Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 2,756.1bn, rose 1,200.2bn compared with the same period last year. Key positives came from higher gross profit, higher associates income, and lower finance costs. Offsetting pressure came mainly from higher minority interests, higher tax, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 26.79x
- P/B
- 3.54x
- EPS
- 2,296
- BVPS
- 17,389
- ROE
- 14.2%
- ROA
- 7.8%
- Market price
- 61,500 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, MVN is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit momentum has been slowing across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Associates income
- Finance costs
- Minority interests
- Tax
- Administrative 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 | 6,437.3 | 6,610.7 | 5,360.1 | 5,282.7 | 4,627.0 | 3,743.7 | 4,642.7 | 4,094.1 |
| LNST | 1,154.6 | 861.9 | 730.4 | 895.2 | 604.9 | 366.7 | 385.4 | 603.1 |
| Net margin | 17.94% | 13.04% | 13.63% | 16.95% | 13.07% | 9.80% | 8.30% | 14.73% |
Revenue
6,437bnNet income
1,155bnNet margin
17.94%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 38.5% year on year — not from a single spike: quarterly growth stepped up from +29% to +39%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 23,691bn +38.5%
- Latest quarter YoY
- +39% accelerating
What is driving the margin?
▲▲Net margin expanded to 15.37%, rising 3.9pp. The main driver is Gross margin rose 2.6pp and SG&A / Revenue fell 1.5pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.6pp added support while Other profit / Revenue fell 0.9pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 15.37% +3.9pp
- Gross Margin
- 18.80% +2.6pp
- SG&A / Revenue
- 7.39% −1.5pp
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 1,021.2bn against investing cash flow of -3,355.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +2,334.6bn. Financing cash flow was positive +2,946.3bn.
CFO / net income was 0,48 lần.
After spending +3,044.1bn on fixed-asset investment, the business generated trailing free cash flow of −1,726.2bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 25.0% of pre-tax profit — worth monitoring.
Within that, net financial result at +6.8%, other profit at +18.1% of PBT.
- Non-core / PBT
- 25.0% moderate
- Net financial / PBT
- 6.8%
- Other profit / PBT
- 18.1%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 20.5 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 14.25%, rising 6.3pp. That translates to 14.25 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 4.6pp and capital turnover rose 0.13x, while invested capital expanded strongly by 3,802bn — 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 3.0 days versus the same period last year. The main moves came from DIO fell 3.8 days, DSO fell 1.7 days, and DPO fell 2.5 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE rose from 11.4% to 18.8% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 1,726.2bn due to capex of 3,044.1bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.09x and interest coverage at 9.04x.
At present, short-term debt accounts for 27.6% of total debt, cash equals 66.0% of debt, and total debt stands at 5,551.3bn.
- Net Debt / Equity
- 0.09x +0.02x
- Interest Coverage
- 9.04x +6.60x
- Cash / Debt
- 66.0% −10.9pp
- Short-term Debt / Total Debt
- 27.6% −1.3pp
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▼The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.84x equity, net debt at 0.09x equity.
None
Over the last 12 months, working capital absorbed 1,745.2bn of cash, mainly because of higher receivables and higher inventories.
In summary
Research synthesis
What this reporting period is showing
The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash flow. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 18.1%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 15.37% after expanding 3.9pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 18.1% of PBT and CFO / net income currently at 0.48x.
What to verify next
Questions for the next period
Whether revenue sustains its +38,5% YoY pace or begins to slow.
Whether margins hold around the current 15.37% level or narrow again.
Whether operating cash flow holds its 1,021.2bn (cumulative for 2025) level in upcoming periods or weakens.
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