Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 103.1bn, rose 35.2bn compared with the same period last year. Key positives came from higher associates income and higher gross profit. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.25x
- P/B
- 0.49x
- EPS
- 988
- BVPS
- 24,672
- ROE
- 4.2%
- ROA
- 3.9%
- Market price
- 12,100 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SID has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Associates income
- Gross profit
- Financial income
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 | 25.3 | 28.4 | 30.7 | 22.4 | 23.0 | 24.4 | 32.5 | 20.7 |
| LNST | 11.5 | 17.6 | 20.0 | 54.0 | 21.6 | 18.9 | 9.0 | 18.5 |
| Net margin | 45.49% | 62.02% | 65.17% | 240.62% | 93.59% | 77.22% | 27.79% | 89.37% |
Revenue
25bnNet income
12bnNet margin
45.49%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 6.2% year on year, with the quarterly pace steady around +10%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 107bn +6.2%
- Latest quarter YoY
- +10% steady
What is driving the margin?
▲▲Net margin expanded to 96.49%, rising 29.0pp. The main driver is SG&A / Revenue fell 6.7pp and Gross margin rose 5.0pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 1.2pp added support while Net financial result / Revenue fell 12.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 96.49% +29.0pp
- Gross Margin
- 65.62% +5.0pp
- SG&A / Revenue
- 75.74% −6.7pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼Is profit converting into cash?
Operating cash flow reached -235.4bn against investing cash flow of 250.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +15.5bn. Financing cash flow was negative +29.9bn.
CFO / net income was −2,16 lần.
After spending +203.8bn on fixed-asset investment, the business generated trailing free cash flow of −426.2bn.
FCF and CFO in this industry should be read alongside investment cycles and business model specifics.
Earnings Quality
▲How much income is non-core?
About 91% of pre-tax profit comes from core operations.
Within that, net financial result at +8.1%, other profit at +0.7% of PBT.
- Non-core / PBT
- 8.7% low
- Net financial / PBT
- 8.1%
- Other profit / PBT
- 0.7%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 218.9 days versus the same period last year. The main moves came from DIO rose 1.1 days, DSO fell 64.5 days, and DPO rose 155.5 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.
DIO increased by +1.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 2.8% to 4.2% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Leverage is safe but FCF is negative at 426.2bn due to capex of 203.8bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.06x and interest coverage at 214.73x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.
- Net Debt / Equity
- −0.06x
- Interest Coverage
- 214.73x +179.71x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Capital structure is notably light for the real estate sector — liabilities at 0.07x equity, with a net cash position equivalent to 0.06x 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. The brighter spot is operating efficiency, with net margin improving 29.0 pp. The next item to monitor is capital efficiency.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 96.49% after expanding 29.0pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue sustains its +6,2% YoY pace or begins to slow.
Whether margins hold around the current 96.49% level or narrow again.
Whether operating cash flow holds its -235.4bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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