Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 111.0bn, rose 21.0bn 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
- 6.46x
- P/B
- 1.20x
- EPS
- 3,636
- BVPS
- 19,505
- ROE
- 22.0%
- ROA
- 13.0%
- Market price
- 23,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 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 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 419.8 | 408.1 | 422.0 | 381.8 | 392.4 | 369.0 | 378.4 | 361.9 |
| LNST | 30.9 | 23.7 | 32.0 | 24.4 | 16.2 | 30.3 | 26.8 | 16.7 |
| Net margin | 7.36% | 5.80% | 7.57% | 6.39% | 4.13% | 8.21% | 7.08% | 4.62% |
Revenue
420bnNet income
31bnNet margin
7.36%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.
What is driving the margin?
▲Net margin edged up to 6.80%, rising 0.8pp. Core operating signals are improving as SG&A / Revenue fell 0.8pp are enough to offset pressure from Gross margin fell 0.4pp (in addition, Net financial result / Revenue rose 0.6pp added support while Other profit / Revenue fell 0.1pp remained a drag).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 6.80% +0.8pp
- Gross Margin
- 20.25% −0.4pp
- SG&A / Revenue
- 11.25% −0.8pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 14.0 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 19.20%, rising 4.0pp. That translates to 19.20 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.9pp and capital turnover rose 0.26x, 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.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.67x equity, net debt at 0.08x 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.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 14.0 days versus the same period last year. The main moves came from DIO rose 2.5 days, DSO rose 9.8 days, and DPO fell 1.7 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +14.0 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +9.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 20.4% to 22.0% — mainly driven by net margin, despite leverage moving in the opposite direction.
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 0.08x and interest coverage at 17.21x.
At present, short-term debt accounts for 88.5% of total debt, cash equals 57.5% of debt, and total debt stands at 97.7bn.
Short-term debt accounts for 88.5% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.08x −0.16x
- Interest Coverage
- 17.21x +11.22x
- Cash / Debt
- 57.5% +26.3pp
- Short-term Debt / Total Debt
- 88.5% +16.3pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 151.2bn in 2025, against investing cash flow of -15.8bn.
Post-investment cash flow was positive +135.4bn. Financing cash flow was negative +121.3bn.
CFO / net income was 1,20 lần.
After spending +31.8bn on fixed-asset investment, the business generated trailing free cash flow of +101.8bn.
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 1.20x. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.20x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +8,7% YoY pace.
Ability to hold margins around the current 6.80% level.
Cash-flow quality, with operating cash flow currently at 151.2bn in 2025.
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