Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 166.7bn, fell 73.6bn compared with the same period last year. Key positives came from lower selling expenses and lower finance costs. Offsetting pressure came mainly from lower gross profit, weaker other profit, lower financial income, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 29.61x
- P/B
- 0.67x
- EPS
- 351
- BVPS
- 15,541
- ROE
- 2.2%
- ROA
- 1.0%
- Market price
- 10,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, NKG is losing revenue quickly, though margins have not been hit proportionally yet — profit momentum has been slowing across consecutive periods. This only holds if margins can continue to resist — if revenue stays weak, margin pressure will build.
Profit bridge
Vs last year · TTM
- Selling expenses
- Finance costs
- Gross profit
- Other profit
- Financial income
- 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 | 4,150.2 | 3,261.4 | 3,136.5 | 3,773.1 | 3,808.5 | 4,090.1 | 4,469.1 | 5,188.3 |
| LNST | 102.7 | 21.5 | -9.3 | 49.5 | 91.6 | 65.4 | 18.4 | 64.8 |
| Net margin | 2.47% | 0.66% | -0.30% | 1.31% | 2.40% | 1.60% | 0.41% | 1.25% |
Revenue
4,150bnNet income
103bnNet margin
2.47%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 18.4% year on year — not from a single spike: quarterly growth stepped up from −27% to +9%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 14,321bn −18.4%
- Latest quarter YoY
- +9% accelerating
What is driving the margin?
●Net margin stands at 1.15%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 1.15% −0.2pp
- Gross Margin
- 5.41% −1.9pp
- SG&A / Revenue
- 3.59% −1.3pp
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 1,326.9bn against investing cash flow of -3,028.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +1,701.9bn. Financing cash flow was positive +2,149.9bn.
CFO / net income was 15,04 lần.
After spending +3,062.2bn on fixed-asset investment, the business generated trailing free cash flow of −555.5bn.
Earnings Quality
▲How much income is non-core?
About 93% of pre-tax profit comes from core operations.
Within that, net financial result at −17.0%, other profit at +6.7% of PBT.
- Non-core / PBT
- 6.7% low
- Net financial / PBT
- −17.0%
- Other profit / PBT
- 6.7%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 1.02%, falling 0.3pp. That translates to 1.02 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.51x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 3,003bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
ROIC is currently 1.02% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 10.0 days versus the same period last year. The main moves came from DIO rose 26.4 days, DSO fell 11.7 days, and DPO rose 4.6 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 143.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +26.4 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 3.6% to 2.2% — asset turnover weakened the most, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 555.5bn due to capex of 3,062.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.10x and interest coverage only at 0.90x.
At present, short-term debt accounts for 72.6% of total debt, cash equals 1.4% of debt, and total debt stands at 8,554.4bn.
- Net Debt / Equity
- 1.10x +0.27x
- Interest Coverage
- 0.90x +0.51x
- Cash / Debt
- 1.4% −6.2pp
- Short-term Debt / Total Debt
- 72.6% −7.2pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.10x, increasing balance-sheet pressure.
Interest coverage is 0.90x, leaving limited room to absorb financing costs.
Balance Sheet
▲Leverage is elevated, requiring monitoring — liabilities at 1.16x equity, net debt at 1.10x equity.
Inventory ended the period at 5,303.1bn, roughly 32.2% of total assets.
Over the last 12 months, working capital released 1,400.2bn of cash, mainly thanks to lower receivables and lower inventories.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 1.0%. The next watchpoint is effective tax rate looks unusual, with effective tax rate at 30.3%. The main offsetting support comes from cash generation.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 2,302.0bn 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: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −18,4% YoY decline or keeps falling.
Whether margins hold around the current 1.15% level or narrow again.
Whether operating cash flow holds its 1,326.9bn (cumulative for 2025) level in upcoming periods or weakens.
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