Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 755.4bn, rose 637.6bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.22x
- P/B
- 0.96x
- EPS
- 1,883
- BVPS
- 14,166
- ROE
- 13.9%
- ROA
- 6.8%
- Market price
- 13,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, MPC has not accelerated revenue sharply, but profitability is improving visibly — this marks a reversal from the difficult phase before. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Other
- Selling expenses
- Administrative expenses
- 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 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,952.1 | 3,602.9 | 4,587.6 | 3,782.5 | 3,620.9 | 2,847.2 | 4,344.2 | 3,737.7 |
| LNST | 194.5 | 220.8 | 132.4 | 228.2 | 164.9 | 17.7 | -90.1 | 38.4 |
| Net margin | 4.92% | 6.13% | 2.88% | 6.03% | 4.56% | 0.62% | -2.07% | 1.03% |
Revenue
3,952bnNet income
195bnNet margin
4.92%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 9.5% year on year — not from a single spike: quarterly growth stepped up from −13% to +9%.
2 of the last 3 quarters grew year on year.
- Revenue TTM
- 15,925bn +9.5%
- Latest quarter YoY
- +9% accelerating
What is driving the margin?
▲▲Net margin expanded to 4.87%, rising 4.0pp. Core operating signals are improving as Gross margin rose 5.3pp are enough to offset pressure from SG&A / Revenue rose 1.2pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 4.87% +4.0pp
- Gross Margin
- 15.39% +5.3pp
- SG&A / Revenue
- 8.42% +1.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
Operating cash flow reached -473.6bn against investing cash flow of -546.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +1,020.2bn. Financing cash flow was positive +930.8bn.
CFO / net income was −1,43 lần.
After spending +948.1bn on fixed-asset investment, the business generated trailing free cash flow of −2,030.2bn.
Earnings Quality
▲How much income is non-core?
About 92% of pre-tax profit comes from core operations.
Within that, net financial result at −18.3%, other profit at +7.5% of PBT.
- Non-core / PBT
- 7.5% low
- Net financial / PBT
- −18.3%
- Other profit / PBT
- 7.5%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 158.0 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 8.64%, rising 6.9pp. That translates to 8.64 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 4.1pp, with capital turnover broadly stable; while invested capital rose by 646bn.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.2 days versus the same period last year. The main moves came from DIO rose 1.9 days, DSO fell 5.1 days, and DPO fell 0.9 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 158.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +1.9 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 2.5% to 14.3% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 2,030.2bn due to capex of 948.1bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.95x and interest coverage at 4.00x.
At present, short-term debt accounts for 97.2% of total debt, cash equals 8.5% of debt, and total debt stands at 5,881.9bn.
- Net Debt / Equity
- 0.95x +0.34x
- Interest Coverage
- 4.00x +3.16x
- Cash / Debt
- 8.5% +1.3pp
- Short-term Debt / Total Debt
- 97.2% +0.5pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 97.2% of total debt, raising near-term refinancing needs.
Cash / debt stands at 8.5%, leaving limited liquidity buffer to monitor.
Balance Sheet
▼The asset structure shows capital being allocated increasingly efficiently. Capital structure is balanced — liabilities at 1.09x equity, net debt at 0.95x equity.
Inventory ended the period at 4,923.7bn, roughly 43.9% of total assets.
Over the last 12 months, working capital absorbed 2,077.2bn 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 operating efficiency, with net margin improving 4.0 pp. The main risk still sits in leverage and liquidity, with interest coverage at 4.00x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.87% after expanding 4.0pp versus the same period last year.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.95x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +9,5% YoY pace or begins to slow.
Whether margins hold around the current 4.87% level or narrow again.
Whether operating cash flow holds its -473.6bn (cumulative for 2025) level in upcoming periods or weakens.
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