Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 3,573.6bn, rose 2,093.1bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.60x
- P/B
- 3.40x
- EPS
- 17,868
- BVPS
- 34,690
- ROE
- 63.3%
- ROA
- 32.2%
- Market price
- 117,900 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, KSV is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Administrative expenses
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 | 4,656.6 | 5,233.2 | 3,548.6 | 3,868.0 | 3,921.5 | 3,061.7 | 3,635.8 | 3,031.2 |
| LNST | 1,531.2 | 896.5 | 631.2 | 594.0 | 440.0 | 314.1 | 382.9 | 239.1 |
| Net margin | 32.88% | 17.13% | 17.79% | 15.36% | 11.22% | 10.26% | 10.53% | 7.89% |
Revenue
4,657bnNet income
1,531bnNet margin
32.88%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 are improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 26.8% year on year — but the quarterly pace is slowing (+28% → +19%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 17,306bn +26.8%
- Latest quarter YoY
- +19% slowing
What is driving the margin?
▲▲Net margin expanded to 21.11%, rising 11.0pp. Core operating signals are improving as Gross margin rose 12.8pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (with additional support from Net financial result / Revenue rose 0.9pp and Other profit / Revenue rose 0.4pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 21.11% +11.0pp
- Gross Margin
- 32.74% +12.8pp
- SG&A / Revenue
- 5.93% +0.6pp
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 2,305.3bn against investing cash flow of -336.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +1,968.9bn. Financing cash flow was negative +1,676.9bn.
CFO / net income was 1,18 lần.
After spending +195.3bn on fixed-asset investment, the business generated trailing free cash flow of +4,011.8bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −2.1%, other profit at +1.1% of PBT.
- Non-core / PBT
- 1.1% low
- Net financial / PBT
- −2.1%
- Other profit / PBT
- 1.1%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 102.8 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 53.10%, rising 31.8pp. That translates to 53.10 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 10.7pp and capital turnover rose 0.45x, with invested capital easing up by 296bn — capital-return quality improved from both sides.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.4 days versus the same period last year. The main moves came from DIO fell 2.5 days, DSO fell 3.9 days, and DPO fell 1.0 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 102.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 36.0% to 64.7% — mainly driven by net margin, despite leverage 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 looks fairly comfortable, with net debt / equity at 0.07x and interest coverage at 30.33x.
At present, short-term debt accounts for 66.5% of total debt, cash equals 68.2% of debt, and total debt stands at 1,487.1bn.
- Net Debt / Equity
- 0.07x −0.36x
- Interest Coverage
- 30.33x +22.28x
- Cash / Debt
- 68.2% +43.6pp
- Short-term Debt / Total Debt
- 66.5% +6.4pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 66.5% of total debt, raising near-term refinancing needs.
Balance Sheet
▲The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.79x equity, net debt at 0.07x equity.
Inventory ended the period at 2,820.5bn, roughly 28.6% of total assets.
Over the last 12 months, working capital absorbed 117.9bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
In summary
Research synthesis
What this reporting period is showing
The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash flow.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 21.11% after expanding 11.0pp versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +26,8% YoY pace or begins to slow.
Whether margins hold around the current 21.11% level or narrow again.
Whether operating cash flow holds its 2,305.3bn (cumulative for 2025) level in upcoming periods or weakens.
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