Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 204.1bn, rose 98.0bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 0.01x
- P/B
- 1.09x
- EPS
- 1,958,128
- BVPS
- 19,054
- ROE
- 32.2%
- ROA
- 20.5%
- Market price
- 20,700 14 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VAF has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Administrative expenses
- Tax
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 360.1 | 674.3 | 293.0 | 292.3 | 346.5 | 682.1 | 172.4 | 238.1 |
| LNST | 42.1 | 73.6 | 62.4 | 26.0 | 40.5 | 34.0 | 18.6 | 13.1 |
| Net margin | 11.69% | 10.92% | 21.29% | 8.91% | 11.67% | 4.98% | 10.80% | 5.49% |
Revenue
360bnNet income
42bnNet margin
11.69%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 12.5% year on year — but the quarterly pace is slowing (+23% → +4%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,620bn +12.5%
- Latest quarter YoY
- +4% slowing
What is driving the margin?
▲▲Net margin expanded to 12.60%, rising 5.2pp. Core operating signals are improving as Gross margin rose 11.0pp are enough to offset pressure from SG&A / Revenue rose 5.1pp (with additional support from Net financial result / Revenue rose 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 12.60% +5.2pp
- Gross Margin
- 33.31% +11.0pp
- SG&A / Revenue
- 18.73% +5.1pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 8.2bn against investing cash flow of 45.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +53.8bn. Financing cash flow was negative +37.9bn.
CFO / net income was −1,84 lần.
After spending +1.2bn on fixed-asset investment, the business generated trailing free cash flow of −377.7bn.
Earnings Quality
▲How much income is non-core?
About 92% of pre-tax profit comes from core operations.
Within that, net financial result at +7.5%, other profit at +0.1% of PBT.
- Non-core / PBT
- 7.6% low
- Net financial / PBT
- 7.5%
- Other profit / PBT
- 0.1%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 51.8 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 56.46%, rising 18.8pp. That translates to 56.46 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 5.3pp, with capital turnover fell 0.56x; while invested capital expanded strongly by 78bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.8 days versus the same period last year. The main moves came from DIO rose 2.3 days, DSO fell 7.0 days, and DPO rose 3.2 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +2.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 20.5% to 32.2% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 8.2bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.22x and interest coverage at 271.92x.
At present, short-term debt accounts for 20.0% of total debt, cash equals 27568.5% of debt, and total debt stands at 0.6bn.
- Net Debt / Equity
- −0.22x +0.45x
- Interest Coverage
- 271.92x +228.10x
- Cash / Debt
- 27568.5% −18479.3pp
- Short-term Debt / Total Debt
- 20.0% −8.6pp
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▼The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 0.84x equity, with a net cash position equivalent to 0.22x equity.
Inventory ended the period at 288.0bn, roughly 23.8% of total assets.
Over the last 12 months, working capital absorbed 271.3bn of cash, mainly because of higher receivables and higher inventories.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 5.2 pp. The main risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.60% after expanding 5.2pp versus the same period last year.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 377.7bn.
What to verify next
Questions for the next period
Whether revenue sustains its +12,5% YoY pace or begins to slow.
Whether margins hold around the current 12.60% level or narrow again.
Whether operating cash flow holds its 8.2bn (cumulative for 2025) level in upcoming periods or weakens.
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