Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 50.8bn, fell 13.1bn compared with the same period last year. Key positives came from higher gross profit, lower tax, lower administrative expenses, and higher financial income. Offsetting pressure came mainly from higher finance costs, higher selling expenses, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.63x
- P/B
- 0.51x
- EPS
- 444
- BVPS
- 5,814
- ROE
- 8.3%
- ROA
- 5.3%
- Market price
- 2,940 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, JVC is holding revenue at an acceptable level, but margins are eroding visibly. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Administrative expenses
- Financial income
- Finance costs
- Selling expenses
- Other 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 | 142.4 | 159.1 | 284.9 | 161.2 | 136.3 | 181.2 | 188.7 | 148.0 |
| LNST | 16.7 | 10.8 | 9.9 | 12.6 | 3.1 | 24.5 | 28.0 | 8.4 |
| Net margin | 11.72% | 6.79% | 3.46% | 7.83% | 2.27% | 13.50% | 14.82% | 5.71% |
Revenue
142bnNet income
17bnNet margin
11.72%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 14.3% year on year — but the quarterly pace is slowing (+9% → +4%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 748bn +14.3%
- Latest quarter YoY
- +4% slowing
What is driving the margin?
▼▼Net margin fell to 6.68%, losing 3.1pp. The main pressure is Gross margin fell 2.3pp, outweighing the improvement in SG&A / Revenue fell 1.3pp (with lingering pressure from Net financial result / Revenue fell 1.6pp and Other profit / Revenue fell 0.8pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 6.68% −3.1pp
- Gross Margin
- 22.44% −2.3pp
- SG&A / Revenue
- 13.83% −1.3pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -88.5bn against investing cash flow of -101.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +189.6bn. Financing cash flow was positive +199.3bn.
CFO / net income was 5,12 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 14.4% of pre-tax profit — worth monitoring.
Within that, net financial result at −15.0%, other profit at +14.4% of PBT.
- Non-core / PBT
- 14.4% moderate
- Net financial / PBT
- −15.0%
- Other profit / PBT
- 14.4%
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 5.68%, losing 1.9pp. That translates to 5.68 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 2.1pp, outweighing the movement in capital turnover; while invested capital rose by 75bn.
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 70.9 days versus the same period last year. The main moves came from DIO rose 5.8 days, DSO fell 72.0 days, and DPO rose 4.7 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 173.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +5.8 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 11.8% to 8.2% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.14x and interest coverage at 2.22x.
At present, short-term debt accounts for 89.2% of total debt, cash equals 60.1% of debt, and total debt stands at 225.2bn.
- Net Debt / Equity
- 0.14x −0.21x
- Interest Coverage
- 2.22x −4.13x
- Cash / Debt
- 60.1% +50.7pp
- Short-term Debt / Total Debt
- 89.2% +5.2pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 89.2% of total debt, raising near-term refinancing needs.
Balance Sheet
▲The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.71x equity, net debt at 0.14x equity.
Inventory ended the period at 121.4bn, roughly 11.3% of total assets.
Over the last 12 months, working capital released 192.9bn of cash, mainly thanks to lower receivables and lower inventories.
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 3.1 pp. The next watchpoint is cash generation still needs confirmation. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 5.12x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 5.12x.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 6.68% after a 3.1pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +14,3% YoY pace or begins to slow.
Whether margins hold around the current 6.68% level or narrow again.
Whether operating cash flow holds its -88.5bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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