Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 6.4bn, rose 7.2bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from weaker other profit and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.84x
- P/B
- -0.46x
- EPS
- 255
- BVPS
- -4,381
- ROE
- -5.7%
- ROA
- 0.8%
- Market price
- 2,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PVE is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Tax
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 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 49.3 | 41.0 | 61.2 | 34.4 | 33.2 | 39.2 | 39.8 | 42.2 |
| LNST | 0.8 | 0.6 | 5.7 | -0.6 | -2.0 | -0.2 | 0.1 | 0.8 |
| Net margin | 1.54% | 1.35% | 9.25% | -1.77% | -6.15% | -0.44% | 0.29% | 1.91% |
Revenue
49bnNet income
1bnNet margin
1.54%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 20.5% year on year — not from a single spike: quarterly growth stepped up from +5% to +49%.
2 of the last 2 quarters grew year on year.
- Revenue TTM
- 186bn +20.5%
- Latest quarter YoY
- +49% accelerating
What is driving the margin?
▲▲Net margin expanded to 3.42%, rising 4.3pp. The main driver is Gross margin rose 11.3pp and SG&A / Revenue fell 1.5pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 1.3pp added support while Other profit / Revenue fell 8.1pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 3.42% +4.3pp
- Gross Margin
- 31.02% +11.3pp
- SG&A / Revenue
- 16.85% −1.5pp
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 32.8bn against investing cash flow of 2.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +35.2bn. Financing cash flow was negative +37.8bn.
CFO / net income was −0,30 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 makes up 25.7% of pre-tax profit — worth monitoring.
Within that, net financial result at −132.4%, other profit at +25.7% of PBT.
- Non-core / PBT
- 25.7% moderate
- Net financial / PBT
- −132.4%
- Other profit / PBT
- 25.7%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 54.62%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
CCC stands at 1510.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 9.7% to −5.7% — the components are broadly offsetting.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 32.8bn.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −1.10x and interest coverage only at 0.93x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 0.8% of debt, and total debt stands at 120.9bn.
- Net Debt / Equity
- −1.10x +0.07x
- Interest Coverage
- 0.93x +1.74x
- Cash / Debt
- 0.8% −7.6pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 0.93x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▲Balance sheet is exceptionally sound — liabilities at -8.40x equity, with a net cash position equivalent to 1.10x equity.
Inventory ended the period at 630.1bn, roughly 77.1% of total assets.
Over the last 12 months, working capital released 135.0bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 4.3 pp. The next item to monitor is the earnings mix, when non-core contribution is 25.7%. The main risk still sits in leverage and liquidity, with interest coverage at 0.93x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.42% after expanding 4.3pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 25.7% of PBT and CFO / net income currently at −0.30x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.93x.
What to verify next
Questions for the next period
Whether revenue sustains its +20,5% YoY pace or begins to slow.
Whether margins hold around the current 3.42% level or narrow again.
Whether operating cash flow holds its 32.8bn (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.