Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 576.9bn, fell 81.3bn compared with the same period last year. Key positives came from lower selling expenses and lower tax. Offsetting pressure came mainly from lower gross profit, higher finance costs, weaker other profit, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 27.76x
- P/B
- 5.02x
- EPS
- 9,366
- BVPS
- 51,812
- ROE
- 18.1%
- ROA
- 7.3%
- Market price
- 260,000 05 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, IDP is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — margins have been compressing consistently over multiple periods. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Selling expenses
- Tax
- Gross profit
- Finance costs
- Other profit
- Financial income
- Other
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 | 2,077.4 | 1,901.0 | 1,870.2 | 1,618.0 | 2,112.7 | 1,831.7 | 2,048.3 | 1,929.9 |
| LNST | 225.8 | 244.1 | 239.9 | -133.7 | -36.2 | 107.0 | 299.6 | 287.9 |
| Net margin | 10.87% | 12.84% | 12.83% | -8.26% | -1.71% | 5.84% | 14.62% | 14.92% |
Revenue
2,077bnNet income
226bnNet margin
10.87%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 5.8% year on year — not from a single spike: quarterly growth stepped up from −21% to −2%.
1 of the last 3 quarters grew year on year.
- Revenue TTM
- 7,467bn −5.8%
- Latest quarter YoY
- −2% accelerating
What is driving the margin?
▼Net margin narrowed to 7.72%, falling 0.6pp. The main pressure is Gross margin fell 1.7pp, outweighing the improvement in SG&A / Revenue fell 1.6pp (with lingering pressure from Net financial result / Revenue fell 1.0pp and Other profit / Revenue fell 0.2pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 7.72% −0.6pp
- Gross Margin
- 37.68% −1.7pp
- SG&A / Revenue
- 28.18% −1.6pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 308.6bn against investing cash flow of -836.3bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +527.7bn. Financing cash flow was positive +325.1bn.
CFO / net income was 2,17 lần.
After spending +936.2bn on fixed-asset investment, the business generated trailing free cash flow of +318.1bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −0.7%, other profit at +1.4% of PBT.
- Non-core / PBT
- 1.4% low
- Net financial / PBT
- −0.7%
- Other profit / PBT
- 1.4%
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 10.41%, losing 2.3pp. That translates to 10.41 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.31x — capital is being absorbed faster than revenue is being generated; while invested capital rose by 785bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Working Capital Efficiency
▼Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 6.8 days versus the same period last year. The main moves came from DIO rose 9.1 days, DSO rose 2.1 days, and DPO rose 4.4 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +6.8 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +2.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 22.1% to 18.0% — asset turnover weakened the most, though leverage still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.77x and interest coverage at 4.08x.
At present, short-term debt accounts for 60.2% of total debt, cash equals 22.3% of debt, and total debt stands at 3,161.3bn.
- Net Debt / Equity
- 0.77x +0.02x
- Interest Coverage
- 4.08x −3.94x
- Cash / Debt
- 22.3% +12.5pp
- Short-term Debt / Total Debt
- 60.2% −0.1pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 60.2% of total debt, raising near-term refinancing needs.
Cash / debt stands at 22.3%, leaving limited liquidity buffer to monitor.
Balance Sheet
▲The balance sheet shows capital-allocation efficiency slipping. Capital structure is balanced — liabilities at 1.19x equity, net debt at 0.77x equity.
None
Over the last 12 months, working capital released 314.7bn 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 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 some core pressures remaining the main constraint. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.17x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.17x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −5,8% YoY decline or keeps falling.
Whether margins hold around the current 7.72% level or narrow again.
Whether operating cash flow holds its 308.6bn (cumulative for 2025) level in upcoming periods or weakens.
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