Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 43.5bn, fell 52.0bn compared with the same period last year. Offsetting pressure came mainly from higher finance costs and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -0.74x
- P/B
- 0.17x
- EPS
- -1,477
- BVPS
- 6,314
- ROE
- -21.5%
- ROA
- -16.5%
- Market price
- 1,100 02 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, FID posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Finance costs
- 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 | 5.3 | 4.6 | 11.0 | 0.8 | 22.7 | 9.8 | 36.4 | 5.8 |
| LNST | -33.2 | -3.8 | -3.5 | -3.6 | -3.8 | -3.4 | 21.2 | -1.2 |
| Net margin | -625.40% | -81.35% | -31.56% | -457.76% | -16.90% | -35.05% | 58.17% | -20.28% |
Revenue
5bnNet income
-33bnNet margin
-625.40%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 70.8% year on year — not from a single spike: quarterly growth stepped up from −86% to −77%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 22bn −70.8%
- Latest quarter YoY
- −77% accelerating
What is driving the margin?
▼▼Net margin fell to −202.56%, losing 219.6pp. The main pressure is SG&A / Revenue rose 58.6pp, outweighing the improvement in Gross margin rose 0.4pp (with lingering pressure from Net financial result / Revenue fell 154.5pp and Other profit / Revenue fell 6.9pp).
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
- −202.56% −219.6pp
- Gross Margin
- 2.66% +0.4pp
- SG&A / Revenue
- 38.35% +58.6pp
- Non-core / Revenue
- −166.87% −161.4pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 161.4pp, financial result still accounts for 82.4% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 1.2bn against investing cash flow of -19.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +18.7bn. Financing cash flow was positive 0.0bn.
CFO / net income was −0,36 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?
Non-core income reaches 82.4% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +77.9%, other profit at +4.4% of PBT.
- Non-core / PBT
- 82.4% high
- Net financial / PBT
- 77.9%
- Other profit / PBT
- 4.4%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
DSO increased by +296.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 5.0% to −21.8% — dragged by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.24x and interest coverage only at −1.23x.
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
- 0.24x +0.09x
- Interest Coverage
- −1.23x −6.75x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −1.23x, leaving limited room to absorb financing costs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.45x equity, net debt at 0.24x equity.
None
Over the last 12 months, working capital released 14.3bn of cash, mainly thanks to lower receivables and higher payables.
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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 219.6 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 77.9% of PBT and CFO / net income currently at −0.36x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -202.56% after a 219.6pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −70,8% YoY decline or keeps falling.
Whether margins hold around the current -202.56% level or narrow again.
Whether operating cash flow holds its 1.2bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.