Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 66.1bn, rose 4.5bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.93x
- P/B
- 2.74x
- EPS
- 6,119
- BVPS
- 17,726
- ROE
- 35.0%
- ROA
- 32.7%
- Market price
- 48,500 09 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, NTH has not accelerated revenue, but profitability is improving more visibly — the growth momentum has held across consecutive periods. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Gross 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 | 31.9 | 32.6 | 35.8 | 26.3 | 32.2 | 37.0 | 33.1 | 19.4 |
| LNST | 17.5 | 18.0 | 18.8 | 11.7 | 17.4 | 21.0 | 16.4 | 6.8 |
| Net margin | 54.94% | 55.43% | 52.58% | 44.42% | 53.91% | 56.86% | 49.59% | 35.21% |
Revenue
32bnNet income
18bnNet margin
54.94%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 improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 4.0% year on year — but the quarterly pace is slowing (+36% → −1%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 127bn +4.0%
- Latest quarter YoY
- −1% slowing
What is driving the margin?
▲Net margin expanded to 52.21%, rising 1.6pp. The main driver is Gross margin rose 0.5pp and SG&A / Revenue fell 0.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.7pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 52.21% +1.6pp
- Gross Margin
- 58.13% +0.5pp
- SG&A / Revenue
- 3.78% −0.4pp
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 67.6bn against investing cash flow of 0.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +68.2bn. Financing cash flow was negative +76.1bn.
CFO / net income was 1,20 lần.
Track how much investment can be funded internally from operating cash flow.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at +1.3% of PBT.
- Non-core / PBT
- 1.3% low
- Net financial / PBT
- 1.3%
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.
Working Capital Efficiency
●Cash conversion cycle lengthened by 0.2 days versus the same period last year. The main moves came from DIO fell 0.5 days, DSO rose 1.3 days, and DPO rose 0.6 days.
Working capital cycle is flat — components are offsetting each other.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
CCC is up by +0.2 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +1.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 34.0% to 35.0% — supported by asset turnover and net margin.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 67.6bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
- Net Debt / Equity
- −0.22x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.09x equity, with a net cash position equivalent to 0.22x equity.
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 showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 1.6 pp. The next item to monitor is capital efficiency.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 52.21% after expanding 1.6pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue sustains its +4,0% YoY pace or begins to slow.
Whether margins hold around the current 52.21% level or narrow again.
Whether operating cash flow holds its 67.6bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
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What becomes visible only when investments are viewed together rather than one ticker at a time.