Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 6.9bn, fell 14.4bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from higher administrative expenses, higher finance costs, weaker other profit, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.26x
- P/B
- 0.23x
- EPS
- 257
- BVPS
- 13,428
- ROE
- 2.1%
- ROA
- 0.9%
- Market price
- 3,150 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, NO1 posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Tax
- Administrative expenses
- Finance costs
- Other profit
- 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 | 232.2 | 123.1 | 159.9 | 77.4 | 613.1 | 227.4 | 133.8 | 226.2 |
| LNST | 0.5 | 0.3 | 3.5 | 1.4 | 13.5 | 2.5 | 0.2 | 4.8 |
| Net margin | 0.22% | 0.26% | 2.16% | 1.84% | 2.20% | 1.10% | 0.15% | 2.11% |
Revenue
232bnNet income
1bnNet margin
0.22%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 50.6% year on year — not from a single spike: quarterly growth stepped up from −66% to −62%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 593bn −50.6%
- Latest quarter YoY
- −62% accelerating
What is driving the margin?
▼Net margin narrowed to 0.96%, falling 0.8pp. The main pressure is SG&A / Revenue rose 6.5pp, outweighing the improvement in Gross margin rose 6.7pp (with lingering pressure from Other profit / Revenue fell 0.7pp and Net financial result / Revenue fell 0.1pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 0.96% −0.8pp
- Gross Margin
- 13.45% +6.7pp
- SG&A / Revenue
- 11.56% +6.5pp
- Non-core / Revenue
- −0.30% −0.9pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 0.9pp, other income still accounts for 102.0% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
▼▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 240.7bn against investing cash flow of -264.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +24.0bn. Financing cash flow was positive +43.9bn.
CFO / net income was −17,17 lần.
After spending +56.7bn on fixed-asset investment, the business generated trailing free cash flow of −174.7bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 102.0% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +41.7%, other profit at +60.3% of PBT.
- Non-core / PBT
- 102.0% high
- Net financial / PBT
- 41.7%
- Other profit / PBT
- 60.3%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 3.20%, losing 5.8pp. That translates to 3.20 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.2pp and capital turnover fell 2.81x, while invested capital expanded strongly by 62bn — pressure came from both operational efficiency and asset efficiency.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
ROIC is currently 3.20% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 8.8 days versus the same period last year. The main moves came from DIO rose 57.8 days, DSO rose 54.9 days, and DPO rose 121.5 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +54.9 days, pointing to slower receivables turnover.
DIO increased by +57.8 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 6.4% to 1.7% — asset turnover weakened the most, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 174.7bn due to capex of 56.7bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.18x and interest coverage only at 1.09x.
At present, short-term debt accounts for 38.7% of total debt, cash equals 47.3% of debt, and total debt stands at 112.3bn.
- Net Debt / Equity
- 0.18x +0.42x
- Interest Coverage
- 1.09x −1.67x
- Cash / Debt
- 47.3% −141.5pp
- Short-term Debt / Total Debt
- 38.7% −9.6pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.09x, leaving limited room to absorb financing costs.
Balance Sheet
▼The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 1.52x equity, net debt at 0.18x equity.
Inventory ended the period at 136.8bn, roughly 16.9% of total assets.
Over the last 12 months, working capital absorbed 120.3bn 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 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 3.2%. The next watchpoint is the earnings mix, when non-core contribution is 41.7%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 41.7% of PBT and CFO / net income currently at −17.17x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −50,6% YoY decline or keeps falling.
Whether margins hold around the current 0.96% level or narrow again.
Whether operating cash flow holds its 240.7bn (cumulative for 2025) level in upcoming periods or weakens.
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