Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 2,899.1bn, rose 831.4bn compared with the same period last year. Key positives came from higher gross profit and lower deferred tax. Offsetting pressure came mainly from higher administrative expenses, higher tax, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 2.44x
- P/B
- 0.73x
- EPS
- 8,084
- BVPS
- 27,179
- ROE
- 22.4%
- ROA
- 15.2%
- Market price
- 19,750 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PNJ is growing strongly on the back of scale expansion, while margins have only improved slightly — margins have just broken out to a notably higher level. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.
Profit bridge
Vs last year · TTM
- Gross profit
- Deferred tax
- Administrative expenses
- Tax
- Selling expenses
- Other
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 | 8,483.7 | 17,245.2 | 9,623.0 | 8,135.5 | 7,582.4 | 9,635.1 | 8,581.3 | 7,129.6 |
| LNST | -283.0 | 1,467.4 | 1,218.9 | 495.7 | 441.6 | 677.7 | 732.5 | 215.8 |
| Net margin | -3.34% | 8.51% | 12.67% | 6.09% | 5.82% | 7.03% | 8.54% | 3.03% |
Revenue
8,484bnNet income
-283bnNet margin
-3.34%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 32.1% year on year — but the quarterly pace is slowing (+14% → +12%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 43,487bn +32.1%
- Latest quarter YoY
- +12% slowing
What is driving the margin?
●Net margin edged up to 6.67%, rising 0.4pp. The main driver is Gross margin rose 0.3pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 6.67% +0.4pp
- Gross Margin
- 20.76% +0.3pp
- SG&A / Revenue
- 12.19% −0.3pp
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 18.9bn against investing cash flow of -893.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +874.9bn. Financing cash flow was positive +273.0bn.
CFO / net income was 0,73 lần.
After spending +110.1bn on fixed-asset investment, the business generated trailing free cash flow of +2,006.7bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −2.4%, other profit at +1.2% of PBT.
- Non-core / PBT
- 1.2% low
- Net financial / PBT
- −2.4%
- Other profit / PBT
- 1.2%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 17.95%, rising 0.8pp. That translates to 17.95 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.3pp, with capital turnover broadly stable; while invested capital expanded strongly by 3,931bn.
A small uptick from the NOPAT margin side — not yet enough to call a quality shift; watch whether this momentum continues.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.4 days versus the same period last year. The main moves came from DIO fell 8.5 days, DSO fell 0.4 days, and DPO fell 1.5 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 153.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 18.2% to 22.4% — all three components improved, with leverage contributing the most.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.24x and interest coverage at 18.38x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 15.3% of debt, and total debt stands at 3,989.1bn.
- Net Debt / Equity
- 0.24x +0.02x
- Interest Coverage
- 18.38x +0.01x
- Cash / Debt
- 15.3% +0.9pp
- 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 15.3%, leaving limited liquidity buffer to monitor.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.52x equity, net debt at 0.24x equity.
Inventory ended the period at 15,835.3bn, roughly 78.5% of total assets.
Over the last 12 months, working capital absorbed 1,994.7bn of cash, mainly because of higher receivables and higher inventories.
In summary
Research synthesis
What this reporting period is showing
The investment case still leans positive, but the improvement right now comes mainly from cash flow, even though margin is roughly flat. Notably, the improvement in cash flow has been confirmed across multiple cycles. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 154 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.73x.
- Key risk: working capital remains tied up for too long, with cash cycle at 153.7 days.
What to verify next
Questions for the next period
Whether revenue sustains its +32,1% YoY pace or begins to slow.
Whether margins hold around the current 6.67% level or narrow again.
Whether operating cash flow holds its 18.9bn (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.
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well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
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or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.