Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 202.5bn, rose 126.7bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax, higher selling expenses, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 0.01x
- P/B
- 1.09x
- EPS
- 1,958,085
- BVPS
- 18,990
- ROE
- 31.9%
- ROA
- 20.3%
- Market price
- 20,700 14 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VAF has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Other
- Tax
- Selling expenses
- Administrative expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 674.3 | 293.0 | 292.3 | 346.5 | 682.1 | 172.4 | 238.1 | 327.7 |
| LNST | 73.6 | 62.4 | 26.0 | 40.5 | 34.0 | 18.6 | 13.1 | 10.1 |
| Net margin | 10.92% | 21.29% | 8.91% | 11.67% | 4.98% | 10.80% | 5.49% | 3.10% |
Revenue
674bnNet income
74bnNet margin
10.92%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?
Margins are improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲▲Net margin expanded to 12.61%, rising 7.3pp. Core operating signals are improving as Gross margin rose 9.4pp are enough to offset pressure from SG&A / Revenue rose 1.4pp (in addition, Net financial result / Revenue rose 0.8pp added support while Other profit / Revenue fell 0.0pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 12.61% +7.3pp
- Gross Margin
- 30.85% +9.4pp
- SG&A / Revenue
- 16.30% +1.4pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 32.1 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 93.82%, rising 64.9pp. That translates to 93.82 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 7.3pp and capital turnover rose 2.11x, while invested capital contracted by 54bn — capital-return quality improved from both sides.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.84x equity, with a net cash position equivalent to 0.61x equity.
Inventory ended the period at 288.0bn, roughly 23.8% of total assets.
Over the last 12 months, working capital released 106.9bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 35.2 days versus the same period last year. The main moves came from DIO fell 19.3 days, DSO fell 6.5 days, and DPO rose 9.4 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE rose from 14.1% to 31.9% — 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 −0.61x and interest coverage at 207.20x.
At present, short-term debt accounts for 27.8% of total debt, cash equals 68070.2% of debt, and total debt stands at 0.6bn.
- Net Debt / Equity
- −0.61x +0.10x
- Interest Coverage
- 207.20x +180.20x
- Cash / Debt
- 68070.2% +22428.5pp
- Short-term Debt / Total Debt
- 27.8% +7.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 8.2bn in 2025, against investing cash flow of 45.6bn.
Post-investment cash flow was positive +53.8bn. Financing cash flow was negative +37.9bn.
CFO / net income was 0,12 lần.
After spending +1.8bn on fixed-asset investment, the business generated trailing free cash flow of +22.3bn.
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 7.3 pp. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.61% after expanding 7.3pp versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +13,1% YoY pace.
Ability to hold margins around the current 12.61% level.
Cash-flow quality, with operating cash flow currently at 8.2bn in 2025.
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