Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 5.1bn, rose 3.4bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and lower selling expenses. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- —
- BVPS
- —
- ROE
- 3.2%
- ROA
- 1.4%
- Market price
- 7,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, UPH has not accelerated revenue sharply, but profitability is improving visibly — profit momentum has been slowing across consecutive 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
- Gross profit
- Financial income
- Selling expenses
- 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 | 19.4 | 26.0 | 46.7 | 26.9 | 20.5 | 18.8 | 46.7 | 24.4 |
| LNST | 2.5 | 0.6 | 1.6 | 0.5 | -0.1 | 0.3 | 1.2 | 0.4 |
| Net margin | 12.83% | 2.14% | 3.38% | 1.89% | -0.53% | 1.53% | 2.58% | 1.44% |
Revenue
19bnNet income
2bnNet margin
12.83%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 (+2.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 7.7% year on year — but the quarterly pace is slowing (+10% → −6%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 119bn +7.7%
- Latest quarter YoY
- −6% slowing
What is driving the margin?
▲Net margin expanded to 4.31%, rising 2.7pp. Core operating signals are improving as Gross margin rose 4.7pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (with additional support from Net financial result / Revenue rose 0.3pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 4.31% +2.7pp
- Gross Margin
- 16.64% +4.7pp
- SG&A / Revenue
- 13.35% +0.4pp
- Non-core / Revenue
- 2.49% +0.3pp
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (42.1% 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 7.5bn against investing cash flow of 13.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +21.1bn. Financing cash flow was positive 0.0bn.
CFO / net income was 3,12 lần.
After spending +1.8bn on fixed-asset investment, the business generated trailing free cash flow of +14.2bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 42.1% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +42.1% of PBT.
- Non-core / PBT
- 42.1% high
- Net financial / PBT
- 42.1%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 9.4 days versus the same period last year. The main moves came from DIO rose 12.7 days, DSO fell 28.8 days, and DPO fell 6.7 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 867.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +12.7 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 1.1% to 3.2% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 7.5bn.
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
- −0.08x
- 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 1.46x equity, with a net cash position equivalent to 0.08x equity.
Inventory ended the period at 191.3bn, roughly 49.3% of total assets.
Over the last 12 months, working capital released 9.2bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories 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 2.7 pp. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 42.1%. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 867 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.31% after expanding 2.7pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.12x. Even so, net financial result still accounts for 42.1% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 867.4 days.
What to verify next
Questions for the next period
Whether revenue sustains its +7,7% YoY pace or begins to slow.
Whether margins hold around the current 4.31% level or narrow again.
Whether operating cash flow holds its 7.5bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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