Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 2,170.8bn, fell 947.6bn compared with the same period last year. Key positives came from lower selling expenses. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.14x
- P/B
- 0.77x
- EPS
- 5,373
- BVPS
- 42,765
- ROE
- 13.8%
- ROA
- 11.6%
- Market price
- 33,000 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DGC is retaining some revenue, but margins are collapsing sharply. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.
Profit bridge
Vs last year · TTM
- Selling expenses
- Other
- Gross profit
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 | 2,415.4 | 2,124.6 | 2,740.6 | 2,816.7 | 2,894.4 | 2,810.3 | 2,417.9 | 2,558.1 |
| LNST | 440.8 | 430.1 | 656.9 | 804.4 | 890.8 | 836.8 | 787.4 | 738.0 |
| Net margin | 18.25% | 20.24% | 23.97% | 28.56% | 30.78% | 29.78% | 32.56% | 28.85% |
Revenue
2,415bnNet income
441bnNet margin
18.25%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 declined 5.5% year on year — but the quarterly pace is slowing (+10% → −17%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 10,097bn −5.5%
- Latest quarter YoY
- −17% slowing
What is driving the margin?
▼▼Net margin fell to 23.10%, losing 7.4pp. The main pressure is Gross margin fell 9.8pp, outweighing the improvement in SG&A / Revenue fell 0.8pp (with additional support from Net financial result / Revenue rose 1.2pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 23.10% −7.4pp
- Gross Margin
- 25.12% −9.8pp
- SG&A / Revenue
- 5.40% −0.8pp
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 2,035.9bn against investing cash flow of -1,756.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +278.9bn. Financing cash flow was positive +648.2bn.
CFO / net income was 0,49 lần.
After spending +935.3bn on fixed-asset investment, the business generated trailing free cash flow of +121.4bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 25.7% of pre-tax profit — worth monitoring.
Within that, net financial result at +25.2%, other profit at +0.5% of PBT.
- Non-core / PBT
- 25.7% moderate
- Net financial / PBT
- 25.2%
- Other profit / PBT
- 0.5%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 13.50%, losing 8.0pp. That translates to 13.50 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 7.3pp and capital turnover fell 0.12x, while invested capital rose by 2,175bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 34.1 days versus the same period last year. The main moves came from DIO rose 31.0 days, DSO rose 1.8 days, and DPO fell 1.4 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 97.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +1.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 22.8% to 14.8% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.11x and interest coverage at 34.40x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 2.0% of debt, and total debt stands at 1,869.7bn.
- Net Debt / Equity
- 0.11x +0.02x
- Interest Coverage
- 34.40x −4.26x
- Cash / Debt
- 2.0% −7.4pp
- 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.
Cash / debt stands at 2.0%, leaving limited liquidity buffer to monitor.
Balance Sheet
▼The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.27x equity, net debt at 0.11x equity.
None
Over the last 12 months, working capital absorbed 923.1bn 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 showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 25.2%. The main risk still sits in core profitability, with net margin down 7.4 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 25.2% of PBT and CFO / net income currently at 0.49x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 23.10% after a 7.4pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −5,5% YoY decline or keeps falling.
Whether margins hold around the current 23.10% level or narrow again.
Whether operating cash flow holds its 2,035.9bn (cumulative for 2025) level in upcoming periods or weakens.
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