Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 5.9bn, fell 38.5bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from lower gross profit and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.53x
- P/B
- 0.70x
- EPS
- 295
- BVPS
- 4,829
- ROE
- 6.3%
- ROA
- 1.9%
- Market price
- 3,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TNS posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Tax
- Gross profit
- Finance costs
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 | 257.4 | 412.0 | 139.5 | 182.2 | 287.5 | 450.0 | 238.3 | 592.9 |
| LNST | 3.4 | 0.3 | 1.2 | 1.0 | 3.1 | 8.8 | 21.7 | 10.9 |
| Net margin | 1.33% | 0.07% | 0.86% | 0.54% | 1.08% | 1.95% | 9.11% | 1.83% |
Revenue
257bnNet income
3bnNet margin
1.33%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 36.8% year on year — not from a single spike: quarterly growth stepped up from −69% to −10%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 991bn −36.8%
- Latest quarter YoY
- −10% accelerating
What is driving the margin?
▼Net margin fell to 0.59%, losing 2.2pp. The main pressure comes from Gross margin fell 1.4pp and SG&A / Revenue rose 0.3pp (with lingering pressure from Net financial result / Revenue fell 1.1pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 0.59% −2.2pp
- Gross Margin
- 2.51% −1.4pp
- SG&A / Revenue
- 1.45% +0.3pp
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 23.2bn against investing cash flow of -4.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +18.6bn. Financing cash flow was negative +18.3bn.
CFO / net income was 1,37 lần.
After spending +6.1bn on fixed-asset investment, the business generated trailing free cash flow of +2.0bn.
Earnings Quality
▲How much income is non-core?
About 91% of pre-tax profit comes from core operations.
Within that, net financial result at −28.7%, other profit at +9.1% of PBT.
- Non-core / PBT
- 9.1% low
- Net financial / PBT
- −28.7%
- Other profit / PBT
- 9.1%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 5.28%, losing 32.8pp. That translates to 5.28 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 2.2pp and capital turnover fell 5.07x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 9.5 days versus the same period last year. The main moves came from DIO fell 13.9 days, DSO rose 0.2 days, and DPO fell 4.2 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DSO increased by +0.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 63.3% to 6.3% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.37x and interest coverage at 3.63x.
At present, cash equals 18.0% of debt and total debt stands at 32.8bn.
- Net Debt / Equity
- 0.37x +0.05x
- Interest Coverage
- 3.63x −0.44x
- Cash / Debt
- 18.0% +1.4pp
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Cash / debt stands at 18.0%, leaving limited liquidity buffer to monitor.
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 3.45x equity, net debt at 0.37x equity.
Inventory ended the period at 170.1bn, roughly 41.2% of total assets.
Over the last 12 months, working capital absorbed 9.4bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.37x. The main risk still sits in core profitability, with net margin down 2.2 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.37x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 59.45% after a 2.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −36,8% YoY decline or keeps falling.
Whether margins hold around the current 0.59% level or narrow again.
Whether operating cash flow holds its 23.2bn (cumulative for 2025) level in upcoming periods or weakens.
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