Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 451.3bn, rose 151.5bn compared with the same period last year. Key positives came from higher gross profit, lower minority interests, and higher financial income. Offsetting pressure came mainly from higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.06x
- P/B
- 0.87x
- EPS
- 6,902
- BVPS
- 40,333
- ROE
- 18.0%
- ROA
- 9.0%
- Market price
- 34,950 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, FMC has not accelerated revenue, but profitability is improving more visibly — profit momentum has been slowing 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
- Gross profit
- Minority interests
- Financial income
- Selling 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 | 1,674.5 | 1,398.5 | 1,555.5 | 2,983.6 | 1,876.4 | 1,990.5 | 1,364.0 | 2,845.1 |
| LNST | 174.2 | 50.8 | 165.5 | 111.9 | 101.6 | 37.7 | 187.2 | 94.8 |
| Net margin | 10.40% | 3.63% | 10.64% | 3.75% | 5.41% | 1.90% | 13.72% | 3.33% |
Revenue
1,675bnNet income
174bnNet margin
10.40%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 improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 5.7% year on year — but the quarterly pace is slowing (+5% → −11%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 7,612bn −5.7%
- Latest quarter YoY
- −11% slowing
What is driving the margin?
▲Net margin edged up to 6.60%, rising 1.4pp. Core operating signals are improving as Gross margin rose 3.4pp are enough to offset pressure from SG&A / Revenue rose 2.4pp (with additional support from Net financial result / Revenue rose 0.4pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 6.60% +1.4pp
- Gross Margin
- 13.80% +3.4pp
- SG&A / Revenue
- 8.56% +2.4pp
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 513.3bn against investing cash flow of -912.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +399.3bn. Financing cash flow was positive +461.5bn.
CFO / net income was 1,27 lần.
After spending +13.3bn on fixed-asset investment, the business generated trailing free cash flow of +559.0bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 19.7% of pre-tax profit — worth monitoring.
Within that, net financial result at +19.7% of PBT.
- Non-core / PBT
- 19.7% moderate
- Net financial / PBT
- 19.7%
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 lengthened by 6.2 days versus the same period last year. The main moves came from DIO rose 5.4 days, DSO rose 3.4 days, and DPO rose 2.7 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +6.2 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +3.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 18.5% to 20.1% — supported by net margin and leverage.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.56x and interest coverage at 6.28x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 24.5% of debt, and total debt stands at 1,956.2bn.
- Net Debt / Equity
- 0.56x +0.46x
- Interest Coverage
- 6.28x +0.53x
- Cash / Debt
- 24.5% −61.9pp
- 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.
Cash / debt stands at 24.5%, leaving limited liquidity buffer to monitor.
Balance Sheet
▼Capital structure is balanced — liabilities at 0.85x equity, net debt at 0.56x equity.
Inventory ended the period at 884.7bn, roughly 18.3% of total assets.
Over the last 12 months, working capital released 147.9bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
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 the earnings mix, when non-core contribution is 19.7%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 6.60% after expanding 1.4pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.27x. Even so, net financial result still accounts for 19.7% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −5,7% YoY decline or keeps falling.
Whether margins hold around the current 6.60% level or narrow again.
Whether operating cash flow holds its 513.3bn (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.