Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 32.0bn, rose 9.5bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.34x
- P/B
- 1.10x
- EPS
- 2,807
- BVPS
- 13,694
- ROE
- 16.3%
- ROA
- 8.6%
- Market price
- 15,000 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, XMP has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- 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 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24.0 | 22.6 | 23.1 | 15.0 | 23.0 | 19.6 | 14.0 | 18.0 |
| LNST | 11.1 | 10.1 | 8.1 | 2.7 | 9.6 | 7.3 | 1.5 | 4.1 |
| Net margin | 46.23% | 44.57% | 34.94% | 18.30% | 41.97% | 37.48% | 10.46% | 22.79% |
Revenue
24bnNet income
11bnNet margin
46.23%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 13.7% year on year — but the quarterly pace is slowing (+7% → +5%).
3 of the last 3 quarters grew year on year.
- Revenue TTM
- 85bn +13.7%
- Latest quarter YoY
- +5% slowing
What is driving the margin?
▲▲Net margin expanded to 37.77%, rising 7.5pp. The main driver is SG&A / Revenue fell 1.3pp and Gross margin rose 0.8pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 4.8pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 37.77% +7.5pp
- Gross Margin
- 61.41% +0.8pp
- SG&A / Revenue
- 4.98% −1.3pp
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 42.9bn against investing cash flow of 0.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +42.9bn. Financing cash flow was negative +44.3bn.
CFO / net income was 1,61 lần.
Track how much investment can be funded internally from operating cash flow.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −43.8%, other profit at +1.1% of PBT.
- Non-core / PBT
- 1.1% low
- Net financial / PBT
- −43.8%
- Other profit / PBT
- 1.1%
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.4 days versus the same period last year. The main moves came from DIO fell 1.1 days, DSO fell 6.3 days, and DPO fell 2.1 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
DuPont
What drives ROE?
ROE rose from 12.3% to 16.3% — driven by net margin and asset turnover together, despite leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.71x and interest coverage at 2.26x.
At present, short-term debt accounts for 30.3% of total debt, cash equals 2.7% of debt, and total debt stands at 149.2bn.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
- Net Debt / Equity
- 0.71x −0.26x
- Interest Coverage
- 2.26x +0.80x
- Cash / Debt
- 2.7% +2.6pp
- Short-term Debt / Total Debt
- 30.3% +0.4pp
TTM YoY · 2025Q2 -> 2026Q2
Cash / debt stands at 2.7%, leaving limited liquidity buffer to monitor.
Balance Sheet
●Capital structure is balanced — liabilities at 0.97x equity, net debt at 0.71x equity.
None
Over the last 12 months, working capital released 7.7bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 7.5 pp. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 2.26x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 37.77% after expanding 7.5pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.71x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +13,7% YoY pace or begins to slow.
Whether margins hold around the current 37.77% level or narrow again.
Whether operating cash flow holds its 42.9bn (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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