Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 342.6bn, rose 102.9bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.29x
- P/B
- 0.77x
- EPS
- 1,692
- BVPS
- 13,831
- ROE
- 14.5%
- ROA
- 8.0%
- Market price
- 10,650 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TTA is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- 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 | 192.9 | 172.3 | 392.1 | 206.4 | 187.1 | 148.9 | 168.8 | 227.0 |
| LNST | 72.7 | 59.7 | 129.4 | 80.9 | 64.7 | 42.8 | 37.2 | 95.0 |
| Net margin | 37.67% | 34.66% | 33.01% | 39.18% | 34.60% | 28.73% | 22.07% | 41.84% |
Revenue
193bnNet income
73bnNet margin
37.67%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 31.7% year on year — not from a single spike: quarterly growth stepped up from −9% to +3%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 964bn +31.7%
- Latest quarter YoY
- +3% accelerating
What is driving the margin?
▲Net margin expanded to 35.56%, rising 2.8pp. Core operating signals are improving as SG&A / Revenue fell 0.7pp are enough to offset pressure from Gross margin fell 0.2pp (with additional support from Net financial result / Revenue rose 1.7pp and Other profit / Revenue rose 0.7pp).
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
- 35.56% +2.8pp
- Gross Margin
- 58.03% −0.2pp
- SG&A / Revenue
- 2.98% −0.7pp
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 236.3bn against investing cash flow of -31.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +204.9bn. Financing cash flow was negative +210.6bn.
CFO / net income was 0,60 lần.
After spending +45.3bn on fixed-asset investment, the business generated trailing free cash flow of +160.1bn.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −44.1%, other profit at +0.6% of PBT.
- Non-core / PBT
- 0.6% low
- Net financial / PBT
- −44.1%
- Other profit / PBT
- 0.6%
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 8.5% reflects a large fixed-asset base.
Is capital being deployed efficiently?
▲ROIC expanded to 8.54%, rising 2.5pp. That translates to 8.54 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.1pp and capital turnover rose 0.06x, with invested capital holding roughly steady — capital-return quality improved from both sides.
For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
DSO increased by +31.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 11.1% to 14.5% — mainly driven by asset turnover, despite leverage moving in the opposite direction.
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 0.65x and interest coverage at 2.27x.
At present, short-term debt accounts for 17.8% of total debt, cash equals 1.9% of debt, and total debt stands at 1,629.6bn.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
- Net Debt / Equity
- 0.65x −0.13x
- Interest Coverage
- 2.27x +0.32x
- Cash / Debt
- 1.9% +1.2pp
- Short-term Debt / Total Debt
- 17.8% +0.9pp
TTM YoY · 2025Q2 -> 2026Q2
Cash / debt stands at 1.9%, leaving limited liquidity buffer to monitor.
Balance Sheet
▼ROIC for utilities reflects a large fixed-asset base and regulated tariffs. Capital structure is balanced — liabilities at 0.75x equity, net debt at 0.65x equity.
None
Over the last 12 months, working capital absorbed 248.6bn of cash, mainly because of higher receivables and lower payables.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 2.8 pp. The next item to monitor is capital efficiency, with ROIC at 8.5%. The main risk still sits in leverage and liquidity, with interest coverage at 2.27x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 35.56% after expanding 2.8pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.65x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +31,7% YoY pace or begins to slow.
Whether margins hold around the current 35.56% level or narrow again.
Whether operating cash flow holds its 236.3bn (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?
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.