Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 5.0bn, fell 3.2bn compared with the same period last year. Key positives came from lower administrative expenses, lower selling expenses, and lower finance costs. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -4.39x
- P/B
- 0.28x
- EPS
- -387
- BVPS
- 6,110
- ROE
- -6.1%
- ROA
- -2.6%
- Market price
- 1,700 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, ICF posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Selling expenses
- Finance costs
- 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 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.6 | 8.1 | 10.5 | 10.6 | 14.1 | 7.8 | 8.5 | 15.7 |
| LNST | -2.0 | -2.2 | -1.5 | 0.7 | 0.2 | -1.7 | -0.4 | 0.2 |
| Net margin | -18.60% | -26.92% | -14.06% | 6.39% | 1.38% | -22.29% | -4.78% | 1.26% |
Revenue
11bnNet income
-2bnNet margin
-18.60%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 declined 13.5% year on year — but the quarterly pace is slowing (+25% → −25%).
2 of the last 3 quarters grew year on year.
- Revenue TTM
- 40bn −13.5%
- Latest quarter YoY
- −25% slowing
What is driving the margin?
▼▼Net margin fell to −12.46%, losing 8.7pp. The main pressure comes from Gross margin fell 9.2pp and SG&A / Revenue rose 0.1pp (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.1pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −12.46% −8.7pp
- Gross Margin
- 19.86% −9.2pp
- SG&A / Revenue
- 29.01% +0.1pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -4.8bn against investing cash flow of -0.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +4.8bn. Financing cash flow was positive +5.0bn.
CFO / net income was −0,10 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 makes up 26.5% of pre-tax profit — worth monitoring.
Within that, net financial result at +23.2%, other profit at +3.3% of PBT.
- Non-core / PBT
- 26.5% moderate
- Net financial / PBT
- 23.2%
- Other profit / PBT
- 3.3%
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 55.1 days versus the same period last year. The main moves came from DIO rose 95.4 days, DSO rose 1.5 days, and DPO rose 41.8 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 1625.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +1.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from −2.1% to −6.1% — dragged by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.40x and interest coverage only at −3.56x.
At present, short-term debt accounts for 63.4% of total debt, cash equals 0.4% of debt, and total debt stands at 31.8bn.
- Net Debt / Equity
- 0.40x +0.02x
- Interest Coverage
- −3.56x −2.73x
- Cash / Debt
- 0.4% −0.2pp
- Short-term Debt / Total Debt
- 63.4% +0.6pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −3.56x, leaving limited room to absorb financing costs.
Short-term debt accounts for 63.4% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 1.18x equity, net debt at 0.40x equity.
Inventory ended the period at 133.4bn, roughly 74.1% 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. The next item to monitor is the earnings mix, when non-core contribution is 23.2%. The main risk still sits in core profitability, with net margin down 8.7 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 23.2% of PBT and CFO / net income currently at −0.10x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -12.46% after a 8.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −13,5% YoY decline or keeps falling.
Whether margins hold around the current -12.46% level or narrow again.
Whether operating cash flow holds its -4.8bn (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.