Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 74.0bn, rose 4.6bn compared with the same period last year. Key positives came from better other profit, higher financial income, and lower finance costs. Offsetting pressure came mainly from higher tax, higher administrative expenses, and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.61x
- P/B
- 1.41x
- EPS
- 2,450
- BVPS
- 21,847
- ROE
- 11.8%
- ROA
- 9.1%
- Market price
- 30,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, HRC is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — profit momentum has been slowing across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Other profit
- Financial income
- Finance costs
- Tax
- Administrative expenses
- Gross profit
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 | 64.6 | 95.3 | 80.1 | 67.2 | 59.5 | 37.3 | 89.9 | 77.3 |
| LNST | 35.7 | 7.0 | 9.3 | 22.0 | 3.3 | 1.4 | 58.7 | 6.0 |
| Net margin | 55.16% | 7.37% | 11.62% | 32.79% | 5.59% | 3.82% | 65.33% | 7.72% |
Revenue
65bnNet income
36bnNet margin
55.16%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 grew 16.4% year on year — not from a single spike: quarterly growth stepped up from −13% to +9%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 307bn +16.4%
- Latest quarter YoY
- +9% accelerating
What is driving the margin?
▼Net margin fell to 24.09%, losing 2.2pp. The main pressure is Gross margin fell 3.0pp, outweighing the improvement in SG&A / Revenue fell 0.1pp (with additional support from Other profit / Revenue rose 1.5pp and Net financial result / Revenue rose 1.5pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 24.09% −2.2pp
- Gross Margin
- 16.77% −3.0pp
- SG&A / Revenue
- 6.69% −0.1pp
- Non-core / Revenue
- 18.75% +3.0pp
TTM YoY · 2025Q2 -> 2026Q2
Other income accounts for 65.0% of PBT and lifted net margin by 3.0pp — 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 2.0bn against investing cash flow of 17.3bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +19.3bn. Financing cash flow was negative +40.3bn.
CFO / net income was 0,69 lần.
After spending +4.5bn on fixed-asset investment, the business generated trailing free cash flow of +46.9bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 65.0% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +12.8%, other profit at +52.2% of PBT.
- Non-core / PBT
- 65.0% high
- Net financial / PBT
- 12.8%
- Other profit / PBT
- 52.2%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 4.93%, broadly flat versus the same period. That translates to 4.93 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 2.4pp, but capital turnover rose 0.06x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
ROIC is currently 4.93% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 3.6 days versus the same period last year. The main moves came from DIO fell 4.0 days, DSO rose 12.2 days, and DPO rose 4.6 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +3.6 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +12.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 11.8% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.07x and interest coverage at 4.19x.
At present, short-term debt accounts for 64.3% of total debt, cash equals 56.4% of debt, and total debt stands at 101.2bn.
- Net Debt / Equity
- 0.07x −0.15x
- Interest Coverage
- 4.19x +0.49x
- Cash / Debt
- 56.4% +34.0pp
- Short-term Debt / Total Debt
- 64.3% +2.1pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 64.3% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.37x equity, net debt at 0.07x 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 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 2.2 pp. The next watchpoint is the earnings mix, when non-core contribution is 12.8%. The main offsetting support comes from leverage pressure is easing, with net debt/equity down to 0.07x.
- Improvement: leverage pressure is easing, with net debt / equity down 0.15x to 0.07x while interest coverage holds at 4.19x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 12.8% of PBT and CFO / net income currently at 0.69x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 24.09% after a 2.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +16,4% YoY pace or begins to slow.
Whether margins hold around the current 24.09% level or narrow again.
Whether operating cash flow holds its 2.0bn (cumulative for 2025) level in upcoming periods or weakens.
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