Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 0.9bn, fell 7.3bn compared with the same period last year. Key positives came from lower administrative expenses, lower minority interests, lower tax, and better other profit. Offsetting pressure came mainly from lower gross profit, higher finance costs, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 2.33x
- P/B
- 1.08x
- EPS
- 2,572
- BVPS
- 5,566
- ROE
- 2.0%
- ROA
- 1.2%
- Market price
- 6,000 14 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PGT posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Minority interests
- Tax
- Other profit
- Gross profit
- Finance costs
- Selling expenses
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 | 5.9 | 8.3 | 12.9 | 13.9 | 11.9 | 12.2 | 10.4 | 14.1 |
| LNST | 0.3 | -0.5 | 0.1 | 1.0 | 2.0 | 1.6 | 1.0 | 5.4 |
| Net margin | 5.09% | -6.04% | 0.78% | 7.03% | 17.06% | 13.29% | 9.43% | 38.23% |
Revenue
6bnNet income
0bnNet margin
5.09%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 15.4% year on year — but the quarterly pace is slowing (−1% → −50%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 41bn −15.4%
- Latest quarter YoY
- −50% slowing
What is driving the margin?
▼▼Net margin fell to 2.15%, losing 18.5pp. The main pressure comes from Gross margin fell 12.2pp and SG&A / Revenue rose 0.5pp (in addition, Other profit / Revenue rose 2.2pp added support while Net financial result / Revenue fell 9.0pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 2.15% −18.5pp
- Gross Margin
- 32.38% −12.2pp
- SG&A / Revenue
- 32.89% +0.5pp
- Non-core / Revenue
- 3.73% −6.8pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 6.8pp, other income still accounts for 177.4% 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 2.4bn against investing cash flow of -1.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +0.9bn. Financing cash flow was positive +1.3bn.
CFO / net income was 3,61 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 177.4% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −38.4%, other profit at +177.4% of PBT.
- Non-core / PBT
- 177.4% high
- Net financial / PBT
- −38.4%
- Other profit / PBT
- 177.4%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 109.6 days versus the same period last year. The main moves came from DIO rose 27.6 days, DSO rose 93.0 days, and DPO rose 11.0 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 430.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +93.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 27.7% to 2.0% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.18x and interest coverage only at −0.42x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 55.6% of debt, and total debt stands at 21.2bn.
- Net Debt / Equity
- 0.18x
- Interest Coverage
- −0.42x −4.05x
- Cash / Debt
- 55.6%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −0.42x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▲Capital structure is conservative with low leverage — liabilities at 0.49x equity, net debt at 0.18x equity.
None
Over the last 12 months, working capital released 5.3bn of cash, mainly thanks to lower receivables.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is −38.4%. The main risk still sits in core profitability, with net margin down 18.5 pp.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.61x. Even so, net financial result still accounts for −38.4% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 2.15% after a 18.5pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −15,4% YoY decline or keeps falling.
Whether margins hold around the current 2.15% level or narrow again.
Whether operating cash flow holds its 2.4bn (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.