Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 163.3bn, rose 104.2bn compared with the same period last year. Key positives came from higher financial income, better other profit, higher gross profit, and lower deferred tax. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.83x
- P/B
- 1.33x
- EPS
- 3,204
- BVPS
- 18,864
- ROE
- 12.9%
- ROA
- 4.9%
- Market price
- 25,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TV2 has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Financial income
- Other profit
- Gross profit
- Deferred tax
- Other
- Tax
- 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 | 438.1 | 244.0 | 536.7 | 253.8 | 215.8 | 299.9 | 443.8 | 291.5 |
| LNST | 48.9 | 53.4 | 49.0 | 13.4 | 5.7 | 14.5 | 19.9 | 19.4 |
| Net margin | 11.16% | 21.87% | 9.12% | 5.29% | 2.66% | 4.84% | 4.49% | 6.66% |
Revenue
438bnNet income
49bnNet margin
11.16%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 (+6.4pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 17.7% year on year — not from a single spike: quarterly growth stepped up from −13% to +103%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,473bn +17.7%
- Latest quarter YoY
- +103% accelerating
What is driving the margin?
▲▲Net margin expanded to 11.18%, rising 6.4pp. Core operating signals are improving as SG&A / Revenue fell 0.7pp are enough to offset pressure from Gross margin fell 0.8pp (with additional support from Net financial result / Revenue rose 3.7pp and Other profit / Revenue rose 1.6pp).
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
- 11.18% +6.4pp
- Gross Margin
- 14.90% −0.8pp
- SG&A / Revenue
- 10.58% −0.7pp
- Non-core / Revenue
- 6.17% +5.3pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 46.7% of PBT and lifted net margin by 5.3pp — 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 933.2bn against investing cash flow of -80.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +852.3bn. Financing cash flow was negative +125.5bn.
CFO / net income was 11,98 lần.
After spending +24.2bn on fixed-asset investment, the business generated trailing free cash flow of +1,932.6bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 46.7% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +34.3%, other profit at +12.4% of PBT.
- Non-core / PBT
- 46.7% high
- Net financial / PBT
- 34.3%
- Other profit / PBT
- 12.4%
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 16.2 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 13.10%, rising 8.3pp. That translates to 13.10 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 5.0pp and capital turnover rose 0.33x, while invested capital contracted by 142bn — capital-return quality improved from both sides.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
▼Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 16.2 days versus the same period last year. The main moves came from DIO fell 6.2 days, DSO fell 19.5 days, and DPO fell 41.8 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC stands at 212.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 4.7% to 13.0% — 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 933.2bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.18x and interest coverage at 16.24x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 214.3% of debt, and total debt stands at 206.1bn.
- Net Debt / Equity
- −0.18x −0.11x
- Interest Coverage
- 16.24x +3.58x
- Cash / Debt
- 214.3% +13.3pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▲The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 1.34x equity, with a net cash position equivalent to 0.18x equity.
None
Over the last 12 months, working capital released 1,866.5bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is operating efficiency, with net margin improving 6.4 pp. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 34.3%. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 213 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 11.18% after expanding 6.4pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 11.98x. Even so, net financial result still accounts for 34.3% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 212.5 days.
What to verify next
Questions for the next period
Whether revenue sustains its +17,7% YoY pace or begins to slow.
Whether margins hold around the current 11.18% level or narrow again.
Whether operating cash flow holds its 933.2bn (cumulative for 2025) level in upcoming periods or weakens.
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