Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 99.1bn, rose 23.6bn compared with the same period last year. Key positives came from higher gross profit, better other profit, lower minority interests, and lower deferred tax. Offsetting pressure came mainly from higher finance costs, higher tax, lower financial income, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.81x
- P/B
- 0.52x
- EPS
- 1,297
- BVPS
- 14,391
- ROE
- 9.7%
- ROA
- 3.7%
- Market price
- 7,540 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, ADS is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Minority interests
- Deferred tax
- Finance costs
- Tax
- Financial income
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 | 620.1 | 408.2 | 616.0 | 430.2 | 445.5 | 356.6 | 482.1 | 365.7 |
| LNST | 25.5 | 14.1 | 36.5 | 26.4 | 32.0 | 14.0 | 32.8 | 8.3 |
| Net margin | 4.10% | 3.47% | 5.92% | 6.14% | 7.17% | 3.94% | 6.80% | 2.28% |
Revenue
620bnNet income
25bnNet margin
4.10%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 grew 25.7% year on year — not from a single spike: quarterly growth stepped up from +18% to +39%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,075bn +25.7%
- Latest quarter YoY
- +39% accelerating
What is driving the margin?
●Net margin narrowed to 4.94%, falling 0.3pp. SG&A / Revenue fell 0.1pp and Gross margin rose 0.1pp improved but not enough to offset the weakness in Net financial result / Revenue fell 1.0pp (Other profit / Revenue rose 1.1pp still added support).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 4.94% −0.3pp
- Gross Margin
- 10.87% +0.1pp
- SG&A / Revenue
- 2.75% −0.1pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
Operating cash flow reached -29.0bn against investing cash flow of -31.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +60.0bn. Financing cash flow was negative +62.0bn.
CFO / net income was −1,90 lần.
After spending +51.2bn on fixed-asset investment, the business generated trailing free cash flow of −239.5bn.
Earnings Quality
▲How much income is non-core?
About 96% of pre-tax profit comes from core operations.
Within that, net financial result at −33.5%, other profit at +3.6% of PBT.
- Non-core / PBT
- 3.6% low
- Net financial / PBT
- −33.5%
- Other profit / PBT
- 3.6%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 5.48%, falling 0.5pp. That translates to 5.48 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.15x, NOPAT margin narrowed 1.3pp still pulled ROIC lower, while invested capital rose by 155bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 41.6 days versus the same period last year. The main moves came from DIO fell 12.7 days, DSO fell 24.9 days, and DPO rose 4.0 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 146.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 8.9% to 10.0% — mainly driven by asset turnover, despite net margin and leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 239.5bn due to capex of 51.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.94x and interest coverage at 2.00x.
At present, short-term debt accounts for 76.3% of total debt, cash equals 10.2% of debt, and total debt stands at 1,144.9bn.
- Net Debt / Equity
- 0.94x +0.10x
- Interest Coverage
- 2.00x −0.51x
- Cash / Debt
- 10.2% −7.4pp
- Short-term Debt / Total Debt
- 76.3% −14.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 76.3% of total debt, raising near-term refinancing needs.
Cash / debt stands at 10.2%, leaving limited liquidity buffer to monitor.
Balance Sheet
▼Capital structure is balanced — liabilities at 1.43x equity, net debt at 0.94x equity.
Inventory ended the period at 396.9bn, roughly 16.1% of total assets.
Over the last 12 months, working capital absorbed 272.8bn of cash, mainly because of higher receivables and higher inventories.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at −1.90x. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 147 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −1.90x.
- Key risk: working capital remains tied up for too long, with cash cycle at 146.8 days.
What to verify next
Questions for the next period
Whether revenue sustains its +25,7% YoY pace or begins to slow.
Whether margins hold around the current 4.94% level or narrow again.
Whether operating cash flow holds its -29.0bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.