Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 26.3bn, fell 27.0bn compared with the same period last year. Key positives came from higher gross profit and lower tax. Offsetting pressure came mainly from weaker other profit, lower financial income, higher selling expenses, and higher minority interests. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.98x
- P/B
- 0.61x
- EPS
- 956
- BVPS
- 17,301
- ROE
- 5.6%
- ROA
- 3.5%
- Market price
- 10,500 15 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PIS is retaining some revenue, but margins are collapsing sharply. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Other profit
- Financial income
- Selling expenses
- Minority interests
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 | 110.4 | 135.3 | 112.7 | 83.0 | 97.7 | 96.5 | 104.0 | 117.7 |
| LNST | 14.7 | 5.9 | 11.3 | 3.0 | 10.9 | 3.4 | 35.9 | 8.6 |
| Net margin | 13.35% | 4.39% | 10.00% | 3.66% | 11.16% | 3.54% | 34.48% | 7.31% |
Revenue
110bnNet income
15bnNet margin
13.35%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 6.1% year on year — not from a single spike: quarterly growth stepped up from −30% to +13%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 441bn +6.1%
- Latest quarter YoY
- +13% accelerating
What is driving the margin?
▼▼Net margin fell to 7.93%, losing 6.2pp. The main pressure is SG&A / Revenue rose 1.2pp, outweighing the improvement in Gross margin rose 3.6pp (with lingering pressure from Other profit / Revenue fell 7.9pp and Net financial result / Revenue fell 2.3pp).
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
- 7.93% −6.2pp
- Gross Margin
- 18.55% +3.6pp
- SG&A / Revenue
- 11.72% +1.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲Is profit converting into cash?
Operating cash flow reached -30.7bn against investing cash flow of 13.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +16.7bn. Financing cash flow was positive +12.5bn.
CFO / net income was −1,15 lần.
After spending +5.3bn on fixed-asset investment, the business generated trailing free cash flow of −35.5bn.
Earnings Quality
▲How much income is non-core?
About 97% of pre-tax profit comes from core operations.
Within that, net financial result at −2.8%, other profit at +3.4% of PBT.
- Non-core / PBT
- 3.4% low
- Net financial / PBT
- −2.8%
- Other profit / PBT
- 3.4%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 5.83%, broadly flat versus the same period. That translates to 5.83 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.4pp, but capital turnover broadly stable, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 126.8 days versus the same period last year. The main moves came from DIO rose 125.9 days, DSO rose 0.9 days, and DPO rose 0.0 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 172.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +0.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 13.8% to 7.4% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 35.5bn due to capex of 5.3bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.27x and interest coverage at 4.37x.
At present, short-term debt accounts for 95.2% of total debt, cash equals 19.1% of debt, and total debt stands at 158.5bn.
- Net Debt / Equity
- 0.27x +0.08x
- Interest Coverage
- 4.37x +0.05x
- Cash / Debt
- 19.1% −22.6pp
- Short-term Debt / Total Debt
- 95.2% −4.8pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 95.2% of total debt, raising near-term refinancing needs.
Cash / debt stands at 19.1%, leaving limited liquidity buffer to monitor.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.66x equity, net debt at 0.27x equity.
None
Over the last 12 months, working capital absorbed 52.5bn of cash, mainly because of higher receivables and higher inventories.
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 margins remain under pressure remaining the main constraint, with net margin down 6.2 pp. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at −1.15x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −1.15x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 7.93% after a 6.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +6,1% YoY pace or begins to slow.
Whether margins hold around the current 7.93% level or narrow again.
Whether operating cash flow holds its -30.7bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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