HCM

Listed Company · HOSE

Price

24,150

Latest close

03 Apr 2026

P/E 16.2x

EPS (TTM) 1,488

ROE (TTM) —

P/B 1.8x

BVPS (Latest) 13,456

ROA (TTM) —

What Is Changing

HCM 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 27.6% QoQ to VND 319.0bn in 2025Q4.

Metric	2025
Revenue	5,136.2
Growth	—
Net Income	1,178.6
Net Margin	22.95%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	1,398.2	1,664.9	1,073.5	999.6
Growth	-16%	+55%	+7%	—
Net Income	319.0	440.5	192.4	226.7
Net Margin	22.81%	26.46%	17.92%	22.68%

Financial Statements

Profitability

Net margin reached 22.95% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 31,955.9bn, and equity at 14,543.1bn.

Cash Flow

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

None

Item	2025
Revenue	5,136.2
Revenue Deductions	0.0
Net Revenue	5,136.2
Cost of Goods Sold	0.0
Gross Profit	1,983.7
Financial Income	2.4
Financial Expenses	0.0
Interest Expense	0.0
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	511.9
Operating Profit	1,474.2
Other Income	0.1
Other Expenses	0.0
Other Profit	0.1
Profit Before Tax	1,474.3
Current Income Tax Expense	295.3
Deferred Income Tax Expense	0.4
Net Income	1,178.6
Non-controlling Interest	0.0
Profit Attributable to Parent	1,178.6
Earnings per Share	1,468.00
Diluted EPS	1,090.51

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	46,331.3
I. Cash and cash equivalents	3,701.6
1. Cash	3,701.6
2. Cash equivalents	0.0
II. Short-term financial investments	0.0
1. Available for sale securities	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0
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	16.6
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	28,150.1
6. Other short-term receivables	104.5
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	57.7
1. Short-term prepayments	29.7
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	24.9
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	167.7
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	35.7
1. Tangible fixed assets	31.1
- Cost	210.9
- Accumulated depreciation	-179.7
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	4.5
- Cost	97.3
- Accumulated depreciation	-92.8
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	0.0
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	0.0
5. Held to maturity investments	0.0
6. Other long-term investments	0.0
VI. Other long-term assets	132.1
1. Long-term prepayments	86.1
2. Deferred income tax assets	3.1
3. Long-term equipment, supplies, spare parts	0.0
4. Other long-term assets	10.0
5. Goodwill	0.0
VII. Goodwill (before 2015)	0.0
TOTAL ASSETS (280=100+200)	46,499.0
A. LIABILITIES (300=210+330)	31,955.9
I. Short -term liabilities	31,955.9
1. Short-term trade accounts payable	4.3
2. Short-term advances from customers	0.0
3. Taxes and other payables to state authorities	251.5
4. Payable to employees	0.0
5. Short-term acrrued expenses	318.5
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	94.8
10. Short-term borrowings and financial leases	30,889.1
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	36.1
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	0.0
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)	14,543.1
I. Owner's equity	14,543.1
1. Owner's capital	10,808.0
- Common stock with voting right	10,808.0
- Preferred stock	0.0
2. Share premium	967.3
3. Convertible bond option	0.0
4. Other capital of owners	0.0
5. Treasury shares	-12.5
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	2,502.7
- Accumulated retained earning at the end of the previous period	2,201.6
- Undistributed earnings in this period	301.1
12. Reserves for investment in construction	0.0
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)	46,499.0

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	1,398.2	1,664.9	1,073.5	999.6
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	1,398.2	1,664.9	1,073.5	999.6
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	548.2	691.2	357.9	386.5
Financial Income	0.5	0.2	0.1	1.5
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	147.2	141.5	118.3	104.9
Operating Profit	401.5	549.9	239.7	283.1
Other Income	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	0.0	0.0
Profit Before Tax	401.5	550.0	239.7	283.1
Current Income Tax Expense	82.1	109.4	47.4	56.4
Deferred Income Tax Expense	0.4	0.0	0.0	0.0
Net Income	319.0	440.5	192.4	226.7
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	319.0	440.5	192.4	226.7
Earnings per Share	295.14	611.17	266.88	314.54
Diluted EPS	295.14	611.17	266.88	314.54

