NSL

Listed Company · UPCOM

Price

18,000

Latest close

13 Feb 2026

P/E —

EPS (TTM) —

ROE (TTM) 5.6%

P/B 1.8x

BVPS (Latest) 10,116

ROA (TTM) 4.0%

What Is Changing

NSL no longer looks like a business simply rebounding from a weak base. Revenue posted +1.4% YoY, while net margin reached 5.06% with an additional -7.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 730bps to 5.06% in 2025.
Net Income fell to a multi-period low at VND 7.2bn in 2025.

Metric	2025	2024	2023	2022
Revenue	141.9	139.9	134.5	125.8
Growth	+1%	+4%	+7%	—
Net Income	7.2	17.3	17.0	19.7
Net Margin	5.06%	12.36%	12.63%	15.64%

Financial Statements

Profitability

Net margin reached 5.06% while Revenue posted +1.4% YoY.

Balance Sheet

Inventory stood at 14.6bn, liabilities at 51.1bn, and equity at 127.0bn.

Cash Flow

Operating cash flow was 20.7bn in 2025, while investing cash flow was -29.1bn.

Financing cash flow: -2.9bn.

Item	2025	2024	2023	2022
Revenue	141.9	139.9	134.5	125.8
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	141.9	139.9	134.5	125.8
Cost of Goods Sold	109.2	97.4	92.9	86.6
Gross Profit	32.7	42.5	41.6	39.3
Financial Income	0.4	0.4	0.8	1.7
Financial Expenses	1.8	1.1	0.5	0.2
Interest Expense	1.8	1.1	0.5	0.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	22.7	0.0	0.0
General and Administrative Expenses	24.2	0.0	23.0	19.4
Operating Profit	7.1	19.1	18.9	21.5
Other Income	1.3	0.4	0.6	0.4
Other Expenses	0.1	0.1	0.2	0.0
Other Profit	1.2	0.3	0.4	0.4
Profit Before Tax	8.2	19.5	19.2	21.9
Current Income Tax Expense	1.1	2.2	2.3	2.3
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	7.2	17.3	17.0	19.7
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	7.2	17.3	17.0	19.7
Earnings per Share	618.00	1,729.00	1,699.00	1,968.00
Diluted EPS	573.77	1,729.41	1,698.54	1,967.98

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	56.7	58.4	52.8	53.1
I. Cash and cash equivalents	8.4	19.7	7.6	10.5
1. Cash	7.1	5.8	3.6	4.5
2. Cash equivalents	1.3	13.9	4.0	6.0
II. Short-term financial investments	11.2	5.0	11.0	12.0
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	11.2	5.0	11.0	12.0
III. Short-term receivables	19.7	15.3	17.3	16.1
1. Short-term trade accounts receivable	10.8	9.4	9.9	10.7
2. Short-term prepayments to suppliers	7.5	5.0	6.0	2.2
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	1.3	0.9	1.4	3.3
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	14.6	15.0	16.2	13.7
1. Inventories	14.9	15.3	16.5	14.1
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-0.3
V. Other short-term assets	2.9	3.4	0.7	0.7
1. Short-term prepayments	2.7	3.1	0.3	0.3
2. Value added tax to be reclaimed	0.2	0.3	0.4	0.5
3. Taxes and other receivables from state authorities	—	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)	121.3	119.3	103.2	93.8
I. Long-term receivables	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	94.0	87.1	73.2	62.5
1. Tangible fixed assets	94.0	87.1	73.2	62.5
- Cost	380.8	355.1	324.5	298.4
- Accumulated depreciation	-286.7	-268.1	-251.3	-235.8
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	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
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	9.6	12.0	12.1	17.5
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	9.6	12.0	12.1	17.5
V. Long-term financial investments	10.0	10.0	10.0	10.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	10.0	10.0	10.0	10.0
3. Investments in other entities	—	0.0	0.0	0.0
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	7.7	10.3	7.9	3.7
1. Long-term prepayments	7.7	10.3	7.9	3.7
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	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	178.0	177.7	156.0	146.9
A. LIABILITIES (300=210+330)	51.1	48.0	39.0	32.1
I. Short -term liabilities	20.2	21.1	20.9	14.5
1. Short-term trade accounts payable	—	1.6	2.9	1.1
2. Short-term advances from customers	—	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.7	1.2	1.6	1.4
4. Payable to employees	9.8	10.5	10.3	5.7
5. Short-term acrrued expenses	0.2	0.0	0.0	0.0
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	3.0	2.9	3.1	4.1
10. Short-term borrowings and financial leases	4.4	2.9	1.0	0.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	2.1	2.1	2.1	1.9
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	30.8	26.9	18.0	17.5
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	2.6	4.2	6.0	8.1
8. Long-term borrowings and financial leases	28.2	22.7	12.0	9.4
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)	127.0	129.8	117.0	114.8
I. Owner's equity	127.0	129.8	117.0	114.8
1. Owner's capital	125.0	100.0	100.0	100.0
- Common stock with voting right	125.0	100.0	100.0	100.0
- 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	-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	1.8	12.3	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	—	17.3	16.8	14.6
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0
- Undistributed earnings in this period	—	17.3	16.8	14.6
12. Reserves for investment in construction	0.2	0.2	0.2	0.2
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)	178.0	177.7	156.0	146.9

