NTF

Dược - Vật tư Y tế Nghệ An ·UPCOM ·2026Q1

▲ Slightly positive

The balance sheet remains flexible Debt/equity −0.55x

Price

12,000

Latest close

03 Jun 2026

P/E —

P/B 0.99x

EPS —

BVPS 12,078

ROE 3.6%

ROA 2.6%

Profit Margin 2.3%

Asset Turnover 1.13x

Equity Mult. 1.39x

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

What Is Changing

On a Năm 2025 basis, NTF has not moved the needle on revenue, but profitability has edged up slightly — margins have been expanding consistently over multiple periods. What remains unclear is whether this improvement can widen without revenue momentum to back it.

	                            
	                                TTM REVENUE
	                            
	                                    VND 142bn
	                                
−17.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3bn
	                                
+37.4%YoY

Metric	2025	2024	2023	2022
Revenue	141.5	172.1	195.4	212.4
Growth	-18%	-12%	-8%	—
Net Income	3.2	2.3	2.4	6.1
Net Margin	2.28%	1.36%	1.24%	2.88%

Metric	Q1'26
Revenue	34.5
Growth	—
Net Income	-0.2
Net Margin	-0.65%

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 2.28% +0.9pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.37x equity, with a net cash position equivalent to 0.55x equity.

Inventory ended the period at 29.0bn, roughly 23.2% 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?

Financial risk is low — the company has net cash and CFO reached 4.9bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, cash equals 35513.3% of debt and total debt stands at 0.3bn.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.55x —

Interest Coverage — —

Cash / Debt 35513.3% —

Short-term Debt / Total Debt — —

TTM YoY · Prior -> 2026Q1

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.55x. The next item to monitor is capital structure should be read with cycle risk in mind.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.55x of equity.

Watchpoint: Capital structure should be read with cycle risk in mind.

Statement Data

Item	2025	2024	2023	2022
Revenue	141.5	172.6	196.2	213.3
Revenue Deductions	—	0.4	0.8	0.9
Net Revenue	141.5	172.1	195.4	212.4
Cost of Goods Sold	104.6	131.0	153.3	165.9
Gross Profit	36.9	41.1	42.1	46.5
Financial Income	0.1	0.4	1.2	1.1
Financial Expenses	0.3	0.2	0.0	0.1
Interest Expense	0.1	0.0	0.0	0.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	17.2	20.5	22.8	21.0
General and Administrative Expenses	15.7	17.4	17.3	18.7
Operating Profit	3.8	3.4	3.2	7.8
Other Income	0.4	0.2	0.0	0.1
Other Expenses	0.0	0.3	0.2	0.1
Other Profit	0.3	-0.1	-0.2	-0.0
Profit Before Tax	4.2	3.2	3.1	7.8
Current Income Tax Expense	1.0	0.9	0.7	1.6
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	3.2	2.3	2.4	6.1
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	3.2	2.3	2.4	6.1
Earnings per Share	484.00	352.00	403.00	1,020.00
Diluted EPS	484.00	352.00	403.10	1,020.03

