Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 20.9bn, rose 2.1bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher finance costs, higher selling expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.99x
- P/B
- 1.27x
- EPS
- 1,193
- BVPS
- 11,263
- ROE
- 10.9%
- ROA
- 3.7%
- Market price
- 14,300 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PBT is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Administrative expenses
- Finance costs
- Selling 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 | 728.5 | 556.7 | 398.8 | 359.4 | 361.7 | 325.5 | 239.0 | 217.1 |
| LNST | 6.1 | 5.3 | 3.2 | 6.3 | 6.1 | 4.4 | 4.3 | 4.0 |
| Net margin | 0.84% | 0.95% | 0.80% | 1.74% | 1.69% | 1.34% | 1.79% | 1.86% |
Revenue
728bnNet income
6bnNet margin
0.84%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 grew 78.7% year on year — not from a single spike: quarterly growth stepped up from +66% to +101%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,043bn +78.7%
- Latest quarter YoY
- +101% accelerating
What is driving the margin?
▼Net margin narrowed to 1.02%, falling 0.6pp. The main pressure is Gross margin fell 0.8pp, outweighing the improvement in SG&A / Revenue fell 0.2pp.
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 1.02% −0.6pp
- Gross Margin
- 3.13% −0.8pp
- SG&A / Revenue
- 2.32% −0.2pp
- Non-core / Revenue
- 0.44% −0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (35.0% of PBT) — sustainability should be monitored.
Cash Flow
▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 26.3bn against investing cash flow of -67.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +40.6bn. Financing cash flow was positive +71.2bn.
CFO / net income was 4,13 lần.
After spending +43.4bn on fixed-asset investment, the business generated trailing free cash flow of +42.9bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 35.0% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +35.0% of PBT.
- Non-core / PBT
- 35.0% high
- Net financial / PBT
- 35.0%
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 10.31%, losing 5.8pp. That translates to 10.31 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.6pp, outweighing the movement in capital turnover; while invested capital expanded strongly by 87bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 12.5 days versus the same period last year. The main moves came from DIO fell 2.4 days, DSO fell 11.0 days, and DPO fell 0.8 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE rose from 10.1% to 10.9% — supported by leverage and asset turnover.
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 0.59x and interest coverage at 6.12x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 8.0% of debt, and total debt stands at 126.3bn.
- Net Debt / Equity
- 0.59x +1.08x
- Interest Coverage
- 6.12x −227.81x
- Cash / Debt
- 8.0% −257.8pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 8.0%, leaving limited liquidity buffer to monitor.
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Capital structure is balanced — liabilities at 1.34x equity, net debt at 0.59x equity.
None
Over the last 12 months, working capital released 79.1bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 6.12x.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 4.13x. Even so, net financial result still accounts for 35.0% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.59x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +78,7% YoY pace or begins to slow.
Whether margins hold around the current 1.02% level or narrow again.
Whether operating cash flow holds its 26.3bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
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
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.