Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 4.5bn, rose 3.5bn compared with the same period last year. Key positives came from better other profit and higher gross profit. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 13.82x
- P/B
- 0.94x
- EPS
- 1,346
- BVPS
- 19,882
- ROE
- 7.8%
- ROA
- 5.7%
- Market price
- 18,600 24 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, NHC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — earnings have been recovering gradually over multiple periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Other profit
- Gross profit
- Administrative expenses
- Tax
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 | 29.0 | 30.1 | 30.4 | 23.9 | 26.0 | 18.6 | 22.0 | 12.5 |
| LNST | -0.3 | 0.6 | 3.3 | 0.9 | 0.9 | 0.0 | -0.7 | 0.9 |
| Net margin | -1.06% | 2.03% | 10.98% | 3.92% | 3.35% | 0.01% | -3.08% | 6.88% |
Revenue
29bnNet income
-0bnNet margin
-1.06%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 improved (+2.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 43.2% year on year — but the quarterly pace is slowing (+91% → +11%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 113bn +43.2%
- Latest quarter YoY
- +11% slowing
What is driving the margin?
▲Net margin expanded to 4.04%, rising 2.7pp. Core operating signals are improving as SG&A / Revenue fell 1.0pp are enough to offset pressure from Gross margin fell 2.1pp (in addition, Other profit / Revenue rose 4.2pp added support while Net financial result / Revenue fell 0.5pp remained a drag).
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
- 4.04% +2.7pp
- Gross Margin
- 9.60% −2.1pp
- SG&A / Revenue
- 5.77% −1.0pp
- Non-core / Revenue
- 1.03% +3.7pp
TTM YoY · 2025Q2 -> 2026Q2
Other income accounts for 33.6% of PBT and lifted net margin by 3.7pp — separate the operating contribution from this source.
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 17.2bn against investing cash flow of -32.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +15.4bn. Financing cash flow was positive +16.1bn.
CFO / net income was 11,40 lần.
After spending +4.5bn on fixed-asset investment, the business generated trailing free cash flow of +47.3bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 33.6% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −12.4%, other profit at +33.6% of PBT.
- Non-core / PBT
- 33.6% high
- Net financial / PBT
- −12.4%
- Other profit / PBT
- 33.6%
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 17.6 days versus the same period last year. The main moves came from DIO fell 19.8 days, DSO rose 23.0 days, and DPO fell 14.4 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +17.6 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +23.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 1.9% to 7.9% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.06x and interest coverage at 3.73x.
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
- 0.06x −0.16x
- Interest Coverage
- 3.73x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.44x equity, net debt at 0.06x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 2.1pp YoY to 9.60% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.
Gross margin (TTM): 9.60% · YoY -2.1pp
Inventory 1.4bn — 1.94% of total assets, below the materials-group median (13.00%); ≈ 5 days of sales.
Inventory / assets: 1.94% (group median 13.00%)
Days inventory outstanding: 5
None
Over the last 12 months, working capital released 0.0bn of cash.
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 2.7 pp. The next item to monitor is the earnings mix, when non-core contribution is −12.4%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.04% after expanding 2.7pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 11.40x. Even so, net financial result still accounts for −12.4% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Whether revenue sustains its +43,2% YoY pace or begins to slow.
Whether margins hold around the current 4.04% level or narrow again.
Whether operating cash flow holds its 17.2bn (cumulative for 2025) level in upcoming periods or weakens.
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