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	67.4	73.9	86.1	86.8
I. Cash and cash equivalents	9.3	12.2	12.7	4.2
1. Cash	7.3	5.2	10.7	4.2
2. Cash equivalents	2.0	7.0	2.0	0.0
II. Short-term financial investments	—	0.0	2.7	8.8
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	—	0.0	2.7	8.8
III. Short-term receivables	28.3	36.9	36.4	33.0
1. Short-term trade accounts receivable	26.3	31.6	32.7	27.2
2. Short-term prepayments to suppliers	2.0	5.5	3.8	1.0
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	5.0
6. Other short-term receivables	1.5	1.3	1.2	1.0
7. Provision for short-term doubtful debts (*)	-1.6	-1.5	-1.3	-1.1
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	29.0	24.5	33.2	38.8
1. Inventories	29.1	24.6	33.5	39.0
2. Provision for decline in value of inventories	-0.1	-0.1	-0.3	-0.2
V. Other short-term assets	0.8	0.3	1.1	2.0
1. Short-term prepayments	0.3	0.1	0.2	0.5
2. Value added tax to be reclaimed	0.3	0.2	0.2	1.5
3. Taxes and other receivables from state authorities	0.2	0.0	0.7	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)	57.5	51.2	50.1	48.3
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	1.6	2.4	3.4	4.7
1. Tangible fixed assets	1.5	2.2	3.1	4.4
- Cost	49.5	50.1	49.6	49.3
- Accumulated depreciation	-48.0	-47.9	-46.5	-44.9
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	0.1	0.2	0.3	0.4
- Cost	0.6	0.6	0.6	0.6
- Accumulated depreciation	-0.5	-0.4	-0.3	-0.2
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	54.7	47.3	45.4	42.6
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	54.7	47.3	45.4	42.6
V. Long-term financial investments	—	0.0	0.0	0.0
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	—	0.0	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	1.2	1.5	1.4	0.9
1. Long-term prepayments	1.2	1.5	1.4	0.9
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)	124.9	125.1	136.2	135.0
A. LIABILITIES (300=210+330)	33.5	36.7	43.9	44.6
I. Short -term liabilities	29.7	33.0	39.4	39.7
1. Short-term trade accounts payable	23.3	28.8	29.3	24.0
2. Short-term advances from customers	0.1	0.1	0.1	0.4
3. Taxes and other payables to state authorities	1.0	0.8	0.8	2.1
4. Payable to employees	2.4	1.1	1.3	1.6
5. Short-term acrrued expenses	2.2	1.4	2.4	1.1
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	0.1	0.0	0.1	0.0
9. Other short-term payables	0.6	0.7	0.8	0.6
10. Short-term borrowings and financial leases	—	0.0	4.6	9.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.2
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	3.8	3.7	4.5	4.8
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	3.5	3.4	4.3	4.5
8. Long-term borrowings and financial leases	0.3	0.3	0.3	0.3
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)	91.4	88.4	92.3	90.5
I. Owner's equity	91.4	88.4	92.3	90.5
1. Owner's capital	60.0	60.0	60.0	60.0
- Common stock with voting right	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00
- 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	0.4	0.4	0.4	0.4
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	19.0	18.4	17.8	16.3
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	12.0	9.6	14.1	13.8
- Accumulated retained earning at the end of the previous period	8.7	7.2	11.6	7.7
- Undistributed earnings in this period	3.2	2.3	2.4	6.1
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)	124.9	125.1	136.2	135.0

Item	2025	2024	2023	2022
Profit Before Tax	4.2	3.2	3.1	7.8
Depreciation of Fixed Assets and Investment Property	0.9	1.5	1.7	1.9
Provision (Increase)/Reversal	-0.0	0.1	0.2	0.1
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	-0.0	-0.0
Gain/Loss from Investment Activities	-0.2	-0.2	-0.7	-0.5
Interest Expense	0.1	0.0	0.0	0.1
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	4.9	4.6	4.3	9.3
Increase/(Decrease) in Receivables	8.8	0.2	-8.0	1.3
Increase/(Decrease) in Inventory	-4.5	8.9	5.5	-0.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.5	-2.8	5.7	1.9
Increase/(Decrease) in Prepaid Expenses	0.1	-0.0	-0.2	-0.9
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	-0.0	-0.0	-0.1
Corporate Income Tax Paid	-0.7	-0.7	-1.6	-0.4
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.3	-0.8	-0.3
Net Cash Flow from Operating Activities	4.9	9.8	4.9	10.1
Payments for Fixed Assets and Other Long-term Assets	-8.1	-2.6	-3.2	-10.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	-12.0	-13.8
Receipts from Loan Repayments and Sale of Debt Instruments	—	2.7	23.1	0.0
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	0.1	0.2	0.8	0.4
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	-7.8	0.2	8.8	-24.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	20.0	0.0	4.5	2.1
Repayment of Borrowings	-20.0	-4.6	-9.7	-2.1
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-0.0	-6.0	0.0	-0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.0	-10.5	-5.2	-0.0
Net Cash Flow During the Period	-2.9	-0.5	8.4	-13.9
Cash and Cash Equivalents at Beginning of Period	12.2	12.7	4.2	18.1
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	9.3	12.2	12.7	4.2

