Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 2,430.0bn, rose 3,207.2bn compared with the same period last year. Key positives came from higher gross profit, better other profit, lower deferred tax, and lower finance costs. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 29.65x
- P/B
- 5.01x
- EPS
- 2,209
- BVPS
- 13,078
- ROE
- 18.5%
- ROA
- 7.8%
- Market price
- 65,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, MSR is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — this marks a reversal from the difficult phase before. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Deferred tax
- Finance costs
- Other
- Financial income
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 | 8,137.9 | 2,993.1 | 2,394.7 | 2,041.0 | 1,614.3 | 1,392.7 | 3,868.1 | 3,726.6 |
| LNST | 1,665.7 | 536.7 | 222.5 | 5.2 | 5.6 | -222.0 | -206.2 | -334.1 |
| Net margin | 20.47% | 17.93% | 9.29% | 0.25% | 0.35% | -15.94% | -5.33% | -8.97% |
Revenue
8,138bnNet income
1,666bnNet margin
20.47%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 46.8% year on year — not from a single spike: quarterly growth stepped up from −45% to +404%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 15,567bn +46.8%
- Latest quarter YoY
- +404% accelerating
What is driving the margin?
▲▲Net margin expanded to 15.61%, rising 22.7pp. The main driver is Gross margin rose 14.0pp and SG&A / Revenue fell 2.8pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 6.7pp added support while Net financial result / Revenue fell 7.2pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 15.61% +22.7pp
- Gross Margin
- 25.19% +14.0pp
- SG&A / Revenue
- 1.98% −2.8pp
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 1,054.5bn against investing cash flow of -961.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +93.6bn. Financing cash flow was negative +991.2bn.
CFO / net income was 0,36 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
▲How much income is non-core?
About 98% of pre-tax profit comes from core operations.
Within that, net financial result at −38.3%, other profit at +1.9% of PBT.
- Non-core / PBT
- 1.9% low
- Net financial / PBT
- −38.3%
- Other profit / PBT
- 1.9%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 104.7 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 10.18%, rising 63.8pp. That translates to 10.18 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 146.1pp and capital turnover rose 0.23x, with invested capital easing slightly by 1,407bn — capital-return quality improved from both sides.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 72.1 days versus the same period last year. The main moves came from DIO rose 7.7 days, DSO fell 0.4 days, and DPO rose 79.5 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
CCC stands at 104.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +7.7 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from −6.1% to 18.5% — supported by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.75x and interest coverage at 2.16x.
At present, short-term debt accounts for 40.4% of total debt, cash equals 18.3% of debt, and total debt stands at 13,288.0bn.
- Net Debt / Equity
- 0.75x −0.21x
- Interest Coverage
- 2.16x +1.70x
- Cash / Debt
- 18.3% +16.1pp
- Short-term Debt / Total Debt
- 40.4% +13.0pp
TTM YoY · 2025Q2 -> 2026Q2
Cash / debt stands at 18.3%, leaving limited liquidity buffer to monitor.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Capital structure is balanced — liabilities at 1.17x equity, net debt at 0.75x equity.
Inventory ended the period at 2,875.4bn, roughly 10.9% of total assets.
Over the last 12 months, working capital released 732.3bn of cash, mainly thanks to higher payables. Pressure from higher receivables only partly offset that benefit.
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 22.7 pp. The next item to monitor is cash generation still needs confirmation.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 15.61% after expanding 22.7pp versus the same period last year.
- Watchpoint: Cash generation still needs confirmation.
What to verify next
Questions for the next period
Whether revenue sustains its +46,8% YoY pace or begins to slow.
Whether margins hold around the current 15.61% level or narrow again.
Whether operating cash flow holds its 1,054.5bn (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.