NAS

Dịch vụ Hàng không Sân bay Việt Nam ·UPCOM ·2025Q4

▼ Under pressure

Price

31,500

Latest close

02 Jun 2026

P/E —

P/B —

EPS —

BVPS —

ROE 23.6%

ROA 7.9%

Profit Margin 4.3%

Asset Turnover 1.74x

Equity Mult. 3.00x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a Năm 2025 basis, NAS is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 636bn
	                                
+21.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 29bn
	                                
−23.0%YoY

Metric	2025	2024	2023	2022
Revenue	636.0	524.9	481.5	406.3
Growth	+21%	+9%	+19%	—
Net Income	28.7	37.3	13.0	2.2
Net Margin	4.52%	7.11%	2.70%	0.55%

Quarterly snapshot data is not available yet.

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 4.52% −2.6pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Focus on inventory, liability structure, and year-end cash balance.

Inventory ended the period at 50.5bn, roughly 11.7% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Statement Data

Item	2025	2024	2023	2022
Revenue	636.2	525.2	481.8	406.5
Revenue Deductions	0.3	0.3	0.3	0.2
Net Revenue	636.0	524.9	481.5	406.3
Cost of Goods Sold	297.2	242.9	232.7	229.9
Gross Profit	338.7	282.0	248.8	176.3
Financial Income	17.8	27.4	15.3	19.0
Financial Expenses	6.8	6.0	11.8	12.4
Interest Expense	6.7	5.1	11.6	11.8
Share of Associates and Joint Ventures	-0.0	-0.1	-0.0	-0.0
Selling Expenses	239.2	202.8	179.3	131.8
General and Administrative Expenses	83.5	64.9	60.3	48.8
Operating Profit	27.0	35.6	12.7	2.4
Other Income	1.6	0.3	0.3	1.7
Other Expenses	0.0	0.3	0.1	1.7
Other Profit	1.5	-0.0	0.2	0.1
Profit Before Tax	28.5	35.5	12.9	2.4
Current Income Tax Expense	—	0.0	0.0	0.1
Deferred Income Tax Expense	-0.2	-1.8	-0.1	0.1
Net Income	28.7	37.3	13.0	2.2
Non-controlling Interest	1.2	9.5	0.4	0.6
Profit Attributable to Parent	27.5	27.9	12.6	1.6
Earnings per Share	3,311.00	3,353.00	1,513.00	198.00
Diluted EPS	3,311.00	3,353.00	1,513.00	198.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	212.7	165.4	142.8	124.4
I. Cash and cash equivalents	27.7	44.8	42.5	18.8
1. Cash	26.0	36.8	42.5	14.0
2. Cash equivalents	1.7	8.0	0.0	4.8
II. Short-term financial investments	32.1	22.7	12.9	11.1
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	32.1	22.7	12.9	11.1
III. Short-term receivables	101.1	60.0	54.0	69.2
1. Short-term trade accounts receivable	89.5	51.3	46.8	57.7
2. Short-term prepayments to suppliers	5.3	6.8	4.9	5.1
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	7.5	3.2	3.1	6.5
7. Provision for short-term doubtful debts (*)	-1.2	-1.3	-0.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	50.5	36.8	32.7	23.1
1. Inventories	50.5	36.8	32.7	23.1
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	1.4	1.0	0.7	2.2
1. Short-term prepayments	1.4	0.9	0.5	1.9
2. Value added tax to be reclaimed	—	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.1	0.2	0.3
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)	220.2	132.2	151.2	171.3
I. Long-term receivables	2.4	1.3	1.3	1.0
1. Long-term trade receivables	1.7	1.9	2.0	2.1
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	1.3	1.5	1.5	1.0
7. Provision for long-term doubtful debts	-0.6	-2.0	-2.2	-2.1
II. Fixed assets	182.6	110.5	128.0	148.4
1. Tangible fixed assets	179.9	109.6	126.4	145.4
- Cost	403.2	316.4	315.1	330.4
- Accumulated depreciation	-223.3	-206.8	-188.7	-185.0
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	2.7	0.9	1.6	3.0
- Cost	13.9	11.5	11.3	11.7
- Accumulated depreciation	-11.2	-10.5	-9.7	-8.7
III. Investment properties	9.3	10.0	10.7	11.5
- Cost	14.1	14.1	14.1	14.1
- Accumulated depreciation	-4.9	-4.1	-3.4	-2.7
IV. Long-term assets in progress	1.7	0.5	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	1.7	0.5	0.0	0.0
V. Long-term financial investments	12.9	6.7	6.9	6.9
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.2	0.2
3. Investments in other entities	96.7	96.7	96.7	96.7
4. Provision for diminution in value of long-term investments	-90.0	-90.0	-90.0	-90.0
5. Held to maturity investments	6.2	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	11.3	3.1	4.3	3.5
1. Long-term prepayments	11.3	3.1	3.9	3.5
2. Deferred income tax assets	—	0.0	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	0.5	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	432.9	297.6	294.0	295.7
A. LIABILITIES (300=210+330)	296.6	190.0	223.8	238.5
I. Short -term liabilities	214.3	155.1	167.7	148.9
1. Short-term trade accounts payable	45.2	54.2	51.1	38.6
2. Short-term advances from customers	0.0	0.5	0.1	0.4
3. Taxes and other payables to state authorities	0.5	1.1	1.6	1.2
4. Payable to employees	35.2	25.5	21.8	10.8
5. Short-term acrrued expenses	6.8	3.8	3.3	4.3
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	47.8	29.0	26.0	25.6
10. Short-term borrowings and financial leases	78.7	40.7	63.4	66.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.2	0.5	1.5
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	82.3	35.0	56.2	89.6
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	9.8	7.8	6.7	5.9
8. Long-term borrowings and financial leases	65.5	20.0	40.5	74.7
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	6.9	7.2	9.0	9.0
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)	136.3	107.5	70.2	57.2
I. Owner's equity	136.3	107.5	70.2	57.2
1. Owner's capital	83.2	83.2	83.2	83.2
- Common stock with voting right	83,157,640,000.00	83,157,640,000.00	83,157,640,000.00	83,157,640,000.00
- Preferred stock	—	0.00	0.00	0.00
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	-2,820,000.00	-2,820,000.00	-2,820,000.00	-2,820,000.00
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	38.6	38.6	38.6	38.6
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	4.0	4.0	4.0	4.0
11. Undistributed earnings after tax	-15.8	-43.3	-71.2	-83.8
- Accumulated retained earning at the end of the previous period	-43.3	-71.2	-83.8	-85.4
- Undistributed earnings in this period	27.5	27.9	12.6	1.6
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	26.4	25.2	15.7	15.3
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)	432.9	297.6	294.0	295.7

