Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 1,338.0bn, rose 364.4bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.60x
- P/B
- 1.53x
- EPS
- 9,395
- BVPS
- 40,448
- ROE
- 14.5%
- ROA
- 3.1%
- Market price
- 62,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PVI is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Administrative expenses
- Tax
- 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 | 2,988.1 | 2,764.8 | 2,638.1 | 2,300.5 | 2,324.2 | 2,179.1 | 2,061.1 | 1,931.3 |
| LNST | 428.5 | 571.8 | -28.9 | 420.8 | 436.9 | 347.7 | 66.6 | 161.8 |
| Net margin | 14.34% | 20.68% | -1.09% | 18.29% | 18.80% | 15.96% | 3.23% | 8.38% |
Revenue
2,988bnNet income
428bnNet margin
14.34%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 improved (+1.1pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 25.8% year on year — not from a single spike: quarterly growth stepped up from +19% to +29%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 10,691bn +25.8%
- Latest quarter YoY
- +29% accelerating
What is driving the margin?
▲Net margin edged up to 13.02%, rising 1.1pp. The main driver is Gross margin rose 2.3pp and SG&A / Revenue fell 0.7pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 1.5pp 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
- 13.02% +1.1pp
- Gross Margin
- 16.02% +2.3pp
- SG&A / Revenue
- 8.36% −0.7pp
- Non-core / Revenue
- 9.00% −1.4pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 1.4pp, financial result still accounts for 54.0% of PBT — earnings durability should be monitored in coming periods.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 54.0% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +53.3%, other profit at +0.7% of PBT.
- Non-core / PBT
- 54.0% high
- Net financial / PBT
- 53.3%
- Other profit / PBT
- 0.7%
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 1.6 days — working capital needs watching.
DuPont
What drives ROE?
ROE rose from 11.5% to 15.1% — 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.
Balance Sheet
▼▼The asset structure shows capital being allocated increasingly efficiently. Leverage is very high, with clear pressure on the capital structure — liabilities at 4.22x equity, net debt at 0.02x equity.
None
Over the last 12 months, working capital released 522.7bn 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 1.1 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 13.02% after expanding 1.1pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 53.3% of PBT and CFO / net income currently at 0.82x.
What to verify next
Questions for the next period
Whether revenue sustains its +25,8% YoY pace or begins to slow.
Whether margins hold around the current 13.02% level or narrow again.
Whether operating cash flow holds its 723.9bn (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.