Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 35.9bn, fell 14.6bn compared with the same period last year. Offsetting pressure came mainly from weaker other profit, higher administrative expenses, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- -3.94x
- P/B
- 0.45x
- EPS
- -1,091
- BVPS
- 9,554
- ROE
- -10.7%
- ROA
- -10.4%
- Market price
- 4,300 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, GMC is holding revenue at an acceptable level, but margins are eroding visibly. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.
Profit bridge
Vs last year · TTM
- Other profit
- Administrative expenses
- Finance costs
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 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.6 | 0.4 | 0.5 | 0.5 | 0.6 | 0.3 | 0.1 | 0.2 |
| LNST | -20.7 | -5.7 | -3.1 | -6.5 | -4.4 | -7.7 | -8.7 | -0.5 |
| Net margin | -3494.42% | -1368.27% | -632.49% | -1434.43% | -799.13% | -2228.62% | -7499.68% | -216.67% |
Revenue
1bnNet income
-21bnNet margin
-3494.42%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 57.3% year on year — but the quarterly pace is slowing (+289% → +7%).
3 of the last 3 quarters grew year on year.
- Revenue TTM
- 2bn +57.3%
- Latest quarter YoY
- +7% slowing
What is driving the margin?
▼▼Net margin fell to −1845.65%, losing 123.9pp. SG&A / Revenue fell 792.2pp and Gross margin rose 3.4pp improved but not enough to offset the weakness in Other profit / Revenue fell 754.5pp and Net financial result / Revenue fell 269.2pp.
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- −1845.65% −123.9pp
- Gross Margin
- 92.14% +3.4pp
- SG&A / Revenue
- 2256.67% −792.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -13.9bn against investing cash flow of -51.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +65.6bn. Financing cash flow was positive 0.0bn.
CFO / net income was 0,84 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?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −10.8%, other profit at +0.8% of PBT.
- Non-core / PBT
- 0.8% low
- Net financial / PBT
- −10.8%
- Other profit / PBT
- 0.8%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 58534.7 days versus the same period last year. The main moves came from DIO fell 58334.7 days, DSO fell 396.8 days, and DPO fell 196.8 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 256834.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from −5.7% to −10.7% — 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 −0.08x and interest coverage only at −218.98x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.08x
- Interest Coverage
- −218.98x −202.23x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −218.98x, leaving limited room to absorb financing costs.
Balance Sheet
▲Balance sheet is exceptionally sound — liabilities at 0.03x equity, with a net cash position equivalent to 0.08x equity.
Inventory ended the period at 94.2bn, roughly 26.8% of total assets.
Over the last 12 months, working capital absorbed 1.0bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
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 123.9 pp. The next watchpoint is earnings conversion quality, with CFO/NI at 0.84x.
- Watchpoint: earnings conversion still needs confirmation, with CFO / net income at 0.84x while net financial result still accounts for −10.8% of PBT.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -1845.65% after a 123.9pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +57,3% YoY pace or begins to slow.
Whether margins hold around the current -1845.65% level or narrow again.
Whether operating cash flow holds its -13.9bn (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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