Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 456.6bn, rose 154.1bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.05x
- P/B
- 2.43x
- EPS
- 20,498
- BVPS
- 34,217
- ROE
- 57.9%
- ROA
- 46.5%
- Market price
- 83,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, NCT 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
- Financial income
- Tax
- 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 | 319.2 | 292.7 | 372.6 | 317.6 | 280.4 | 241.2 | 277.5 | 238.6 |
| LNST | 112.9 | 106.0 | 123.3 | 114.3 | 85.4 | 64.4 | 77.2 | 75.5 |
| Net margin | 35.38% | 36.21% | 33.10% | 36.00% | 30.45% | 26.71% | 27.83% | 31.63% |
Revenue
319bnNet income
113bnNet margin
35.38%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 25.5% year on year — but the quarterly pace is slowing (+33% → +14%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,302bn +25.5%
- Latest quarter YoY
- +14% slowing
What is driving the margin?
▲▲Net margin expanded to 35.07%, rising 5.9pp. The main driver is Gross margin rose 1.3pp and SG&A / Revenue fell 1.1pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 4.2pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 35.07% +5.9pp
- Gross Margin
- 46.60% +1.3pp
- SG&A / Revenue
- 11.05% −1.1pp
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 414.0bn against investing cash flow of -233.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +180.4bn. Financing cash flow was negative +209.1bn.
CFO / net income was 0,88 lần.
After spending +53.3bn on fixed-asset investment, the business generated trailing free cash flow of +348.3bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 17.2% of pre-tax profit — worth monitoring.
Within that, net financial result at +16.7%, other profit at +0.4% of PBT.
- Non-core / PBT
- 17.2% moderate
- Net financial / PBT
- 16.7%
- Other profit / PBT
- 0.4%
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 14.8 days versus the same period last year. The main moves came from DIO fell 1.0 days, DSO fell 1.7 days, and DPO rose 12.1 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE rose from 49.7% to 57.9% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 414.0bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.41x and interest coverage at 3316.91x.
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
- −0.41x
- Interest Coverage
- 3316.91x +1110.17x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▲Balance sheet is exceptionally sound — liabilities at 0.37x equity, with a net cash position equivalent to 0.41x equity.
None
Over the last 12 months, working capital released 12.3bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
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 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 cash flow. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 16.7%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 35.07% after expanding 5.9pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 16.7% of PBT and CFO / net income currently at 0.88x.
What to verify next
Questions for the next period
Whether revenue sustains its +25,5% YoY pace or begins to slow.
Whether margins hold around the current 35.07% level or narrow again.
Whether operating cash flow holds its 414.0bn (cumulative for 2025) level in upcoming periods or weakens.
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