Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 803.3bn, rose 640.2bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.07x
- P/B
- 2.20x
- EPS
- 2,951
- BVPS
- 5,444
- ROE
- 74.4%
- ROA
- 14.0%
- Market price
- 12,000 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DHB has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- 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 | 2,212.6 | 1,404.6 | 1,334.7 | 651.3 | 1,187.1 | 1,157.4 | 1,447.5 | 1,024.7 |
| LNST | 623.2 | 227.0 | 49.0 | -95.9 | 42.0 | 15.6 | 67.3 | 38.3 |
| Net margin | 28.17% | 16.16% | 3.67% | -14.73% | 3.54% | 1.35% | 4.65% | 3.73% |
Revenue
2,213bnNet income
623bnNet margin
28.17%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 16.3% year on year — not from a single spike: quarterly growth stepped up from −36% to +86%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 5,603bn +16.3%
- Latest quarter YoY
- +86% accelerating
What is driving the margin?
▲▲Net margin expanded to 14.34%, rising 10.9pp. The main driver is Gross margin rose 13.5pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 2.0pp added support while Other profit / Revenue fell 1.0pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 14.34% +10.9pp
- Gross Margin
- 26.19% +13.5pp
- SG&A / Revenue
- 4.94% −0.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 590.9bn against investing cash flow of -30.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +560.3bn. Financing cash flow was negative +545.2bn.
CFO / net income was 1,96 lần.
After spending +21.1bn on fixed-asset investment, the business generated trailing free cash flow of +1,554.2bn.
Earnings Quality
▲How much income is non-core?
About 96% of pre-tax profit comes from core operations.
Within that, net financial result at −13.0%, other profit at +4.2% of PBT.
- Non-core / PBT
- 4.2% low
- Net financial / PBT
- −13.0%
- Other profit / PBT
- 4.2%
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 5.2 days versus the same period last year. The main moves came from DIO rose 5.0 days, DSO rose 4.6 days, and DPO rose 4.4 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +5.2 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +4.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 27.5% to 74.4% — mainly driven by net margin, despite leverage moving in the opposite direction.
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 0.42x and interest coverage at 6.88x.
At present, short-term debt accounts for 9.7% of total debt, cash equals 47.2% of debt, and total debt stands at 1,175.0bn.
- Net Debt / Equity
- 0.42x −2.80x
- Interest Coverage
- 6.88x +6.35x
- Cash / Debt
- 47.2% +35.8pp
- Short-term Debt / Total Debt
- 9.7% −7.2pp
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 8.16x equity, net debt at 0.42x equity.
None
Over the last 12 months, working capital absorbed 29.9bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
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 10.9 pp. The next item to monitor is capital efficiency.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 14.34% after expanding 10.9pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue sustains its +16,3% YoY pace or begins to slow.
Whether margins hold around the current 14.34% level or narrow again.
Whether operating cash flow holds its 590.9bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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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?
What becomes visible only when investments are viewed together rather than one ticker at a time.