Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 86.7bn, fell 15.2bn compared with the same period last year. Key positives came from higher associates income, lower selling expenses, and higher financial income. Offsetting pressure came mainly from lower gross profit, higher tax, higher finance costs, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.76x
- P/B
- 0.60x
- EPS
- 768
- BVPS
- 16,458
- ROE
- 5.3%
- ROA
- 3.6%
- Market price
- 9,800 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, NHH is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit is near a multi-period low. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Associates income
- Selling expenses
- Financial income
- Gross profit
- Tax
- Finance costs
- Administrative expenses
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 | 609.6 | 563.6 | 555.2 | 550.6 | 635.9 | 569.3 | 596.9 | 550.7 |
| LNST | 17.7 | 39.4 | 0.4 | 29.2 | 70.8 | 19.2 | 6.3 | 6.1 |
| Net margin | 2.91% | 7.00% | 0.08% | 5.30% | 11.14% | 3.37% | 1.06% | 1.11% |
Revenue
610bnNet income
18bnNet margin
2.91%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue declined 3.1% year on year — but the quarterly pace is slowing (−0% → −4%).
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,279bn −3.1%
- Latest quarter YoY
- −4% slowing
What is driving the margin?
▼Net margin narrowed to 3.81%, falling 0.5pp. The main pressure comes from Gross margin fell 1.5pp and SG&A / Revenue rose 0.2pp (with lingering pressure from Net financial result / Revenue fell 0.1pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 3.81% −0.5pp
- Gross Margin
- 16.47% −1.5pp
- SG&A / Revenue
- 10.26% +0.2pp
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 214.1bn against investing cash flow of -446.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +232.8bn. Financing cash flow was positive +386.9bn.
CFO / net income was 0,23 lần.
After spending +530.6bn on fixed-asset investment, the business generated trailing free cash flow of −510.8bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −4.4%, other profit at +1.2% of PBT.
- Non-core / PBT
- 1.2% low
- Net financial / PBT
- −4.4%
- Other profit / PBT
- 1.2%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼ROIC narrowed to 5.02%, falling 1.2pp. That translates to 5.02 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.5pp and capital turnover fell 0.13x, while invested capital rose by 108bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 8.3 days versus the same period last year. The main moves came from DIO rose 8.9 days, DSO rose 8.1 days, and DPO rose 8.7 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +8.3 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +8.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 7.2% to 5.3% — dragged by asset turnover and net margin together.
Is financial risk significant?
Leverage is safe but FCF is negative at 510.8bn due to capex of 530.6bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.05x and interest coverage at 3.22x.
At present, short-term debt accounts for 82.3% of total debt, cash equals 75.4% of debt, and total debt stands at 391.4bn.
- Net Debt / Equity
- 0.05x −0.02x
- Interest Coverage
- 3.22x −0.92x
- Cash / Debt
- 75.4% +5.5pp
- Short-term Debt / Total Debt
- 82.3% −2.3pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 82.3% of total debt, raising near-term refinancing needs.
Balance Sheet
▼The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.39x equity, net debt at 0.05x equity.
None
Over the last 12 months, working capital absorbed 149.3bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 33.2%. The main risk still sits in self-funded cash generation remains weak.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 510.8bn.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −3,1% YoY decline or keeps falling.
Whether margins hold around the current 3.81% level or narrow again.
Whether operating cash flow holds its 214.1bn (cumulative for 2025) level in upcoming periods or weakens.
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