Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 14.9bn, rose 8.6bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, and higher financial income. Offsetting pressure came mainly from higher tax and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.87x
- P/B
- 0.68x
- EPS
- 2,979
- BVPS
- 21,251
- ROE
- 15.1%
- ROA
- 12.5%
- Market price
- 14,500 12 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, MKV 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
- Administrative expenses
- Financial income
- Tax
- Selling 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 | 35.4 | 36.0 | 39.5 | 42.2 | 33.8 | 33.4 | 27.7 | 30.8 |
| LNST | 1.2 | 1.0 | 7.0 | 5.7 | 2.3 | 2.0 | 0.3 | 1.8 |
| Net margin | 3.30% | 2.91% | 17.70% | 13.50% | 6.71% | 5.86% | 0.92% | 6.00% |
Revenue
35bnNet income
1bnNet margin
3.30%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 21.8% year on year — but the quarterly pace is slowing (+37% → +5%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 153bn +21.8%
- Latest quarter YoY
- +5% slowing
What is driving the margin?
▲▲Net margin expanded to 9.73%, rising 4.7pp. The main driver is SG&A / Revenue fell 4.4pp and Gross margin rose 0.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 1.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 9.73% +4.7pp
- Gross Margin
- 34.22% +0.4pp
- SG&A / Revenue
- 20.62% −4.4pp
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 21.3bn against investing cash flow of -22.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +0.8bn. Financing cash flow was positive 0.0bn.
CFO / net income was 1,44 lần.
After spending +2.7bn on fixed-asset investment, the business generated trailing free cash flow of +18.8bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −11.6%, other profit at +0.2% of PBT.
- Non-core / PBT
- 0.2% low
- Net financial / PBT
- −11.6%
- Other profit / PBT
- 0.2%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 29.6 days versus the same period last year. The main moves came from DIO rose 7.6 days, DSO fell 50.7 days, and DPO fell 13.5 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 122.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +7.6 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 7.2% to 15.1% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 21.3bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.04x and interest coverage at 4.75x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.04x
- Interest Coverage
- 4.75x +2.53x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▼Balance sheet is exceptionally sound — liabilities at 0.12x equity, with a net cash position equivalent to 0.04x equity.
Inventory ended the period at 18.2bn, roughly 15.7% of total assets.
Over the last 12 months, working capital released 2.9bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is showing brighter earnings with improving operating quality. Margin improving shows the business is generating more efficient growth than before. Even so, capital efficiency remains the area to verify in upcoming periods. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 123 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.73% after expanding 4.7pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: working capital remains tied up for too long, with cash cycle at 122.9 days.
What to verify next
Questions for the next period
Whether revenue sustains its +21,8% YoY pace or begins to slow.
Whether margins hold around the current 9.73% level or narrow again.
Whether operating cash flow holds its 21.3bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.