Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 19.5bn, rose 7.1bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and lower selling expenses. Offsetting pressure came mainly from higher finance costs, higher tax, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 23.10x
- P/B
- 1.74x
- EPS
- 883
- BVPS
- 11,734
- ROE
- 6.7%
- ROA
- 3.9%
- Market price
- 20,400 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, ECO posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit momentum has been slowing 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
- Selling expenses
- Finance costs
- Tax
- Administrative 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 | 78.8 | 99.7 | 109.9 | 116.2 | 133.1 | 108.0 | 133.5 | 112.6 |
| LNST | 9.7 | 2.0 | 2.7 | 5.1 | 2.4 | 2.9 | 3.8 | 3.3 |
| Net margin | 12.27% | 1.99% | 2.45% | 4.41% | 1.79% | 2.66% | 2.88% | 2.93% |
Revenue
79bnNet income
10bnNet margin
12.27%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 declined 17.0% year on year — but the quarterly pace is slowing (+3% → −41%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 405bn −17.0%
- Latest quarter YoY
- −41% slowing
What is driving the margin?
▲Net margin expanded to 4.81%, rising 2.3pp. Core operating signals are improving as Gross margin rose 4.5pp are enough to offset pressure from SG&A / Revenue rose 1.0pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.6pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 4.81% +2.3pp
- Gross Margin
- 11.36% +4.5pp
- SG&A / Revenue
- 4.49% +1.0pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼Is profit converting into cash?
Operating cash flow reached -44.3bn against investing cash flow of -87.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +131.7bn. Financing cash flow was positive +117.8bn.
CFO / net income was −3,75 lần.
After spending +77.9bn on fixed-asset investment, the business generated trailing free cash flow of −151.2bn.
Earnings Quality
▲How much income is non-core?
About 95% of pre-tax profit comes from core operations.
Within that, net financial result at −14.1%, other profit at +4.8% of PBT.
- Non-core / PBT
- 4.8% low
- Net financial / PBT
- −14.1%
- Other profit / PBT
- 4.8%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 4.63%, broadly flat versus the same period. That translates to 4.63 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 2.2pp, but capital turnover fell 0.86x, while invested capital expanded strongly by 139bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
ROIC is currently 4.63% — 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 58.8 days versus the same period last year. The main moves came from DIO rose 59.3 days, DSO rose 2.4 days, and DPO rose 2.8 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 125.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +2.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 5.5% to 6.7% — driven by net margin and leverage together, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 151.2bn due to capex of 77.9bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.46x and interest coverage only at 1.56x.
At present, short-term debt accounts for 62.6% of total debt, cash equals 23.5% of debt, and total debt stands at 210.7bn.
- Net Debt / Equity
- 0.46x +0.22x
- Interest Coverage
- 1.56x +0.27x
- Cash / Debt
- 23.5% −38.9pp
- Short-term Debt / Total Debt
- 62.6% −8.4pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.56x, leaving limited room to absorb financing costs.
Short-term debt accounts for 62.6% of total debt, raising near-term refinancing needs.
Balance Sheet
▼Capital structure is conservative with low leverage — liabilities at 0.86x equity, net debt at 0.46x equity.
Inventory ended the period at 84.6bn, roughly 19.0% of total assets.
Over the last 12 months, working capital absorbed 90.7bn of cash, mainly because of higher receivables and higher inventories.
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 brighter spot is operating efficiency, with net margin improving 2.3 pp. The main risk still sits in capital efficiency remains weak, with ROIC at 4.6%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.81% after expanding 2.3pp versus the same period last year.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −17,0% YoY decline or keeps falling.
Whether margins hold around the current 4.81% level or narrow again.
Whether operating cash flow holds its -44.3bn (cumulative for 2025) level in upcoming periods or weakens.
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