Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 4.3bn, rose 3.1bn compared with the same period last year. Key positives came from higher financial income. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 21.86x
- P/B
- 0.51x
- EPS
- 291
- BVPS
- 12,578
- ROE
- 2.2%
- ROA
- 1.5%
- Market price
- 6,360 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VCA has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Financial income
- Other
- Gross profit
- Administrative expenses
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 | 67.2 | 45.7 | 89.7 | 43.3 | 574.0 | 310.6 | 344.7 | 383.0 |
| LNST | 19.4 | 1.7 | -13.2 | -3.5 | 1.9 | 0.0 | 2.5 | -3.3 |
| Net margin | 28.79% | 3.68% | -14.74% | -8.17% | 0.34% | 0.01% | 0.74% | -0.86% |
Revenue
67bnNet income
19bnNet margin
28.79%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 improved (+1.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 84.7% year on year, with the quarterly pace steady around −88%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 246bn −84.7%
- Latest quarter YoY
- −88% steady
What is driving the margin?
▲Net margin expanded to 1.74%, rising 1.7pp. Despite pressure from SG&A / Revenue rose 10.7pp and Gross margin fell 2.8pp, the offset came from Net financial result / Revenue rose 1.6pp.
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 1.74% +1.7pp
- Gross Margin
- −0.70% −2.8pp
- SG&A / Revenue
- 12.63% +10.7pp
- Non-core / Revenue
- 15.68% +1.6pp
TTM YoY · 2025Q2 -> 2026Q2
Other income accounts for 670.6% of PBT and lifted net margin by 1.6pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 120.6bn against investing cash flow of 2.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +123.2bn. Financing cash flow was negative +60.6bn.
CFO / net income was 59,33 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 670.6% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +68.9%, other profit at +601.7% of PBT.
- Non-core / PBT
- 670.6% high
- Net financial / PBT
- 68.9%
- Other profit / PBT
- 601.7%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
▼▼Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 150.2 days versus the same period last year. The main moves came from DIO rose 105.0 days, DSO rose 68.6 days, and DPO rose 23.4 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 214.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +68.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 0.6% to 2.2% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
●Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- 0.59x +0.10x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▲Capital structure is balanced — liabilities at 0.03x equity, net debt at 0.59x equity.
Inventory ended the period at 66.4bn, roughly 38.1% of total assets.
Over the last 12 months, working capital released 284.3bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
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 1.7 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 214 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.74% after expanding 1.7pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 59.33x. Even so, net financial result still accounts for 68.9% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 214.3 days.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −84,7% YoY decline or keeps falling.
Whether margins hold around the current 1.74% level or narrow again.
Whether operating cash flow holds its 120.6bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
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or risks may be present?
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