Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 101.2bn, fell 53.6bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from higher selling expenses, lower gross profit, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.19x
- P/B
- 0.78x
- EPS
- 3,375
- BVPS
- 22,299
- ROE
- 15.2%
- ROA
- 5.3%
- Market price
- 17,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, HNF is retaining some revenue, but margins are collapsing sharply — profit momentum has been slowing across consecutive periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Selling expenses
- 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 | 336.2 | 542.2 | 536.1 | 534.1 | 344.5 | 385.2 | 620.0 | 537.6 |
| LNST | 9.0 | 27.8 | 24.6 | 39.8 | 8.5 | 29.2 | 71.8 | 45.3 |
| Net margin | 2.67% | 5.13% | 4.60% | 7.44% | 2.48% | 7.58% | 11.59% | 8.43% |
Revenue
336bnNet income
9bnNet margin
2.67%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 3.3% year on year, with the quarterly pace steady around −2%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,949bn +3.3%
- Latest quarter YoY
- −2% steady
What is driving the margin?
▼▼Net margin fell to 5.20%, losing 3.0pp. The main pressure comes from Gross margin fell 1.9pp and SG&A / Revenue rose 0.7pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.7pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 5.20% −3.0pp
- Gross Margin
- 30.55% −1.9pp
- SG&A / Revenue
- 22.53% +0.7pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 204.6bn against investing cash flow of -72.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +132.6bn. Financing cash flow was negative +55.7bn.
CFO / net income was 2,69 lần.
After spending +281.9bn on fixed-asset investment, the business generated trailing free cash flow of −10.0bn.
Earnings Quality
▲How much income is non-core?
About 98% of pre-tax profit comes from core operations.
Within that, net financial result at −30.0%, other profit at +2.0% of PBT.
- Non-core / PBT
- 2.0% low
- Net financial / PBT
- −30.0%
- Other profit / PBT
- 2.0%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 7.01%, losing 4.8pp. That translates to 7.01 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 3.1pp and capital turnover fell 0.08x, while invested capital rose by 117bn — pressure came from both operational efficiency and asset efficiency.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 8.2 days versus the same period last year. The main moves came from DIO fell 0.5 days, DSO fell 7.7 days, and DPO fell 0.0 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE fell from 24.4% to 15.2% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 10.0bn due to capex of 281.9bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.23x and interest coverage only at 2.62x.
At present, short-term debt accounts for 63.6% of total debt, cash equals 16.1% of debt, and total debt stands at 977.1bn.
- Net Debt / Equity
- 1.23x +0.20x
- Interest Coverage
- 2.62x −1.47x
- Cash / Debt
- 16.1% +1.6pp
- Short-term Debt / Total Debt
- 63.6% −3.0pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.23x, increasing balance-sheet pressure.
Short-term debt accounts for 63.6% of total debt, raising near-term refinancing needs.
Balance Sheet
▲The balance sheet shows capital-allocation efficiency slipping. Leverage is elevated, requiring monitoring — liabilities at 1.81x equity, net debt at 1.23x equity.
None
Over the last 12 months, working capital released 105.9bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
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 brighter spot is earnings conversion is confirmed, with CFO/NI at 2.69x. The main risk still sits in core profitability, with net margin down 3.0 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.69x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 5.20% after a 3.0pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +3,3% YoY pace or begins to slow.
Whether margins hold around the current 5.20% level or narrow again.
Whether operating cash flow holds its 204.6bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.