Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 90.3bn, rose 28.7bn compared with the same period last year. Key positives came from lower administrative expenses, higher gross profit, and higher financial income. Offsetting pressure came mainly from higher tax and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.98x
- P/B
- 1.32x
- EPS
- 4,300
- BVPS
- 16,214
- ROE
- 28.0%
- ROA
- 11.4%
- Market price
- 21,400 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, EMS has not accelerated revenue, but profitability is improving more visibly — the growth momentum has held across consecutive periods. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Gross profit
- Financial income
- Tax
- 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 | 594.8 | 480.7 | 528.8 | 441.2 | 484.7 | 518.9 | 613.9 | 435.1 |
| LNST | 26.1 | 15.2 | 28.1 | 21.0 | 10.2 | 10.2 | 23.8 | 17.4 |
| Net margin | 4.38% | 3.15% | 5.31% | 4.76% | 2.11% | 1.97% | 3.87% | 4.01% |
Revenue
595bnNet income
26bnNet margin
4.38%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 improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue declined 0.3% year on year — not from a single spike: quarterly growth stepped up from +1% to +23%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,046bn −0.3%
- Latest quarter YoY
- +23% accelerating
What is driving the margin?
▲Net margin edged up to 4.41%, rising 1.4pp. The main driver is SG&A / Revenue fell 1.1pp and Gross margin rose 0.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.3pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 4.41% +1.4pp
- Gross Margin
- 15.12% +0.4pp
- SG&A / Revenue
- 10.08% −1.1pp
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 57.8bn against investing cash flow of -19.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +38.4bn. Financing cash flow was negative +20.8bn.
CFO / net income was 0,70 lần.
After spending +7.9bn on fixed-asset investment, the business generated trailing free cash flow of +55.7bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 10.4% of pre-tax profit — worth monitoring.
Within that, net financial result at +9.9%, other profit at +0.5% of PBT.
- Non-core / PBT
- 10.4% moderate
- Net financial / PBT
- 9.9%
- Other profit / PBT
- 0.5%
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
●Cash conversion cycle improved by 0.4 days versus the same period last year. The main moves came from DIO fell 1.5 days, DSO rose 8.7 days, and DPO rose 7.6 days.
Working capital cycle is flat — components are offsetting each other.
DSO increased by +8.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 20.5% to 28.0% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 57.8bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.13x and interest coverage at 291.85x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.13x
- Interest Coverage
- 291.85x +260.63x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 1.33x equity, with a net cash position equivalent to 0.13x 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 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 1.4 pp. The next item to monitor is capital efficiency.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.41% after expanding 1.4pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −0,3% YoY decline or keeps falling.
Whether margins hold around the current 4.41% level or narrow again.
Whether operating cash flow holds its 57.8bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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