62bnNet margin
26.41%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 17.2% year on year — not from a single spike: quarterly growth stepped up from +13% to +42%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 802bn +17.2%
- Latest quarter YoY
- +42% accelerating
What is driving the margin?
▼Net margin narrowed to 19.05%, falling 0.7pp. The main pressure is Gross margin fell 1.5pp, outweighing the improvement in SG&A / Revenue fell 1.9pp (with lingering pressure from Net financial result / Revenue fell 0.7pp and Other profit / Revenue fell 0.6pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 19.05% −0.7pp
- Gross Margin
- 28.45% −1.5pp
- SG&A / Revenue
- 10.29% −1.9pp
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 299.0bn against investing cash flow of -204.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +94.1bn. Financing cash flow was negative +75.1bn.
CFO / net income was 1,27 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?
Non-core income makes up 21.8% of pre-tax profit — worth monitoring.
Within that, net financial result at +9.5%, other profit at +12.3% of PBT.
- Non-core / PBT
- 21.8% moderate
- Net financial / PBT
- 9.5%
- Other profit / PBT
- 12.3%
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 6.1 days versus the same period last year. The main moves came from DIO fell 4.3 days, DSO fell 0.6 days, and DPO rose 1.2 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE rose from 14.1% to 15.1% — mainly driven by asset turnover, despite net margin moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 299.0bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
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
- −0.07x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.18x equity, with a net cash position equivalent to 0.07x equity.
None
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 earnings conversion is confirmed, with CFO/NI at 1.27x. The next item to monitor is capital efficiency.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.27x.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue sustains its +17,2% YoY pace or begins to slow.
Whether margins hold around the current 19.05% level or narrow again.
Whether operating cash flow holds its 299.0bn (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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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.