Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 7,053.6bn, rose 4,235.8bn compared with the same period last year. Key positives came from higher gross profit, higher associates income, better other profit, and lower deferred tax. Offsetting pressure came mainly from lower financial income and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 15.39x
- P/B
- 2.19x
- EPS
- 4,638
- BVPS
- 32,599
- ROE
- 15.5%
- ROA
- 5.3%
- Market price
- 71,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, MSN has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Associates income
- Other profit
- Deferred tax
- Financial income
- Selling expenses
- Other
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 | 28,117.7 | 24,019.8 | 23,245.8 | 21,163.8 | 18,315.1 | 18,896.5 | 22,701.5 | 21,486.9 |
| LNST | 3,799.9 | 1,973.6 | 2,295.3 | 1,865.8 | 1,619.4 | 983.0 | 1,546.6 | 1,301.0 |
| Net margin | 13.51% | 8.22% | 9.87% | 8.82% | 8.84% | 5.20% | 6.81% | 6.05% |
Revenue
28,118bnNet income
3,800bnNet margin
13.51%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 18.6% year on year — not from a single spike: quarterly growth stepped up from −2% to +54%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 96,547bn +18.6%
- Latest quarter YoY
- +54% accelerating
What is driving the margin?
▲▲Net margin expanded to 10.29%, rising 3.6pp. The main driver is SG&A / Revenue fell 2.2pp and Gross margin rose 0.4pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 1.0pp added support while Net financial result / Revenue fell 1.2pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 10.29% +3.6pp
- Gross Margin
- 31.61% +0.4pp
- SG&A / Revenue
- 20.09% −2.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 1,369.6bn against investing cash flow of 16,898.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +18,268.5bn. Financing cash flow was negative +24,783.8bn.
CFO / net income was 0,47 lần.
After spending +2,086.8bn on fixed-asset investment, the business generated trailing free cash flow of +1,196.7bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −46.8%, other profit at +0.1% of PBT.
- Non-core / PBT
- 0.1% low
- Net financial / PBT
- −46.8%
- Other profit / PBT
- 0.1%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 31.5 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 9.97%, rising 3.5pp. That translates to 9.97 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.8pp and capital turnover rose 0.10x, while invested capital rose by 5,619bn — capital-return quality improved from both sides.
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 11.5 days versus the same period last year. The main moves came from DIO rose 1.2 days, DSO rose 0.8 days, and DPO rose 13.5 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +0.8 days, pointing to slower receivables turnover.
DIO increased by +1.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 12.4% to 21.8% — 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 warrants monitoring, with net debt / equity at 1.16x and interest coverage only at 1.53x.
At present, short-term debt accounts for 40.7% of total debt, cash equals 16.7% of debt, and total debt stands at 69,139.9bn.
- Net Debt / Equity
- 1.16x −0.04x
- Interest Coverage
- 1.53x +0.41x
- Cash / Debt
- 16.7% −0.7pp
- Short-term Debt / Total Debt
- 40.7% +5.1pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.16x, increasing balance-sheet pressure.
Interest coverage is 1.53x, 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 1.86x equity, net debt at 1.16x equity.
None
Over the last 12 months, working capital absorbed 2,616.8bn 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 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 leverage and liquidity remaining the main constraint, with interest coverage at 1.53x. The main offsetting support comes from operating efficiency, with net margin improving 3.6 pp.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 10.29% after expanding 3.6pp versus the same period last year.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.53x.
What to verify next
Questions for the next period
Whether revenue sustains its +18,6% YoY pace or begins to slow.
Whether margins hold around the current 10.29% level or narrow again.
Whether operating cash flow holds its 1,369.6bn (cumulative for 2025) level in upcoming periods or weakens.
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