Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 18.9bn, fell 38.4bn compared with the same period last year. Key positives came from better other profit, lower administrative expenses, lower finance costs, and lower tax. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.21x
- P/B
- 0.16x
- EPS
- 419
- BVPS
- 16,508
- ROE
- 2.5%
- ROA
- 1.3%
- Market price
- 2,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DVM posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit is near a multi-period low. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Other profit
- Administrative expenses
- Finance costs
- Tax
- Gross profit
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 | 10.9 | 49.0 | 423.0 | 330.1 | 378.0 | 319.8 | 406.9 | 456.7 |
| LNST | 0.6 | 0.2 | 10.0 | 8.1 | 14.8 | 12.3 | 12.0 | 18.2 |
| Net margin | 5.82% | 0.38% | 2.37% | 2.45% | 3.92% | 3.85% | 2.94% | 3.98% |
Revenue
11bnNet income
1bnNet margin
5.82%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 47.9% year on year — but the quarterly pace is slowing (−28% → −97%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 813bn −47.9%
- Latest quarter YoY
- −97% slowing
What is driving the margin?
▼Net margin narrowed to 2.33%, falling 1.3pp. The main pressure comes from Gross margin fell 1.9pp and SG&A / Revenue rose 0.5pp (in addition, Other profit / Revenue rose 2.7pp added support while Net financial result / Revenue fell 1.8pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 2.33% −1.3pp
- Gross Margin
- 8.15% −1.9pp
- SG&A / Revenue
- 3.23% +0.5pp
- Non-core / Revenue
- −2.09% +0.9pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 85.2% of PBT and lifted net margin by 0.9pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 1,124.0bn against investing cash flow of 80.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +1,204.1bn. Financing cash flow was negative +1,176.2bn.
CFO / net income was 49,91 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 85.2% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −159.3%, other profit at +85.2% of PBT.
- Non-core / PBT
- 85.2% high
- Net financial / PBT
- −159.3%
- Other profit / PBT
- 85.2%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 0.22%, losing 4.3pp. That translates to 0.22 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 3.6pp and capital turnover fell 0.52x, with invested capital easing slightly by 66bn — 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 0.22% — 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 69.5 days versus the same period last year. The main moves came from DIO rose 21.9 days, DSO rose 64.7 days, and DPO rose 17.2 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 197.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +64.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 7.8% to 2.5% — all three components weakened, with asset turnover being the main drag.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.61x and interest coverage only at 0.09x.
At present, short-term debt accounts for 97.7% of total debt, cash equals 1.6% of debt, and total debt stands at 480.6bn.
- Net Debt / Equity
- 0.61x −0.11x
- Interest Coverage
- 0.09x −1.45x
- Cash / Debt
- 1.6% −16.9pp
- Short-term Debt / Total Debt
- 97.7% +0.3pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 0.09x, leaving limited room to absorb financing costs.
Short-term debt accounts for 97.7% of total debt, raising near-term refinancing needs.
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Capital structure is balanced — liabilities at 1.13x equity, net debt at 0.61x equity.
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 showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is −159.3%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.2%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 49.91x. Even so, net financial result still accounts for −159.3% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −47,9% YoY decline or keeps falling.
Whether margins hold around the current 2.33% level or narrow again.
Whether operating cash flow holds its 1,124.0bn (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.