Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 1,943.7bn, fell 148.6bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher tax, higher finance costs, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.26x
- P/B
- 1.76x
- EPS
- 6,165
- BVPS
- 28,964
- ROE
- 18.8%
- ROA
- 12.7%
- Market price
- 50,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, QNS is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Selling expenses
- Tax
- Finance costs
- Administrative expenses
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 | 3,288.7 | 2,763.4 | 2,700.9 | 2,684.9 | 2,955.8 | 2,269.4 | 2,173.9 | 2,726.5 |
| LNST | 566.6 | 391.5 | 604.7 | 380.9 | 546.1 | 391.6 | 622.7 | 531.9 |
| Net margin | 17.23% | 14.17% | 22.39% | 14.19% | 18.47% | 17.26% | 28.64% | 19.51% |
Revenue
3,289bnNet income
567bnNet margin
17.23%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 13.0% year on year — not from a single spike: quarterly growth stepped up from −2% to +11%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 11,438bn +13.0%
- Latest quarter YoY
- +11% accelerating
What is driving the margin?
▼▼Net margin fell to 16.99%, losing 3.7pp. The main pressure is SG&A / Revenue rose 4.0pp, outweighing the improvement in Gross margin rose 0.1pp (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 0.1pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 16.99% −3.7pp
- Gross Margin
- 34.03% +0.1pp
- SG&A / Revenue
- 17.23% +4.0pp
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 2,106.3bn against investing cash flow of -946.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +1,159.4bn. Financing cash flow was negative +1,425.7bn.
CFO / net income was 1,14 lần.
After spending +812.1bn on fixed-asset investment, the business generated trailing free cash flow of +1,400.2bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 15.5% of pre-tax profit — worth monitoring.
Within that, net financial result at +11.0%, other profit at +4.5% of PBT.
- Non-core / PBT
- 15.5% moderate
- Net financial / PBT
- 11.0%
- Other profit / PBT
- 4.5%
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 14.04%, losing 2.7pp. That translates to 14.04 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 3.6pp, outweighing the movement in capital turnover; while invested capital rose by 1,218bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Working Capital Efficiency
●Cash conversion cycle improved by 0.1 days versus the same period last year. The main moves came from DIO fell 3.1 days, DSO fell 3.0 days, and DPO fell 5.9 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 113.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 22.2% to 18.8% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.31x and interest coverage at 14.76x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 13.3% of debt, and total debt stands at 3,794.2bn.
- Net Debt / Equity
- 0.31x +0.06x
- Interest Coverage
- 14.76x −7.66x
- Cash / Debt
- 13.3% −10.5pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 13.3%, leaving limited liquidity buffer to monitor.
Balance Sheet
▲The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.35x equity, net debt at 0.31x equity.
None
Over the last 12 months, working capital released 301.9bn of cash, mainly thanks to lower receivables and lower inventories.
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 1.14x. The main risk still sits in core profitability, with net margin down 3.7 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.14x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 16.99% after a 3.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +13,0% YoY pace or begins to slow.
Whether margins hold around the current 16.99% level or narrow again.
Whether operating cash flow holds its 2,106.3bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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