Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 109.9bn, rose 54.6bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, and better other profit. Offsetting pressure came mainly from lower associates income, higher finance costs, higher tax, and higher deferred tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 21.41x
- P/B
- 0.51x
- EPS
- 283
- BVPS
- 11,896
- ROE
- 2.3%
- ROA
- 1.5%
- Market price
- 6,060 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SAM is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
- Other profit
- Associates income
- Finance costs
- Tax
- Deferred 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 | 2,256.1 | 1,775.4 | 2,018.5 | 1,540.1 | 1,403.8 | 1,163.7 | 861.0 | 918.8 |
| LNST | 42.2 | 15.3 | 47.3 | 15.5 | 33.9 | 5.7 | 12.3 | 8.1 |
| Net margin | 1.87% | 0.86% | 2.35% | 1.01% | 2.41% | 0.49% | 1.42% | 0.89% |
Revenue
2,256bnNet income
42bnNet margin
1.87%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 74.6% year on year — but the quarterly pace is slowing (+68% → +61%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 7,590bn +74.6%
- Latest quarter YoY
- +61% slowing
What is driving the margin?
●Net margin stands at 1.59%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 1.59% +0.2pp
- Gross Margin
- 3.10% −1.3pp
- SG&A / Revenue
- 1.99% −1.3pp
- Non-core / Revenue
- 1.30% +1.4pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 61.2% of PBT and lifted net margin by 1.4pp — separate the operating contribution from this source.
Cash Flow
▼▼Is profit converting into cash?
Operating cash flow reached -359.4bn against investing cash flow of -139.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +499.3bn. Financing cash flow was positive +453.2bn.
CFO / net income was −5,50 lần.
After spending +11.0bn on fixed-asset investment, the business generated trailing free cash flow of −615.2bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 61.2% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +56.6%, other profit at +4.5% of PBT.
- Non-core / PBT
- 61.2% high
- Net financial / PBT
- 56.6%
- Other profit / PBT
- 4.5%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 1.87%, rising 0.5pp. That translates to 1.87 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.48x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 0.3pp; while invested capital rose by 360bn.
Capital turnover improved — a positive signal on asset efficiency, but with ROIC still low, NOPAT margin also needs to lift in coming periods to produce meaningful returns.
ROIC is currently 1.87% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 38.4 days versus the same period last year. The main moves came from DIO fell 13.2 days, DSO fell 29.0 days, and DPO fell 3.8 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE rose from 1.3% to 2.5% — all three components improved, with asset turnover contributing the most.
Is financial risk significant?
Leverage is safe but FCF is negative at 615.2bn due to capex of 11.0bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.31x and interest coverage only at 1.39x.
At present, short-term debt accounts for 88.2% of total debt, cash equals 25.5% of debt, and total debt stands at 2,006.7bn.
- Net Debt / Equity
- 0.31x +0.04x
- Interest Coverage
- 1.39x +0.00x
- Cash / Debt
- 25.5% +3.7pp
- Short-term Debt / Total Debt
- 88.2% +4.6pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.39x, leaving limited room to absorb financing costs.
Short-term debt accounts for 88.2% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.50x equity, net debt at 0.31x equity.
None
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 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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at 1.9%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 56.6% of PBT and CFO / net income currently at −5.50x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +74,6% YoY pace or begins to slow.
Whether margins hold around the current 1.59% level or narrow again.
Whether operating cash flow holds its -359.4bn (cumulative for 2025) level in upcoming periods or weakens.
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