Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 169.4bn, rose 84.7bn compared with the same period last year. Key positives came from higher gross profit and lower selling expenses. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.75x
- P/B
- 2.45x
- EPS
- 10,770
- BVPS
- 20,863
- ROE
- 58.3%
- ROA
- 35.4%
- Market price
- 51,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, NFC has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- 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 | 376.1 | 515.1 | 219.7 | 196.8 | 368.7 | 452.6 | 156.2 | 182.4 |
| LNST | 39.5 | 54.0 | 49.4 | 26.6 | 28.3 | 38.8 | 10.8 | 6.9 |
| Net margin | 10.49% | 10.48% | 22.48% | 13.51% | 7.68% | 8.57% | 6.88% | 3.81% |
Revenue
376bnNet income
39bnNet margin
10.49%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 12.7% year on year — but the quarterly pace is slowing (+8% → +2%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,308bn +12.7%
- Latest quarter YoY
- +2% slowing
What is driving the margin?
▲▲Net margin expanded to 12.96%, rising 5.6pp. The main driver is Gross margin rose 4.7pp and SG&A / Revenue fell 2.6pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 12.96% +5.6pp
- Gross Margin
- 27.24% +4.7pp
- SG&A / Revenue
- 11.06% −2.6pp
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 32.5bn against investing cash flow of -11.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +20.9bn. Financing cash flow was negative +31.5bn.
CFO / net income was −0,98 lần.
After spending +12.3bn on fixed-asset investment, the business generated trailing free cash flow of −179.0bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −0.0% of PBT.
- Non-core / PBT
- 0.0% low
- Net financial / PBT
- −0.0%
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
▼▼Cash conversion cycle lengthened by 41.1 days versus the same period last year. The main moves came from DIO rose 34.6 days, DSO rose 7.9 days, and DPO rose 1.4 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 94.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +7.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 37.2% to 58.3% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 179.0bn due to capex of 12.3bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.08x and interest coverage at 29.30x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 30.3% of debt, and total debt stands at 39.8bn.
- Net Debt / Equity
- 0.08x
- Interest Coverage
- 29.30x −7.87x
- Cash / Debt
- 30.3%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼Capital structure is conservative with low leverage — liabilities at 0.26x equity, net debt at 0.08x equity.
Inventory ended the period at 253.4bn, roughly 61.4% of total assets.
Over the last 12 months, working capital absorbed 309.9bn of cash, mainly because of higher receivables and higher 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 5.6 pp. The next item to monitor is capital efficiency. The main risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.96% after expanding 5.6pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 179.0bn.
What to verify next
Questions for the next period
Whether revenue sustains its +12,7% YoY pace or begins to slow.
Whether margins hold around the current 12.96% level or narrow again.
Whether operating cash flow holds its 32.5bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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