Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 13.2bn, fell 13.1bn compared with the same period last year. Offsetting pressure came mainly from higher administrative expenses and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -7.43x
- P/B
- 0.56x
- EPS
- -856
- BVPS
- 11,304
- ROE
- -7.2%
- ROA
- -5.5%
- Market price
- 6,360 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VCA posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Other
- Administrative expenses
- Gross profit
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 | 45.7 | 89.7 | 43.3 | 574.0 | 310.6 | 344.7 | 383.0 | 347.5 |
| LNST | 1.7 | -13.2 | -3.5 | 1.9 | 0.0 | 2.5 | -3.3 | 0.6 |
| Net margin | 3.68% | -14.74% | -8.17% | 0.34% | 0.01% | 0.74% | -0.86% | 0.19% |
Revenue
46bnNet income
2bnNet margin
3.68%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼Net margin fell to −1.75%, losing 1.7pp. The main pressure comes from SG&A / Revenue rose 2.9pp and Gross margin fell 0.4pp (with additional support from Net financial result / Revenue rose 0.2pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −1.75% −1.7pp
- Gross Margin
- 1.53% −0.4pp
- SG&A / Revenue
- 4.84% +2.9pp
- Non-core / Revenue
- 1.56% +0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from other income remains high (83.9% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
▲Capital structure is balanced — liabilities at 0.03x equity, net debt at 0.64x equity.
Inventory ended the period at 66.4bn, roughly 38.1% of total assets.
Over the last 12 months, working capital released 174.5bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 9.2 days versus the same period last year. The main moves came from DIO fell 5.7 days, DSO fell 3.4 days, and DPO rose 0.0 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE fell from −0.0% to −7.2% — all three components weakened.
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
- 0.64x +0.43x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 120.6bn in 2025, against investing cash flow of 2.7bn.
Post-investment cash flow was positive +123.2bn. Financing cash flow was negative +60.6bn.
CFO / net income was −12,04 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.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 1.7 pp. The next watchpoint is the earnings mix, when non-core contribution is −12.3%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −12.3% of PBT and CFO / net income currently at −12.04x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -1.75% after a 1.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −45,7% YoY decline.
Ability to hold margins around the current -1.75% level.
Cash-flow quality, with operating cash flow currently at 120.6bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
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.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.