Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 266.8bn, rose 41.4bn compared with the same period last year. Key positives came from lower selling expenses, lower finance costs, and lower deferred tax. Offsetting pressure came mainly from lower gross profit, lower financial income, higher tax, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.71x
- P/B
- 0.44x
- EPS
- 1,789
- BVPS
- 27,393
- ROE
- 6.7%
- ROA
- 2.3%
- Market price
- 12,000 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, GDA has not moved the needle on revenue, but profitability has edged up slightly — profit momentum has been slowing across consecutive periods. What remains unclear is whether this improvement can widen without revenue momentum to back it.
Profit bridge
Vs last year · TTM
- Selling expenses
- Finance costs
- Deferred tax
- Gross profit
- Financial income
- Tax
- Other profit
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 | 3,065.7 | 3,589.0 | 3,396.6 | 3,680.3 | 4,256.9 | 3,976.6 | 3,888.1 | 5,162.6 |
| LNST | 92.1 | 50.7 | 36.6 | 85.0 | 87.7 | 62.7 | 21.3 | 53.7 |
| Net margin | 3.00% | 1.41% | 1.08% | 2.31% | 2.06% | 1.58% | 0.55% | 1.04% |
Revenue
3,066bnNet income
92bnNet margin
3.00%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 20.6% year on year, with the quarterly pace steady around −28%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 13,732bn −20.6%
- Latest quarter YoY
- −28% steady
What is driving the margin?
▲Net margin edged up to 1.93%, rising 0.6pp. Core operating signals are improving as SG&A / Revenue fell 2.3pp are enough to offset pressure from Gross margin fell 0.9pp (with lingering pressure from Net financial result / Revenue fell 0.3pp and Other profit / Revenue fell 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 1.93% +0.6pp
- Gross Margin
- 5.94% −0.9pp
- SG&A / Revenue
- 3.03% −2.3pp
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 511.4bn against investing cash flow of 141.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +653.0bn. Financing cash flow was negative +736.0bn.
CFO / net income was 1,59 lần.
After spending +387.3bn on fixed-asset investment, the business generated trailing free cash flow of +37.2bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −13.4%, other profit at +0.6% of PBT.
- Non-core / PBT
- 0.6% low
- Net financial / PBT
- −13.4%
- Other profit / PBT
- 0.6%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 2.85%, rising 0.8pp. That translates to 2.85 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.8pp, with capital turnover fell 0.36x; with invested capital holding roughly steady.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 2.85% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 15.4 days versus the same period last year. The main moves came from DIO rose 22.7 days, DSO fell 1.4 days, and DPO rose 5.9 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 99.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +22.7 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 5.9% to 6.7% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 1.23x and interest coverage only at 1.00x.
At present, short-term debt accounts for 96.0% of total debt, cash equals 11.7% of debt, and total debt stands at 5,695.4bn.
- Net Debt / Equity
- 1.23x −0.27x
- Interest Coverage
- 1.00x +0.37x
- Cash / Debt
- 11.7% +3.4pp
- Short-term Debt / Total Debt
- 96.0% −0.6pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.23x, increasing balance-sheet pressure.
Interest coverage is 1.00x, leaving limited room to absorb financing costs.
Balance Sheet
▲Leverage is elevated, requiring monitoring — liabilities at 2.00x equity, net debt at 1.23x equity.
Inventory ended the period at 3,582.3bn, roughly 30.1% of total assets.
Over the last 12 months, working capital released 427.1bn of cash, mainly thanks to lower receivables and higher payables. Pressure from 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 earnings conversion is confirmed, with CFO/NI at 1.59x. The main risk still sits in capital efficiency remains weak, with ROIC at 2.8%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.59x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −20,6% YoY decline or keeps falling.
Whether margins hold around the current 1.92% level or narrow again.
Whether operating cash flow holds its 511.4bn (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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