Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 33.1bn, rose 7.1bn compared with the same period last year. Key positives came from lower finance costs, higher financial income, higher gross profit, and lower tax. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.42x
- P/B
- 1.01x
- EPS
- 2,427
- BVPS
- 17,819
- ROE
- 14.1%
- ROA
- 12.2%
- Market price
- 18,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, HMH has not accelerated revenue sharply, but profitability is improving visibly — 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
- Finance costs
- Financial income
- Gross profit
- Tax
- 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 | 38.8 | 30.7 | 33.2 | 30.4 | 30.4 | 27.7 | 29.6 | 28.3 |
| LNST | 7.0 | 12.4 | 5.0 | 8.9 | 1.9 | 11.2 | 1.8 | 11.2 |
| Net margin | 17.98% | 40.50% | 15.18% | 29.17% | 6.29% | 40.36% | 5.93% | 39.47% |
Revenue
39bnNet income
7bnNet margin
17.98%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 (+2.6pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 14.8% year on year — not from a single spike: quarterly growth stepped up from +7% to +28%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 133bn +14.8%
- Latest quarter YoY
- +28% accelerating
What is driving the margin?
▲Net margin expanded to 25.04%, rising 2.6pp. Despite pressure from SG&A / Revenue rose 0.6pp and Gross margin fell 0.4pp, the offset came from Net financial result / Revenue rose 3.2pp (pressure remains from Other profit / Revenue fell 0.3pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 25.04% +2.6pp
- Gross Margin
- 17.02% −0.4pp
- SG&A / Revenue
- 6.78% +0.6pp
- Non-core / Revenue
- 18.26% +2.9pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 64.1% of PBT and lifted net margin by 2.9pp — separate the operating contribution from this source.
Cash Flow
▲▲Is profit converting into cash?
Operating cash flow reached -30.6bn against investing cash flow of 27.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +3.1bn. Financing cash flow was positive +6.9bn.
CFO / net income was 0,36 lần.
After spending +5.6bn on fixed-asset investment, the business generated trailing free cash flow of +6.1bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 64.1% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +63.5%, other profit at +0.5% of PBT.
- Non-core / PBT
- 64.1% high
- Net financial / PBT
- 63.5%
- Other profit / PBT
- 0.5%
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 6.4 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 16.55%, rising 2.9pp. That translates to 16.55 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.3pp, with capital turnover broadly stable; with invested capital holding roughly steady.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 6.4 days versus the same period last year. The main moves came from DIO rose 0.0 days, DSO fell 1.7 days, and DPO fell 8.1 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +6.4 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +0.0 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 12.1% to 14.2% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.13x and interest coverage at 19.96x.
At present, short-term debt accounts for 25.5% of total debt, cash equals 2725.5% of debt, and total debt stands at 1.2bn.
- Net Debt / Equity
- −0.13x +0.05x
- Interest Coverage
- 19.96x +14.70x
- Cash / Debt
- 2725.5% +759.7pp
- Short-term Debt / Total Debt
- 25.5% −74.5pp
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▼The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 0.16x equity, with a net cash position equivalent to 0.13x equity.
None
Over the last 12 months, working capital released 3.6bn of cash, mainly thanks to higher payables. Pressure from higher receivables and 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 operating efficiency, with net margin improving 2.6 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 25.04% after expanding 2.6pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 63.5% of PBT and CFO / net income currently at 0.36x.
What to verify next
Questions for the next period
Whether revenue sustains its +14,8% YoY pace or begins to slow.
Whether margins hold around the current 25.04% level or narrow again.
Whether operating cash flow holds its -30.6bn (cumulative for 2025) level in upcoming periods or weakens.
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