NDC

Nam Dược ·UPCOM ·2025Q4

▼ Under pressure

Price

157,000

Latest close

28 Apr 2026

P/E —

P/B —

EPS —

BVPS —

ROE 14.6%

ROA 11.5%

Profit Margin 9.7%

Asset Turnover 1.18x

Equity Mult. 1.27x

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

What Is Changing

On a Năm 2025 basis, NDC is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — margins have been compressing consistently over multiple periods. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 928bn
	                                
−2.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 90bn
	                                
−8.8%YoY

Metric	2025	2024	2023	2022
Revenue	928.0	949.7	830.3	907.2
Growth	-2%	+14%	-8%	—
Net Income	90.1	98.7	96.5	130.8
Net Margin	9.71%	10.40%	11.62%	14.41%

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 9.71% −0.7pp

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 88.0bn, roughly 10.7% 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	1,003.1	1,023.8	890.8	972.9
Revenue Deductions	75.1	74.1	60.5	65.7
Net Revenue	928.0	949.7	830.3	907.2
Cost of Goods Sold	447.4	469.1	406.6	426.5
Gross Profit	480.6	480.6	423.7	480.6
Financial Income	9.5	4.5	3.1	2.1
Financial Expenses	0.0	0.1	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	285.3	275.9	232.9	247.3
General and Administrative Expenses	91.0	81.7	72.9	71.6
Operating Profit	113.7	127.5	121.0	163.7
Other Income	0.6	0.1	0.0	0.0
Other Expenses	0.4	2.2	0.1	0.1
Other Profit	0.2	-2.1	-0.1	-0.1
Profit Before Tax	113.9	125.4	120.9	163.6
Current Income Tax Expense	23.8	26.8	24.4	32.9
Deferred Income Tax Expense	-0.0	-0.1	0.1	0.0
Net Income	90.1	98.7	96.5	130.8
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	90.1	98.7	96.5	130.8
Earnings per Share	15,102.00	16,553.00	16,179.00	21,924.00
Diluted EPS	15,101.93	16,553.11	16,179.00	21,923.83

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	435.1	372.2	299.4	295.9
I. Cash and cash equivalents	66.0	122.2	95.6	145.7
1. Cash	16.0	22.2	24.5	41.7
2. Cash equivalents	50.0	100.0	71.1	104.0
II. Short-term financial investments	215.4	85.2	45.0	0.0
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	215.4	85.2	45.0	0.0
III. Short-term receivables	58.8	54.1	51.6	33.9
1. Short-term trade accounts receivable	41.3	41.1	35.6	23.6
2. Short-term prepayments to suppliers	6.8	2.6	12.2	7.3
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	10.7	10.4	3.8	2.9
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	88.0	103.9	101.6	108.4
1. Inventories	88.0	103.9	101.6	108.4
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	6.9	6.8	5.6	8.0
1. Short-term prepayments	2.3	2.2	1.0	2.4
2. Value added tax to be reclaimed	4.6	4.6	4.6	5.6
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0
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)	384.7	376.8	350.4	298.3
I. Long-term receivables	0.2	0.8	0.5	0.2
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.2	0.8	0.5	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	—	0.0	0.0	0.2
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	331.7	317.4	282.3	246.7
1. Tangible fixed assets	106.3	91.6	56.6	62.9
- Cost	255.3	232.6	187.9	184.7
- Accumulated depreciation	-149.0	-141.1	-131.4	-121.8
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	225.4	225.8	225.8	183.8
- Cost	229.6	229.3	228.5	185.8
- Accumulated depreciation	-4.2	-3.5	-2.8	-2.1
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	4.2	8.8	18.5	1.1
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	4.2	8.8	18.5	1.1
V. Long-term financial investments	0.3	0.3	0.3	0.3
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	0.3	0.3	0.3	0.3
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	48.3	49.5	48.7	50.0
1. Long-term prepayments	47.8	49.0	48.3	49.6
2. Deferred income tax assets	0.5	0.5	0.4	0.5
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)	819.8	749.0	649.8	594.2
A. LIABILITIES (300=210+330)	170.2	161.6	135.7	148.7
I. Short -term liabilities	170.2	161.6	135.7	148.7
1. Short-term trade accounts payable	27.5	25.7	26.6	25.9
2. Short-term advances from customers	0.6	1.3	1.0	9.1
3. Taxes and other payables to state authorities	22.9	26.3	21.9	25.2
4. Payable to employees	76.6	73.9	59.6	72.1
5. Short-term acrrued expenses	38.8	32.1	20.1	13.0
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	2.1	1.3	5.4	1.1
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	1.7	1.1	1.1	2.4
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
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)	—	0.00	0.00	0.00
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)	649.7	587.4	514.0	445.5
I. Owner's equity	649.7	587.4	514.0	445.5
1. Owner's capital	59.6	59.6	59.6	59.6
- Common stock with voting right	59,640,000,000.00	59,640,000,000.00	59,640,000,000.00	59,640,000,000.00
- 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	—	0.00	0.00	0.00
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	—	0.0	0.0	0.0
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	590.0	527.7	454.4	385.9
- Accumulated retained earning at the end of the previous period	500.0	429.0	357.9	255.1
- Undistributed earnings in this period	90.1	98.7	96.5	130.8
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)	819.8	749.0	649.8	594.2

