Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 54.2bn, fell 98.0bn compared with the same period last year. Key positives came from lower finance costs and lower minority interests. Offsetting pressure came mainly from lower financial income and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 29.85x
- P/B
- 0.74x
- EPS
- 261
- BVPS
- 10,550
- ROE
- 2.5%
- ROA
- 1.9%
- Market price
- 7,790 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, YEG posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Finance costs
- Minority interests
- Financial income
- Gross profit
- Other
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 | 311.2 | 208.3 | 584.9 | 391.0 | 455.7 | 217.7 | 377.8 | 345.0 |
| LNST | 15.6 | 16.1 | 13.7 | 7.3 | 33.3 | 23.3 | 71.0 | 34.3 |
| Net margin | 5.02% | 7.72% | 2.34% | 1.88% | 7.31% | 10.68% | 18.80% | 9.94% |
Revenue
311bnNet income
16bnNet margin
5.02%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 7.1% year on year — but the quarterly pace is slowing (+13% → −32%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,495bn +7.1%
- Latest quarter YoY
- −32% slowing
What is driving the margin?
▼▼Net margin fell to 3.53%, losing 8.1pp. The main pressure is Gross margin fell 3.8pp, outweighing the improvement in SG&A / Revenue fell 0.1pp (in addition, Other profit / Revenue rose 0.6pp added support while Net financial result / Revenue fell 3.6pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 3.53% −8.1pp
- Gross Margin
- 11.26% −3.8pp
- SG&A / Revenue
- 11.13% −0.1pp
- Non-core / Revenue
- 4.96% −3.1pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 3.1pp, financial result still accounts for 105.1% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 7.4bn against investing cash flow of -192.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +185.4bn. Financing cash flow was positive +337.7bn.
CFO / net income was 8,55 lần.
After spending +2.1bn on fixed-asset investment, the business generated trailing free cash flow of +461.7bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 105.1% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +102.8%, other profit at +2.3% of PBT.
- Non-core / PBT
- 105.1% high
- Net financial / PBT
- 102.8%
- Other profit / PBT
- 2.3%
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 2.75%, losing 5.3pp. That translates to 2.75 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 6.5pp and capital turnover fell 0.10x, while invested capital expanded strongly by 454bn — pressure came from both operational efficiency and asset efficiency.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 2.75% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.1 days versus the same period last year. The main moves came from DIO rose 2.0 days, DSO fell 16.8 days, and DPO fell 12.7 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +2.0 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 9.3% to 2.5% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.17x and interest coverage at 2.75x.
At present, short-term debt accounts for 95.2% of total debt, cash equals 29.1% of debt, and total debt stands at 528.4bn.
- Net Debt / Equity
- 0.17x +0.16x
- Interest Coverage
- 2.75x −1.17x
- Cash / Debt
- 29.1% −57.0pp
- Short-term Debt / Total Debt
- 95.2% +8.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 95.2% of total debt, raising near-term refinancing needs.
Balance Sheet
▲The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.32x equity, net debt at 0.17x equity.
None
Over the last 12 months, working capital released 417.8bn 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 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 cash generation. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 8.1 pp.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 804.9bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 8.55x. Even so, net financial result still accounts for 102.8% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 3.53% after a 8.1pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +7,1% YoY pace or begins to slow.
Whether margins hold around the current 3.53% level or narrow again.
Whether operating cash flow holds its 7.4bn (cumulative for 2025) level in upcoming periods or weakens.
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