EVF

Listed Company · HOSE

Price

13,300

Latest close

03 Apr 2026

P/E 11.8x

EPS (TTM) 1,124

ROE (TTM) —

P/B —

BVPS (Latest) —

ROA (TTM) —

What Is Changing

EVF is entering a phase where earnings quality matters more than pure top-line recovery. The next question is whether current profit momentum can hold through the next cycle.

Quarterly Net Income decreased 37.7% QoQ to VND 158.1bn in 2025Q4.

Metric	2025
Revenue	1,891.7
Growth	—
Net Income	894.3
Net Margin	47.28%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	458.3	621.6	383.0	428.8
Growth	-26%	+62%	-11%	—
Net Income	158.1	253.8	241.9	240.5
Net Margin	34.50%	40.83%	63.17%	56.08%

Financial Statements

Profitability

Net margin reached 47.28% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 73,181.9bn, and equity at 9,876.3bn.

Cash Flow

Compare operating cash flow against investment needs to judge growth quality.

None

Item	2025
Revenue	5,502.0
Revenue Deductions	3,610.2
Net Revenue	1,891.7
Cost of Goods Sold	0.0
Gross Profit	0.0
Financial Income	0.0
Financial Expenses	0.0
Interest Expense	0.0
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	280.5
Operating Profit	1,933.0
Other Income	88.3
Other Expenses	2.2
Other Profit	86.1
Profit Before Tax	1,104.2
Current Income Tax Expense	209.9
Deferred Income Tax Expense	0.0
Net Income	894.3
Non-controlling Interest	0.0
Profit Attributable to Parent	894.3
Earnings per Share	1,123.00
Diluted EPS	0.00

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	0.0
I. Cash and cash equivalents	0.0
1. Cash	0.0
2. Cash equivalents	0.0
II. Short-term financial investments	0.0
1. Available for sale securities	6,048.4
2. Provision for diminution in value of available for sale securities (*)	-9.3
3. Held to maturity investments	0.0
III. Short-term receivables	0.0
1. Short-term trade accounts receivable	0.0
2. Short-term prepayments to suppliers	0.0
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	0.0
6. Other short-term receivables	0.0
7. Provision for short-term doubtful debts (*)	0.0
8. Assets awaiting resolution	0.0
IV. Inventories	0.0
1. Inventories	0.0
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	0.0
1. Short-term prepayments	0.0
2. Value added tax to be reclaimed	0.0
3. Taxes and other receivables from state authorities	0.0
4. Government bonds	0.0
5. Other short-term assets	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	0.0
I. Long-term receivables	0.0
1. Long-term trade receivables	0.0
2. Long-term prepayments to suppliers	0.0
3. Capital at inter-company	0.0
4. Long-term inter-company receivables	0.0
5. Long-term loan receivables	0.0
6. Other long-term receivables	0.0
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	239.0
1. Tangible fixed assets	27.9
- Cost	107.9
- Accumulated depreciation	-80.0
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	211.1
- Cost	277.2
- Accumulated depreciation	-66.1
III. Investment properties	0.0
- Cost	0.0
- Accumulated depreciation	0.0
IV. Long-term assets in progress	0.0
1. Long-term production in progress	0.0
2. Construction in progress	0.0
V. Long-term financial investments	1,784.2
1. Investments in subsidiaries	0.0
2. Investments in associates, joint-ventures	0.0
3. Investments in other entities	0.0
4. Provision for diminution in value of long-term investments	-60.3
5. Held to maturity investments	0.0
6. Other long-term investments	1,844.5
VI. Other long-term assets	3,548.3
1. Long-term prepayments	0.0
2. Deferred income tax assets	0.0
3. Long-term equipment, supplies, spare parts	0.0
4. Other long-term assets	115.8
5. Goodwill	0.0
VII. Goodwill (before 2015)	0.0
TOTAL ASSETS (280=100+200)	83,058.2
A. LIABILITIES (300=210+330)	73,181.9
I. Short -term liabilities	0.0
1. Short-term trade accounts payable	0.0
2. Short-term advances from customers	0.0
3. Taxes and other payables to state authorities	0.0
4. Payable to employees	0.0
5. Short-term acrrued expenses	0.0
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	0.0
9. Other short-term payables	0.0
10. Short-term borrowings and financial leases	0.0
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	0.0
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	0.0
1. Long-term trade payables	0.0
2. Long-term advances from customers	0.0
3. Long-term acrrued expenses	0.0
4. Inter-company payables on business capital	0.0
5. Long-term inter-company payables	0.0
6. Long-term unearned revenue	0.0
7. Other long-term liabilities	378.5
8. Long-term borrowings and financial leases	0.0
9. Convertible bonds	0.0
10. Preferred stock (Debts)	0.0
11. Deferred income tax liabilities	0.0
12. Provision for long-term liabilities	0.0
13. Fund for technology development	0.0
14. Provision for severance allowances	0.0
B. OWNER'S EQUITY (400=410+430)	9,876.3
I. Owner's equity	7,958.5
1. Owner's capital	7,605.7
- Common stock with voting right	0.0
- Preferred stock	0.0
2. Share premium	350.6
3. Convertible bond option	0.0
4. Other capital of owners	0.0
5. Treasury shares	0.0
6. Assets revaluation differences	0.0
7. Foreign exchange differences	0.0
8. Investment and development fund	0.0
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	0.0
11. Undistributed earnings after tax	1,309.0
- Accumulated retained earning at the end of the previous period	0.0
- Undistributed earnings in this period	0.0
12. Reserves for investment in construction	2.3
13. Minority's interest	0.0
14. Financial reserves	0.0
II. Other resources and funds	0.0
1. Subsidized not-for-profit funds	0.0
2. Funds invested in fixed assets	0.0
C. MINORITY'S INTEREST	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	83,058.2

