Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 92.3bn, rose 30.6bn compared with the same period last year. Key positives came from lower administrative expenses, higher gross profit, and better other profit. Offsetting pressure came mainly from higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.43x
- P/B
- 0.66x
- EPS
- 2,053
- BVPS
- 13,860
- ROE
- 14.9%
- ROA
- 3.6%
- Market price
- 9,100 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TVD is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. This signal only becomes convincing if the improvement continues through the next few periods.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Gross profit
- Other profit
- Other
- 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 | 1,717.5 | 1,525.7 | 2,052.6 | 1,303.4 | 1,674.4 | 1,649.1 | 1,723.9 | 1,230.9 |
| LNST | 15.1 | 20.6 | 42.5 | 14.2 | 18.4 | 18.2 | 82.5 | -57.3 |
| Net margin | 0.88% | 1.35% | 2.07% | 1.09% | 1.10% | 1.10% | 4.78% | -4.66% |
Revenue
1,718bnNet income
15bnNet margin
0.88%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 5.1% year on year — but the quarterly pace is slowing (+6% → +3%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 6,599bn +5.1%
- Latest quarter YoY
- +3% slowing
What is driving the margin?
●Net margin edged up to 1.40%, rising 0.4pp. Core operating signals are improving as SG&A / Revenue fell 0.6pp are enough to offset pressure from Gross margin fell 0.2pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.3pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 1.40% +0.4pp
- Gross Margin
- 5.59% −0.2pp
- SG&A / Revenue
- 3.15% −0.6pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 360.1bn against investing cash flow of -477.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +117.6bn. Financing cash flow was positive +113.4bn.
CFO / net income was 2,45 lần.
After spending +573.3bn on fixed-asset investment, the business generated trailing free cash flow of −347.5bn.
Earnings Quality
▲How much income is non-core?
About 94% of pre-tax profit comes from core operations.
Within that, net financial result at −70.5%, other profit at +5.8% of PBT.
- Non-core / PBT
- 5.8% low
- Net financial / PBT
- −70.5%
- Other profit / PBT
- 5.8%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 5.25%, broadly flat versus the same period. That translates to 5.25 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover fell 0.43x, while invested capital rose by 204bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 12.3 days versus the same period last year. The main moves came from DIO rose 1.0 days, DSO fell 20.0 days, and DPO fell 6.8 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +1.0 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 9.8% to 14.9% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.75x and interest coverage only at 1.30x.
At present, short-term debt accounts for 35.1% of total debt, cash equals 1.3% of debt, and total debt stands at 1,105.1bn.
- Net Debt / Equity
- 1.75x +0.58x
- Interest Coverage
- 1.30x −0.41x
- Cash / Debt
- 1.3% −5.8pp
- Short-term Debt / Total Debt
- 35.1% +4.4pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.75x, increasing balance-sheet pressure.
Interest coverage is 1.30x, leaving limited room to absorb financing costs.
Balance Sheet
▼Leverage is elevated, requiring monitoring — liabilities at 2.91x equity, net debt at 1.75x equity.
None
Over the last 12 months, working capital absorbed 1.4bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
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 2.45x. The main risk still sits in leverage and liquidity, with interest coverage at 1.30x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.45x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.30x.
What to verify next
Questions for the next period
Whether revenue sustains its +5,1% YoY pace or begins to slow.
Whether margins hold around the current 1.40% level or narrow again.
Whether operating cash flow holds its 360.1bn (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
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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.