Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 587.9bn, rose 233.8bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.15x
- P/B
- 1.12x
- EPS
- 4,023
- BVPS
- 14,931
- ROE
- 28.8%
- ROA
- 19.7%
- Market price
- 16,700 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DDV 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
- Gross profit
- Financial income
- Tax
- Other
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 | 1,784.0 | 1,842.2 | 1,469.8 | 1,396.6 | 1,600.7 | 1,156.5 | 899.4 | 754.6 |
| LNST | 104.6 | 124.3 | 137.8 | 221.1 | 153.3 | 121.8 | 58.8 | 20.3 |
| Net margin | 5.87% | 6.75% | 9.38% | 15.83% | 9.58% | 10.53% | 6.53% | 2.69% |
Revenue
1,784bnNet income
105bnNet margin
5.87%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 47.2% year on year — but the quarterly pace is slowing (+85% → +11%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 6,493bn +47.2%
- Latest quarter YoY
- +11% slowing
What is driving the margin?
▲Net margin edged up to 9.05%, rising 1.0pp. Core operating signals are improving as SG&A / Revenue fell 1.4pp are enough to offset pressure from Gross margin fell 0.1pp.
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 9.05% +1.0pp
- Gross Margin
- 13.78% −0.1pp
- SG&A / Revenue
- 3.58% −1.4pp
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 554.2bn against investing cash flow of -523.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +31.1bn. Financing cash flow was negative +14.2bn.
CFO / net income was 0,10 lần.
After spending +254.3bn on fixed-asset investment, the business generated trailing free cash flow of −194.9bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 10.1% of pre-tax profit — worth monitoring.
Within that, net financial result at +10.0%, other profit at +0.2% of PBT.
- Non-core / PBT
- 10.1% moderate
- Net financial / PBT
- 10.0%
- Other profit / PBT
- 0.2%
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
▼Cash conversion cycle lengthened by 14.2 days versus the same period last year. The main moves came from DIO rose 11.3 days, DSO fell 6.5 days, and DPO fell 9.4 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +14.2 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +11.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 19.7% to 28.8% — driven by asset turnover and net margin together.
Is financial risk significant?
Leverage is safe but FCF is negative at 194.9bn due to capex of 254.3bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.11x and interest coverage at 56.25x.
At present, short-term debt accounts for 99.1% of total debt, cash equals 42.0% of debt, and total debt stands at 406.7bn.
- Net Debt / Equity
- 0.11x
- Interest Coverage
- 56.25x +9.16x
- Cash / Debt
- 42.0%
- Short-term Debt / Total Debt
- 99.1%
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 99.1% of total debt, raising near-term refinancing needs.
Balance Sheet
▼Capital structure is conservative with low leverage — liabilities at 0.34x equity, net debt at 0.11x equity.
Inventory ended the period at 693.9bn, roughly 22.8% of total assets.
Over the last 12 months, working capital absorbed 572.7bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
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 1.0 pp. The next item to monitor is capital efficiency. The main risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.05% after expanding 1.0pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 194.9bn.
What to verify next
Questions for the next period
Whether revenue sustains its +47,2% YoY pace or begins to slow.
Whether margins hold around the current 9.05% level or narrow again.
Whether operating cash flow holds its 554.2bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
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.