Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 30.5bn, fell 15.6bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, lower tax, and better other profit. Offsetting pressure came mainly from higher selling expenses, lower financial income, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 24.05x
- P/B
- 1.01x
- EPS
- 790
- BVPS
- 18,840
- ROE
- 4.2%
- ROA
- 2.2%
- Market price
- 19,000 24 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PVM is going through a period of clear decline across multiple metrics at once — margins have been compressing consistently over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Tax
- Other profit
- Selling expenses
- Financial income
- Finance costs
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 | 401.6 | 432.8 | 553.7 | 432.5 | 510.5 | 403.9 | 528.8 | 517.4 |
| LNST | 26.4 | 0.5 | 1.1 | 2.6 | 28.3 | 0.9 | 12.2 | 5.2 |
| Net margin | 6.59% | 0.12% | 0.20% | 0.61% | 5.54% | 0.23% | 2.30% | 1.00% |
Revenue
402bnNet income
26bnNet margin
6.59%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 7.1% year on year — but the quarterly pace is slowing (−16% → −21%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,821bn −7.1%
- Latest quarter YoY
- −21% slowing
What is driving the margin?
▼Net margin narrowed to 1.69%, falling 0.7pp. The main pressure is SG&A / Revenue rose 2.1pp, outweighing the improvement in Gross margin rose 2.4pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 1.2pp remained a drag).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 1.69% −0.7pp
- Gross Margin
- 6.76% +2.4pp
- SG&A / Revenue
- 7.86% +2.1pp
- Non-core / Revenue
- 2.79% −1.1pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 1.1pp, financial result still accounts for 164.8% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
▼▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 71.5bn against investing cash flow of 112.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +184.0bn. Financing cash flow was negative +4.2bn.
CFO / net income was −16,54 lần.
After spending +7.4bn on fixed-asset investment, the business generated trailing free cash flow of −512.5bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 164.8% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +141.0%, other profit at +23.8% of PBT.
- Non-core / PBT
- 164.8% high
- Net financial / PBT
- 141.0%
- Other profit / PBT
- 23.8%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 1.94%, losing 2.3pp. That translates to 1.94 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.8pp and capital turnover fell 0.47x, while invested capital expanded strongly by 217bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
ROIC is currently 1.94% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 10.8 days versus the same period last year. The main moves came from DIO rose 6.5 days, DSO rose 2.8 days, and DPO fell 1.5 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 90.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +2.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 6.6% to 4.3% — dragged by net margin and asset turnover together, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 512.5bn due to capex of 7.4bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.98x and interest coverage only at 1.06x.
At present, short-term debt accounts for 56.2% of total debt, cash equals 3.0% of debt, and total debt stands at 737.2bn.
- Net Debt / Equity
- 0.98x +0.62x
- Interest Coverage
- 1.06x −1.14x
- Cash / Debt
- 3.0% −7.4pp
- Short-term Debt / Total Debt
- 56.2% −40.7pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.06x, leaving limited room to absorb financing costs.
Cash / debt stands at 3.0%, leaving limited liquidity buffer to monitor.
Balance Sheet
▼The balance sheet shows capital-allocation efficiency slipping. Capital structure is balanced — liabilities at 0.76x equity, net debt at 0.98x equity.
None
Over the last 12 months, working capital absorbed 476.3bn 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 showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at 1.9%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 141.0% of PBT and CFO / net income currently at −16.54x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −7,1% YoY decline or keeps falling.
Whether margins hold around the current 1.69% level or narrow again.
Whether operating cash flow holds its 71.5bn (cumulative for 2025) level in upcoming periods or weakens.
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