Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 195.7bn, rose 3.6bn compared with the same period last year. Key positives came from lower tax, higher gross profit, lower selling expenses, and higher financial income. Offsetting pressure came mainly from higher administrative expenses and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 15.71x
- P/B
- 4.38x
- EPS
- 6,023
- BVPS
- 21,614
- ROE
- 28.1%
- ROA
- 8.5%
- Market price
- 94,600 16 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TBD posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — margins have been expanding consistently over multiple periods. What remains unclear is which side will dominate in coming periods.
Profit bridge
Vs last year · TTM
- Tax
- Gross profit
- Selling expenses
- Financial income
- Administrative expenses
- Finance costs
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 | 716.0 | 395.1 | 1,319.9 | 506.4 | 716.4 | 371.3 | 1,225.4 | 354.3 |
| LNST | 50.0 | 16.0 | 101.3 | 28.3 | 69.3 | 15.3 | 82.0 | 25.5 |
| Net margin | 6.99% | 4.04% | 7.68% | 5.59% | 9.68% | 4.12% | 6.69% | 7.19% |
Revenue
716bnNet income
50bnNet margin
6.99%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 10.1% year on year — but the quarterly pace is slowing (+43% → −0%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,937bn +10.1%
- Latest quarter YoY
- −0% slowing
What is driving the margin?
▼Net margin narrowed to 6.66%, falling 0.5pp. The main pressure comes from Gross margin fell 0.8pp and SG&A / Revenue rose 0.6pp (with lingering pressure from Net financial result / Revenue fell 0.4pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 6.66% −0.5pp
- Gross Margin
- 14.85% −0.8pp
- SG&A / Revenue
- 5.95% +0.6pp
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 -235.9bn against investing cash flow of -32.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +268.5bn. Financing cash flow was positive +276.4bn.
CFO / net income was 0,10 lần.
After spending +79.9bn on fixed-asset investment, the business generated trailing free cash flow of −59.8bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −22.7%, other profit at +0.2% of PBT.
- Non-core / PBT
- 0.2% low
- Net financial / PBT
- −22.7%
- Other profit / PBT
- 0.2%
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 12.48%, losing 1.8pp. That translates to 12.48 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.6pp and capital turnover fell 0.11x, while invested capital rose by 222bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 22.2 days versus the same period last year. The main moves came from DIO rose 43.1 days, DSO fell 4.9 days, and DPO rose 15.9 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 216.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +43.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 30.1% to 28.1% — dragged by asset turnover and net margin.
Is financial risk significant?
Leverage is safe but FCF is negative at 59.8bn due to capex of 79.9bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.32x and interest coverage only at 3.43x.
At present, short-term debt accounts for 94.3% of total debt, cash equals 0.8% of debt, and total debt stands at 932.5bn.
- Net Debt / Equity
- 1.32x +0.15x
- Interest Coverage
- 3.43x −1.84x
- Cash / Debt
- 0.8% −0.7pp
- Short-term Debt / Total Debt
- 94.3% −1.6pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.32x, increasing balance-sheet pressure.
Short-term debt accounts for 94.3% of total debt, raising near-term refinancing needs.
Balance Sheet
▲The balance sheet shows capital-allocation efficiency slipping. Leverage is elevated, requiring monitoring — liabilities at 2.04x equity, net debt at 1.32x equity.
Inventory ended the period at 847.9bn, roughly 36.9% of total assets.
Over the last 12 months, working capital absorbed 185.5bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.
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 0.10x. The main risk still sits in leverage and liquidity, with interest coverage at 3.43x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.10x.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.32x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +10,1% YoY pace or begins to slow.
Whether margins hold around the current 6.66% level or narrow again.
Whether operating cash flow holds its -235.9bn (cumulative for 2025) level in upcoming periods or weakens.
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