Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 12.7bn, rose 4.3bn compared with the previous quarter. Key positives came from better other profit. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -7.10x
- P/B
- 0.64x
- EPS
- -986
- BVPS
- 10,889
- ROE
- -8.3%
- ROA
- -6.0%
- Market price
- 7,000 19 Oct 2026
The current picture
What Is Changing
On a Năm 2025 basis, DND posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
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 |
|---|---|---|---|---|---|---|---|
| Revenue | 3.9 | 1.9 | 6.4 | 15.2 | 7.0 | 6.1 | 26.6 |
| LNST | 4.6 | -2.7 | -5.6 | -9.0 | 0.3 | -0.5 | -3.4 |
| Net margin | 118.95% | -140.87% | -87.45% | -59.05% | 4.97% | -8.22% | -12.95% |
Revenue
4bnNet income
5bnNet margin
118.95%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- −46.18% −68.8pp
- Gross Margin
- −45.31%
- SG&A / Revenue
- 46.40%
- Non-core / Revenue
- 45.53%
TTM YoY · 2025Q2 -> 2026Q2
Margin support from other income remains high (104.2% of PBT) — sustainability should be monitored.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -13.4bn against investing cash flow of -5.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +18.6bn. Financing cash flow was negative +3.1bn.
CFO / net income was 1,16 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 104.2% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +2.8%, other profit at +101.4% of PBT.
- Non-core / PBT
- 104.2% high
- Net financial / PBT
- 2.8%
- Other profit / PBT
- 101.4%
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
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.11x and interest coverage only at −70.18x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 2.5% of debt, and total debt stands at 15.1bn.
- Net Debt / Equity
- 0.11x +0.10x
- Interest Coverage
- −70.18x
- Cash / Debt
- 2.5% −59.0pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −70.18x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.35x equity, net debt at 0.11x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Gross margin is flat around −45.32% (TTM) — the input-cost cycle is stable for now.
Gross margin (TTM): −45.32%
Inventory 31.1bn — 14.29% of total assets, above the materials-group median (13.00%); ≈ 285 days of sales.
Inventory / assets: 14.29% (group median 13.00%)
Days inventory outstanding: 285
None
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at −70.18x. The next watchpoint is the earnings mix, when non-core contribution is 2.8%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.16x. Even so, net financial result still accounts for 2.8% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −70.18x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −63,3% YoY decline or keeps falling.
Whether margins hold around the current -76.25% level or narrow again.
Whether operating cash flow holds its -13.4bn (cumulative for 2025) level in upcoming periods or weakens.
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among the rest of your investments?
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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.
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or risks may be present?
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