Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 100.4bn, rose 41.9bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher tax and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.66x
- P/B
- 0.56x
- EPS
- 1,450
- BVPS
- 14,745
- ROE
- 10.3%
- ROA
- 6.9%
- Market price
- 8,200 13 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DAT is improving on both growth and profitability, painting a notably more positive picture versus the same period — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- 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 | 993.4 | 641.9 | 673.4 | 562.7 | 708.6 | 589.1 | 655.4 | 812.8 |
| LNST | 40.2 | 18.4 | 24.3 | 17.6 | 16.7 | 13.3 | 14.3 | 14.2 |
| Net margin | 4.04% | 2.86% | 3.61% | 3.12% | 2.36% | 2.27% | 2.18% | 1.74% |
Revenue
993bnNet income
40bnNet margin
4.04%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 3.8% year on year — not from a single spike: quarterly growth stepped up from −31% to +40%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,871bn +3.8%
- Latest quarter YoY
- +40% accelerating
What is driving the margin?
▲Net margin edged up to 3.50%, rising 1.4pp. The main driver is Gross margin rose 1.6pp, moving in line with the stronger net margin.
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.50% +1.4pp
- Gross Margin
- 4.63% +1.6pp
- SG&A / Revenue
- 0.71% +0.0pp
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 130.3bn against investing cash flow of 30.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +161.1bn. Financing cash flow was negative +115.1bn.
CFO / net income was −1,50 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?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 60.0 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 7.81%, rising 3.6pp. That translates to 7.81 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.4pp and capital turnover rose 0.24x, with invested capital easing slightly by 105bn — capital-return quality improved from both sides.
NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.3 days versus the same period last year. The main moves came from DIO fell 0.5 days, DSO fell 3.9 days, and DPO fell 0.2 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE rose from 6.5% to 10.3% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.26x and interest coverage at 4.40x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 27.6% of debt, and total debt stands at 367.8bn.
- Net Debt / Equity
- 0.26x −0.13x
- Interest Coverage
- 4.40x +2.44x
- Cash / Debt
- 27.6% +7.8pp
- Short-term Debt / Total Debt
- 100.0% +0.1pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.57x equity, net debt at 0.26x equity.
None
Over the last 12 months, working capital absorbed 270.5bn 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 brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is operating efficiency, with net margin improving 1.4 pp. Even so, cash generation still needs confirmation still warrants monitoring in upcoming periods.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.50% after expanding 1.4pp versus the same period last year.
- Watchpoint: Cash generation still needs confirmation.
What to verify next
Questions for the next period
Whether revenue sustains its +3,8% YoY pace or begins to slow.
Whether margins hold around the current 3.50% level or narrow again.
Whether operating cash flow holds its 130.3bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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well balanced?
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