Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 124.2bn, rose 24.8bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher finance costs, higher selling expenses, higher tax, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.16x
- P/B
- 0.80x
- EPS
- 4,047
- BVPS
- 21,101
- ROE
- 20.3%
- ROA
- 6.7%
- Market price
- 16,850 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TYA is growing strongly on the back of scale expansion, while margins have only improved slightly — margins have been expanding consistently over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Selling expenses
- 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 | 748.8 | 576.1 | 678.1 | 561.9 | 613.8 | 492.9 | 523.0 | 488.1 |
| LNST | 33.9 | 27.9 | 39.2 | 23.2 | 35.3 | 20.7 | 23.6 | 19.8 |
| Net margin | 4.53% | 4.84% | 5.78% | 4.14% | 5.76% | 4.21% | 4.50% | 4.05% |
Revenue
749bnNet income
34bnNet margin
4.53%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 21.1% year on year — not from a single spike: quarterly growth stepped up from +15% to +22%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,565bn +21.1%
- Latest quarter YoY
- +22% accelerating
What is driving the margin?
●Net margin stands at 4.84%, 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
- 4.84% +0.1pp
- Gross Margin
- 10.71% +0.5pp
- SG&A / Revenue
- 3.63% −0.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -193.4bn against investing cash flow of -58.3bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +251.7bn. Financing cash flow was positive +244.1bn.
CFO / net income was −1,01 lần.
After spending +19.2bn on fixed-asset investment, the business generated trailing free cash flow of −144.6bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −17.3%, other profit at +0.6% of PBT.
- Non-core / PBT
- 0.6% low
- Net financial / PBT
- −17.3%
- Other profit / PBT
- 0.6%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 8.92%, broadly flat versus the same period. That translates to 8.92 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover fell 0.06x, while invested capital expanded strongly by 280bn — 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
▼Cash conversion cycle lengthened by 4.7 days versus the same period last year. The main moves came from DIO rose 16.2 days, DSO rose 0.6 days, and DPO rose 12.2 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 114.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +0.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 18.3% to 20.3% — mainly driven by leverage, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 144.6bn due to capex of 19.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.26x and interest coverage only at 2.35x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 17.4% of debt, and total debt stands at 989.1bn.
- Net Debt / Equity
- 1.26x −0.04x
- Interest Coverage
- 2.35x −0.11x
- Cash / Debt
- 17.4% −4.8pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.26x, increasing balance-sheet pressure.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼Leverage is elevated, requiring monitoring — liabilities at 1.49x equity, net debt at 1.26x equity.
Inventory ended the period at 454.3bn, roughly 28.4% of total assets.
Over the last 12 months, working capital absorbed 203.0bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at −1.01x. The main risk still sits in leverage and liquidity, with interest coverage at 2.35x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −1.01x.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.26x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +21,1% YoY pace or begins to slow.
Whether margins hold around the current 4.84% level or narrow again.
Whether operating cash flow holds its -193.4bn (cumulative for 2025) level in upcoming periods or weakens.
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