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	46,331.3	44,591.0	34,776.6	30,298.5
I. Cash and cash equivalents	3,701.6	6,709.1	1,309.5	1,591.1
1. Cash	3,701.6	6,709.1	1,309.5	1,591.1
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	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0
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	16.6	10.1	25.8	15.7
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	28,150.1	20,215.7	19,813.1	20,389.7
6. Other short-term receivables	104.5	224.7	91.9	71.2
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	57.7	368.0	29.8	94.8
1. Short-term prepayments	29.7	26.7	24.9	26.5
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	24.9	333.6	4.1	67.5
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	167.7	171.1	160.5	163.7
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	35.7	34.8	38.5	39.7
1. Tangible fixed assets	31.1	31.3	34.8	35.7
- Cost	210.9	205.9	203.8	199.3
- Accumulated depreciation	-179.7	-174.6	-169.0	-163.6
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	4.5	3.5	3.7	4.0
- Cost	97.3	95.8	95.4	95.1
- Accumulated depreciation	-92.8	-92.3	-91.7	-91.2
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	1.1	1.5
V. Long-term financial investments	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	132.1	136.3	120.9	122.5
1. Long-term prepayments	86.1	90.2	74.0	76.6
2. Deferred income tax assets	3.1	3.5	3.5	3.5
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0
5. Goodwill	10.0	10.0	10.0	10.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	46,499.0	44,762.2	34,937.2	30,462.1
A. LIABILITIES (300=210+330)	31,955.9	34,137.7	24,753.2	20,151.5
I. Short -term liabilities	31,955.9	34,137.7	24,753.2	20,151.5
1. Short-term trade accounts payable	4.3	5.6	8.1	7.8
2. Short-term advances from customers	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	251.5	187.3	82.1	97.2
4. Payable to employees	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	318.5	226.2	133.7	135.2
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	94.8	3,622.2	20.1	20.4
10. Short-term borrowings and financial leases	30,889.1	29,859.4	24,351.2	19,534.9
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	36.1	36.0	36.0	4.9
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	0.0	0.0	0.0	0.0
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)	14,543.1	10,624.5	10,183.9	10,310.7
I. Owner's equity	14,543.1	10,624.5	10,183.9	10,310.7
1. Owner's capital	10,808.0	7,208.1	7,208.1	7,208.1
- Common stock with voting right	10,808.0	7,208.1	7,208.1	7,208.1
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	967.3	967.5	967.5	967.5
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	-12.5	-12.5	-12.5	-12.5
6. Assets revaluation differences	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	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	2,502.7	2,183.7	1,743.1	1,869.9
- Accumulated retained earning at the end of the previous period	2,201.6	2,011.8	1,556.1	1,662.5
- Undistributed earnings in this period	301.1	171.8	187.1	207.4
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	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)	46,499.0	44,762.2	34,937.2	30,462.1

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)	59.4	81.7	34.1	-106.6
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	-5.0	-47.4	-56.4	-57.4
Other Operating Receipts	176.6	0.0	63.4	134.0
Other Operating Payments	131.9	-131.3	-1.0	-0.0
Net Cash Flow from Operating Activities	-7,629.3	-107.4	-4,805.3	826.6
Payments for Fixed Assets and Other Long-term Assets	-7.7	-1.3	-4.5	-4.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0
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	-7.7	-1.3	-4.5	-4.5
Proceeds from Equity Issuance and Capital Contributions	3,599.7	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	54,473.5	64,044.3	52,997.1	31,410.6
Repayment of Borrowings	-53,443.7	-58,536.1	-48,180.8	-32,305.5
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	-288.0	-360.0
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	4,629.5	5,508.2	4,528.3	-1,254.9
Net Cash Flow During the Period	-3,007.5	5,399.6	-281.5	-432.9
Cash and Cash Equivalents at Beginning of Period	6,709.1	1,309.5	1,591.1	2,023.9
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3,701.6	6,709.1	1,309.5	1,591.1

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HCM

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