Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 11.3bn, rose 19.1bn compared with the same period last year. Key positives came from lower administrative expenses and higher gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 15.71x
- P/B
- 2.56x
- EPS
- 420
- BVPS
- 2,577
- ROE
- 18.8%
- ROA
- 1.6%
- Market price
- 6,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, FCS has not accelerated revenue sharply, but profitability is improving visibly — this marks a reversal from the difficult phase before. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Administrative expenses
- 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 | 89.0 | 79.7 | 91.7 | 87.9 | 73.3 | 74.0 | 100.9 | 92.2 |
| LNST | 5.3 | -0.6 | 6.5 | 0.1 | -5.3 | -1.1 | -0.7 | -0.8 |
| Net margin | 5.92% | -0.70% | 7.09% | 0.08% | -7.16% | -1.47% | -0.72% | -0.82% |
Revenue
89bnNet income
5bnNet margin
5.92%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 grew 2.3% year on year — not from a single spike: quarterly growth stepped up from −5% to +21%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 348bn +2.3%
- Latest quarter YoY
- +21% accelerating
What is driving the margin?
▲▲Net margin expanded to 3.24%, rising 5.5pp. The main driver is SG&A / Revenue fell 4.8pp and Gross margin rose 0.8pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.24% +5.5pp
- Gross Margin
- 19.96% +0.8pp
- SG&A / Revenue
- 16.99% −4.8pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 17.1bn against investing cash flow of -0.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +16.9bn. Financing cash flow was positive 0.0bn.
CFO / net income was 0,44 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 92% of pre-tax profit comes from core operations.
Within that, net financial result at +0.3%, other profit at +7.9% of PBT.
- Non-core / PBT
- 8.2% low
- Net financial / PBT
- 0.3%
- Other profit / PBT
- 7.9%
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 5.5 days versus the same period last year. The main moves came from DIO fell 21.9 days, DSO fell 1.0 days, and DPO fell 17.4 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE rose from −13.4% to 18.8% — supported by net margin and asset turnover.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 17.1bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 100.0% of total debt, cash equals 2085.7% of debt, and total debt stands at 0.9bn.
- Net Debt / Equity
- −0.27x −0.03x
- Interest Coverage
- None
- Cash / Debt
- 2085.7% +529.9pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 10.77x equity, with a net cash position equivalent to 0.27x equity.
None
Over the last 12 months, working capital absorbed 18.7bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
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 5.5 pp. The next item to monitor is capital efficiency.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.24% after expanding 5.5pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue sustains its +2,3% YoY pace or begins to slow.
Whether margins hold around the current 3.24% level or narrow again.
Whether operating cash flow holds its 17.1bn (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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