Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 34.0bn, rose 30.8bn 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
- 1.16x
- P/B
- 0.32x
- EPS
- 5,451
- BVPS
- 19,976
- ROE
- 21.7%
- ROA
- 17.2%
- Market price
- 6,300 12 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VCM is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — 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
- Tax
- Selling expenses
- 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 | 116.0 | 155.3 | 32.0 | 78.7 | 41.6 | 26.0 | 5.2 | 25.0 |
| LNST | 3.3 | 4.4 | -2.1 | 31.4 | 1.8 | 0.3 | 0.1 | 1.1 |
| Net margin | 2.87% | 2.82% | -6.62% | 39.95% | 4.29% | 1.02% | 0.99% | 4.36% |
Revenue
116bnNet income
3bnNet margin
2.87%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 290.3% year on year — but the quarterly pace is slowing (+215% → +179%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 382bn +290.3%
- Latest quarter YoY
- +179% slowing
What is driving the margin?
▲▲Net margin expanded to 9.69%, rising 6.4pp. The main driver is Gross margin rose 8.7pp and SG&A / Revenue fell 0.6pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.9pp and Other profit / Revenue fell 0.4pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 9.69% +6.4pp
- Gross Margin
- 17.87% +8.7pp
- SG&A / Revenue
- 5.85% −0.6pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
Operating cash flow reached -119.1bn against investing cash flow of 76.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +43.0bn. Financing cash flow was positive +58.3bn.
CFO / net income was −3,18 lần.
After spending +12.8bn on fixed-asset investment, the business generated trailing free cash flow of −121.0bn.
Earnings Quality
▲How much income is non-core?
About 90% of pre-tax profit comes from core operations.
Within that, net financial result at +6.6%, other profit at +3.0% of PBT.
- Non-core / PBT
- 9.6% low
- Net financial / PBT
- 6.6%
- Other profit / PBT
- 3.0%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.5 days versus the same period last year. The main moves came from DIO rose 25.1 days, DSO fell 50.6 days, and DPO fell 19.0 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +25.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 4.5% to 23.7% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Leverage is safe but FCF is negative at 121.0bn due to capex of 12.8bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 100.0% of total debt, cash equals 67.8% of debt, and total debt stands at 14.1bn.
- Net Debt / Equity
- 0.02x
- Interest Coverage
- None
- Cash / Debt
- 67.8%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▲Capital structure is conservative with low leverage — liabilities at 0.21x equity, net debt at 0.02x equity.
Inventory ended the period at 45.6bn, roughly 15.9% of total assets.
Over the last 12 months, working capital released 1.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories 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 6.4 pp. The next item to monitor is capital efficiency. The main risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.69% after expanding 6.4pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 121.0bn.
What to verify next
Questions for the next period
Whether revenue sustains its +290,3% YoY pace or begins to slow.
Whether margins hold around the current 9.69% level or narrow again.
Whether operating cash flow holds its -119.1bn (cumulative for 2025) level in upcoming periods or weakens.
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.