TVM

Tư vấn Đầu tư mỏ và Công Nghiệp - Vinacomin ·UPCOM ·2025Q4

▼ Slightly negative

Price

7,200

Latest close

07 May 2026

P/E —

P/B —

EPS —

BVPS —

ROE 5.1%

ROA 1.1%

Profit Margin 1.0%

Asset Turnover 1.03x

Equity Mult. 4.76x

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

What Is Changing

On a Năm 2025 basis, TVM is maintaining revenue, but margins are compressing slightly — the growth momentum has held across consecutive periods. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.

	                            
	                                TTM REVENUE
	                            
	                                    VND 174bn
	                                
+7.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2bn
	                                
−0.2%YoY

Metric	2025	2024	2023	2022
Revenue	173.6	161.8	160.5	166.5
Growth	+7%	+1%	-4%	—
Net Income	1.8	1.8	1.8	1.5
Net Margin	1.04%	1.12%	1.10%	0.90%

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 1.04% −0.1pp

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 22.3bn, roughly 13.3% 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	173.6	161.8	160.6	166.5
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	173.6	161.8	160.5	166.5
Cost of Goods Sold	136.3	129.9	128.3	144.6
Gross Profit	37.4	31.9	32.2	21.9
Financial Income	0.2	0.4	0.1	1.0
Financial Expenses	-0.1	2.1	2.4	2.0
Interest Expense	1.5	1.4	1.8	1.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	0.2	0.3	0.7	0.9
General and Administrative Expenses	31.7	25.5	25.0	17.8
Operating Profit	5.9	4.4	4.3	2.1
Other Income	0.3	0.0	0.1	0.4
Other Expenses	1.3	0.8	1.6	0.5
Other Profit	-0.9	-0.7	-1.5	-0.1
Profit Before Tax	5.0	3.7	2.8	2.0
Current Income Tax Expense	2.8	1.8	1.0	0.5
Deferred Income Tax Expense	0.4	0.0	0.0	0.0
Net Income	1.8	1.8	1.8	1.5
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	1.8	1.8	1.8	1.5
Earnings per Share	753.00	754.00	736.00	625.00
Diluted EPS	752.89	754.38	735.87	625.21

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	152.2	155.5	190.0	182.8
I. Cash and cash equivalents	27.6	17.4	24.8	15.4
1. Cash	27.6	17.4	24.8	15.4
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	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	—	0.0	0.0	0.0
III. Short-term receivables	101.6	110.6	131.2	133.8
1. Short-term trade accounts receivable	97.1	103.0	111.7	112.5
2. Short-term prepayments to suppliers	0.4	0.6	1.0	1.2
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	20.1	18.9	26.8	22.6
7. Provision for short-term doubtful debts (*)	-16.1	-11.9	-8.3	-2.6
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	22.3	27.4	33.6	33.3
1. Inventories	22.3	27.4	33.6	33.3
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.8	0.1	0.4	0.4
1. Short-term prepayments	0.3	0.1	0.1	0.1
2. Value added tax to be reclaimed	—	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.5	0.0	0.3	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)	15.8	15.2	15.7	17.5
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	15.2	13.2	14.8	16.7
1. Tangible fixed assets	14.6	13.2	14.8	16.6
- Cost	57.1	55.7	54.8	54.8
- Accumulated depreciation	-42.5	-42.5	-40.0	-38.2
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	0.6	0.0	0.0	0.1
- Cost	4.0	3.4	3.5	3.5
- Accumulated depreciation	-3.4	-3.4	-3.5	-3.3
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	—	0.8	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.8	0.0	0.0
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	—	1.9	2.1	2.1
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	-1.9	-2.1	-2.1
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	0.6	1.1	0.9	0.8
1. Long-term prepayments	0.6	0.7	0.5	0.4
2. Deferred income tax assets	—	0.4	0.4	0.4
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)	168.0	170.7	205.7	200.3
A. LIABILITIES (300=210+330)	135.9	131.7	156.3	149.8
I. Short -term liabilities	135.9	131.7	156.3	147.9
1. Short-term trade accounts payable	50.6	58.1	86.4	79.6
2. Short-term advances from customers	10.4	5.5	8.5	10.1
3. Taxes and other payables to state authorities	4.7	4.9	3.0	4.6
4. Payable to employees	29.2	22.2	18.1	8.3
5. Short-term acrrued expenses	0.1	0.1	0.1	7.8
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	20.6	21.2	20.4	20.1
10. Short-term borrowings and financial leases	19.6	18.8	19.1	16.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	1.0	0.8	0.6
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	1.9
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	1.9
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)	32.1	39.0	49.4	50.5
I. Owner's equity	28.7	28.7	28.8	28.6
1. Owner's capital	24.0	24.0	24.0	24.0
- Common stock with voting right	24,000,000,000.00	24,000,000,000.00	24,000,000,000.00	24,000,000,000.00
- 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	—	0.0	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	2.9	2.9	2.9	2.9
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	1.8	1.8	2.0	1.7
- Accumulated retained earning at the end of the previous period	—	0.0	0.2	0.2
- Undistributed earnings in this period	1.8	1.8	1.8	1.5
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	3.5	10.3	20.6	21.9
1. Subsidized not-for-profit funds	3.5	10.3	20.5	21.6
2. Funds invested in fixed assets	—	0.0	0.1	0.3
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	168.0	170.7	205.7	200.3

