Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 33.3bn, rose 78.4bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and lower administrative expenses. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 2.16x
- P/B
- 1.00x
- EPS
- 2,130
- BVPS
- 4,619
- ROE
- 57.0%
- ROA
- 3.6%
- Market price
- 4,600 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, NDT posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. The point still to be proven is whether this new profit level can hold once the low-base effect fades.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Administrative expenses
- 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 | 319.0 | 317.5 | 284.3 | 259.4 | 293.9 | 274.1 | 376.9 | 368.5 |
| LNST | 13.1 | 4.6 | 17.1 | 2.0 | -4.3 | -8.2 | -21.7 | -14.7 |
| Net margin | 4.10% | 1.46% | 6.00% | 0.77% | -1.46% | -3.00% | -5.76% | -3.99% |
Revenue
319bnNet income
13bnNet margin
4.10%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 declined 10.1% year on year — not from a single spike: quarterly growth stepped up from −30% to +9%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,180bn −10.1%
- Latest quarter YoY
- +9% accelerating
What is driving the margin?
▲▲Net margin expanded to 3.11%, rising 6.8pp. The main driver is Gross margin rose 4.3pp and SG&A / Revenue fell 1.0pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 1.4pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.11% +6.8pp
- Gross Margin
- 7.94% +4.3pp
- SG&A / Revenue
- 3.74% −1.0pp
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 127.2bn against investing cash flow of 9.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +137.2bn. Financing cash flow was negative +142.3bn.
CFO / net income was 5,24 lần.
After spending +2.0bn on fixed-asset investment, the business generated trailing free cash flow of +172.4bn.
Earnings Quality
▲How much income is non-core?
About 97% of pre-tax profit comes from core operations.
Within that, net financial result at −53.2%, other profit at +2.9% of PBT.
- Non-core / PBT
- 2.9% low
- Net financial / PBT
- −53.2%
- Other profit / PBT
- 2.9%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 54.6 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 5.22%, rising 11.4pp. That translates to 5.22 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 6.7pp and capital turnover rose 0.06x, while invested capital contracted by 103bn — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.2 days versus the same period last year. The main moves came from DIO rose 7.7 days, DSO rose 6.2 days, and DPO rose 21.0 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +6.2 days, pointing to slower receivables turnover.
DIO increased by +7.7 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from −67.3% to 62.9% — supported by net margin and leverage.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 7.39x and interest coverage only at 0.77x.
At present, short-term debt accounts for 63.8% of total debt, cash equals 3.3% of debt, and total debt stands at 552.5bn.
- Net Debt / Equity
- 7.39x −8.54x
- Interest Coverage
- 0.77x +1.41x
- Cash / Debt
- 3.3% +1.7pp
- Short-term Debt / Total Debt
- 63.8% −3.4pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 7.39x, increasing balance-sheet pressure.
Interest coverage is 0.77x, leaving limited room to absorb financing costs.
Balance Sheet
▼▼The asset structure shows capital being allocated increasingly efficiently. Leverage is very high, with clear pressure on the capital structure — liabilities at 14.78x equity, net debt at 7.39x equity.
Inventory ended the period at 197.6bn, roughly 20.8% of total assets.
Over the last 12 months, working capital released 104.0bn of cash, mainly thanks to lower receivables and lower inventories.
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 6.8 pp. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 1.2%. The main risk still sits in leverage and liquidity, with interest coverage at 0.77x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.11% after expanding 6.8pp versus the same period last year.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.77x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −10,1% YoY decline or keeps falling.
Whether margins hold around the current 3.11% level or narrow again.
Whether operating cash flow holds its 127.2bn (cumulative for 2025) level in upcoming periods or weakens.
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