Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 15.9bn, rose 110.9bn compared with the same period last year. Key positives came from lower administrative expenses, higher gross profit, better other profit, and higher financial income. Offsetting pressure came mainly from higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 20.22x
- P/B
- 0.41x
- EPS
- 462
- BVPS
- 22,815
- ROE
- 2.0%
- ROA
- 1.3%
- Market price
- 9,340 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DQC 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, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Gross profit
- Other profit
- Financial income
- Finance costs
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 | 285.8 | 278.9 | 321.7 | 240.6 | 185.1 | 170.7 | 228.7 | 214.6 |
| LNST | 4.3 | 10.2 | 1.9 | 0.0 | 3.9 | 3.0 | -96.2 | -4.9 |
| Net margin | 1.51% | 3.65% | 0.58% | 0.00% | 2.13% | 1.75% | -42.06% | -2.27% |
Revenue
286bnNet income
4bnNet margin
1.51%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 improved (+13.2pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 41.0% year on year — not from a single spike: quarterly growth stepped up from +12% to +54%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,127bn +41.0%
- Latest quarter YoY
- +54% accelerating
What is driving the margin?
▲▲Net margin expanded to 1.45%, rising 13.2pp. Core operating signals are improving as SG&A / Revenue fell 18.9pp are enough to offset pressure from Gross margin fell 2.7pp (in addition, Other profit / Revenue rose 1.4pp added support while Net financial result / Revenue fell 4.4pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 1.45% +13.2pp
- Gross Margin
- 21.55% −2.7pp
- SG&A / Revenue
- 17.70% −18.9pp
- Non-core / Revenue
- −2.24% −3.0pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 3.0pp, financial result still accounts for 84.4% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 75.9bn against investing cash flow of 2.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +78.5bn. Financing cash flow was negative +75.9bn.
CFO / net income was 0,26 lần.
After spending +8.7bn on fixed-asset investment, the business generated trailing free cash flow of −4.5bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 84.4% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −197.2%, other profit at +84.4% of PBT.
- Non-core / PBT
- 84.4% high
- Net financial / PBT
- −197.2%
- Other profit / PBT
- 84.4%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 176.7 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 0.29%, rising 9.6pp. That translates to 0.29 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 11.8pp and capital turnover rose 0.47x, while invested capital contracted by 110bn — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 0.29% — 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 117.9 days versus the same period last year. The main moves came from DIO fell 67.1 days, DSO fell 57.0 days, and DPO fell 6.2 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 176.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from −11.1% to 2.1% — supported by net margin and asset turnover.
Is financial risk significant?
Leverage is safe but FCF is negative at 4.5bn due to capex of 8.7bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.11x and interest coverage only at 0.05x.
At present, short-term debt accounts for 98.2% of total debt, cash equals 22.1% of debt, and total debt stands at 109.5bn.
- Net Debt / Equity
- 0.11x −0.03x
- Interest Coverage
- 0.05x +24.07x
- Cash / Debt
- 22.1% +1.2pp
- Short-term Debt / Total Debt
- 98.2% +0.9pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 0.05x, leaving limited room to absorb financing costs.
Short-term debt accounts for 98.2% 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 0.45x equity, net debt at 0.11x equity.
Inventory ended the period at 296.8bn, roughly 26.2% of total assets.
Over the last 12 months, working capital released 50.1bn 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 operating efficiency, with net margin improving 13.2 pp. The next item to monitor is the earnings mix, when non-core contribution is −197.2%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.3%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.45% after expanding 13.2pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −197.2% of PBT and CFO / net income currently at 0.26x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +41,0% YoY pace or begins to slow.
Whether margins hold around the current 1.45% level or narrow again.
Whether operating cash flow holds its 75.9bn (cumulative for 2025) level in upcoming periods or weakens.
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