Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 435.8bn, rose 86.4bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and better other profit. Offsetting pressure came mainly from lower financial income, higher administrative expenses, higher tax, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.19x
- P/B
- 1.14x
- EPS
- 3,431
- BVPS
- 15,583
- ROE
- 22.7%
- ROA
- 5.9%
- Market price
- 17,800 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TNG is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Other profit
- Financial income
- Administrative expenses
- Tax
- Selling expenses
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 | 2,914.0 | 1,952.0 | 2,027.4 | 2,632.8 | 2,527.6 | 1,510.6 | 1,851.6 | 2,357.6 |
| LNST | 146.9 | 60.3 | 111.6 | 117.0 | 120.4 | 43.3 | 74.6 | 111.1 |
| Net margin | 5.04% | 3.09% | 5.50% | 4.45% | 4.76% | 2.87% | 4.03% | 4.71% |
Revenue
2,914bnNet income
147bnNet margin
5.04%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 grew 15.5% year on year — not from a single spike: quarterly growth stepped up from +12% to +15%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 9,526bn +15.5%
- Latest quarter YoY
- +15% accelerating
What is driving the margin?
●Net margin edged up to 4.57%, rising 0.3pp. Core operating signals are improving as SG&A / Revenue fell 0.5pp are enough to offset pressure from Gross margin fell 0.7pp (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.2pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 4.57% +0.3pp
- Gross Margin
- 13.87% −0.7pp
- SG&A / Revenue
- 6.08% −0.5pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 419.2bn against investing cash flow of -880.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +460.9bn. Financing cash flow was positive +332.8bn.
CFO / net income was 0,26 lần.
After spending +323.9bn on fixed-asset investment, the business generated trailing free cash flow of −208.9bn.
Earnings Quality
▲How much income is non-core?
About 98% of pre-tax profit comes from core operations.
Within that, net financial result at −40.6%, other profit at +1.9% of PBT.
- Non-core / PBT
- 1.9% low
- Net financial / PBT
- −40.6%
- Other profit / PBT
- 1.9%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 7.45%, broadly flat versus the same period. That translates to 7.45 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.2pp, but capital turnover broadly stable, while invested capital rose by 875bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 5.6 days versus the same period last year. The main moves came from DIO rose 1.4 days, DSO rose 1.7 days, and DPO fell 2.5 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 90.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +1.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 19.2% to 22.7% — mainly driven by leverage, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.11x and interest coverage only at 1.61x.
At present, short-term debt accounts for 74.0% of total debt, cash equals 4.3% of debt, and total debt stands at 4,417.2bn.
- Net Debt / Equity
- 2.11x +0.25x
- Interest Coverage
- 1.61x +0.41x
- Cash / Debt
- 4.3% −3.0pp
- Short-term Debt / Total Debt
- 74.0% −1.1pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 2.11x, increasing balance-sheet pressure.
Interest coverage is 1.61x, leaving limited room to absorb financing costs.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 2.45x equity, net debt at 2.11x equity.
Inventory ended the period at 1,445.5bn, roughly 20.9% 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 showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.26x. The main risk still sits in leverage and liquidity, with interest coverage at 1.61x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.26x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.61x.
What to verify next
Questions for the next period
Whether revenue sustains its +15,5% YoY pace or begins to slow.
Whether margins hold around the current 4.57% level or narrow again.
Whether operating cash flow holds its 419.2bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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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.