Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 29.5bn, rose 1.5bn compared with the same period last year. Key positives came from lower administrative expenses, lower selling expenses, lower finance costs, and better other profit. Offsetting pressure came mainly from lower financial income, lower gross profit, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.86x
- P/B
- 0.78x
- EPS
- 3,933
- BVPS
- 24,588
- ROE
- 16.5%
- ROA
- 7.2%
- Market price
- 19,100 07 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VBC shows mild improvement in both revenue and margins, but the magnitude of change is narrow — the growth momentum has held across consecutive periods. This signal only becomes convincing if the improvement widens in coming periods.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Selling expenses
- Finance costs
- Other profit
- Financial income
- Gross profit
- Tax
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 | 197.8 | 226.3 | 199.8 | 231.6 | 186.7 | 232.0 | 206.8 | 190.2 |
| LNST | 8.5 | 6.8 | 6.5 | 7.6 | 7.0 | 6.8 | 7.3 | 6.8 |
| Net margin | 4.29% | 3.03% | 3.26% | 3.30% | 3.77% | 2.94% | 3.55% | 3.58% |
Revenue
198bnNet income
8bnNet margin
4.29%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 stands at 3.45%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 3.45% +0.0pp
- Gross Margin
- 8.81% −0.6pp
- SG&A / Revenue
- 4.10% −0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 10.19%, rising 0.3pp. That translates to 10.19 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.10x — the business is generating more revenue per unit of capital, with NOPAT margin steady; with invested capital holding roughly steady.
Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.
Balance Sheet
●Capital structure is balanced — liabilities at 1.18x equity, net debt at 0.52x equity.
Inventory ended the period at 110.3bn, roughly 28.8% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.4 days versus the same period last year. The main moves came from DIO rose 4.1 days, DSO fell 14.5 days, and DPO fell 5.0 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 93.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +4.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE is broadly flat at 16.5% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.52x and interest coverage at 7.40x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 9.7% of debt, and total debt stands at 105.7bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 9.7%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.52x −0.20x
- Interest Coverage
- 7.40x +1.18x
- Cash / Debt
- 9.7% +8.9pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 59.4bn in 2025, against investing cash flow of -36.5bn.
Post-investment cash flow was positive +22.9bn. Financing cash flow was negative +25.6bn.
CFO / net income was 8,04 lần.
After spending +8.5bn on fixed-asset investment, the business generated trailing free cash flow of +228.7bn.
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 earnings conversion is confirmed, with CFO/NI at 8.04x. The main risk still sits in leverage and liquidity, with interest coverage at 7.40x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 8.04x.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.52x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +4,9% YoY pace.
Ability to hold margins around the current 3.45% level.
Cash-flow quality, with operating cash flow currently at 59.4bn in 2025.
From one stock to the whole portfolio
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