Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 5.2bn, fell 4.2bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from lower financial income, lower gross profit, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 20.87x
- P/B
- 0.76x
- EPS
- 666
- BVPS
- 18,306
- ROE
- 5.5%
- ROA
- 1.5%
- Market price
- 13,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DAD is going through a period of clear decline across multiple metrics at once — profit is near a multi-period low. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Financial income
- Gross profit
- Selling 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 | 252.5 | 7.8 | 1.5 | 116.0 | 268.3 | 10.6 | 1.9 | 110.6 |
| LNST | 2.6 | 0.1 | -0.1 | 2.5 | 7.8 | 0.1 | -0.3 | 1.7 |
| Net margin | 1.04% | 1.11% | -6.14% | 2.20% | 2.91% | 1.15% | -17.37% | 1.58% |
Revenue
252bnNet income
3bnNet margin
1.04%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue declined 3.5% year on year — but the quarterly pace is slowing (+5% → −6%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 378bn −3.5%
- Latest quarter YoY
- −6% slowing
What is driving the margin?
▼Net margin narrowed to 1.37%, falling 1.0pp. The main pressure is SG&A / Revenue rose 0.4pp, outweighing the improvement in Gross margin rose 0.3pp (with lingering pressure from Net financial result / Revenue fell 1.3pp).
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
- 1.37% −1.0pp
- Gross Margin
- 18.29% +0.3pp
- SG&A / Revenue
- 16.36% +0.4pp
- Non-core / Revenue
- −0.08% −1.3pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 1.3pp, financial result still accounts for 38.4% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -50.3bn against investing cash flow of 12.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +37.6bn. Financing cash flow was negative +9.3bn.
CFO / net income was 3,31 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 reaches 38.4% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +38.4% of PBT.
- Non-core / PBT
- 38.4% high
- Net financial / PBT
- 38.4%
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 30.9 days versus the same period last year. The main moves came from DIO rose 6.8 days, DSO fell 3.7 days, and DPO rose 33.9 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DIO increased by +6.8 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 9.7% to 5.5% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
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
- −0.39x
- 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 0.98x equity, with a net cash position equivalent to 0.39x equity.
Inventory ended the period at 28.6bn, roughly 15.0% 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 brighter spot is balance-sheet flexibility, with net cash/equity at about −0.39x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.39x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.31x. Even so, net financial result still accounts for 38.4% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −3,5% YoY decline or keeps falling.
Whether margins hold around the current 1.37% level or narrow again.
Whether operating cash flow holds its -50.3bn (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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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?
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