Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 21.1bn, fell 16.6bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -5.13x
- P/B
- 0.64x
- EPS
- -1,072
- BVPS
- 8,558
- ROE
- -11.4%
- ROA
- -6.5%
- Market price
- 5,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, ILA 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
- 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 | 13.6 | 14.7 | 22.7 | 13.9 | 30.4 | 32.8 | 20.1 | 24.8 |
| LNST | -5.0 | -3.1 | -11.2 | -2.2 | -4.1 | 3.6 | -1.6 | -2.3 |
| Net margin | -36.60% | -20.85% | -49.32% | -15.61% | -13.51% | 10.94% | -7.88% | -9.37% |
Revenue
14bnNet income
-5bnNet margin
-36.60%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?
Start with profitability and earnings quality.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 40.0% year on year — but the quarterly pace is slowing (−31% → −55%).
0 of the last 3 quarters grew year on year.
- Revenue TTM
- 65bn −40.0%
- Latest quarter YoY
- −55% slowing
What is driving the margin?
▼▼Net margin fell to −32.99%, losing 28.9pp. The main pressure comes from Gross margin fell 20.9pp (with lingering pressure from Net financial result / Revenue fell 3.5pp and Other profit / Revenue fell 2.6pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −32.99% −28.9pp
- Gross Margin
- −10.26% −20.9pp
- SG&A / Revenue
- 9.84% +1.4pp
- Non-core / Revenue
- −11.88% −6.1pp
TTM YoY · 2025Q2 -> 2026Q2
Profit includes a contribution from financial result (37.1% of PBT), not dominant but worth monitoring across periods.
Cash Flow
▼▼Is profit converting into cash?
Operating cash flow reached -54.8bn against investing cash flow of 47.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +7.8bn. Financing cash flow was negative +0.3bn.
CFO / net income was 2,06 lần.
After spending +8.0bn on fixed-asset investment, the business generated trailing free cash flow of −51.4bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 37.1% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +27.7%, other profit at +9.4% of PBT.
- Non-core / PBT
- 37.1% high
- Net financial / PBT
- 27.7%
- Other profit / PBT
- 9.4%
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
▼▼Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 255.5 days versus the same period last year. The main moves came from DIO rose 181.5 days, DSO rose 34.5 days, and DPO fell 39.5 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 1047.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +34.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from −2.2% to −11.5% — all three components weakened.
Is financial risk significant?
Leverage is safe but FCF is negative at 51.4bn due to capex of 8.0bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.36x and interest coverage only at −3.19x.
At present, short-term debt accounts for 83.0% of total debt, cash equals 0.3% of debt, and total debt stands at 60.5bn.
- Net Debt / Equity
- 0.36x +0.10x
- Interest Coverage
- −3.19x −2.74x
- Cash / Debt
- 0.3% −3.3pp
- Short-term Debt / Total Debt
- 83.0% +18.2pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −3.19x, leaving limited room to absorb financing costs.
Short-term debt accounts for 83.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.71x equity, net debt at 0.36x equity.
Inventory ended the period at 180.6bn, roughly 60.0% of total assets.
Over the last 12 months, working capital absorbed 20.2bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
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 27.7%. The main risk still sits in core profitability, with net margin down 28.9 pp.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.06x. Even so, net financial result still accounts for 27.7% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -32.99% after a 28.9pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −40,0% YoY decline or keeps falling.
Whether margins hold around the current -32.99% level or narrow again.
Whether operating cash flow holds its -54.8bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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well balanced?
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