Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 90.5bn, fell 69.5bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -0.80x
- P/B
- 0.34x
- EPS
- -1,993
- BVPS
- 4,734
- ROE
- -31.1%
- ROA
- -7.7%
- Market price
- 1,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, EIN posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Other
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 | 28.6 | 1.2 | 4.3 | 2.8 | 0.4 | 0.2 | 9.4 | 24.5 |
| LNST | -32.3 | 0.6 | -57.2 | -1.6 | -3.6 | -1.0 | -15.6 | -0.7 |
| Net margin | -113.02% | 51.13% | -1327.51% | -55.32% | -954.75% | -508.42% | -166.87% | -2.79% |
Revenue
29bnNet income
-32bnNet margin
-113.02%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 grew 7.0% year on year — not from a single spike: quarterly growth stepped up from −88% to +7,393%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 37bn +7.0%
- Latest quarter YoY
- +7,393% accelerating
What is driving the margin?
▼▼Net margin fell to −245.10%, losing 184.2pp. The main pressure is SG&A / Revenue rose 52.9pp, outweighing the improvement in Gross margin rose 28.4pp (with lingering pressure from Net financial result / Revenue fell 149.0pp and Other profit / Revenue fell 5.8pp).
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
- −245.10% −184.2pp
- Gross Margin
- 47.58% +28.4pp
- SG&A / Revenue
- 126.36% +52.9pp
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 16.8bn against investing cash flow of -16.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +0.6bn. Financing cash flow was negative +0.0bn.
CFO / net income was −0,54 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?
About 97% of pre-tax profit comes from core operations.
Within that, net financial result at −0.8%, other profit at +3.4% of PBT.
- Non-core / PBT
- 3.4% low
- Net financial / PBT
- −0.8%
- Other profit / PBT
- 3.4%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 105.7 days versus the same period last year. The main moves came from DIO fell 89.5 days, DSO rose 6.0 days, and DPO rose 22.1 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 373.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +6.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from −5.5% to −31.1% — dragged by net margin.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
●Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 57.3% of total debt, cash equals 25.7% of debt, and total debt stands at 167.6bn.
- Net Debt / Equity
- 0.58x +0.12x
- Interest Coverage
- None
- Cash / Debt
- 25.7% +25.7pp
- Short-term Debt / Total Debt
- 57.3% −0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Capital structure is balanced — liabilities at 3.71x equity, net debt at 0.58x 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 capital efficiency. The main risk still sits in core profitability, with net margin down 184.2 pp.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -245.10% after a 184.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +7,0% YoY pace or begins to slow.
Whether margins hold around the current -245.10% level or narrow again.
Whether operating cash flow holds its 16.8bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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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.