Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 292.0bn, rose 202.1bn compared with the same period last year. Key positives came from higher financial income. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.92x
- P/B
- 1.66x
- EPS
- 3,904
- BVPS
- 13,929
- ROE
- 30.9%
- ROA
- 26.7%
- Market price
- 23,100 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TSJ has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Financial income
- Other
- Tax
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 | 35.8 | 25.1 | 37.5 | 39.1 | 37.0 | 25.7 | 35.7 | 39.5 |
| LNST | 248.8 | 10.5 | 12.1 | 20.7 | 58.6 | 8.7 | 10.2 | 12.3 |
| Net margin | 694.46% | 41.56% | 32.10% | 52.98% | 158.27% | 34.00% | 28.73% | 31.06% |
Revenue
36bnNet income
249bnNet margin
694.46%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 improved (+147.0pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue declined 0.2% year on year — but the quarterly pace is slowing (−1% → −3%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 138bn −0.2%
- Latest quarter YoY
- −3% slowing
What is driving the margin?
▲▲Net margin expanded to 212.21%, rising 147.0pp. The main driver is Gross margin rose 4.5pp and SG&A / Revenue fell 0.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 177.2pp).
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
- 212.21% +147.0pp
- Gross Margin
- 28.13% +4.5pp
- SG&A / Revenue
- 11.89% −0.4pp
- Non-core / Revenue
- 237.20% +177.2pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 93.8% of PBT and lifted net margin by 177.2pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 11.4bn against investing cash flow of 52.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +63.4bn. Financing cash flow was negative +74.3bn.
CFO / net income was 0,81 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 93.8% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +93.7%, other profit at +0.1% of PBT.
- Non-core / PBT
- 93.8% high
- Net financial / PBT
- 93.7%
- Other profit / PBT
- 0.1%
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 3.2 days versus the same period last year. The main moves came from DIO rose 0.3 days, DSO rose 2.7 days, and DPO fell 0.2 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +3.2 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +2.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 10.7% to 30.9% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 11.4bn.
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
- −0.29x
- 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 0.04x equity, with a net cash position equivalent to 0.29x equity.
None
Over the last 12 months, working capital released 223.0bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
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 operating efficiency, with net margin improving 147.0 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 212.21% after expanding 147.0pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 93.7% of PBT and CFO / net income currently at 0.81x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −0,2% YoY decline or keeps falling.
Whether margins hold around the current 212.21% level or narrow again.
Whether operating cash flow holds its 11.4bn (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.