Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 270.7bn, fell 57.9bn compared with the same period last year. Key positives came from lower tax and higher financial income. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.81x
- P/B
- 2.35x
- EPS
- 3,607
- BVPS
- 16,603
- ROE
- 22.6%
- ROA
- 21.8%
- Market price
- 39,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, AVC is retaining some revenue, but margins are collapsing sharply — margins have been compressing consistently over multiple periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.
Profit bridge
Vs last year · TTM
- Tax
- Financial income
- Gross profit
- Administrative expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 128.9 | 244.8 | 204.9 | 146.0 | 130.7 | 275.2 | 243.9 | 141.2 |
| LNST | 49.8 | 79.0 | 96.6 | 45.3 | 59.8 | 131.5 | 123.7 | 13.7 |
| Net margin | 38.62% | 32.25% | 47.17% | 31.03% | 45.72% | 47.78% | 50.73% | 9.67% |
Revenue
129bnNet income
50bnNet margin
38.62%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.
What is driving the margin?
▼▼Net margin fell to 37.36%, losing 4.2pp. The main pressure comes from Gross margin fell 4.7pp and SG&A / Revenue rose 1.3pp (in addition, Net financial result / Revenue rose 1.0pp added support while Other profit / Revenue fell 0.3pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 37.36% −4.2pp
- Gross Margin
- 50.78% −4.7pp
- SG&A / Revenue
- 6.18% +1.3pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.
Balance Sheet
▼ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.12x equity, with a net cash position equivalent to 0.03x equity.
None
Over the last 12 months, working capital absorbed 133.0bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.0 days versus the same period last year. The main moves came from DIO fell 0.5 days, DSO fell 31.4 days, and DPO fell 13.9 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
DuPont
What drives ROE?
ROE fell from 30.6% to 22.6% — leverage weakened the most, though asset turnover still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 415.8bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
- Net Debt / Equity
- −0.03x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 415.8bn in 2025, against investing cash flow of -151.2bn.
Post-investment cash flow was positive +264.7bn. Financing cash flow was negative +206.7bn.
CFO / net income was 1,18 lần.
Track how much investment can be funded internally from operating cash flow.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 4.2 pp. The next watchpoint is capital efficiency. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.18x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.18x.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 37.36% after a 4.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −8,4% YoY decline.
Ability to hold margins around the current 37.36% level.
Cash-flow quality, with operating cash flow currently at 415.8bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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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.