Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 38.2bn, rose 5.7bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and better other profit. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.21x
- P/B
- 0.91x
- EPS
- 1,933
- BVPS
- 13,226
- ROE
- 14.5%
- ROA
- 9.9%
- Market price
- 12,000 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TV4 is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Other profit
- Administrative expenses
- 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 | 43.5 | 60.7 | 111.6 | 69.3 | 52.2 | 45.9 | 114.0 | 34.1 |
| LNST | 3.6 | 3.6 | 26.5 | 4.5 | 3.2 | 2.7 | 24.9 | 1.7 |
| Net margin | 8.26% | 5.89% | 23.78% | 6.53% | 6.13% | 5.89% | 21.86% | 5.11% |
Revenue
44bnNet income
4bnNet margin
8.26%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 (+0.2pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 15.8% year on year — but the quarterly pace is slowing (+103% → −17%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 285bn +15.8%
- Latest quarter YoY
- −17% slowing
What is driving the margin?
●Net margin stands at 13.40%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 13.40% +0.2pp
- Gross Margin
- 22.28% −1.7pp
- SG&A / Revenue
- 16.18% −2.1pp
- Non-core / Revenue
- 8.79% −0.1pp
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (61.4% of PBT) — sustainability should be monitored.
Cash Flow
▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 60.8bn against investing cash flow of -46.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +14.8bn. Financing cash flow was negative +19.8bn.
CFO / net income was 0,53 lần.
After spending +6.2bn on fixed-asset investment, the business generated trailing free cash flow of +13.9bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 61.4% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +60.3%, other profit at +1.0% of PBT.
- Non-core / PBT
- 61.4% high
- Net financial / PBT
- 60.3%
- Other profit / PBT
- 1.0%
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
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 44.8 days versus the same period last year. The main moves came from DIO fell 11.3 days, DSO fell 28.6 days, and DPO rose 4.9 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 121.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 12.5% to 14.5% — all three components improved, with leverage contributing the most.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 60.8bn.
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
- −0.23x
- 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 0.53x equity, with a net cash position equivalent to 0.23x equity.
None
Over the last 12 months, working capital released 14.4bn of cash, mainly thanks to higher payables. Pressure from higher receivables and 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 balance-sheet flexibility, with net cash/equity at about −0.23x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 122 days.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.23x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 60.3% of PBT and CFO / net income currently at 0.53x.
- Key risk: working capital remains tied up for too long, with cash cycle at 121.8 days.
What to verify next
Questions for the next period
Whether revenue sustains its +15,8% YoY pace or begins to slow.
Whether margins hold around the current 13.40% level or narrow again.
Whether operating cash flow holds its 60.8bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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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.