Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 40.2bn, fell 32.8bn compared with the same period last year. Key positives came from lower finance costs and lower tax. Offsetting pressure came mainly from lower gross profit, higher selling expenses, and lower associates income. Detailed impact is shown below:
See what is changing ↓- P/E
- 108.14x
- P/B
- 3.96x
- EPS
- 458
- BVPS
- 12,487
- ROE
- 3.6%
- ROA
- 2.2%
- Market price
- 49,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DHT posted a sharp profit decline versus the same period — margins have been compressing consistently over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Finance costs
- Tax
- Other
- Gross profit
- Selling expenses
- Associates 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 | 575.9 | 568.8 | 692.9 | 638.8 | 574.4 | 496.0 | 542.4 | 544.5 |
| LNST | 11.4 | 9.0 | 10.2 | 11.5 | 13.4 | 23.9 | 20.4 | 20.3 |
| Net margin | 1.98% | 1.58% | 1.47% | 1.80% | 2.33% | 4.82% | 3.75% | 3.72% |
Revenue
576bnNet income
11bnNet margin
1.98%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 grew 14.8% year on year — but the quarterly pace is slowing (+17% → +0%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,476bn +14.8%
- Latest quarter YoY
- +0% slowing
What is driving the margin?
▼Net margin fell to 1.70%, losing 1.9pp. The main pressure is Gross margin fell 2.7pp, outweighing the improvement in SG&A / Revenue fell 0.3pp (with additional support from Net financial result / Revenue rose 0.3pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 1.70% −1.9pp
- Gross Margin
- 7.75% −2.7pp
- SG&A / Revenue
- 6.84% −0.3pp
- Non-core / Revenue
- 1.10% +0.3pp
TTM YoY · 2025Q2 -> 2026Q2
Margin support from non-core sources remains high (51.3% of PBT) — sustainability should be monitored.
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 225.7bn against investing cash flow of -94.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +131.2bn. Financing cash flow was negative +137.1bn.
CFO / net income was 3,15 lần.
After spending +17.2bn on fixed-asset investment, the business generated trailing free cash flow of +109.2bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 51.3% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +24.4%, other profit at +26.8% of PBT.
- Non-core / PBT
- 51.3% high
- Net financial / PBT
- 24.4%
- Other profit / PBT
- 26.8%
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 2.25%, losing 2.8pp. That translates to 2.25 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.9pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 2.25% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 19.2 days versus the same period last year. The main moves came from DIO fell 18.9 days, DSO fell 0.8 days, and DPO fell 0.6 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE fell from 7.3% to 3.8% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.16x and interest coverage at 2.98x.
At present, short-term debt accounts for 65.9% of total debt, cash equals 26.6% of debt, and total debt stands at 243.7bn.
- Net Debt / Equity
- 0.16x −0.08x
- Interest Coverage
- 2.98x −0.97x
- Cash / Debt
- 26.6% −10.6pp
- Short-term Debt / Total Debt
- 65.9% −11.2pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 65.9% of total debt, raising near-term refinancing needs.
Balance Sheet
▲The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.74x equity, net debt at 0.16x equity.
Inventory ended the period at 513.4bn, roughly 26.6% of total assets.
Over the last 12 months, working capital released 86.3bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
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 cash generation. The next item to monitor is the earnings mix, when non-core contribution is 24.4%. The main risk still sits in core profitability, with net margin down 1.9 pp.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 127.7bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.15x. Even so, net financial result still accounts for 24.4% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 1.70% after a 1.9pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +14,8% YoY pace or begins to slow.
Whether margins hold around the current 1.70% level or narrow again.
Whether operating cash flow holds its 225.7bn (cumulative for 2025) level in upcoming periods or weakens.
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