Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 127.6bn, fell 19.0bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and lower tax. Offsetting pressure came mainly from higher administrative expenses, lower financial income, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.96x
- P/B
- 0.80x
- EPS
- 826
- BVPS
- 12,347
- ROE
- 6.8%
- ROA
- 3.2%
- Market price
- 9,880 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DRC is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — margins have been compressing consistently over multiple periods. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Tax
- Administrative expenses
- Financial income
- 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 | 1,175.9 | 1,154.9 | 1,212.5 | 1,234.2 | 1,377.3 | 1,179.8 | 1,117.8 | 1,217.7 |
| LNST | 31.7 | 16.2 | 39.5 | 40.1 | 32.1 | 9.5 | 59.1 | 45.9 |
| Net margin | 2.70% | 1.40% | 3.26% | 3.25% | 2.33% | 0.80% | 5.29% | 3.77% |
Revenue
1,176bnNet income
32bnNet margin
2.70%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue declined 2.4% year on year — but the quarterly pace is slowing (+1% → −15%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 4,777bn −2.4%
- Latest quarter YoY
- −15% slowing
What is driving the margin?
●Net margin narrowed to 2.67%, falling 0.3pp. The main pressure is SG&A / Revenue rose 4.6pp, outweighing the improvement in Gross margin rose 4.8pp (with lingering pressure from Net financial result / Revenue fell 0.6pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 2.67% −0.3pp
- Gross Margin
- 16.61% +4.8pp
- SG&A / Revenue
- 12.41% +4.6pp
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 135.4bn against investing cash flow of -37.3bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +98.1bn. Financing cash flow was negative +110.9bn.
CFO / net income was 2,78 lần.
After spending +47.2bn on fixed-asset investment, the business generated trailing free cash flow of +307.8bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −25.4%, other profit at +0.0% of PBT.
- Non-core / PBT
- 0.0% low
- Net financial / PBT
- −25.4%
- Other profit / PBT
- 0.0%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼ROIC narrowed to 4.58%, falling 1.2pp. That translates to 4.58 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.3pp and capital turnover fell 0.19x, while invested capital rose by 221bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
ROIC is currently 4.58% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 23.2 days versus the same period last year. The main moves came from DIO rose 12.7 days, DSO rose 12.6 days, and DPO rose 2.2 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 129.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +12.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 7.9% to 6.8% — all three components weakened, with net margin being the main drag.
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 0.43x and interest coverage at 2.09x.
At present, short-term debt accounts for 89.2% of total debt, cash equals 12.3% of debt, and total debt stands at 927.9bn.
- Net Debt / Equity
- 0.43x −0.10x
- Interest Coverage
- 2.09x −0.20x
- Cash / Debt
- 12.3% +3.9pp
- Short-term Debt / Total Debt
- 89.2% +2.1pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 89.2% of total debt, raising near-term refinancing needs.
Cash / debt stands at 12.3%, leaving limited liquidity buffer to monitor.
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 1.15x equity, net debt at 0.43x equity.
Inventory ended the period at 1,400.5bn, roughly 33.5% of total assets.
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 capital efficiency remains weak remaining the main constraint, with ROIC at 4.6%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.78x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.78x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −2,4% YoY decline or keeps falling.
Whether margins hold around the current 2.67% level or narrow again.
Whether operating cash flow holds its 135.4bn (cumulative for 2025) level in upcoming periods or weakens.
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