Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 106.5bn, rose 16.6bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.47x
- P/B
- 0.93x
- EPS
- 6,855
- BVPS
- 54,903
- ROE
- 13.6%
- ROA
- 11.1%
- Market price
- 51,200 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, WSB has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- 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 | 251.3 | 255.5 | 241.6 | 202.1 | 279.7 | 239.5 | 256.7 | 205.6 |
| LNST | 28.4 | 30.1 | 24.9 | 23.0 | 32.5 | 17.4 | 23.7 | 16.3 |
| Net margin | 11.31% | 11.78% | 10.33% | 11.39% | 11.61% | 7.27% | 9.23% | 7.93% |
Revenue
251bnNet income
28bnNet margin
11.31%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 declined 3.2% year on year — but the quarterly pace is slowing (−2% → −10%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 950bn −3.2%
- Latest quarter YoY
- −10% slowing
What is driving the margin?
▲Net margin expanded to 11.20%, rising 2.0pp. Core operating signals are improving as Gross margin rose 2.3pp are enough to offset pressure from SG&A / Revenue rose 0.2pp (in addition, Net financial result / Revenue rose 0.4pp added support while Other profit / Revenue fell 0.2pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 11.20% +2.0pp
- Gross Margin
- 12.18% +2.3pp
- SG&A / Revenue
- 2.36% +0.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 105.2bn against investing cash flow of -19.3bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +85.9bn. Financing cash flow was negative +71.9bn.
CFO / net income was 0,35 lần.
After spending +13.5bn on fixed-asset investment, the business generated trailing free cash flow of +23.7bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 23.5% of pre-tax profit — worth monitoring.
Within that, net financial result at +23.1%, other profit at +0.4% of PBT.
- Non-core / PBT
- 23.5% moderate
- Net financial / PBT
- 23.1%
- Other profit / PBT
- 0.4%
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
▼Cash conversion cycle lengthened by 6.0 days versus the same period last year. The main moves came from DIO rose 2.2 days, DSO rose 3.6 days, and DPO fell 0.2 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +6.0 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +3.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 11.8% to 13.6% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 105.2bn.
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
- −0.14x
- 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 0.19x equity, with a net cash position equivalent to 0.14x equity.
None
Over the last 12 months, working capital absorbed 95.7bn of cash, mainly because of higher receivables and higher inventories.
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 operating efficiency, with net margin improving 2.0 pp. The next item to monitor is the earnings mix, when non-core contribution is 23.1%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 11.20% after expanding 2.0pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 23.1% of PBT and CFO / net income currently at 0.35x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −3,2% YoY decline or keeps falling.
Whether margins hold around the current 11.20% level or narrow again.
Whether operating cash flow holds its 105.2bn (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.