Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 1,773.7bn, rose 1,066.7bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher tax, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.09x
- P/B
- 1.25x
- EPS
- 2,331
- BVPS
- 16,978
- ROE
- 15.2%
- ROA
- 9.6%
- Market price
- 21,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DPM is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Administrative expenses
- Tax
- Selling expenses
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 | 6,985.8 | 5,623.2 | 3,414.4 | 3,728.8 | 5,301.1 | 4,120.1 | 3,164.0 | 3,077.0 |
| LNST | 915.5 | 410.8 | 232.7 | 238.8 | 413.2 | 210.9 | 40.6 | 66.5 |
| Net margin | 13.11% | 7.31% | 6.82% | 6.40% | 7.80% | 5.12% | 1.28% | 2.16% |
Revenue
6,986bnNet income
916bnNet margin
13.11%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 26.1% year on year — not from a single spike: quarterly growth stepped up from +21% to +32%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 19,752bn +26.1%
- Latest quarter YoY
- +32% accelerating
What is driving the margin?
▲▲Net margin expanded to 9.10%, rising 4.4pp. Core operating signals are improving as Gross margin rose 5.5pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 9.10% +4.4pp
- Gross Margin
- 20.21% +5.5pp
- SG&A / Revenue
- 11.41% +0.6pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
Operating cash flow reached -1,781.0bn against investing cash flow of 1,802.3bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +21.3bn. Financing cash flow was positive +142.0bn.
CFO / net income was −0,68 lần.
After spending +731.7bn on fixed-asset investment, the business generated trailing free cash flow of −1,936.3bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 21.9% of pre-tax profit — worth monitoring.
Within that, net financial result at +20.1%, other profit at +1.8% of PBT.
- Non-core / PBT
- 21.9% moderate
- Net financial / PBT
- 20.1%
- Other profit / PBT
- 1.8%
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 15.0 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 12.41%, rising 7.1pp. That translates to 12.41 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 4.1pp and capital turnover rose 0.29x, with invested capital holding roughly steady — capital-return quality improved from both sides.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 15.0 days versus the same period last year. The main moves came from DIO rose 6.7 days, DSO rose 5.2 days, and DPO fell 3.2 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +15.0 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +5.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 6.2% to 15.5% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Leverage is safe but FCF is negative at 1,936.3bn due to capex of 731.7bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.15x and interest coverage at 12.30x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 45.2% of debt, and total debt stands at 3,231.7bn.
- Net Debt / Equity
- 0.15x −0.07x
- Interest Coverage
- 12.30x +4.93x
- Cash / Debt
- 45.2% +18.5pp
- 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.
Balance Sheet
▼The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.54x equity, net debt at 0.15x equity.
Inventory ended the period at 3,433.7bn, roughly 19.3% of total assets.
Over the last 12 months, working capital absorbed 2,386.7bn 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 4.4 pp. The next item to monitor is the earnings mix, when non-core contribution is 20.1%. The main risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.10% after expanding 4.4pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 20.1% of PBT and CFO / net income currently at −0.68x.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 1,936.3bn.
What to verify next
Questions for the next period
Whether revenue sustains its +26,1% YoY pace or begins to slow.
Whether margins hold around the current 9.10% level or narrow again.
Whether operating cash flow holds its -1,781.0bn (cumulative for 2025) level in upcoming periods or weakens.
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