NAC

Listed Company · UPCOM

Price

—

Latest close

P/E —

EPS (TTM) —

ROE (TTM) 22.9%

P/B —

BVPS (Latest) —

ROA (TTM) 5.0%

What Is Changing

NAC no longer looks like a business simply rebounding from a weak base. Revenue posted +33.9% YoY, while net margin reached 2.96% with an additional -1.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -7.2% in 2025 from 70.7% in the prior period, at VND 8.8bn.
Revenue growth accelerated to 33.8% in 2025, up 17.3pp versus the prior year.
Net margin declined from 4.26% in the prior period to 2.96% in 2025.

Metric	2025	2024	2023	2022
Revenue	299.3	223.6	191.9	254.5
Growth	+34%	+17%	-25%	—
Net Income	8.8	9.5	5.6	7.5
Net Margin	2.96%	4.26%	2.91%	2.96%

Financial Statements

Profitability

Net margin reached 2.96% while Revenue posted +33.9% YoY.

Balance Sheet

Inventory stood at 12.3bn, liabilities at 151.5bn, and equity at 38.3bn.

Cash Flow

Operating cash flow was 33.0bn in 2025, while investing cash flow was -6.8bn.

Financing cash flow: -5.7bn.

Item	2025	2024	2023	2022
Revenue	299.6	223.6	191.9	254.5
Revenue Deductions	0.3	0.0	0.0	0.0
Net Revenue	299.3	223.6	191.9	254.5
Cost of Goods Sold	262.4	195.7	169.3	223.6
Gross Profit	36.9	27.9	22.7	30.9
Financial Income	4.5	5.7	6.0	5.9
Financial Expenses	0.0	-5.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	30.7	27.1	22.6	28.4
Operating Profit	10.7	11.5	6.0	8.3
Other Income	0.1	0.2	0.3	0.3
Other Expenses	0.2	0.2	0.0	0.1
Other Profit	-0.1	-0.0	0.3	0.1
Profit Before Tax	10.6	11.5	6.3	8.4
Current Income Tax Expense	1.8	2.2	0.7	0.9
Deferred Income Tax Expense	-0.1	-0.2	0.0	0.0
Net Income	8.8	9.5	5.6	7.5
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	8.8	9.5	5.6	7.5
Earnings per Share	1,856.00	2,092.00	1,041.00	1,658.00
Diluted EPS	1,856.00	2,092.00	1,041.00	1,658.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	179.8	128.5	121.8	125.8
I. Cash and cash equivalents	62.7	42.2	20.4	28.4
1. Cash	62.7	42.2	20.4	26.4
2. Cash equivalents	—	0.0	0.0	2.0
II. Short-term financial investments	50.0	12.5	23.0	23.6
1. Available for sale securities	—	0.0	0.0	5.4
2. Provision for diminution in value of available for sale securities (*)	—	0.0	-0.0	-5.0
3. Held to maturity investments	50.0	12.5	23.0	23.2
III. Short-term receivables	54.3	53.9	49.8	48.2
1. Short-term trade accounts receivable	65.7	65.0	56.2	53.7
2. Short-term prepayments to suppliers	3.8	1.6	1.0	2.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	7.4	6.7	8.5	7.4
7. Provision for short-term doubtful debts (*)	-22.6	-19.3	-15.9	-14.8
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	12.3	19.3	28.2	24.7
1. Inventories	12.3	19.3	28.2	24.7
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.5	0.6	0.4	0.9
1. Short-term prepayments	0.4	0.6	0.4	0.6
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	0.2
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	10.0	38.2	23.7	29.2
I. Long-term receivables	0.9	0.9	0.7	0.7
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	0.9	0.9	0.7	0.7
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	4.4	3.9	6.1	8.7
1. Tangible fixed assets	2.4	3.3	4.5	6.0
- Cost	29.4	29.7	29.3	30.3
- Accumulated depreciation	-27.0	-26.4	-24.8	-24.3
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	2.0	0.6	1.6	2.7
- Cost	10.9	9.4	9.4	9.4
- Accumulated depreciation	-8.9	-8.8	-7.8	-6.8
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
V. Long-term financial investments	2.7	32.1	16.1	18.5
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2.7	2.7	2.7	3.5
3. Investments in other entities	—	0.4	5.4	0.0
4. Provision for diminution in value of long-term investments	—	0.0	-5.0	0.0
5. Held to maturity investments	—	29.0	13.0	15.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	2.0	1.3	0.8	1.3
1. Long-term prepayments	1.6	1.1	0.8	1.3
2. Deferred income tax assets	0.3	0.2	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	189.8	166.7	145.5	155.0
A. LIABILITIES (300=210+330)	151.5	127.7	110.5	118.2
I. Short -term liabilities	151.3	127.4	110.3	117.9
1. Short-term trade accounts payable	2.0	2.6	2.4	2.9
2. Short-term advances from customers	90.6	85.4	82.6	84.0
3. Taxes and other payables to state authorities	6.0	4.8	3.2	3.2
4. Payable to employees	32.2	20.8	12.1	15.1
5. Short-term acrrued expenses	12.6	3.6	0.6	0.7
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	2.3	4.4	3.6	6.8
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0
11. Provision for short-term liabilities	1.6	1.2	1.5	2.0
12.. Bonus and welfare fund	4.0	4.7	4.2	3.3
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	0.3	0.3	0.3	0.3
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	0.3	0.3	0.3	0.3
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	38.3	39.0	35.0	36.8
I. Owner's equity	38.3	39.0	35.0	36.8
1. Owner's capital	28.4	28.4	28.4	28.4
- Common stock with voting right	28.4	28.4	28.4	28.4
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	1.1	1.1	1.1	1.1
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	8.8	9.5	5.5	7.4
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0
- Undistributed earnings in this period	8.8	9.5	5.5	7.4
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	189.8	166.7	145.5	155.0

