Analysis of business results & financial statements · Quý 4/2025
▼▼ Declining sharply
Trailing net profit reached 4.7bn, fell 2.7bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, and lower tax. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.92x
- P/B
- 0.30x
- EPS
- 343
- BVPS
- 11,154
- ROE
- 3.1%
- ROA
- 2.9%
- Market price
- 3,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2025Q4 basis, HVA is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. 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
- Financial income
- Gross profit
- Tax
- Administrative expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 4/2025
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 27.4 | 20.0 | 20.2 | 20.6 | 15.1 | 1.2 | 0.3 | 0.2 |
| LNST | 1.2 | 0.1 | 1.0 | 2.3 | 6.1 | 1.2 | 0.4 | -0.2 |
| Net margin | 4.56% | 0.40% | 4.96% | 11.42% | 40.22% | 98.61% | 143.81% | -129.65% |
Revenue
27bnNet income
1bnNet margin
4.56%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.
What is driving the margin?
▼▼Net margin fell to 5.31%, losing 39.1pp. The main pressure is Gross margin fell 35.2pp, outweighing the improvement in SG&A / Revenue fell 6.7pp (with lingering pressure from Net financial result / Revenue fell 20.7pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 5.31% −39.1pp
- Gross Margin
- 9.30% −35.2pp
- SG&A / Revenue
- 9.97% −6.7pp
- Non-core / Revenue
- 7.34% −20.7pp
TTM YoY · 2024Q4 -> 2025Q4
Even though contribution decreased by 20.7pp, financial result still accounts for 131.1% of PBT — earnings durability should be monitored in coming periods.
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 3.18%, losing 2.1pp. That translates to 3.18 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.48x, NOPAT margin narrowed 39.4pp still pulled ROIC lower, with invested capital holding roughly steady.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 3.18% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.15x equity, with a net cash position equivalent to 0.01x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 529.2 days versus the same period last year. The main moves came from DIO rose 0.7 days, DSO fell 539.6 days, and DPO fell 9.7 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +0.7 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 5.2% to 3.1% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 1.4bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 100.0% of total debt, cash equals 185.4% of debt, and total debt stands at 1.9bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.01x +0.01x
- Interest Coverage
- None
- Cash / Debt
- 185.4%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2024Q4 -> 2025Q4
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1.4bn in 2025, against investing cash flow of -2.3bn.
Post-investment cash flow was negative +0.9bn. Financing cash flow was positive +1.8bn.
CFO / net income was 0,30 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
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 39.1 pp. The next watchpoint is the earnings mix, when non-core contribution is 131.1%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.01x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.01x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 131.1% of PBT and CFO / net income currently at 0.30x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 5.31% after a 39.1pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +427,1% YoY pace.
Ability to hold margins around the current 5.31% level.
Cash-flow quality, with operating cash flow currently at 1.4bn in 2025.
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