Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 1,422.8bn, fell 142.4bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, higher associates income, and lower deferred tax. Offsetting pressure came mainly from higher finance costs, higher tax, higher minority interests, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 16.18x
- P/B
- 0.85x
- EPS
- 1,391
- BVPS
- 26,384
- ROE
- 4.8%
- ROA
- 2.0%
- Market price
- 22,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, GEX is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. What is still missing is the ability to convert top-line growth into better profitability.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Associates income
- Deferred tax
- Finance costs
- Tax
- Minority interests
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 | 14,480.0 | 10,721.7 | 11,642.4 | 9,841.1 | 10,130.6 | 7,916.4 | 10,142.4 | 8,708.6 |
| LNST | 1,354.5 | 578.8 | 595.7 | 781.3 | 1,205.1 | 436.5 | 1,013.8 | 297.1 |
| Net margin | 9.35% | 5.40% | 5.12% | 7.94% | 11.90% | 5.51% | 10.00% | 3.41% |
Revenue
14,480bnNet income
1,354bnNet margin
9.35%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 26.5% year on year — not from a single spike: quarterly growth stepped up from +13% to +43%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 46,685bn +26.5%
- Latest quarter YoY
- +43% accelerating
What is driving the margin?
▼Net margin narrowed to 7.09%, falling 0.9pp. The main pressure is Gross margin fell 1.4pp, outweighing the improvement in SG&A / Revenue fell 1.1pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.1pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 7.09% −0.9pp
- Gross Margin
- 20.24% −1.4pp
- SG&A / Revenue
- 7.84% −1.1pp
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 546.2bn against investing cash flow of -5,016.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +4,470.5bn. Financing cash flow was positive +9,049.0bn.
CFO / net income was 0,64 lần.
After spending +4,658.0bn on fixed-asset investment, the business generated trailing free cash flow of −3,745.4bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −18.2%, other profit at +0.0% of PBT.
- Non-core / PBT
- 0.0% low
- Net financial / PBT
- −18.2%
- Other profit / PBT
- 0.0%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼ROIC narrowed to 6.26%, falling 1.3pp. That translates to 6.26 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.8pp and capital turnover fell 0.08x, while invested capital expanded strongly by 14,428bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 15.5 days versus the same period last year. The main moves came from DIO rose 9.3 days, DSO rose 1.5 days, and DPO fell 4.6 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 126.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +1.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 12.4% to 11.1% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 3,745.4bn due to capex of 4,658.0bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.86x and interest coverage at 2.10x.
At present, short-term debt accounts for 48.0% of total debt, cash equals 16.1% of debt, and total debt stands at 35,320.6bn.
- Net Debt / Equity
- 0.86x +0.21x
- Interest Coverage
- 2.10x −0.66x
- Cash / Debt
- 16.1% −2.8pp
- Short-term Debt / Total Debt
- 48.0% +1.7pp
TTM YoY · 2025Q2 -> 2026Q2
Cash / debt stands at 16.1%, leaving limited liquidity buffer to monitor.
Balance Sheet
▼The balance sheet shows capital-allocation efficiency slipping. Capital structure is balanced — liabilities at 1.44x equity, net debt at 0.86x equity.
Inventory ended the period at 14,455.0bn, roughly 19.6% of total assets.
Over the last 12 months, working capital absorbed 2,729.1bn 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 next item to monitor is effective tax rate looks unusual, with effective tax rate at 35.2%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 127 days.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: working capital remains tied up for too long, with cash cycle at 126.7 days.
What to verify next
Questions for the next period
Whether revenue sustains its +26,5% YoY pace or begins to slow.
Whether margins hold around the current 7.09% level or narrow again.
Whether operating cash flow holds its 546.2bn (cumulative for 2025) level in upcoming periods or weakens.
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