Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 540.6bn, rose 128.0bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher finance costs, higher tax, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.43x
- P/B
- 0.80x
- EPS
- 6,696
- BVPS
- 37,113
- ROE
- 15.9%
- ROA
- 8.7%
- Market price
- 29,650 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PTB is improving on both revenue and margins, though the magnitude is still moderate — earnings have been recovering gradually over multiple periods. This signal only becomes convincing if the improvement continues through the next few periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Finance costs
- Tax
- Other profit
- 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 | 2,084.4 | 2,094.7 | 2,088.4 | 1,683.9 | 1,904.6 | 1,620.2 | 1,936.5 | 1,485.0 |
| LNST | 132.9 | 154.0 | 132.8 | 140.1 | 132.9 | 117.0 | 93.7 | 82.1 |
| Net margin | 6.38% | 7.35% | 6.36% | 8.32% | 6.98% | 7.22% | 4.84% | 5.53% |
Revenue
2,084bnNet income
133bnNet margin
6.38%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 14.5% year on year — but the quarterly pace is slowing (+13% → +9%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 7,951bn +14.5%
- Latest quarter YoY
- +9% slowing
What is driving the margin?
▲Net margin edged up to 7.04%, rising 0.9pp. The main driver is Gross margin rose 1.0pp and SG&A / Revenue fell 0.9pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.5pp and Other profit / Revenue fell 0.3pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 7.04% +0.9pp
- Gross Margin
- 20.20% +1.0pp
- SG&A / Revenue
- 11.06% −0.9pp
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 445.7bn against investing cash flow of -477.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +32.0bn. Financing cash flow was positive +210.5bn.
CFO / net income was 0,60 lần.
After spending +794.0bn on fixed-asset investment, the business generated trailing free cash flow of −471.7bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −6.7%, other profit at +0.8% of PBT.
- Non-core / PBT
- 0.8% low
- Net financial / PBT
- −6.7%
- Other profit / PBT
- 0.8%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲▲ROIC expanded to 12.41%, rising 2.0pp. That translates to 12.41 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.1pp, with capital turnover broadly stable; while invested capital rose by 575bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
●Cash conversion cycle improved by 0.5 days versus the same period last year. The main moves came from DIO rose 1.3 days, DSO fell 1.4 days, and DPO rose 0.4 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 100.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +1.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 14.3% to 16.4% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 471.7bn due to capex of 794.0bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.38x and interest coverage at 5.98x.
At present, short-term debt accounts for 75.9% of total debt, cash equals 26.8% of debt, and total debt stands at 1,930.0bn.
- Net Debt / Equity
- 0.38x +0.15x
- Interest Coverage
- 5.98x +0.31x
- Cash / Debt
- 26.8% −26.8pp
- Short-term Debt / Total Debt
- 75.9% −15.7pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 75.9% 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 0.91x equity, net debt at 0.38x equity.
Inventory ended the period at 1,783.6bn, roughly 27.9% of total assets.
Over the last 12 months, working capital absorbed 453.9bn 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 investment case still leans positive, but the improvement right now comes mainly from capital efficiency, even though margin is roughly flat. Notably, the improvement in capital efficiency has been confirmed across multiple cycles. The residual risk still sits in self-funded cash generation remains weak.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.60x.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 471.7bn.
What to verify next
Questions for the next period
Whether revenue sustains its +14,5% YoY pace or begins to slow.
Whether margins hold around the current 7.04% level or narrow again.
Whether operating cash flow holds its 445.7bn (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.