Item	2025	2024	2023	2022
Profit Before Tax	8.2	19.5	19.2	0.0
Depreciation of Fixed Assets and Investment Property	18.7	16.8	15.4	0.0
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	-0.4	-0.4	-1.1	0.0
Interest Expense	1.8	1.1	0.5	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	28.3	37.0	34.1	0.0
Increase/(Decrease) in Receivables	-4.1	2.1	-1.2	0.0
Increase/(Decrease) in Inventory	0.4	1.2	-2.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.7	-3.1	3.4	0.0
Increase/(Decrease) in Prepaid Expenses	3.0	-5.2	-4.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-1.7	-1.1	-0.5	0.0
Corporate Income Tax Paid	-1.4	-2.6	-2.2	-1.9
Other Operating Receipts	—	0.0	0.0	1.8
Other Operating Payments	—	0.0	-0.2	-10.1
Net Cash Flow from Operating Activities	20.7	28.4	26.8	17.8
Payments for Fixed Assets and Other Long-term Assets	-23.3	-30.5	-20.7	-7.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-6.2	-2.5	-19.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	8.5	20.0	0.0
Investments in Other Entities	—	0.0	0.0	-2.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.3	1.1	0.1
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	-29.1	-24.2	-18.6	-10.7
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	10.6	14.7	4.3	10.1
Repayment of Borrowings	-3.5	-2.2	-1.0	-6.4
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-10.0	-4.5	-14.5	-14.5
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-2.9	8.0	-11.2	-10.9
Net Cash Flow During the Period	-11.3	12.2	-2.9	-3.8
Cash and Cash Equivalents at Beginning of Period	19.7	7.6	10.5	14.2
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8.4	19.7	7.6	10.5

Item	Q4'25	Q3'25	Q2'25
Revenue	35.2	34.5	37.3
Net Revenue	35.2	34.5	37.3
Cost of Goods Sold	35.0	23.2	29.6
Gross Profit	0.2	11.3	7.7
Financial Income	0.1	0.1	0.1
Financial Expenses	0.5	0.5	0.5
General and Administrative Expenses	8.0	4.3	6.2
Operating Profit	-8.2	6.7	1.1
Other Income	0.4	0.3	0.3
Other Expenses	—	0.1	0.0
Other Profit	0.4	0.2	0.3
Profit Before Tax	-7.8	6.9	1.4
Current Income Tax Expense	—	0.8	0.1
Net Income	-7.8	6.1	1.3
Profit Attributable to Parent	-7.8	6.1	1.3
Earnings per Share	-622.00	488.00	101.00

