Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 52.4bn, fell 182.6bn compared with the same period last year. Offsetting pressure came mainly from higher finance costs, lower gross profit, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -23.17x
- P/B
- 0.66x
- EPS
- -341
- BVPS
- 12,020
- ROE
- -3.1%
- ROA
- -1.3%
- Market price
- 7,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, STK posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. 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
- Gross profit
- Administrative expenses
- 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 | 394.7 | 268.3 | 324.3 | 319.0 | 333.4 | 376.4 | 334.1 | 307.2 |
| LNST | -38.5 | -34.4 | 10.2 | 10.4 | -6.0 | 35.6 | 18.8 | 81.8 |
| Net margin | -9.74% | -12.83% | 3.14% | 3.25% | -1.80% | 9.46% | 5.64% | 26.63% |
Revenue
395bnNet income
-38bnNet margin
-9.74%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 declined 3.3% year on year — not from a single spike: quarterly growth stepped up from +4% to +18%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,306bn −3.3%
- Latest quarter YoY
- +18% accelerating
What is driving the margin?
▼▼Net margin fell to −4.01%, losing 13.7pp. The main pressure comes from Gross margin fell 2.9pp and SG&A / Revenue rose 1.7pp (with lingering pressure from Net financial result / Revenue fell 8.5pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- −4.01% −13.7pp
- Gross Margin
- 15.95% −2.9pp
- SG&A / Revenue
- 6.26% +1.7pp
- Non-core / Revenue
- −11.46% −8.8pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 8.8pp, financial result still accounts for 649.3% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
▼▼Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -292.1bn against investing cash flow of -83.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +375.8bn. Financing cash flow was positive +328.2bn.
CFO / net income was 3,97 lần.
After spending +74.2bn on fixed-asset investment, the business generated trailing free cash flow of −282.0bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 649.3% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +636.4%, other profit at +12.9% of PBT.
- Non-core / PBT
- 649.3% high
- Net financial / PBT
- 636.4%
- Other profit / PBT
- 12.9%
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 0.15%, losing 3.8pp. That translates to 0.15 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 9.2pp, outweighing the movement in capital turnover; while invested capital rose by 293bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 0.15% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 93.9 days versus the same period last year. The main moves came from DIO rose 63.7 days, DSO rose 7.0 days, and DPO fell 23.2 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 242.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +7.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 7.7% to −3.1% — dragged by net margin and asset turnover.
Is financial risk significant?
Leverage is safe but FCF is negative at 282.0bn due to capex of 74.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.21x and interest coverage only at −0.13x.
At present, short-term debt accounts for 53.0% of total debt, cash equals 0.4% of debt, and total debt stands at 2,045.3bn.
- Net Debt / Equity
- 1.21x +0.17x
- Interest Coverage
- −0.13x −2.94x
- Cash / Debt
- 0.4% −0.3pp
- Short-term Debt / Total Debt
- 53.0% −2.3pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.21x, increasing balance-sheet pressure.
Interest coverage is −0.13x, leaving limited room to absorb financing costs.
Balance Sheet
▼The balance sheet shows capital-allocation efficiency slipping. Leverage is elevated, requiring monitoring — liabilities at 1.36x equity, net debt at 1.21x equity.
Inventory ended the period at 984.3bn, roughly 23.7% of total assets.
Over the last 12 months, working capital absorbed 267.7bn 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. 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 13.7 pp.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.97x. Even so, net financial result still accounts for 636.4% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -4.01% after a 13.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −3,3% YoY decline or keeps falling.
Whether margins hold around the current -4.01% level or narrow again.
Whether operating cash flow holds its -292.1bn (cumulative for 2025) level in upcoming periods or weakens.
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