Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 38.1bn, rose 7.3bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher finance costs, higher selling expenses, higher administrative expenses, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.43x
- P/B
- —
- EPS
- 795
- BVPS
- —
- ROE
- 5.8%
- ROA
- 2.1%
- Market price
- 9,880 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SFG is maintaining revenue growth, but margins have not improved proportionally — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Finance costs
- Selling expenses
- Administrative expenses
- Other profit
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 | 687.8 | 1,018.9 | 327.6 | 678.3 | 572.5 | 487.2 | 509.7 | 298.8 |
| LNST | 16.0 | 9.7 | 2.8 | 9.6 | 12.0 | 6.4 | 4.4 | 7.9 |
| Net margin | 2.33% | 0.95% | 0.85% | 1.41% | 2.10% | 1.32% | 0.86% | 2.65% |
Revenue
688bnNet income
16bnNet margin
2.33%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 45.2% year on year — but the quarterly pace is slowing (+127% → +20%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,713bn +45.2%
- Latest quarter YoY
- +20% slowing
What is driving the margin?
●Net margin stands at 1.40%, 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
- 1.40% −0.2pp
- Gross Margin
- 7.94% −0.3pp
- SG&A / Revenue
- 5.18% −0.6pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -465.9bn against investing cash flow of 146.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +319.5bn. Financing cash flow was positive +322.0bn.
CFO / net income was −4,02 lần.
After spending +29.0bn on fixed-asset investment, the business generated trailing free cash flow of −182.0bn.
Earnings Quality
▲How much income is non-core?
About 93% of pre-tax profit comes from core operations.
Within that, net financial result at −59.8%, other profit at +7.1% of PBT.
- Non-core / PBT
- 7.1% low
- Net financial / PBT
- −59.8%
- Other profit / PBT
- 7.1%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 2.29%, rising 0.3pp. That translates to 2.29 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.28x — the business is generating more revenue per unit of capital, with NOPAT margin steady; while invested capital expanded strongly by 276bn.
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 2.29% — 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 12.3 days versus the same period last year. The main moves came from DIO rose 11.4 days, DSO fell 25.3 days, and DPO fell 1.6 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 124.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +11.4 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 4.8% to 5.8% — driven by leverage and asset turnover together, despite net margin moving in the opposite direction.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.53x and interest coverage only at 0.71x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 6.3% of debt, and total debt stands at 1,111.6bn.
- Net Debt / Equity
- 1.53x +0.24x
- Interest Coverage
- 0.71x −0.27x
- Cash / Debt
- 6.3% +1.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.53x, increasing balance-sheet pressure.
Interest coverage is 0.71x, leaving limited room to absorb financing costs.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 1.69x equity, net debt at 1.53x equity.
Inventory ended the period at 1,035.5bn, roughly 58.3% of total assets.
Over the last 12 months, working capital absorbed 194.6bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 2.3%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at −4.02x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −4.02x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +45,2% YoY pace or begins to slow.
Whether margins hold around the current 1.40% level or narrow again.
Whether operating cash flow holds its -465.9bn (cumulative for 2025) level in upcoming periods or weakens.
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