Analysis of business results & financial statements · Quý 2/2026
▼ Slightly negative
Trailing net profit reached 418.7bn, rose 3.1bn compared with the same period last year. Key positives came from higher gross profit, lower tax, lower finance costs, and higher associates income. Offsetting pressure came mainly from weaker other profit, higher administrative expenses, higher minority interests, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.19x
- P/B
- 0.68x
- EPS
- 4,761
- BVPS
- 36,302
- ROE
- 14.0%
- ROA
- 12.3%
- Market price
- 24,700 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, RTB is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — profit is near a multi-period low. The point still to be proven is whether this is a short adjustment or the beginning of a weaker trend.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Finance costs
- Associates income
- Other profit
- Administrative expenses
- Minority interests
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 | 339.7 | 387.2 | 447.1 | 315.6 | 264.0 | 203.1 | 381.2 | 311.4 |
| LNST | 99.1 | 228.3 | 128.5 | 113.5 | 209.5 | 73.8 | 155.1 | 117.7 |
| Net margin | 29.16% | 58.95% | 28.75% | 35.96% | 79.35% | 36.33% | 40.69% | 37.82% |
Revenue
340bnNet income
99bnNet margin
29.16%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 28.5% year on year — not from a single spike: quarterly growth stepped up from +1% to +29%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,490bn +28.5%
- Latest quarter YoY
- +29% accelerating
What is driving the margin?
▼▼Net margin fell to 38.22%, losing 9.7pp. The main pressure is Gross margin fell 6.3pp, outweighing the improvement in SG&A / Revenue fell 0.5pp (in addition, Net financial result / Revenue rose 0.9pp added support while Other profit / Revenue fell 8.4pp 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
- 38.22% −9.7pp
- Gross Margin
- 38.15% −6.3pp
- SG&A / Revenue
- 8.90% −0.5pp
- Non-core / Revenue
- 13.97% −7.5pp
TTM YoY · 2025Q2 -> 2026Q2
Profit includes a contribution from other income (32.2% of PBT), not dominant but worth monitoring across periods.
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 312.3bn against investing cash flow of 175.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +487.3bn. Financing cash flow was negative +337.5bn.
CFO / net income was 1,19 lần.
After spending +68.7bn on fixed-asset investment, the business generated trailing free cash flow of +428.7bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 32.2% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +4.1%, other profit at +28.2% of PBT.
- Non-core / PBT
- 32.2% high
- Net financial / PBT
- 4.1%
- Other profit / PBT
- 28.2%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 76.0 days.
Is capital being deployed efficiently?
▲ROIC expanded to 16.36%, rising 1.9pp. That translates to 16.36 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.12x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 3.0pp; with invested capital holding roughly steady.
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 22.3 days versus the same period last year. The main moves came from DIO fell 30.9 days, DSO fell 2.3 days, and DPO fell 11.0 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE fell from 21.4% to 19.0% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 312.3bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.20x and interest coverage at 49.05x.
At present, short-term debt accounts for 19.1% of total debt, cash equals 3944.6% of debt, and total debt stands at 16.8bn.
- Net Debt / Equity
- −0.20x −0.08x
- Interest Coverage
- 49.05x +31.70x
- Cash / Debt
- 3944.6% +1869.8pp
- Short-term Debt / Total Debt
- 19.1%
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 0.09x equity, with a net cash position equivalent to 0.20x equity.
None
Over the last 12 months, working capital absorbed 51.5bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
In summary
Research synthesis
What this reporting period is showing
The investment case still leans positive, but the improvement right now comes mainly from capital efficiency and cash flow, even though margin remains under pressure. Notably, the improvement in capital efficiency and cash flow has been confirmed across multiple cycles. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 4.1%. The residual risk still sits in core profitability, with net margin down 9.7 pp.
- Improvement: capital efficiency is improving, with trailing-12M ROIC at 16.36%, up 1.9pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.19x. Even so, net financial result still accounts for 4.1% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 38.22% after a 9.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +28,5% YoY pace or begins to slow.
Whether margins hold around the current 38.22% level or narrow again.
Whether operating cash flow holds its 312.3bn (cumulative for 2025) level in upcoming periods or weakens.
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