Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 7.2bn, rose 0.0bn compared with the same period last year. Key positives came from higher gross profit, lower tax, lower administrative expenses, and higher financial income. Offsetting pressure came mainly from weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 39.68x
- P/B
- 2.47x
- EPS
- 1,260
- BVPS
- 20,275
- ROE
- 6.2%
- ROA
- 6.0%
- Market price
- 50,000 25 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TET is maintaining revenue, but margins are compressing slightly. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Administrative expenses
- Financial income
- 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 | 6.1 | 5.8 | 6.4 | 5.5 | 5.3 | 6.2 | 5.9 | 5.7 |
| LNST | 2.3 | 0.5 | 3.3 | 1.2 | 5.4 | 0.3 | 0.8 | 0.7 |
| Net margin | 37.89% | 8.17% | 51.22% | 20.94% | 100.75% | 5.09% | 13.14% | 12.09% |
Revenue
6bnNet income
2bnNet margin
37.89%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 2.3% year on year — not from a single spike: quarterly growth stepped up from −3% to +14%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 24bn +2.3%
- Latest quarter YoY
- +14% accelerating
What is driving the margin?
▼Net margin narrowed to 30.32%, falling 0.6pp. Gross margin rose 14.0pp and SG&A / Revenue fell 2.6pp improved but not enough to offset the weakness in Other profit / Revenue fell 20.9pp (Net financial result / Revenue rose 0.7pp still added support).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 30.32% −0.6pp
- Gross Margin
- 47.24% +14.0pp
- SG&A / Revenue
- 27.16% −2.6pp
- Non-core / Revenue
- 16.27% −20.1pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 20.1pp, financial result still accounts for 53.0% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -1.7bn against investing cash flow of 9.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +7.7bn. Financing cash flow was negative +4.6bn.
CFO / net income was −0,30 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 53.0% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +48.9%, other profit at +4.1% of PBT.
- Non-core / PBT
- 53.0% high
- Net financial / PBT
- 48.9%
- Other profit / PBT
- 4.1%
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
▼▼Cash conversion cycle lengthened by 128.8 days versus the same period last year. The main moves came from DIO rose 130.8 days, DSO fell 1.0 days, and DPO rose 1.0 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 261.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +130.8 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE is broadly flat at 6.2% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.28x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.03x equity, with a net cash position equivalent to 0.28x 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 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 working capital is tied up too long in the operating cycle remaining the main constraint, with CCC extended to 262 days. The next watchpoint is the earnings mix, when non-core contribution is 48.9%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.28x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.28x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 48.9% of PBT and CFO / net income currently at −0.30x.
- Key risk: working capital remains tied up for too long, with cash cycle at 261.6 days.
What to verify next
Questions for the next period
Whether revenue sustains its +2,3% YoY pace or begins to slow.
Whether margins hold around the current 30.32% level or narrow again.
Whether operating cash flow holds its -1.7bn (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.