Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 34.3bn, rose 16.1bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher finance costs, higher administrative expenses, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.23x
- P/B
- 0.45x
- EPS
- 570
- BVPS
- 14,311
- ROE
- 3.8%
- ROA
- 0.9%
- Market price
- 6,400 14 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, AME posted slightly higher profit versus the same period, but the increase is thin and not yet paired with clear improvement in revenue or margins — profit is at an all-time high. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Other
- Finance costs
- Administrative expenses
- 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 | 1,159.5 | 1,459.0 | 1,183.4 | 1,419.8 | 1,266.3 | 1,124.5 | 1,344.6 | 471.3 |
| LNST | 10.3 | 1.1 | 8.9 | 14.0 | 16.6 | 1.5 | 14.7 | 0.4 |
| Net margin | 0.89% | 0.08% | 0.75% | 0.99% | 1.31% | 0.13% | 1.09% | 0.08% |
Revenue
1,159bnNet income
10bnNet margin
0.89%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 24.1% year on year — but the quarterly pace is slowing (+201% → −8%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 5,222bn +24.1%
- Latest quarter YoY
- −8% slowing
What is driving the margin?
●Net margin stands at 0.66%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 0.66% −0.1pp
- Gross Margin
- 4.78% +0.2pp
- SG&A / Revenue
- 1.04% +0.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -396.7bn against investing cash flow of 81.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +315.1bn. Financing cash flow was positive +313.1bn.
CFO / net income was −6,21 lần.
After spending +2.0bn on fixed-asset investment, the business generated trailing free cash flow of −214.9bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −361.5%, other profit at +0.6% of PBT.
- Non-core / PBT
- 0.6% low
- Net financial / PBT
- −361.5%
- Other profit / PBT
- 0.6%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 1.36%, broadly flat versus the same period. That translates to 1.36 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover rose 0.10x, while invested capital rose by 394bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
ROIC is currently 1.36% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 10.4 days versus the same period last year. The main moves came from DIO fell 12.6 days, DSO rose 16.7 days, and DPO fell 6.3 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 104.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +16.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 3.8% — the components are offsetting one another.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.99x and interest coverage only at 0.27x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 1.0% of debt, and total debt stands at 1,870.8bn.
- Net Debt / Equity
- 1.99x +0.39x
- Interest Coverage
- 0.27x −0.07x
- Cash / Debt
- 1.0% −1.3pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.99x, increasing balance-sheet pressure.
Interest coverage is 0.27x, leaving limited room to absorb financing costs.
Balance Sheet
▼Leverage is elevated, requiring monitoring — liabilities at 3.26x equity, net debt at 1.99x equity.
Inventory ended the period at 838.2bn, roughly 21.6% of total assets.
Over the last 12 months, working capital absorbed 215.9bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower 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 −6.21x. The main risk still sits in capital efficiency remains weak, with ROIC at 1.4%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −6.21x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +24,1% YoY pace or begins to slow.
Whether margins hold around the current 0.66% level or narrow again.
Whether operating cash flow holds its -396.7bn (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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Its weight and influence across the assets held for investment.
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well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
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or risks may be present?
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