Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 9.8bn, rose 2.3bn compared with the same period last year. Key positives came from better other profit and lower finance costs. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -7.34x
- P/B
- 131.28x
- EPS
- -668
- BVPS
- 37
- ROE
- -141.8%
- ROA
- -9.2%
- Market price
- 4,900 21 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, FGL has not accelerated revenue, but profitability is improving more visibly — profit momentum has been slowing across consecutive periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.
Profit bridge
Vs last year · TTM
- Other profit
- Finance costs
- Gross profit
- 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 | 2.2 | 0.7 | 15.3 | 0.2 | 0.0 | 5.7 | 15.6 | 0.1 |
| LNST | -4.4 | -2.6 | 0.2 | -3.1 | -7.9 | -0.2 | 4.0 | -8.0 |
| Net margin | -194.18% | -361.96% | 1.31% | -1782.10% | -16219.72% | -4.19% | 25.41% | -12662.52% |
Revenue
2bnNet income
-4bnNet margin
-194.18%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 13.7% year on year — not from a single spike: quarterly growth stepped up from +173% to +4,514%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 18bn −13.7%
- Latest quarter YoY
- +4,514% accelerating
What is driving the margin?
▲Net margin expanded to −53.23%, rising 3.7pp. Despite pressure from SG&A / Revenue rose 21.2pp and Gross margin fell 12.4pp, the offset came from Other profit / Revenue rose 37.4pp.
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- −53.23% +3.7pp
- Gross Margin
- 28.87% −12.4pp
- SG&A / Revenue
- 46.73% +21.2pp
- Non-core / Revenue
- −35.37% +37.4pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 66.5% of PBT and lifted net margin by 37.4pp — separate the operating contribution from this source.
Cash Flow
▲▲Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 20.6bn against investing cash flow of -4.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +16.0bn. Financing cash flow was negative +19.5bn.
CFO / net income was −3,08 lần.
After spending +1.3bn on fixed-asset investment, the business generated trailing free cash flow of +28.9bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 66.5% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +52.6%, other profit at +13.9% of PBT.
- Non-core / PBT
- 66.5% high
- Net financial / PBT
- 52.6%
- Other profit / PBT
- 13.9%
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 20.9 days versus the same period last year. The main moves came from DIO fell 19.5 days, DSO fell 1.2 days, and DPO rose 0.2 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 304.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from −49.8% to −141.8% — the components are broadly offsetting.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 56.86x and interest coverage only at −1.59x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 6.1% of debt, and total debt stands at 29.8bn.
- Net Debt / Equity
- 56.86x +54.15x
- Interest Coverage
- −1.59x −1.17x
- Cash / Debt
- 6.1% +5.6pp
- Short-term Debt / Total Debt
- 100.0% +61.5pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 56.86x, increasing balance-sheet pressure.
Interest coverage is −1.59x, leaving limited room to absorb financing costs.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 11.44x equity, net debt at 56.86x 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 brighter spot is operating efficiency, with net margin improving 3.7 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at −1.59x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -53.23% after expanding 3.7pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 52.6% of PBT and CFO / net income currently at −3.08x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −1.59x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −13,7% YoY decline or keeps falling.
Whether margins hold around the current -53.23% level or narrow again.
Whether operating cash flow holds its 20.6bn (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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