Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 137.0bn, fell 13.3bn compared with the same period last year. Key positives came from lower administrative expenses, lower finance costs, and higher gross profit. Offsetting pressure came mainly from weaker other profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- -145.94x
- P/B
- -18.94x
- EPS
- -2,741
- BVPS
- -21,119
- ROE
- 14.5%
- ROA
- -23.2%
- Market price
- 400,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, FTM is retaining some revenue, but margins are collapsing sharply. 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
- Administrative expenses
- Finance costs
- Gross profit
- Other profit
- Financial income
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 | 47.1 | 43.6 | 47.9 | 55.1 | 46.1 | 44.1 | 53.3 | 43.0 |
| LNST | -33.1 | -33.4 | -35.9 | -34.7 | -9.1 | -39.1 | -45.4 | -30.2 |
| Net margin | -70.18% | -76.49% | -74.84% | -63.06% | -19.62% | -88.72% | -85.17% | -70.17% |
Revenue
47bnNet income
-33bnNet margin
-70.18%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?
Margins are under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 3.9% year on year — but the quarterly pace is slowing (+28% → +2%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 194bn +3.9%
- Latest quarter YoY
- +2% slowing
What is driving the margin?
▼Net margin fell to −70.73%, losing 4.4pp. SG&A / Revenue fell 41.9pp and Gross margin rose 4.2pp improved but not enough to offset the weakness in Other profit / Revenue fell 54.6pp (Net financial result / Revenue rose 4.1pp still added support).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- −70.73% −4.4pp
- Gross Margin
- −3.39% +4.2pp
- SG&A / Revenue
- 6.02% −41.9pp
- Non-core / Revenue
- −61.32% −50.5pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 50.5pp, financial result still accounts for 86.7% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -13.0bn against investing cash flow of 44.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +31.0bn. Financing cash flow was positive +4.9bn.
CFO / net income was −0,04 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 86.7% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +56.6%, other profit at +30.1% of PBT.
- Non-core / PBT
- 86.7% high
- Net financial / PBT
- 56.6%
- Other profit / PBT
- 30.1%
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 23.4 days versus the same period last year. The main moves came from DIO rose 14.8 days, DSO fell 37.2 days, and DPO rose 1.0 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 918.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +14.8 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 15.5% to 14.5% — dragged by net margin.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −0.76x and interest coverage only at −1.20x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 0.3% of debt, and total debt stands at 796.9bn.
- Net Debt / Equity
- −0.76x +0.18x
- Interest Coverage
- −1.20x +0.89x
- Cash / Debt
- 0.3% −0.8pp
- Short-term Debt / Total Debt
- 100.0% +1.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −1.20x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▲Balance sheet is exceptionally sound — liabilities at -1.57x equity, with a net cash position equivalent to 0.76x equity.
Inventory ended the period at 148.3bn, roughly 26.2% of total assets.
Over the last 12 months, working capital released 11.5bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 4.4 pp. The next watchpoint is the earnings mix, when non-core contribution is 56.6%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 56.6% of PBT and CFO / net income currently at −0.04x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -70.73% after a 4.4pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +3,9% YoY pace or begins to slow.
Whether margins hold around the current -70.73% level or narrow again.
Whether operating cash flow holds its -13.0bn (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.