Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 147.9bn, rose 136.8bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and higher financial income. Offsetting pressure came mainly from higher tax, higher administrative expenses, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 20.45x
- P/B
- 0.70x
- EPS
- 494
- BVPS
- 14,481
- ROE
- 3.6%
- ROA
- 2.5%
- Market price
- 10,100 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PRT is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Financial income
- Tax
- Administrative expenses
- 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 | 609.7 | 302.3 | 310.0 | 366.8 | 174.1 | 192.5 | 339.9 | 208.0 |
| LNST | 38.6 | 34.9 | 49.1 | 85.3 | -7.4 | -7.8 | 79.2 | -1.5 |
| Net margin | 6.34% | 11.55% | 15.83% | 23.24% | -4.23% | -4.03% | 23.31% | -0.71% |
Revenue
610bnNet income
39bnNet margin
6.34%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 73.8% year on year — not from a single spike: quarterly growth stepped up from +76% to +250%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,589bn +73.8%
- Latest quarter YoY
- +250% accelerating
What is driving the margin?
▲▲Net margin expanded to 13.08%, rising 6.2pp. The main driver is SG&A / Revenue fell 9.7pp and Gross margin rose 0.6pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 1.7pp added support while Net financial result / Revenue fell 1.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 13.08% +6.2pp
- Gross Margin
- 28.81% +0.6pp
- SG&A / Revenue
- 19.99% −9.7pp
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 199.3bn against investing cash flow of -66.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +133.0bn. Financing cash flow was negative +111.0bn.
CFO / net income was 2,53 lần.
After spending +193.9bn on fixed-asset investment, the business generated trailing free cash flow of +180.1bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 27.7% of pre-tax profit — worth monitoring.
Within that, net financial result at +16.9%, other profit at +10.8% of PBT.
- Non-core / PBT
- 27.7% moderate
- Net financial / PBT
- 16.9%
- Other profit / PBT
- 10.8%
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
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 87.0 days versus the same period last year. The main moves came from DIO fell 81.7 days, DSO rose 10.9 days, and DPO rose 16.2 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 241.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +10.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 1.6% to 5.0% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 199.3bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.03x and interest coverage at 10.77x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 132.0% of debt, and total debt stands at 208.8bn.
- Net Debt / Equity
- −0.03x
- Interest Coverage
- 10.77x +1.60x
- Cash / Debt
- 132.0%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼Balance sheet is exceptionally sound — liabilities at 0.42x equity, with a net cash position equivalent to 0.03x equity.
None
Over the last 12 months, working capital absorbed 12.6bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
In summary
Research synthesis
What this reporting period is showing
The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to cash flow. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 16.9%. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 241 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 13.08% after expanding 6.2pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.53x. Even so, net financial result still accounts for 16.9% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 241.0 days.
What to verify next
Questions for the next period
Whether revenue sustains its +73,8% YoY pace or begins to slow.
Whether margins hold around the current 13.08% level or narrow again.
Whether operating cash flow holds its 199.3bn (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.