Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 64.7bn, rose 80.5bn compared with the same period last year. Key positives came from higher financial income and better other profit. Offsetting pressure came mainly from lower gross profit, higher finance costs, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.33x
- P/B
- 0.35x
- EPS
- 1,233
- BVPS
- 11,569
- ROE
- 11.7%
- ROA
- 7.0%
- Market price
- 4,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TNI has not accelerated revenue sharply, but profitability is improving visibly — this marks a reversal from the difficult phase before. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Financial income
- Other profit
- Gross profit
- Finance costs
- Administrative 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 | 457.4 | 239.7 | 354.1 | 175.0 | 322.0 | 208.9 | 382.2 | 259.8 |
| LNST | 7.9 | 6.6 | 52.6 | -2.2 | 5.0 | -5.3 | -21.6 | 6.0 |
| Net margin | 1.72% | 2.76% | 14.85% | -1.26% | 1.55% | -2.56% | -5.65% | 2.30% |
Revenue
457bnNet income
8bnNet margin
1.72%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 4.5% year on year — not from a single spike: quarterly growth stepped up from −33% to +42%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,226bn +4.5%
- Latest quarter YoY
- +42% accelerating
What is driving the margin?
▲▲Net margin expanded to 5.29%, rising 6.7pp. Despite pressure from Gross margin fell 3.0pp and SG&A / Revenue rose 1.2pp, the offset came from Net financial result / Revenue rose 7.6pp and Other profit / Revenue rose 2.8pp.
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
- 5.29% +6.7pp
- Gross Margin
- −0.52% −3.0pp
- SG&A / Revenue
- 2.74% +1.2pp
- Non-core / Revenue
- 8.66% +10.4pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 163.0% of PBT and lifted net margin by 10.4pp — separate the operating contribution from this source.
Cash Flow
▼▼Is profit converting into cash?
Operating cash flow reached -28.7bn against investing cash flow of -18.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +47.1bn. Financing cash flow was negative +111.1bn.
CFO / net income was −0,05 lần.
After spending +131.5bn on fixed-asset investment, the business generated trailing free cash flow of −134.6bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 163.0% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +111.9%, other profit at +51.0% of PBT.
- Non-core / PBT
- 163.0% high
- Net financial / PBT
- 111.9%
- Other profit / PBT
- 51.0%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 3.87%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently 3.87% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 24.3 days versus the same period last year. The main moves came from DIO fell 12.7 days, DSO fell 12.4 days, and DPO fell 0.8 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 108.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from −3.1% to 11.7% — supported by net margin and leverage.
Is financial risk significant?
Leverage is safe but FCF is negative at 134.6bn due to capex of 131.5bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.51x and interest coverage only at 0.83x.
At present, short-term debt accounts for 92.5% of total debt, cash equals 10.1% of debt, and total debt stands at 345.0bn.
- Net Debt / Equity
- 0.51x +0.18x
- Interest Coverage
- 0.83x +1.55x
- Cash / Debt
- 10.1% −1.1pp
- Short-term Debt / Total Debt
- 92.5% +1.7pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 0.83x, leaving limited room to absorb financing costs.
Short-term debt accounts for 92.5% of total debt, raising near-term refinancing needs.
Balance Sheet
▼Capital structure is balanced — liabilities at 0.58x equity, net debt at 0.51x equity.
Inventory ended the period at 181.8bn, roughly 19.5% of total assets.
Over the last 12 months, working capital absorbed 14.0bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
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 capital efficiency remains weak remaining the main constraint, with ROIC at 3.9%. The next watchpoint is the earnings mix, when non-core contribution is 111.9%. The main offsetting support comes from operating efficiency, with net margin improving 6.7 pp.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.29% after expanding 6.7pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 111.9% of PBT and CFO / net income currently at −0.05x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +4,5% YoY pace or begins to slow.
Whether margins hold around the current 5.29% level or narrow again.
Whether operating cash flow holds its -28.7bn (cumulative for 2025) level in upcoming periods or weakens.
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