Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 500.7bn, rose 413.8bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, and higher associates income. Offsetting pressure came mainly from higher tax, higher finance costs, and higher minority interests. Detailed impact is shown below:
See what is changing ↓- P/E
- 29.30x
- P/B
- 2.26x
- EPS
- 1,727
- BVPS
- 22,437
- ROE
- 7.3%
- ROA
- 3.9%
- Market price
- 50,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, KDC has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
- Associates income
- Tax
- Finance costs
- Minority interests
- 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 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,863.8 | 2,481.6 | 2,468.4 | 2,429.4 | 2,019.9 | 2,146.0 | 2,555.7 | 2,243.7 |
| LNST | 9.5 | 32.1 | 460.7 | 66.7 | 142.8 | -67.3 | 13.8 | 21.5 |
| Net margin | 0.51% | 1.29% | 18.66% | 2.74% | 7.07% | -3.14% | 0.54% | 0.96% |
Revenue
1,864bnNet income
10bnNet margin
0.51%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 improved (+4.9pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 3.1% year on year — but the quarterly pace is slowing (+8% → −8%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 9,243bn +3.1%
- Latest quarter YoY
- −8% slowing
What is driving the margin?
▲▲Net margin expanded to 6.16%, rising 4.9pp. The main driver is Gross margin rose 1.6pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 4.0pp added support while Other profit / Revenue fell 0.1pp remained a drag).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 6.16% +4.9pp
- Gross Margin
- 19.64% +1.6pp
- SG&A / Revenue
- 19.05% −0.2pp
- Non-core / Revenue
- 5.06% +3.9pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 64.3% of PBT and lifted net margin by 3.9pp — 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 86.2bn against investing cash flow of 599.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +686.0bn. Financing cash flow was negative +498.5bn.
CFO / net income was 0,90 lần.
After spending +62.4bn on fixed-asset investment, the business generated trailing free cash flow of +387.3bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 64.3% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +58.4%, other profit at +5.9% of PBT.
- Non-core / PBT
- 64.3% high
- Net financial / PBT
- 58.4%
- Other profit / PBT
- 5.9%
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 17.2 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 5.28%, rising 4.5pp. That translates to 5.28 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 4.9pp, with capital turnover broadly stable; while invested capital rose by 807bn.
NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 17.2 days versus the same period last year. The main moves came from DIO rose 15.4 days, DSO rose 0.5 days, and DPO fell 1.2 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +17.2 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 1.5% to 8.3% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
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 0.52x and interest coverage at 2.64x.
At present, short-term debt accounts for 91.7% of total debt, cash equals 11.7% of debt, and total debt stands at 3,833.2bn.
- Net Debt / Equity
- 0.52x +0.08x
- Interest Coverage
- 2.64x +2.05x
- Cash / Debt
- 11.7% −16.2pp
- Short-term Debt / Total Debt
- 91.7% +4.2pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 91.7% of total debt, raising near-term refinancing needs.
Cash / debt stands at 11.7%, leaving limited liquidity buffer to monitor.
Balance Sheet
▲The asset structure shows capital being allocated increasingly efficiently. Capital structure is balanced — liabilities at 0.80x equity, net debt at 0.52x equity.
Inventory ended the period at 1,504.3bn, roughly 10.8% of total assets.
Over the last 12 months, working capital released 787.0bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 4.9 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 6.16% after expanding 4.9pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 58.4% of PBT and CFO / net income currently at 0.90x.
What to verify next
Questions for the next period
Whether revenue sustains its +3,1% YoY pace or begins to slow.
Whether margins hold around the current 6.16% level or narrow again.
Whether operating cash flow holds its 86.2bn (cumulative for 2025) level in upcoming periods or weakens.
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