Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 6.9bn, fell 8.2bn compared with the same period last year. Key positives came from lower selling expenses. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -1,089.66x
- P/B
- 381.20x
- EPS
- -459
- BVPS
- 1,312
- ROE
- -28.3%
- ROA
- -3.9%
- Market price
- 500,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PXA is holding revenue at an acceptable level, but margins are eroding visibly. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Selling expenses
- Gross profit
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 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23.8 | 7.6 | 22.2 | 4.0 | 2.9 | 25.8 | 6.0 | 13.3 |
| LNST | -3.6 | -4.3 | 2.5 | -1.5 | -1.7 | 0.7 | 1.1 | 1.2 |
| Net margin | -15.14% | -57.19% | 11.44% | -38.43% | -58.61% | 2.73% | 18.06% | 9.11% |
Revenue
24bnNet income
-4bnNet margin
-15.14%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?
Start with profitability and earnings quality.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 19.9% year on year — not from a single spike: quarterly growth stepped up from −34% to +721%.
1 of the last 3 quarters grew year on year.
- Revenue TTM
- 58bn +19.9%
- Latest quarter YoY
- +721% accelerating
What is driving the margin?
▼Net margin fell to −12.04%, losing 14.7pp. The main pressure is Gross margin fell 34.0pp, outweighing the improvement in SG&A / Revenue fell 15.8pp (with additional support from Net financial result / Revenue rose 2.9pp and Other profit / Revenue rose 0.6pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −12.04% −14.7pp
- Gross Margin
- 12.08% −34.0pp
- SG&A / Revenue
- 15.18% −15.8pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -1.5bn against investing cash flow of -0.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +1.5bn. Financing cash flow was positive +2.1bn.
CFO / net income was −1,25 lần.
After spending +0.0bn on fixed-asset investment, the business generated trailing free cash flow of +8.6bn.
FCF and CFO in this industry should be read alongside investment cycles and business model specifics.
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 390.1 days versus the same period last year. The main moves came from DIO fell 524.6 days, DSO fell 20.8 days, and DPO fell 155.3 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.
CCC stands at 470.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 4.5% to −28.3% — dragged by net margin.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 2.01x and interest coverage only at −1.31x.
At present, short-term debt accounts for 97.6% of total debt, cash equals 4.4% of debt, and total debt stands at 41.7bn.
Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.
- Net Debt / Equity
- 2.01x +0.34x
- Interest Coverage
- −1.31x −1.49x
- Cash / Debt
- 4.4% +3.4pp
- Short-term Debt / Total Debt
- 97.6% −0.4pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 2.01x, increasing balance-sheet pressure.
Interest coverage is −1.31x, leaving limited room to absorb financing costs.
Balance Sheet
●Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 4.88x equity, net debt at 2.01x equity.
This park does not accumulate meaningful unearned revenue — recognition happens at land/contract handover. Large swings between periods are a property of the one-off model; read results across multiple periods rather than a single quarter.
Development inventory ended the period at 76.2bn, about 42.4% of total assets — reflecting projects in progress awaiting handover.
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 14.7 pp. The next watchpoint is capital efficiency.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -12.04% after a 14.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +19,9% YoY pace or begins to slow.
Whether margins hold around the current -12.04% level or narrow again.
Whether operating cash flow holds its -1.5bn (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.