Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 9,859.5bn, rose 5,018.3bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher tax, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.81x
- P/B
- 3.00x
- EPS
- 6,864
- BVPS
- 24,734
- ROE
- 29.7%
- ROA
- 10.6%
- Market price
- 74,200 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, MWG is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Selling expenses
- Tax
- 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 | 48,751.3 | 46,462.0 | 42,850.4 | 39,852.5 | 37,620.0 | 36,135.0 | 34,573.9 | 34,146.7 |
| LNST | 3,354.9 | 2,757.6 | 2,086.5 | 1,783.7 | 1,657.5 | 1,547.8 | 852.1 | 805.8 |
| Net margin | 6.88% | 5.94% | 4.87% | 4.48% | 4.41% | 4.28% | 2.46% | 2.36% |
Revenue
48,751bnNet income
3,355bnNet margin
6.88%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 24.9% year on year — not from a single spike: quarterly growth stepped up from +17% to +30%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 177,916bn +24.9%
- Latest quarter YoY
- +30% accelerating
What is driving the margin?
▲Net margin expanded to 5.61%, rising 2.2pp. The main driver is SG&A / Revenue fell 1.9pp and Gross margin rose 0.4pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 5.61% +2.2pp
- Gross Margin
- 20.26% +0.4pp
- SG&A / Revenue
- 14.50% −1.9pp
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 6,096.1bn against investing cash flow of -6,660.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +564.6bn. Financing cash flow was positive +667.2bn.
CFO / net income was 2,06 lần.
After spending +1,116.1bn on fixed-asset investment, the business generated trailing free cash flow of +19,227.8bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 15.1% of pre-tax profit — worth monitoring.
Within that, net financial result at +14.8%, other profit at +0.3% of PBT.
- Non-core / PBT
- 15.1% moderate
- Net financial / PBT
- 14.8%
- Other profit / PBT
- 0.3%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲▲ROIC expanded to 19.44%, rising 9.3pp. That translates to 19.44 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.1pp and capital turnover rose 0.58x, with invested capital easing up by 1,859bn — capital-return quality improved from both sides.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
●Cash conversion cycle lengthened by 0.1 days versus the same period last year. The main moves came from DIO fell 0.9 days, DSO fell 0.1 days, and DPO fell 1.1 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +0.1 days, indicating weaker working-capital turnover versus the prior year.
DuPont
What drives ROE?
ROE rose from 17.2% to 30.1% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.31x and interest coverage at 7.20x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 61.9% of debt, and total debt stands at 29,089.6bn.
- Net Debt / Equity
- 0.31x −0.54x
- Interest Coverage
- 7.20x +2.21x
- Cash / Debt
- 61.9% +42.7pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▲The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 1.53x equity, net debt at 0.31x equity.
Inventory ended the period at 27,266.9bn, roughly 32.5% of total assets.
Over the last 12 months, working capital released 11,725.6bn 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 entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash flow.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.61% after expanding 2.2pp versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +24,9% YoY pace or begins to slow.
Whether margins hold around the current 5.61% level or narrow again.
Whether operating cash flow holds its 6,096.1bn (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.