Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 228.8bn, rose 40.3bn 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
- 9.66x
- P/B
- 1.12x
- EPS
- 5,599
- BVPS
- 48,251
- ROE
- 14.1%
- ROA
- 12.0%
- Market price
- 54,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DMC is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit momentum has been slowing across consecutive periods. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Tax
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 | 519.2 | 519.6 | 559.0 | 528.9 | 510.3 | 469.1 | 570.5 | 448.1 |
| LNST | 56.5 | 52.9 | 91.4 | 27.9 | 31.7 | 47.0 | 76.9 | 32.8 |
| Net margin | 10.89% | 10.19% | 16.35% | 5.28% | 6.21% | 10.02% | 13.48% | 7.32% |
Revenue
519bnNet income
57bnNet margin
10.89%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 6.4% year on year — but the quarterly pace is slowing (+18% → +2%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,127bn +6.4%
- Latest quarter YoY
- +2% slowing
What is driving the margin?
▲Net margin edged up to 10.76%, rising 1.3pp. The main driver is Gross margin rose 0.7pp and SG&A / Revenue fell 0.6pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.3pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 10.76% +1.3pp
- Gross Margin
- 20.48% +0.7pp
- SG&A / Revenue
- 8.66% −0.6pp
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 161.4bn against investing cash flow of -128.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +33.0bn. Financing cash flow was negative +86.8bn.
CFO / net income was 0,29 lần.
After spending +23.7bn on fixed-asset investment, the business generated trailing free cash flow of +43.5bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 12.1% of pre-tax profit — worth monitoring.
Within that, net financial result at +10.9%, other profit at +1.2% of PBT.
- Non-core / PBT
- 12.1% moderate
- Net financial / PBT
- 10.9%
- Other profit / PBT
- 1.2%
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 10.2 days versus the same period last year. The main moves came from DIO rose 10.5 days, DSO fell 21.6 days, and DPO fell 21.3 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 181.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +10.5 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 12.3% to 14.1% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 161.4bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.02x and interest coverage at 84.12x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.02x
- Interest Coverage
- 84.12x +46.44x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▼Balance sheet is exceptionally sound — liabilities at 0.13x equity, with a net cash position equivalent to 0.02x equity.
Inventory ended the period at 521.2bn, roughly 27.2% of total assets.
Over the last 12 months, working capital absorbed 138.3bn of cash, mainly because of higher receivables and higher inventories.
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 1.3 pp. The next item to monitor is capital efficiency. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 181 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 10.76% after expanding 1.3pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: working capital remains tied up for too long, with cash cycle at 181.4 days.
What to verify next
Questions for the next period
Whether revenue sustains its +6,4% YoY pace or begins to slow.
Whether margins hold around the current 10.76% level or narrow again.
Whether operating cash flow holds its 161.4bn (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.