Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 2.0bn, rose 3.2bn compared with the same period last year. Key positives came from higher financial income, lower finance costs, and lower administrative expenses. Offsetting pressure came mainly from weaker other profit and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 27.91x
- P/B
- 0.51x
- EPS
- 215
- BVPS
- 11,655
- ROE
- 1.9%
- ROA
- 1.2%
- Market price
- 6,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PGN posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Financial income
- Finance costs
- Administrative expenses
- Other profit
- Gross profit
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 | 29.6 | 18.3 | 33.1 | 24.6 | 29.0 | 39.7 | 74.0 | 53.0 |
| LNST | 0.6 | 0.1 | 0.4 | 0.9 | 0.2 | 0.3 | -2.0 | 0.4 |
| Net margin | 1.91% | 0.42% | 1.35% | 3.84% | 0.81% | 0.65% | -2.74% | 0.66% |
Revenue
30bnNet income
1bnNet margin
1.91%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 46.0% year on year — not from a single spike: quarterly growth stepped up from −54% to +2%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 106bn −46.0%
- Latest quarter YoY
- +2% accelerating
What is driving the margin?
▲Net margin expanded to 1.93%, rising 2.5pp. Core operating signals are improving as Gross margin rose 1.4pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (in addition, Net financial result / Revenue rose 2.8pp added support while Other profit / Revenue fell 1.1pp remained a drag).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 1.93% +2.5pp
- Gross Margin
- 4.16% +1.4pp
- SG&A / Revenue
- 2.33% +0.5pp
- Non-core / Revenue
- 0.49% +1.7pp
TTM YoY · 2025Q2 -> 2026Q2
Profit includes a contribution from financial result (30.5% of PBT), not dominant but worth monitoring across periods.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 27.9bn against investing cash flow of -17.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +10.1bn. Financing cash flow was negative +12.2bn.
CFO / net income was −12,98 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 30.5% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +25.8%, other profit at +4.7% of PBT.
- Non-core / PBT
- 30.5% high
- Net financial / PBT
- 25.8%
- Other profit / PBT
- 4.7%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 122.1 days.
Is capital being deployed efficiently?
▲ROIC edged up to 1.76%, rising 1.3pp. That translates to 1.76 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.7pp, with capital turnover fell 0.53x; with invested capital holding roughly steady.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 1.76% — 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 63.1 days versus the same period last year. The main moves came from DIO fell 51.5 days, DSO rose 1.0 days, and DPO rose 12.6 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 122.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +1.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −1.1% to 1.9% — supported by net margin.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.25x and interest coverage only at 0.71x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 2.8% of debt, and total debt stands at 28.2bn.
- Net Debt / Equity
- 0.25x +0.29x
- Interest Coverage
- 0.71x +1.19x
- Cash / Debt
- 2.8% −107.3pp
- Short-term Debt / Total Debt
- 100.0% +0.4pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 0.71x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.58x equity, net debt at 0.25x equity.
None
Over the last 12 months, working capital absorbed 25.5bn of cash, mainly because of higher receivables and higher inventories.
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. The brighter spot is operating efficiency, with net margin improving 2.5 pp. The next item to monitor is the earnings mix, when non-core contribution is 25.8%. The main risk still sits in capital efficiency remains weak, with ROIC at 1.8%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.93% after expanding 2.5pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 25.8% of PBT and CFO / net income currently at −12.98x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −46,0% YoY decline or keeps falling.
Whether margins hold around the current 1.93% level or narrow again.
Whether operating cash flow holds its 27.9bn (cumulative for 2025) level in upcoming periods or weakens.
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