Item	2025	2024	2023	2022
Profit Before Tax	10.6	11.5	6.3	8.4
Depreciation of Fixed Assets and Investment Property	2.5	2.6	3.0	2.9
Provision (Increase)/Reversal	3.7	-1.9	0.6	0.5
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-4.5	-5.7	-6.3	-6.1
Interest Expense	—	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	12.3	6.6	3.5	5.6
Increase/(Decrease) in Receivables	-3.9	-8.8	0.7	-10.1
Increase/(Decrease) in Inventory	6.9	8.9	-3.5	1.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	24.6	16.5	-7.5	9.4
Increase/(Decrease) in Prepaid Expenses	-0.4	-0.4	0.7	-0.6
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	-2.0	-1.6	-0.6	-1.0
Other Operating Receipts	—	0.0	1.9	0.0
Other Operating Payments	-4.6	-1.7	-3.4	-1.7
Net Cash Flow from Operating Activities	33.0	19.4	-8.3	2.6
Payments for Fixed Assets and Other Long-term Assets	-3.0	-0.5	-0.4	-6.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.3	0.3
Loans and Purchases of Debt Instruments	-41.5	-42.0	-32.1	-33.1
Receipts from Loan Repayments and Sale of Debt Instruments	33.0	36.5	34.3	33.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	5.0	0.0	0.0
Dividends and Interest Income Received	4.7	6.7	2.9	8.2
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-6.8	5.8	5.1	2.1
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	—	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-5.7	-3.4	-4.8	-4.3
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-5.7	-3.4	-4.8	-4.3
Net Cash Flow During the Period	20.5	21.7	-8.0	0.4
Cash and Cash Equivalents at Beginning of Period	42.2	20.4	28.4	28.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	62.7	42.2	20.4	28.4

Item	Q4'25
Profit Before Tax	10.6
Depreciation of Fixed Assets and Investment Property	2.5
Provision (Increase)/Reversal	3.7
FX Gain/Loss from Revaluation of Monetary Items	-0.0
Gain/Loss from Investment Activities	-4.5
Operating Profit Before Changes in Working Capital	12.3
Increase/(Decrease) in Receivables	-3.9
Increase/(Decrease) in Inventory	6.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	24.6
Increase/(Decrease) in Prepaid Expenses	-0.4
Corporate Income Tax Paid	-2.0
Other Operating Payments	-4.6
Net Cash Flow from Operating Activities	33.0
Payments for Fixed Assets and Other Long-term Assets	-3.0
Loans and Purchases of Debt Instruments	-41.5
Receipts from Loan Repayments and Sale of Debt Instruments	33.0
Dividends and Interest Income Received	4.7
Net Cash Flow from Investing Activities	-6.8
Dividends Paid	-5.7
Net Cash Flow from Financing Activities	-5.7
Net Cash Flow During the Period	20.5
Cash and Cash Equivalents at Beginning of Period	42.2
FX Difference from Revaluation	0.0
Cash and Cash Equivalents at End of Period	62.7

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NAC

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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