Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 1,137.1bn, rose 598.5bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, higher finance costs, and higher minority interests. Detailed impact is shown below:
See what is changing ↓- P/E
- 21.43x
- P/B
- 4.03x
- EPS
- 6,581
- BVPS
- 35,023
- ROE
- 24.3%
- ROA
- 5.0%
- Market price
- 141,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, FRT is growing strongly on the back of scale expansion, while margins have only improved slightly — margins have been expanding consistently over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Selling expenses
- Administrative expenses
- Finance costs
- Minority interests
- 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 | 15,626.0 | 15,116.9 | 14,912.8 | 13,109.9 | 11,390.3 | 11,669.8 | 11,447.6 | 10,375.7 |
| LNST | 450.5 | 374.6 | 348.3 | 265.9 | 157.2 | 212.8 | 133.9 | 165.4 |
| Net margin | 2.88% | 2.48% | 2.34% | 2.03% | 1.38% | 1.82% | 1.17% | 1.59% |
Revenue
15,626bnNet income
451bnNet margin
2.88%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 grew 30.9% year on year — not from a single spike: quarterly growth stepped up from +26% to +37%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 58,766bn +30.9%
- Latest quarter YoY
- +37% accelerating
What is driving the margin?
▲Net margin edged up to 2.45%, rising 1.0pp. The main driver is Gross margin rose 0.6pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 2.45% +1.0pp
- Gross Margin
- 19.69% +0.6pp
- SG&A / Revenue
- 16.57% −0.3pp
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 2,747.3bn against investing cash flow of -5,263.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +2,516.6bn. Financing cash flow was positive +3,288.6bn.
CFO / net income was −1,31 lần.
After spending +526.2bn on fixed-asset investment, the business generated trailing free cash flow of −2,020.5bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −3.7%, other profit at +0.7% of PBT.
- Non-core / PBT
- 0.7% low
- Net financial / PBT
- −3.7%
- Other profit / PBT
- 0.7%
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 5.8 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 9.92%, rising 2.4pp. That translates to 9.92 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.0pp, with capital turnover fell 1.02x; while invested capital expanded strongly by 5,598bn.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 5.8 days versus the same period last year. The main moves came from DIO rose 7.4 days, DSO rose 0.2 days, and DPO rose 1.8 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +5.8 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 25.7% to 30.8% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.10x and interest coverage only at 3.12x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 4.3% of debt, and total debt stands at 13,075.1bn.
- Net Debt / Equity
- 2.10x +0.04x
- Interest Coverage
- 3.12x +0.52x
- Cash / Debt
- 4.3% −21.0pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 2.10x, increasing balance-sheet pressure.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼▼The asset structure shows capital being allocated increasingly efficiently. Leverage is very high, with clear pressure on the capital structure — liabilities at 3.61x equity, net debt at 2.10x equity.
Inventory ended the period at 11,926.7bn, roughly 50.3% of total assets.
Over the last 12 months, working capital absorbed 3,105.0bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by 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. The brighter spot is earnings conversion is confirmed, with CFO/NI at −1.31x. The main risk still sits in leverage and liquidity, with interest coverage at 3.12x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −1.31x.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 2.10x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +30,9% YoY pace or begins to slow.
Whether margins hold around the current 2.45% level or narrow again.
Whether operating cash flow holds its 2,747.3bn (cumulative for 2025) level in upcoming periods or weakens.
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