Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 123.7bn, rose 26.0bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.80x
- P/B
- 1.21x
- EPS
- 4,053
- BVPS
- 19,472
- ROE
- 25.2%
- ROA
- 14.9%
- Market price
- 23,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, HVT is improving on both revenue and margins, though the magnitude is still moderate — earnings have been recovering gradually over multiple periods. This signal only becomes convincing if the improvement continues through the next few periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Tax
- Administrative expenses
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 | 471.3 | 419.8 | 408.1 | 422.0 | 381.8 | 392.4 | 369.0 | 378.4 |
| LNST | 37.1 | 30.9 | 23.7 | 32.0 | 24.4 | 16.2 | 30.3 | 26.8 |
| Net margin | 7.88% | 7.36% | 5.80% | 7.57% | 6.39% | 4.13% | 8.21% | 7.08% |
Revenue
471bnNet income
37bnNet margin
7.88%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 improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 13.1% year on year — not from a single spike: quarterly growth stepped up from +12% to +23%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,721bn +13.1%
- Latest quarter YoY
- +23% accelerating
What is driving the margin?
▲Net margin edged up to 7.19%, rising 0.8pp. Core operating signals are improving as SG&A / Revenue fell 1.2pp are enough to offset pressure from Gross margin fell 0.7pp (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 0.1pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 7.19% +0.8pp
- Gross Margin
- 20.15% −0.7pp
- SG&A / Revenue
- 10.76% −1.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 151.2bn against investing cash flow of -15.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +135.4bn. Financing cash flow was negative +121.3bn.
CFO / net income was 1,47 lần.
After spending +7.2bn on fixed-asset investment, the business generated trailing free cash flow of +174.9bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −3.6%, other profit at +0.8% of PBT.
- Non-core / PBT
- 0.8% low
- Net financial / PBT
- −3.6%
- Other profit / PBT
- 0.8%
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 9.8 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 20.67%, rising 4.3pp. That translates to 20.67 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.8pp and capital turnover rose 0.29x, with invested capital holding roughly steady — capital-return quality improved from both sides.
Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 9.8 days versus the same period last year. The main moves came from DIO rose 3.2 days, DSO rose 1.4 days, and DPO fell 5.2 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +9.8 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +1.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 23.1% to 25.2% — supported by net margin and asset turnover.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.11x and interest coverage at 21.81x.
At present, short-term debt accounts for 94.4% of total debt, cash equals 52.7% of debt, and total debt stands at 121.5bn.
- Net Debt / Equity
- 0.11x −0.27x
- Interest Coverage
- 21.81x +13.70x
- Cash / Debt
- 52.7% +36.9pp
- Short-term Debt / Total Debt
- 94.4% +7.8pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 94.4% of total debt, raising near-term refinancing needs.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.67x equity, net debt at 0.11x equity.
Inventory ended the period at 163.1bn, roughly 19.4% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.47x. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.47x.
What to verify next
Questions for the next period
Whether revenue sustains its +13,1% YoY pace or begins to slow.
Whether margins hold around the current 7.19% level or narrow again.
Whether operating cash flow holds its 151.2bn (cumulative for 2025) level in upcoming periods or weakens.
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