Analysis of business results & financial statements · Quý 3/2026
▲ Showing improvement
Trailing net profit reached 28.2bn, rose 7.8bn compared with the same period last year. Key positives came from better other profit, lower selling expenses, and higher financial income. Offsetting pressure came mainly from higher tax and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.89x
- P/B
- 1.10x
- EPS
- 2,308
- BVPS
- 16,531
- ROE
- 15.5%
- ROA
- 11.1%
- Market price
- 18,200 01 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q3 basis, SFC is improving on both revenue and margins, though the magnitude is still moderate — earnings have been recovering gradually over multiple periods. This signal only becomes convincing if the improvement continues through the next few periods.
Profit bridge
Vs last year · TTM
- Other profit
- Selling expenses
- Financial income
- Tax
- Gross profit
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 3/2026
| Metric | Q3'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 516.4 | 374.7 | 358.8 | 342.5 | 355.8 | 378.2 | 386.5 | 417.3 |
| LNST | 10.6 | 5.2 | 6.7 | 5.8 | 5.5 | 5.5 | 4.3 | 5.1 |
| Net margin | 2.06% | 1.38% | 1.86% | 1.70% | 1.55% | 1.47% | 1.11% | 1.22% |
Revenue
516bnNet income
11bnNet margin
2.06%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 8.8% year on year — not from a single spike: quarterly growth stepped up from −18% to +51%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,592bn +8.8%
- Latest quarter YoY
- +51% accelerating
What is driving the margin?
●Net margin edged up to 1.77%, rising 0.3pp. Core operating signals are improving as SG&A / Revenue fell 0.9pp are enough to offset pressure from Gross margin fell 0.9pp (with additional support from Other profit / Revenue rose 0.4pp and Net financial result / Revenue rose 0.1pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 1.77% +0.3pp
- Gross Margin
- 5.57% −0.9pp
- SG&A / Revenue
- 4.05% −0.9pp
- Non-core / Revenue
- 0.73% +0.4pp
TTM YoY · 2025Q3 -> 2026Q3
Profit includes a contribution from non-core sources (32.3% 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 21.6bn against investing cash flow of -67.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +46.4bn. Financing cash flow was negative +17.2bn.
CFO / net income was 0,58 lần.
After spending +6.1bn on fixed-asset investment, the business generated trailing free cash flow of +10.3bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 32.3% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +15.0%, other profit at +17.4% of PBT.
- Non-core / PBT
- 32.3% high
- Net financial / PBT
- 15.0%
- Other profit / PBT
- 17.4%
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 15.50%, losing 4.2pp. That translates to 15.50 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 3.06x — capital is being absorbed faster than revenue is being generated; with invested capital holding roughly steady.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Working Capital Efficiency
●Cash conversion cycle improved by 0.4 days versus the same period last year. The main moves came from DIO fell 0.9 days, DSO fell 0.2 days, and DPO fell 0.7 days.
Working capital cycle is flat — components are offsetting each other.
DuPont
What drives ROE?
ROE rose from 11.9% to 15.7% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 21.6bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.14x and interest coverage at 29.76x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 468.4% of debt, and total debt stands at 7.0bn.
- Net Debt / Equity
- −0.14x +0.10x
- Interest Coverage
- 29.76x +10.97x
- Cash / Debt
- 468.4% +221.3pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q3 -> 2026Q3
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼The balance sheet shows capital-allocation efficiency slipping. Balance sheet is exceptionally sound — liabilities at 0.52x equity, with a net cash position equivalent to 0.14x equity.
None
Over the last 12 months, working capital absorbed 16.3bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
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 balance-sheet flexibility, with net cash/equity at about −0.14x. The next item to monitor is the earnings mix, when non-core contribution is 15.0%.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.14x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 15.0% of PBT and CFO / net income currently at 0.58x.
What to verify next
Questions for the next period
Whether revenue sustains its +8,8% YoY pace or begins to slow.
Whether margins hold around the current 1.77% level or narrow again.
Whether operating cash flow holds its 21.6bn (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.