Analysis of business results & financial statements · Quý 2/2026
▼ Slightly negative
Trailing net profit reached 266.2bn, rose 26.3bn compared with the same period last year. Key positives came from higher gross profit, lower minority interests, and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher finance costs, higher administrative expenses, and higher deferred tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.55x
- P/B
- 1.42x
- EPS
- 2,409
- BVPS
- 16,231
- ROE
- 16.0%
- ROA
- 12.2%
- Market price
- 23,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, CSV posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — margins have been compressing consistently over multiple 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
- Gross profit
- Minority interests
- Financial income
- Selling expenses
- Finance costs
- Administrative expenses
- Deferred 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 | 687.3 | 628.3 | 644.0 | 510.1 | 523.6 | 482.5 | 516.1 | 507.8 |
| LNST | 134.1 | 45.1 | 41.0 | 60.1 | 71.7 | 56.0 | 55.1 | 78.7 |
| Net margin | 19.51% | 7.19% | 6.36% | 11.78% | 13.70% | 11.61% | 10.68% | 15.51% |
Revenue
687bnNet income
134bnNet margin
19.51%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 21.7% year on year — not from a single spike: quarterly growth stepped up from +0% to +31%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,470bn +21.7%
- Latest quarter YoY
- +31% accelerating
What is driving the margin?
▼Net margin fell to 11.35%, losing 1.5pp. The main pressure comes from Gross margin fell 1.1pp and SG&A / Revenue rose 0.3pp (with lingering pressure from Net financial result / Revenue fell 0.5pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 11.35% −1.5pp
- Gross Margin
- 25.69% −1.1pp
- SG&A / Revenue
- 12.45% +0.3pp
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 64.8bn against investing cash flow of -49.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +15.2bn. Financing cash flow was negative +96.1bn.
CFO / net income was −0,20 lần.
After spending +109.2bn on fixed-asset investment, the business generated trailing free cash flow of −161.2bn.
Earnings Quality
▲How much income is non-core?
About 91% of pre-tax profit comes from core operations.
Within that, net financial result at +8.3%, other profit at +0.6% of PBT.
- Non-core / PBT
- 8.9% low
- Net financial / PBT
- 8.3%
- Other profit / PBT
- 0.6%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 16.21%, falling 1.0pp. That translates to 16.21 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.10x, NOPAT margin narrowed 1.5pp still pulled ROIC lower, while invested capital rose by 203bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Working Capital Efficiency
●Cash conversion cycle lengthened by 3.0 days versus the same period last year. The main moves came from DIO fell 1.4 days, DSO rose 7.1 days, and DPO rose 2.8 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 135.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +7.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 16.8% — the components are offsetting one another.
Is financial risk significant?
Leverage is safe but FCF is negative at 161.2bn due to capex of 109.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.06x and interest coverage at 30.60x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 55.1% of debt, and total debt stands at 249.6bn.
- Net Debt / Equity
- 0.06x +0.07x
- Interest Coverage
- 30.60x −39.98x
- Cash / Debt
- 55.1% −51.4pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼Capital structure is conservative with low leverage — liabilities at 0.27x equity, net debt at 0.06x equity.
Inventory ended the period at 484.7bn, roughly 23.5% of total assets.
Over the last 12 months, working capital absorbed 306.6bn of cash, mainly because of higher receivables and higher inventories.
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 brighter spot is earnings conversion is confirmed, with CFO/NI at −0.20x. The main risk still sits in core profitability, with net margin down 1.5 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.20x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 11.35% after a 1.5pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +21,7% YoY pace or begins to slow.
Whether margins hold around the current 11.35% level or narrow again.
Whether operating cash flow holds its 64.8bn (cumulative for 2025) level in upcoming periods or weakens.
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