Item	2025	2024	2023	2022
Profit Before Tax	28.5	35.5	12.9	2.4
Depreciation of Fixed Assets and Investment Property	25.2	20.2	21.7	22.4
Provision (Increase)/Reversal	-0.3	0.3	0.9	0.5
FX Gain/Loss from Revaluation of Monetary Items	-0.3	0.8	0.2	0.0
Gain/Loss from Investment Activities	-16.6	-26.9	-15.4	-18.9
Interest Expense	6.7	5.1	11.6	11.8
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	43.4	35.1	32.0	18.3
Increase/(Decrease) in Receivables	-40.5	-6.0	19.5	-24.9
Increase/(Decrease) in Inventory	-13.6	-4.1	-9.6	-18.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	29.2	9.9	24.0	23.7
Increase/(Decrease) in Prepaid Expenses	-8.7	0.4	1.0	1.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-6.9	-5.1	-11.6	-11.8
Corporate Income Tax Paid	—	0.0	0.0	-0.1
Other Operating Receipts	—	0.0	0.2	0.0
Other Operating Payments	-0.1	-0.3	-1.3	-1.4
Net Cash Flow from Operating Activities	2.8	29.9	54.1	-13.4
Payments for Fixed Assets and Other Long-term Assets	-103.7	-1.4	-1.0	-4.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.1	0.3
Loans and Purchases of Debt Instruments	-32.0	-11.8	-1.8	-15.0
Receipts from Loan Repayments and Sale of Debt Instruments	16.5	2.0	0.0	15.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	15.7	27.0	9.6	18.3
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	-103.5	15.8	6.9	14.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	223.2	50.0	144.9	115.2
Repayment of Borrowings	-139.7	-93.3	-182.3	-115.7
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	-0.1	-0.0	-0.1
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	83.5	-43.4	-37.4	-0.6
Net Cash Flow During the Period	-17.2	2.3	23.7	0.3
Cash and Cash Equivalents at Beginning of Period	44.8	42.5	18.8	18.5
FX Difference from Revaluation	0.0	0.1	-0.1	-0.0
Cash and Cash Equivalents at End of Period	27.7	44.8	42.5	18.8

Item	Q4'25
Profit Before Tax	28.5
Depreciation of Fixed Assets and Investment Property	25.2
Provision (Increase)/Reversal	-0.3
FX Gain/Loss from Revaluation of Monetary Items	-0.3
Gain/Loss from Investment Activities	-16.6
Interest Expense	6.7
Operating Profit Before Changes in Working Capital	43.4
Increase/(Decrease) in Receivables	-40.5
Increase/(Decrease) in Inventory	-13.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	29.2
Increase/(Decrease) in Prepaid Expenses	-8.7
Interest Paid	-6.9
Other Operating Payments	-0.1
Net Cash Flow from Operating Activities	2.8
Payments for Fixed Assets and Other Long-term Assets	-103.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1
Loans and Purchases of Debt Instruments	-32.0
Receipts from Loan Repayments and Sale of Debt Instruments	16.5
Dividends and Interest Income Received	15.7
Net Cash Flow from Investing Activities	-103.5
Proceeds from Borrowings	223.2
Repayment of Borrowings	-139.7
Net Cash Flow from Financing Activities	83.5
Net Cash Flow During the Period	-17.2
Cash and Cash Equivalents at Beginning of Period	44.8
FX Difference from Revaluation	0.0
Cash and Cash Equivalents at End of Period	27.7

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NAS

What Is Changing

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency