Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 1,401.5bn, rose 317.4bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.22x
- P/B
- 1.00x
- EPS
- 2,876
- BVPS
- 23,565
- ROE
- 12.2%
- ROA
- 6.3%
- Market price
- 23,650 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PVT is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. The direction is leaning toward improvement, but the next test will be whether the magnitude widens enough to become a trend.
Profit bridge
Vs last year · TTM
- Gross profit
- 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 | 5,713.8 | 4,177.1 | 4,480.3 | 4,419.4 | 4,352.0 | 2,789.5 | 3,347.9 | 2,934.1 |
| LNST | 678.4 | 387.4 | 344.9 | 349.0 | 360.7 | 277.0 | 271.3 | 522.1 |
| Net margin | 11.87% | 9.28% | 7.70% | 7.90% | 8.29% | 9.93% | 8.10% | 17.79% |
Revenue
5,714bnNet income
678bnNet margin
11.87%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 40.0% year on year — but the quarterly pace is slowing (+51% → +31%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 18,791bn +40.0%
- Latest quarter YoY
- +31% slowing
What is driving the margin?
▼Net margin narrowed to 9.36%, falling 1.3pp. The main pressure is Gross margin fell 2.1pp, outweighing the improvement in SG&A / Revenue fell 1.0pp (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 1.1pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 9.36% −1.3pp
- Gross Margin
- 15.03% −2.1pp
- SG&A / Revenue
- 2.99% −1.0pp
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 3,161.2bn against investing cash flow of -3,123.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +37.8bn. Financing cash flow was positive +701.5bn.
CFO / net income was 2,70 lần.
After spending +3,524.9bn on fixed-asset investment, the business generated trailing free cash flow of +265.0bn.
Earnings Quality
▲How much income is non-core?
About 93% of pre-tax profit comes from core operations.
Within that, net financial result at −10.6%, other profit at +7.1% of PBT.
- Non-core / PBT
- 7.1% low
- Net financial / PBT
- −10.6%
- Other profit / PBT
- 7.1%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 8.5 days.
Is capital being deployed efficiently?
▲ROIC edged up to 9.64%, rising 1.4pp. That translates to 9.64 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.20x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 0.5pp; while invested capital rose by 2,102bn.
Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.5 days versus the same period last year. The main moves came from DIO fell 0.4 days, DSO fell 7.4 days, and DPO fell 5.2 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE rose from 14.2% to 15.3% — mainly driven by asset turnover, despite net margin moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.46x and interest coverage at 3.51x.
At present, short-term debt accounts for 19.8% of total debt, cash equals 20.4% of debt, and total debt stands at 7,008.4bn.
- Net Debt / Equity
- 0.46x −0.04x
- Interest Coverage
- 3.51x +0.71x
- Cash / Debt
- 20.4% +1.8pp
- Short-term Debt / Total Debt
- 19.8% −3.0pp
TTM YoY · 2025Q2 -> 2026Q2
Cash / debt stands at 20.4%, leaving limited liquidity buffer to monitor.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.94x equity, net debt at 0.46x equity.
None
Over the last 12 months, working capital absorbed 164.8bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
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 earnings conversion is confirmed, with CFO/NI at 2.70x. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.70x.
What to verify next
Questions for the next period
Whether revenue sustains its +40,0% YoY pace or begins to slow.
Whether margins hold around the current 9.36% level or narrow again.
Whether operating cash flow holds its 3,161.2bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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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.
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or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.