Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 10.2bn, rose 0.9bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.43x
- P/B
- 0.53x
- EPS
- 3,409
- BVPS
- 28,348
- ROE
- 12.5%
- ROA
- 7.9%
- Market price
- 15,100 24 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SFN is in an offsetting state — revenue softened slightly but margins improved — the growth momentum has held across consecutive periods. What is still missing is a signal strong enough to tilt this picture clearly in either direction.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Administrative expenses
- Selling expenses
- 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 | 32.5 | 33.4 | 37.7 | 38.3 | 38.6 | 34.0 | 37.0 | 34.3 |
| LNST | 2.7 | 1.4 | 3.6 | 2.6 | 3.0 | 2.0 | 2.3 | 2.0 |
| Net margin | 8.19% | 4.29% | 9.48% | 6.69% | 7.66% | 5.96% | 6.32% | 5.90% |
Revenue
32bnNet income
3bnNet margin
8.19%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 are improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue declined 1.5% year on year — but the quarterly pace is slowing (+11% → −16%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 142bn −1.5%
- Latest quarter YoY
- −16% slowing
What is driving the margin?
▲Net margin edged up to 7.21%, rising 0.7pp. Core operating signals are improving as Gross margin rose 2.9pp are enough to offset pressure from SG&A / Revenue rose 2.7pp (with lingering pressure from Net financial result / Revenue fell 1.3pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 7.21% +0.7pp
- Gross Margin
- 17.31% +2.9pp
- SG&A / Revenue
- 10.00% +2.7pp
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 12.2bn against investing cash flow of -51.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +39.4bn. Financing cash flow was positive +35.0bn.
CFO / net income was 0,12 lần.
After spending +8.9bn on fixed-asset investment, the business generated trailing free cash flow of −7.6bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −5.3% of PBT.
- Non-core / PBT
- 0.0% low
- Net financial / PBT
- −5.3%
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 8.34%, losing 5.0pp. That translates to 8.34 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.8pp and capital turnover fell 0.59x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
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 0.0 days versus the same period last year. The main moves came from DIO fell 3.0 days, DSO rose 3.3 days, and DPO rose 0.2 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 91.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +3.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 12.5% — the components are offsetting one another.
Is financial risk significant?
Leverage is safe but FCF is negative at 7.6bn due to capex of 8.9bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.16x and interest coverage at 4.34x.
At present, cash equals 64.0% of debt and total debt stands at 37.0bn.
- Net Debt / Equity
- 0.16x +0.04x
- Interest Coverage
- 4.34x
- Cash / Debt
- 64.0% −10.4pp
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.55x equity, net debt at 0.16x equity.
Inventory ended the period at 20.5bn, roughly 15.6% of total assets.
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. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.12x. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.12x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −1,5% YoY decline or keeps falling.
Whether margins hold around the current 7.21% level or narrow again.
Whether operating cash flow holds its 12.2bn (cumulative for 2025) level in upcoming periods or weakens.
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