Item	2025	2024	2023	2022
Profit Before Tax	113.9	125.4	120.9	163.6
Depreciation of Fixed Assets and Investment Property	11.8	10.4	10.3	10.4
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-10.1	-4.5	-3.1	-2.1
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	115.6	131.3	128.0	171.9
Increase/(Decrease) in Receivables	-2.5	-1.0	-17.0	-12.5
Increase/(Decrease) in Inventory	15.9	-2.3	6.8	-19.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	11.6	23.1	-13.6	33.7
Increase/(Decrease) in Prepaid Expenses	1.1	-1.9	2.6	-48.8
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	-27.7	-24.3	-29.7	-11.6
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-9.3	-9.6	-4.6	-5.9
Net Cash Flow from Operating Activities	104.7	115.3	72.5	107.0
Payments for Fixed Assets and Other Long-term Assets	-27.2	-35.8	-65.8	-46.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.6	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-250.9	-85.0	-45.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	120.7	44.8	0.0	14.0
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	7.8	2.7	3.1	1.7
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	-143.1	-73.2	-107.7	-30.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
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	-17.8	-15.5	-14.8	-11.8
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-17.8	-15.5	-14.8	-11.8
Net Cash Flow During the Period	-56.2	26.6	-50.0	64.5
Cash and Cash Equivalents at Beginning of Period	122.2	95.6	145.7	81.2
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	66.0	122.2	95.6	145.7

Item	Q4'25
Profit Before Tax	113.9
Depreciation of Fixed Assets and Investment Property	11.8
Gain/Loss from Investment Activities	-10.1
Operating Profit Before Changes in Working Capital	115.6
Increase/(Decrease) in Receivables	-2.5
Increase/(Decrease) in Inventory	15.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	11.6
Increase/(Decrease) in Prepaid Expenses	1.1
Corporate Income Tax Paid	-27.7
Other Operating Payments	-9.3
Net Cash Flow from Operating Activities	104.7
Payments for Fixed Assets and Other Long-term Assets	-27.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.6
Loans and Purchases of Debt Instruments	-250.9
Receipts from Loan Repayments and Sale of Debt Instruments	120.7
Dividends and Interest Income Received	7.8
Net Cash Flow from Investing Activities	-143.1
Dividends Paid	-17.8
Net Cash Flow from Financing Activities	-17.8
Net Cash Flow During the Period	-56.2
Cash and Cash Equivalents at Beginning of Period	122.2
Cash and Cash Equivalents at End of Period	66.0

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NDC

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