Item	2025	2024	2023	2022
Profit Before Tax	5.0	3.7	2.8	2.0
Depreciation of Fixed Assets and Investment Property	1.7	1.5	1.6	1.9
Provision (Increase)/Reversal	2.3	3.4	5.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	0.5	0.6	0.0
Gain/Loss from Investment Activities	-0.2	-0.1	-0.1	-0.2
Interest Expense	1.5	1.4	1.8	1.9
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	10.4	10.5	12.5	5.5
Increase/(Decrease) in Receivables	4.3	17.6	-3.5	-22.2
Increase/(Decrease) in Inventory	5.1	6.2	-0.3	7.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.4	-24.4	5.0	18.4
Increase/(Decrease) in Prepaid Expenses	-0.0	-0.3	-0.1	0.1
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-1.5	-1.4	-1.8	-1.9
Corporate Income Tax Paid	-2.7	-1.8	-0.5	-0.6
Other Operating Receipts	8.6	5.3	3.4	10.3
Other Operating Payments	-16.4	-16.2	-5.1	-11.9
Net Cash Flow from Operating Activities	12.3	-4.5	9.6	5.6
Payments for Fixed Assets and Other Long-term Assets	-3.7	-1.6	0.0	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.2
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	1.9	0.2	0.0	2.1
Dividends and Interest Income Received	0.2	0.0	0.1	0.0
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	-1.5	-1.4	0.1	2.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	53.1	43.6	39.8	42.4
Repayment of Borrowings	-52.3	-43.9	-39.4	-47.1
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-1.1	-1.2	-0.7	-0.7
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.3	-1.5	-0.3	-5.4
Net Cash Flow During the Period	10.5	-7.4	9.4	2.3
Cash and Cash Equivalents at Beginning of Period	17.4	24.8	15.4	13.0
FX Difference from Revaluation	-0.2	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	27.6	17.4	24.8	15.4

Item	Q4'25
Profit Before Tax	5.0
Depreciation of Fixed Assets and Investment Property	1.7
Provision (Increase)/Reversal	2.3
FX Gain/Loss from Revaluation of Monetary Items	0.2
Gain/Loss from Investment Activities	-0.2
Interest Expense	1.5
Operating Profit Before Changes in Working Capital	10.4
Increase/(Decrease) in Receivables	4.3
Increase/(Decrease) in Inventory	5.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.4
Increase/(Decrease) in Prepaid Expenses	-0.0
Interest Paid	-1.5
Corporate Income Tax Paid	-2.7
Other Operating Payments	-16.4
Net Cash Flow from Operating Activities	12.3
Payments for Fixed Assets and Other Long-term Assets	-3.7
Proceeds from Investments in Other Entities	1.9
Dividends and Interest Income Received	0.2
Net Cash Flow from Investing Activities	-1.5
Proceeds from Borrowings	53.1
Repayment of Borrowings	-52.3
Dividends Paid	-1.1
Net Cash Flow from Financing Activities	-0.3
Net Cash Flow During the Period	10.5
Cash and Cash Equivalents at Beginning of Period	17.4
FX Difference from Revaluation	-0.2
Cash and Cash Equivalents at End of Period	27.6

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TVM

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