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	1,475.4	1,515.9	1,286.9	1,223.8
Revenue Deductions	1,017.1	894.3	903.9	794.9
Net Revenue	458.3	621.6	383.0	428.8
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	0.0	0.0	0.0	0.0
Financial Income	0.0	0.0	0.0	0.0
Financial Expenses	0.0	0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0
General and Administrative Expenses	111.5	51.1	64.5	53.4
Operating Profit	386.6	657.1	516.7	372.6
Other Income	62.1	9.7	5.1	11.5
Other Expenses	0.9	0.0	1.4	0.0
Other Profit	61.2	9.7	3.7	11.5
Profit Before Tax	199.6	306.5	292.6	305.6
Current Income Tax Expense	41.5	52.7	50.6	65.1
Deferred Income Tax Expense	0.0	0.0	0.0	0.0
Net Income	158.1	253.8	241.9	240.5
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	158.1	253.8	241.9	240.5
Earnings per Share	199.00	319.00	304.00	302.00
Diluted EPS	0.00	0.00	0.00	0.00

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	0.0	0.0	0.0	0.0
I. Cash and cash equivalents	0.0	0.0	0.0	0.0
1. Cash	0.0	0.0	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0
1. Available for sale securities	6,048.4	1,558.5	539.6	735.4
2. Provision for diminution in value of available for sale securities (*)	-9.3	-3.1	-0.0	-1.0
3. Held to maturity investments	0.0	0.0	0.0	0.0
III. Short-term receivables	0.0	0.0	0.0	0.0
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.0	0.0	0.0
1. Inventories	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0
1. Short-term prepayments	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	0.0	0.0	0.0	0.0
I. Long-term receivables	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	239.0	237.7	60.2	62.2
1. Tangible fixed assets	27.9	26.0	22.9	22.7
- Cost	107.9	111.1	106.1	108.4
- Accumulated depreciation	-80.0	-85.1	-83.2	-85.7
2. Financial leased fixed assets	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
3. Intangible fixed assets	211.1	211.7	37.4	39.5
- Cost	277.2	275.5	99.0	99.1
- Accumulated depreciation	-66.1	-63.8	-61.7	-59.6
III. Investment properties	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0
V. Long-term financial investments	1,784.2	1,778.0	1,778.7	1,826.5
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-60.3	-54.0	-53.2	-55.5
5. Held to maturity investments	0.0	0.0	0.0	0.0
6. Other long-term investments	1,844.5	1,832.0	1,832.0	1,882.0
VI. Other long-term assets	3,548.3	5,010.8	2,550.5	5,072.9
1. Long-term prepayments	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0
4. Other long-term assets	115.8	66.4	63.7	64.4
5. Goodwill	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	83,058.2	71,622.2	69,555.8	61,206.7
A. LIABILITIES (300=210+330)	73,181.9	61,917.0	60,091.4	51,959.0
I. Short -term liabilities	0.0	0.0	0.0	0.0
1. Short-term trade accounts payable	0.0	0.0	0.0	0.0
2. Short-term advances from customers	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0
4. Payable to employees	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0
7. Other long-term liabilities	378.5	319.2	273.0	342.6
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	9,876.3	9,705.2	9,464.4	9,247.7
I. Owner's equity	7,958.5	7,958.5	7,958.5	7,958.5
1. Owner's capital	7,605.7	7,605.7	7,605.7	7,605.7
- Common stock with voting right	0.0	0.0	0.0	0.0
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	350.6	350.6	350.6	350.6
3. Convertible bond option	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	-13.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	0.0	1,195.4	941.6	809.0
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	0.0	0.0	0.0	0.0
12. Reserves for investment in construction	2.3	2.3	2.3	2.3
13. Minority's interest	1,309.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	83,058.2	71,622.2	69,555.8	61,206.7

Item	Q4'25	Q3'25	Q2'25	Q1'25
Profit Before Tax	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-10.0	-10.0	-10.0	-132.6
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-3,350.9	-234.0	2,935.0	2,196.4
Payments for Fixed Assets and Other Long-term Assets	-4.8	-182.4	-2.5	-2.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0
Investments in Other Entities	-82.5	0.0	0.0	0.0
Proceeds from Investments in Other Entities	70.0	0.0	50.0	0.0
Dividends and Interest Income Received	5.6	22.8	17.5	1.3
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-11.8	-159.6	65.1	-1.0
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	0.0	0.0	0.0	0.0
Repayment of Borrowings	0.0	0.0	0.0	0.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	-0.2	-0.2	-0.5	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.2	-0.2	-0.5	0.0
Net Cash Flow During the Period	-3,362.9	-393.8	2,999.6	2,195.4
Cash and Cash Equivalents at Beginning of Period	10,181.5	10,588.3	2,195.4	0.0
FX Difference from Revaluation	0.0	-13.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6,831.6	10,181.5	10,588.3	2,195.4

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EVF

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Financial Statements

Profitability

Balance Sheet

Cash Flow

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