Item	Q4'25	Q3'25	Q2'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	52.3	56.7	59.2
I. Cash and cash equivalents	3.8	2.8	6.1
1. Cash	3.8	2.8	6.1
II. Short-term financial investments	12.5	13.5	22.0
3. Held to maturity investments	12.5	13.5	22.0
III. Short-term receivables	22.3	24.7	19.6
1. Short-term trade accounts receivable	13.2	13.1	11.9
2. Short-term prepayments to suppliers	7.5	9.6	5.8
3. Short-term inter-company receivables	0.3	0.9	1.0
6. Other short-term receivables	1.3	1.0	1.0
IV. Inventories	12.9	15.9	10.8
1. Inventories	13.2	16.2	11.1
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3
V. Other short-term assets	0.8	-0.2	0.7
1. Short-term prepayments	—	-0.2	0.4
2. Value added tax to be reclaimed	0.8	—	0.3
3. Taxes and other receivables from state authorities	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	125.8	122.4	121.2
I. Long-term receivables	1.4	1.4	1.4
3. Capital at inter-company	1.4	1.4	1.4
II. Fixed assets	92.2	88.3	90.7
1. Tangible fixed assets	92.2	88.3	90.7
IV. Long-term assets in progress	11.4	9.6	7.2
2. Construction in progress	11.4	9.6	7.2
V. Long-term financial investments	10.0	10.0	10.0
2. Investments in associates, joint-ventures	10.0	10.0	10.0
VI. Other long-term assets	10.8	13.2	12.0
1. Long-term prepayments	10.8	13.2	12.0
TOTAL ASSETS (280=100+200)	178.1	179.2	180.5
A. LIABILITIES (300=210+330)	51.7	45.7	42.3
I. Short -term liabilities	19.0	16.3	17.0
1. Short-term trade accounts payable	0.0	2.0	0.1
3. Taxes and other payables to state authorities	1.6	1.4	1.4
4. Payable to employees	9.8	3.5	6.1
5. Short-term acrrued expenses	0.1	0.1	—
9. Other short-term payables	5.5	7.2	7.4
12.. Bonus and welfare fund	2.1	2.1	2.1
II. Long-term liabilities	32.6	29.4	25.3
8. Long-term borrowings and financial leases	32.6	29.4	25.3
B. OWNER'S EQUITY (400=410+430)	126.5	133.5	138.1
I. Owner's equity	126.5	133.5	138.1
1. Owner's capital	125.0	125.0	125.0
- Common stock with voting right	125.0	125.0	125.0
5. Treasury shares	-0.0	-0.0	-0.0
11. Undistributed earnings after tax	1.3	8.3	13.0
- Accumulated retained earning at the end of the previous period	-5.4	-5.4	4.6
- Undistributed earnings in this period	6.7	13.7	8.3
12. Reserves for investment in construction	0.2	0.2	0.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	178.1	179.2	180.5

Item	Q4'25	Q3'25	Q2'25
Profit Before Tax	-7.3	6.9	8.6
Depreciation of Fixed Assets and Investment Property	4.7	4.7	9.3
Gain/Loss from Investment Activities	-0.2	—	-0.2
Interest Expense	0.9	—	0.9
Operating Profit Before Changes in Working Capital	-1.2	10.9	18.6
Increase/(Decrease) in Receivables	2.2	-3.8	-2.6
Increase/(Decrease) in Inventory	1.7	-5.1	3.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.8	-1.5	-5.0
Increase/(Decrease) in Prepaid Expenses	2.6	-1.3	1.6
Interest Paid	-0.9	—	-0.8
Corporate Income Tax Paid	0.0	-0.2	-1.2
Net Cash Flow from Operating Activities	6.5	-0.3	14.5
Payments for Fixed Assets and Other Long-term Assets	-21.4	6.2	-8.2
Loans and Purchases of Debt Instruments	6.8	-9.0	-4.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	18.4	—
Dividends and Interest Income Received	0.2	—	0.1
Net Cash Flow from Investing Activities	-32.6	15.5	-12.0
Proceeds from Borrowings	5.2	4.1	1.3
Repayment of Borrowings	-1.0	-0.9	-1.5
Dividends Paid	-10.0	—	—
Net Cash Flow from Financing Activities	-5.9	3.2	-0.2
Net Cash Flow During the Period	-32.0	18.4	2.2
Cash and Cash Equivalents at Beginning of Period	22.8	21.9	19.7
Cash and Cash Equivalents at End of Period	8.4	22.8	21.9

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NSL

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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