Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 99.2bn, rose 167.6bn compared with the same period last year. Key positives came from better other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- 2,016
- BVPS
- 11,498
- ROE
- 19.1%
- ROA
- 4.5%
- Market price
- —
The current picture
What Is Changing
On a TTM 2026Q2 basis, TNA posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — 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
- Other profit
- Other
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 | 47.6 | 63.8 | 32.6 | 50.1 | 203.7 | 41.3 | 528.6 | 46.3 |
| LNST | 135.5 | -5.6 | -20.5 | -10.4 | -9.2 | -24.4 | -25.1 | -10.2 |
| Net margin | 284.65% | -8.81% | -63.09% | -20.71% | -4.54% | -59.13% | -4.75% | -21.92% |
Revenue
48bnNet income
136bnNet margin
284.65%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 declined 76.3% year on year — but the quarterly pace is slowing (+8% → −77%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 194bn −76.3%
- Latest quarter YoY
- −77% slowing
What is driving the margin?
▲▲Net margin expanded to 51.02%, rising 59.4pp. Core operating signals are improving as Gross margin rose 16.1pp are enough to offset pressure from SG&A / Revenue rose 8.0pp (in addition, Other profit / Revenue rose 9.9pp added support while Net financial result / Revenue fell 25.4pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 51.02% +59.4pp
- Gross Margin
- 20.34% +16.1pp
- SG&A / Revenue
- 12.87% +8.0pp
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 18.3bn against investing cash flow of 5.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +24.2bn. Financing cash flow was negative +24.3bn.
CFO / net income was −1,86 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 makes up 13.7% of pre-tax profit — worth monitoring.
Within that, net financial result at −45.8%, other profit at +13.7% of PBT.
- Non-core / PBT
- 13.7% moderate
- Net financial / PBT
- −45.8%
- Other profit / PBT
- 13.7%
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
▼▼Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 1764.7 days versus the same period last year. The main moves came from DIO rose 2056.4 days, DSO rose 729.8 days, and DPO rose 1021.5 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 2168.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +729.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −13.5% to 19.1% — supported by net margin and leverage.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.76x and interest coverage only at 1.87x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 2.4% of debt, and total debt stands at 442.3bn.
- Net Debt / Equity
- 0.76x −0.27x
- Interest Coverage
- 1.87x +2.97x
- Cash / Debt
- 2.4% +0.5pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.87x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is balanced — liabilities at 4.00x equity, net debt at 0.76x equity.
Inventory ended the period at 1,087.2bn, roughly 49.4% of total assets.
Over the last 12 months, working capital absorbed 220.9bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and 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 leverage and liquidity remaining the main constraint, with interest coverage at 1.87x. The next watchpoint is capital efficiency. The main offsetting support comes from operating efficiency, with net margin improving 59.4 pp.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 51.02% after expanding 59.4pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.87x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −76,3% YoY decline or keeps falling.
Whether margins hold around the current 51.02% level or narrow again.
Whether operating cash flow holds its 18.3bn (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?
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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.