Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 38.7bn, fell 10.3bn compared with the same period last year. Key positives came from lower selling expenses, higher financial income, and higher gross profit. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.68x
- P/B
- 0.63x
- EPS
- 2,246
- BVPS
- 16,756
- ROE
- 13.7%
- ROA
- 7.5%
- Market price
- 10,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, X20 is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Selling expenses
- Financial income
- Gross profit
- 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 | 226.8 | 288.3 | 418.9 | 275.0 | 171.5 | 256.4 | 575.5 | 226.4 |
| LNST | 2.4 | 16.8 | 7.6 | 11.9 | 6.2 | 9.2 | 29.8 | 3.9 |
| Net margin | 1.07% | 5.82% | 1.81% | 4.34% | 3.60% | 3.57% | 5.17% | 1.72% |
Revenue
227bnNet income
2bnNet margin
1.07%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue declined 1.7% year on year — not from a single spike: quarterly growth stepped up from +21% to +32%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,209bn −1.7%
- Latest quarter YoY
- +32% accelerating
What is driving the margin?
▼Net margin narrowed to 3.20%, falling 0.8pp. The main pressure is SG&A / Revenue rose 1.2pp, outweighing the improvement in Gross margin rose 0.4pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.1pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 3.20% −0.8pp
- Gross Margin
- 19.42% +0.4pp
- SG&A / Revenue
- 15.79% +1.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲▲Is profit converting into cash?
Operating cash flow reached -19.5bn against investing cash flow of -55.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +75.4bn. Financing cash flow was negative +23.0bn.
CFO / net income was 2,34 lần.
After spending +12.6bn on fixed-asset investment, the business generated trailing free cash flow of +78.1bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 10.7% of pre-tax profit — worth monitoring.
Within that, net financial result at +9.6%, other profit at +1.1% of PBT.
- Non-core / PBT
- 10.7% moderate
- Net financial / PBT
- 9.6%
- Other profit / PBT
- 1.1%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 20.36%, losing 7.7pp. That translates to 20.36 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.7pp and capital turnover fell 0.89x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
Working Capital Efficiency
●Cash conversion cycle improved by 0.5 days versus the same period last year. The main moves came from DIO rose 1.2 days, DSO fell 3.4 days, and DPO fell 1.7 days.
Working capital cycle is flat — components are offsetting each other.
DIO increased by +1.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 17.9% to 13.7% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.27x and interest coverage at 52.29x.
At present, short-term debt accounts for 15.2% of total debt, cash equals 943.8% of debt, and total debt stands at 9.1bn.
- Net Debt / Equity
- −0.27x +0.13x
- Interest Coverage
- 52.29x
- Cash / Debt
- 943.8% −78.7pp
- Short-term Debt / Total Debt
- 15.2% +3.6pp
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▲The balance sheet shows capital-allocation efficiency slipping. Balance sheet is exceptionally sound — liabilities at 1.05x equity, with a net cash position equivalent to 0.27x equity.
Inventory ended the period at 142.0bn, roughly 23.7% of total assets.
Over the last 12 months, working capital released 36.8bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables 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 earnings conversion is confirmed, with CFO/NI at 2.34x. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.34x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −1,7% YoY decline or keeps falling.
Whether margins hold around the current 3.20% level or narrow again.
Whether operating cash flow holds its -19.5bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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