Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 14.7bn, rose 0.9bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and lower selling expenses. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- —
- BVPS
- —
- ROE
- 22.0%
- ROA
- -47.1%
- Market price
- 3,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, GGG is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Selling expenses
- Administrative expenses
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 | 0.1 | 0.2 | 27.5 | 51.8 | 15.5 | 20.9 | 17.3 | 0.0 |
| LNST | -5.3 | -3.7 | -3.9 | -1.8 | -4.0 | -3.6 | -4.0 | -3.9 |
| Net margin | -3700.68% | -1527.46% | -14.23% | -3.39% | -26.13% | -17.07% | -23.28% | — |
Revenue
0bnNet income
-5bnNet margin
-3700.68%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 improved (+10.5pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 48.3% year on year — but the quarterly pace is slowing (+59% → −99%).
1 of the last 3 quarters grew year on year.
- Revenue TTM
- 80bn +48.3%
- Latest quarter YoY
- −99% slowing
What is driving the margin?
▲▲Net margin expanded to −18.43%, rising 10.5pp. The main driver is Gross margin rose 4.6pp and SG&A / Revenue fell 1.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 6.4pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- −18.43% +10.5pp
- Gross Margin
- −2.32% +4.6pp
- SG&A / Revenue
- 3.19% −1.4pp
- Non-core / Revenue
- −10.99% +6.4pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 59.7% of PBT and lifted net margin by 6.4pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 7.7bn against investing cash flow of -0.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +7.6bn. Financing cash flow was negative +6.5bn.
CFO / net income was 0,46 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 59.7% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +59.7% of PBT.
- Non-core / PBT
- 59.7% high
- Net financial / PBT
- 59.7%
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
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 39.7 days versus the same period last year. The main moves came from DIO fell 13.1 days, DSO fell 1.9 days, and DPO rose 24.8 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE fell from 30.9% to 22.0% — the components are broadly offsetting.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 7.7bn.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −0.84x and interest coverage only at −1.49x.
At present, short-term debt accounts for 42.4% of total debt, cash equals 0.5% of debt, and total debt stands at 63.6bn.
- Net Debt / Equity
- −0.84x +0.05x
- Interest Coverage
- −1.49x +0.17x
- Cash / Debt
- 0.5% +0.1pp
- Short-term Debt / Total Debt
- 42.4% +8.9pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −1.49x, leaving limited room to absorb financing costs.
Cash / debt stands at 0.5%, leaving limited liquidity buffer to monitor.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at -1.30x equity, with a net cash position equivalent to 0.84x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
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 10.5 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at −1.49x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -18.43% after expanding 10.5pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 59.7% of PBT and CFO / net income currently at 0.46x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −1.49x.
What to verify next
Questions for the next period
Whether revenue sustains its +48,3% YoY pace or begins to slow.
Whether margins hold around the current -18.43% level or narrow again.
Whether operating cash flow holds its 7.7bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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