Analysis of business results & financial statements · Quý 2/2026
▼ Slightly negative
Trailing net profit reached 12.6bn, fell 0.1bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from weaker other profit, higher selling expenses, lower financial income, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.35x
- P/B
- 0.38x
- EPS
- 838
- BVPS
- 18,630
- ROE
- 4.6%
- ROA
- 1.6%
- Market price
- 7,000 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, MEL is maintaining revenue, but margins are compressing slightly. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Selling expenses
- Financial income
- Finance costs
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 | 319.3 | 236.3 | 232.1 | 227.5 | 161.4 | 216.2 | 283.4 | 268.0 |
| LNST | 8.1 | 2.4 | 1.7 | 0.3 | 6.5 | 1.1 | 4.1 | 1.0 |
| Net margin | 2.55% | 1.01% | 0.74% | 0.13% | 4.03% | 0.51% | 1.43% | 0.36% |
Revenue
319bnNet income
8bnNet margin
2.55%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 9.3% year on year — not from a single spike: quarterly growth stepped up from −15% to +98%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,015bn +9.3%
- Latest quarter YoY
- +98% accelerating
What is driving the margin?
●Net margin stands at 1.24%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 1.24% −0.1pp
- Gross Margin
- 5.64% +1.3pp
- SG&A / Revenue
- 1.68% +0.3pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲▲Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -26.6bn against investing cash flow of 16.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +10.5bn. Financing cash flow was positive +8.9bn.
CFO / net income was 2,25 lần.
After spending +4.5bn on fixed-asset investment, the business generated trailing free cash flow of +23.7bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −157.3%, other profit at +0.5% of PBT.
- Non-core / PBT
- 0.5% low
- Net financial / PBT
- −157.3%
- Other profit / PBT
- 0.5%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 211.5 days.
Is capital being deployed efficiently?
▲ROIC edged up to 2.03%, rising 1.2pp. That translates to 2.03 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.7pp and capital turnover rose 0.17x, with invested capital holding roughly steady — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 2.03% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 19.7 days versus the same period last year. The main moves came from DIO rose 0.6 days, DSO rose 5.4 days, and DPO rose 25.6 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
CCC stands at 211.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +5.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 4.6% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.18x and interest coverage only at 0.60x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 5.3% of debt, and total debt stands at 348.8bn.
- Net Debt / Equity
- 1.18x −0.14x
- Interest Coverage
- 0.60x +0.34x
- Cash / Debt
- 5.3% −5.9pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.18x, increasing balance-sheet pressure.
Interest coverage is 0.60x, leaving limited room to absorb financing costs.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Leverage is elevated, requiring monitoring — liabilities at 1.67x equity, net debt at 1.18x equity.
Inventory ended the period at 548.2bn, roughly 76.4% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
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 capital efficiency remains weak remaining the main constraint, with ROIC at 2.0%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.25x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.25x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +9,3% YoY pace or begins to slow.
Whether margins hold around the current 1.24% level or narrow again.
Whether operating cash flow holds its -26.6bn (cumulative for 2025) level in upcoming periods or weakens.
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