Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 7,004.5bn, fell 308.8bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, lower financial income, higher finance costs, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 23.30x
- P/B
- 9.37x
- EPS
- 6,001
- BVPS
- 14,913
- ROE
- 38.0%
- ROA
- 21.4%
- Market price
- 139,800 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, MCH is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. 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
- Selling expenses
- Financial income
- Finance costs
- Tax
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 | 7,165.0 | 8,472.2 | 9,275.5 | 7,516.5 | 6,275.5 | 7,489.0 | 8,942.3 | 7,987.0 |
| LNST | 1,484.3 | 1,800.1 | 2,104.4 | 1,698.2 | 1,347.4 | 1,614.1 | 2,367.9 | 2,094.4 |
| Net margin | 20.72% | 21.25% | 22.69% | 22.59% | 21.47% | 21.55% | 26.48% | 26.22% |
Revenue
7,165bnNet income
1,484bnNet margin
20.72%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 5.7% year on year — not from a single spike: quarterly growth stepped up from −6% to +14%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 32,429bn +5.7%
- Latest quarter YoY
- +14% accelerating
What is driving the margin?
▼Net margin fell to 21.85%, losing 2.3pp. The main pressure comes from SG&A / Revenue rose 0.6pp and Gross margin fell 0.6pp (with lingering pressure from Net financial result / Revenue fell 1.1pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 21.85% −2.3pp
- Gross Margin
- 45.60% −0.6pp
- SG&A / Revenue
- 22.46% +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 2,132.3bn against investing cash flow of 1,091.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +3,223.8bn. Financing cash flow was negative +628.3bn.
CFO / net income was 0,61 lần.
After spending +1,265.9bn on fixed-asset investment, the business generated trailing free cash flow of +3,029.4bn.
Earnings Quality
▲How much income is non-core?
About 93% of pre-tax profit comes from core operations.
Within that, net financial result at +7.5%, other profit at +0.0% of PBT.
- Non-core / PBT
- 7.5% low
- Net financial / PBT
- 7.5%
- Other profit / PBT
- 0.0%
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 6.8 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 31.82%, rising 4.7pp. That translates to 31.82 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.34x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 2.4pp; while invested capital contracted by 5,139bn.
Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 6.8 days versus the same period last year. The main moves came from DIO rose 5.5 days, DSO rose 0.2 days, and DPO fell 1.1 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +6.8 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 31.3% to 38.4% — driven by asset turnover and leverage together, despite net margin 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 0.22x and interest coverage at 13.29x.
At present, short-term debt accounts for 73.2% of total debt, cash equals 52.0% of debt, and total debt stands at 8,951.0bn.
- Net Debt / Equity
- 0.22x +0.03x
- Interest Coverage
- 13.29x −3.69x
- Cash / Debt
- 52.0% −11.3pp
- Short-term Debt / Total Debt
- 73.2% −2.2pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 73.2% 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 0.82x equity, net debt at 0.22x equity.
None
Over the last 12 months, working capital absorbed 104.7bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
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 earnings conversion is confirmed, with CFO/NI at 0.61x. The main risk still sits in core profitability, with net margin down 2.3 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.61x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 21.85% after a 2.3pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +5,7% YoY pace or begins to slow.
Whether margins hold around the current 21.85% level or narrow again.
Whether operating cash flow holds its 2,132.3bn (cumulative for 2025) level in upcoming periods or weakens.
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