Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 162.6bn, rose 44.5bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.33x
- P/B
- 1.29x
- EPS
- 4,023
- BVPS
- 22,946
- ROE
- 18.2%
- ROA
- 11.0%
- Market price
- 29,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, QNP 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. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross 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 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 381.2 | 357.7 | 301.7 | 302.8 | 279.8 | 251.0 | 255.0 | 295.2 |
| LNST | 43.1 | 42.1 | 42.3 | 35.1 | 39.4 | 25.9 | 27.5 | 25.4 |
| Net margin | 11.31% | 11.77% | 14.02% | 11.59% | 14.08% | 10.31% | 10.78% | 8.59% |
Revenue
381bnNet income
43bnNet margin
11.31%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 improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 24.3% year on year — not from a single spike: quarterly growth stepped up from +3% to +36%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,343bn +24.3%
- Latest quarter YoY
- +36% accelerating
What is driving the margin?
▲Net margin edged up to 12.10%, rising 1.2pp. Core operating signals are improving as SG&A / Revenue fell 1.4pp are enough to offset pressure from Gross margin fell 0.4pp (with additional support from Other profit / Revenue rose 0.3pp and Net financial result / Revenue rose 0.1pp).
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
- 12.10% +1.2pp
- Gross Margin
- 23.00% −0.4pp
- SG&A / Revenue
- 8.25% −1.4pp
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 183.3bn against investing cash flow of -143.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +39.9bn. Financing cash flow was negative +69.3bn.
CFO / net income was 0,28 lần.
After spending +90.9bn on fixed-asset investment, the business generated trailing free cash flow of −44.9bn.
Earnings Quality
▲How much income is non-core?
About 97% of pre-tax profit comes from core operations.
Within that, net financial result at +1.1%, other profit at +1.8% of PBT.
- Non-core / PBT
- 2.8% low
- Net financial / PBT
- 1.1%
- Other profit / PBT
- 1.8%
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 8.4 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 15.68%, rising 2.8pp. That translates to 15.68 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.9pp and capital turnover rose 0.15x, while invested capital rose by 96bn — capital-return quality improved from both sides.
Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.
Working Capital Efficiency
▼Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 8.4 days versus the same period last year. The main moves came from DIO fell 2.4 days, DSO fell 13.2 days, and DPO fell 24.0 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +8.4 days, indicating weaker working-capital turnover versus the prior year.
DuPont
What drives ROE?
ROE rose from 13.6% to 18.2% — all three components improved, with asset turnover contributing the most.
Is financial risk significant?
Leverage is safe but FCF is negative at 44.9bn due to capex of 90.9bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.22x and interest coverage at 11.24x.
At present, short-term debt accounts for 11.8% of total debt, cash equals 35.3% of debt, and total debt stands at 320.1bn.
- Net Debt / Equity
- 0.22x +0.17x
- Interest Coverage
- 11.24x +3.43x
- Cash / Debt
- 35.3% −47.5pp
- Short-term Debt / Total Debt
- 11.8% +0.5pp
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.50x equity, net debt at 0.22x equity.
None
Over the last 12 months, working capital absorbed 86.2bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
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 1.2 pp. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.10% after expanding 1.2pp versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +24,3% YoY pace or begins to slow.
Whether margins hold around the current 12.10% level or narrow again.
Whether operating cash flow holds its 183.3bn (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.