Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 2.6bn, fell 6.6bn compared with the same period last year. Key positives came from lower selling expenses and lower administrative expenses. Offsetting pressure came mainly from lower gross profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 13.55x
- P/B
- 0.32x
- EPS
- 406
- BVPS
- 16,963
- ROE
- 3.4%
- ROA
- 0.8%
- Market price
- 5,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SMN posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Selling expenses
- Administrative expenses
- 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 | 259.6 | 10.1 | 27.4 | 120.5 | 166.8 | 18.7 | 37.2 | 196.0 |
| LNST | 4.8 | -2.5 | -2.3 | 2.6 | 3.1 | 0.1 | 0.6 | 5.4 |
| Net margin | 1.83% | -24.43% | -8.30% | 2.14% | 1.87% | 0.29% | 1.62% | 2.78% |
Revenue
260bnNet income
5bnNet margin
1.83%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 declined 0.2% year on year — not from a single spike: quarterly growth stepped up from −39% to +56%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 418bn −0.2%
- Latest quarter YoY
- +56% accelerating
What is driving the margin?
▼Net margin fell to 0.62%, losing 1.6pp. The main pressure is Gross margin fell 4.7pp, outweighing the improvement in SG&A / Revenue fell 3.5pp (with lingering pressure from Net financial result / Revenue fell 1.0pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 0.62% −1.6pp
- Gross Margin
- 10.43% −4.7pp
- SG&A / Revenue
- 9.71% −3.5pp
- Non-core / Revenue
- 0.14% −1.0pp
TTM YoY · 2025Q2 -> 2026Q2
Profit includes a contribution from financial result (37.6% 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 1.2bn against investing cash flow of 0.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +1.9bn. Financing cash flow was negative +4.8bn.
CFO / net income was −25,41 lần.
After spending +0.5bn on fixed-asset investment, the business generated trailing free cash flow of −66.2bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 37.6% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +24.7%, other profit at +12.9% of PBT.
- Non-core / PBT
- 37.6% high
- Net financial / PBT
- 24.7%
- Other profit / PBT
- 12.9%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 14.6 days versus the same period last year. The main moves came from DIO rose 9.5 days, DSO rose 29.1 days, and DPO rose 53.1 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +29.1 days, pointing to slower receivables turnover.
DIO increased by +9.5 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 12.1% to 3.4% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 1.2bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 100.0% of total debt, cash equals 124.2% of debt, and total debt stands at 3.0bn.
- Net Debt / Equity
- −0.01x
- Interest Coverage
- None
- Cash / Debt
- 124.2%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.88x equity, with a net cash position equivalent to 0.01x equity.
Inventory ended the period at 90.5bn, roughly 63.9% 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 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 margins remain under pressure remaining the main constraint, with net margin down 1.6 pp. The next watchpoint is the earnings mix, when non-core contribution is 24.7%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.01x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.01x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 24.7% of PBT and CFO / net income currently at −25.41x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 61.87% after a 1.6pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −0,2% YoY decline or keeps falling.
Whether margins hold around the current 0.62% level or narrow again.
Whether operating cash flow holds its 1.2bn (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.