Item	Q1'26
Revenue	34.6
Revenue Deductions	0.2
Net Revenue	34.5
Cost of Goods Sold	26.4
Gross Profit	8.0
Financial Income	0.0
Selling Expenses	4.0
General and Administrative Expenses	4.3
Operating Profit	-0.2
Other Income	0.0
Other Expenses	0.0
Other Profit	0.0
Profit Before Tax	-0.2
Net Income	-0.2
Profit Attributable to Parent	-0.2
Earnings per Share	-14.82

Item	Q1'26
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	159.6
I. Cash and cash equivalents	99.8
1. Cash	97.8
2. Cash equivalents	2.0
III. Short-term receivables	35.3
1. Short-term trade accounts receivable	33.4
2. Short-term prepayments to suppliers	1.7
6. Other short-term receivables	1.7
7. Provision for short-term doubtful debts (*)	-1.6
IV. Inventories	21.6
1. Inventories	21.7
2. Provision for decline in value of inventories	-0.1
V. Other short-term assets	2.9
1. Short-term prepayments	2.7
2. Value added tax to be reclaimed	0.2
3. Taxes and other receivables from state authorities	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	58.9
II. Fixed assets	1.5
1. Tangible fixed assets	1.4
- Cost	49.5
- Accumulated depreciation	-48.1
3. Intangible fixed assets	0.1
- Cost	0.6
- Accumulated depreciation	-0.5
IV. Long-term assets in progress	54.9
2. Construction in progress	54.9
VI. Other long-term assets	2.5
1. Long-term prepayments	2.5
TOTAL ASSETS (280=100+200)	218.5
A. LIABILITIES (300=210+330)	37.3
I. Short -term liabilities	33.5
1. Short-term trade accounts payable	25.2
2. Short-term advances from customers	0.2
3. Taxes and other payables to state authorities	3.4
4. Payable to employees	1.8
5. Short-term acrrued expenses	2.2
8. Short-term unearned revenue	0.1
9. Other short-term payables	0.5
12.. Bonus and welfare fund	0.0
II. Long-term liabilities	3.8
7. Other long-term liabilities	3.5
8. Long-term borrowings and financial leases	0.3
B. OWNER'S EQUITY (400=410+430)	181.2
I. Owner's equity	181.2
1. Owner's capital	150.0
- Common stock with voting right	150,000,000,000.00
4. Other capital of owners	0.4
8. Investment and development fund	19.0
11. Undistributed earnings after tax	11.7
- Accumulated retained earning at the end of the previous period	12.0
- Undistributed earnings in this period	-0.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	218.5

Item	Q1'26	Q4'25
Profit Before Tax	-0.2	4.2
Depreciation of Fixed Assets and Investment Property	0.1	0.9
Provision (Increase)/Reversal	—	-0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0
Gain/Loss from Investment Activities	—	-0.2
Interest Expense	—	0.1
Operating Profit Before Changes in Working Capital	-0.1	4.9
Increase/(Decrease) in Receivables	7.0	8.8
Increase/(Decrease) in Inventory	-7.4	-4.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.8	-3.5
Increase/(Decrease) in Prepaid Expenses	-3.7	0.1
Corporate Income Tax Paid	-1.0	-0.7
Other Operating Receipts	2.1	—
Other Operating Payments	—	-0.2
Net Cash Flow from Operating Activities	0.7	4.9
Payments for Fixed Assets and Other Long-term Assets	-0.3	-8.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2
Dividends and Interest Income Received	—	0.1
Net Cash Flow from Investing Activities	-0.3	-7.8
Proceeds from Equity Issuance and Capital Contributions	90,000,000,000.00	—
Proceeds from Borrowings	—	20.0
Repayment of Borrowings	—	-20.0
Dividends Paid	—	-0.0
Net Cash Flow from Financing Activities	90.0	-0.0
Net Cash Flow During the Period	90.5	-2.9
Cash and Cash Equivalents at Beginning of Period	9.3	12.2
FX Difference from Revaluation	—	0.0
Cash and Cash Equivalents at End of Period	99.8	9.3

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NTF

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?

Leverage & Liquidity ▲

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity