Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 2.5bn, rose 0.4bn compared with the same period last year. Key positives came from lower administrative expenses and lower selling expenses. Offsetting pressure came mainly from higher finance costs, lower gross profit, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- -14.09x
- P/B
- 0.12x
- EPS
- -78
- BVPS
- 9,476
- ROE
- -0.8%
- ROA
- -0.5%
- Market price
- 1,100 28 Aug 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, GKM is under pressure on both revenue and margins simultaneously — margins have been compressing consistently over multiple periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Selling expenses
- Finance costs
- Gross 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 | 2.3 | 1.6 | 2.4 | 2.4 | 2.4 | 2.4 | 1.9 | 10.3 |
| LNST | -1.5 | -1.9 | 1.5 | -0.6 | -0.9 | -0.5 | 0.0 | -1.5 |
| Net margin | -63.85% | -122.00% | 61.95% | -23.82% | -37.50% | -20.26% | 2.19% | -14.84% |
Revenue
2bnNet income
-1bnNet margin
-63.85%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 declined 49.4% year on year — not from a single spike: quarterly growth stepped up from −76% to −6%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 9bn −49.4%
- Latest quarter YoY
- −6% accelerating
What is driving the margin?
▼▼Net margin fell to −28.42%, losing 11.5pp. The main pressure is SG&A / Revenue rose 14.2pp, outweighing the improvement in Gross margin rose 23.9pp (with lingering pressure from Net financial result / Revenue fell 56.2pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- −28.42% −11.5pp
- Gross Margin
- 53.80% +23.9pp
- SG&A / Revenue
- 32.42% +14.2pp
- Non-core / Revenue
- −80.55% −56.2pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 56.2pp, financial result still accounts for 284.1% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -9.1bn against investing cash flow of 5.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +4.1bn. Financing cash flow was positive +4.4bn.
CFO / net income was 8,31 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 284.1% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +284.1% of PBT.
- Non-core / PBT
- 284.1% high
- Net financial / PBT
- 284.1%
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
▼▼Cash conversion cycle lengthened by 892.3 days versus the same period last year. The main moves came from DIO rose 4065.4 days, DSO rose 72.6 days, and DPO rose 3245.6 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 711.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +72.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at −0.8% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.21x and interest coverage only at −0.64x.
At present, short-term debt accounts for 28.4% of total debt, cash equals 0.1% of debt, and total debt stands at 62.7bn.
- Net Debt / Equity
- 0.21x +0.03x
- Interest Coverage
- −0.64x −0.24x
- Cash / Debt
- 0.1% −5.4pp
- Short-term Debt / Total Debt
- 28.4% −71.6pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −0.64x, leaving limited room to absorb financing costs.
Cash / debt stands at 0.1%, leaving limited liquidity buffer to monitor.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.34x equity, net debt at 0.21x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 23.9pp YoY to 53.80% (TTM).
Gross margin (TTM): 53.80% · YoY +23.9pp
Inventory 40.3bn — 9.71% of total assets, below the materials-group median (13.00%); ≈ 3,691 days of sales.
Inventory / assets: 9.71% (group median 13.00%)
Days inventory outstanding: 3,691
Inventory ended the period at 55.0bn, roughly 12.1% of total assets.
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 showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 11.5 pp.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 8.31x. Even so, net financial result still accounts for 284.1% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -28.42% after a 11.5pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −49,4% YoY decline or keeps falling.
Whether margins hold around the current -28.42% level or narrow again.
Whether operating cash flow holds its -9.1bn (cumulative for 2025) level in upcoming periods or weakens.
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