Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 34.0bn, rose 31.7bn 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
- 1.12x
- P/B
- 0.32x
- EPS
- 5,605
- BVPS
- 19,944
- ROE
- 21.9%
- ROA
- 17.5%
- Market price
- 6,300 12 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 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 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 155.3 | 32.0 | 78.7 | 41.6 | 26.0 | 5.2 | 25.0 | 17.1 |
| LNST | 4.4 | -2.1 | 31.4 | 1.8 | 0.3 | 0.1 | 1.1 | 1.0 |
| Net margin | 2.82% | -6.62% | 39.95% | 4.29% | 1.02% | 0.99% | 4.36% | 5.72% |
Revenue
155bnNet income
4bnNet margin
2.82%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.
What is driving the margin?
▲▲Net margin expanded to 11.54%, rising 8.3pp. The main driver is Gross margin rose 8.1pp and SG&A / Revenue fell 4.2pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 1.4pp and Other profit / Revenue fell 0.6pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 11.54% +8.3pp
- Gross Margin
- 19.56% +8.1pp
- SG&A / Revenue
- 4.98% −4.2pp
TTM YoY · 2025Q1 -> 2026Q1
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.
Balance Sheet
▲ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.21x equity, with a net cash position equivalent to 0.05x equity.
Inventory ended the period at 45.6bn, roughly 15.9% of total assets.
Over the last 12 months, working capital released 30.4bn of cash, mainly thanks to lower receivables and lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 40.7 days versus the same period last year. The main moves came from DIO rose 4.1 days, DSO fell 50.3 days, and DPO fell 5.4 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +4.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 3.4% to 22.8% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 120.1bn due to capex of 15.0bn — an investment choice, not an urgent risk.
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
- −0.05x −0.23x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -119.1bn in 2025, against investing cash flow of 76.2bn.
Post-investment cash flow was negative +43.0bn. Financing cash flow was positive +58.3bn.
CFO / net income was −3,09 lần.
After spending +15.0bn on fixed-asset investment, the business generated trailing free cash flow of −120.1bn.
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 8.3 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 11.54% after expanding 8.3pp 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 120.1bn.
What to verify next
Questions for the next period
Durability of revenue growth after the current +319,0% YoY pace.
Ability to hold margins around the current 11.54% level.
Cash-flow quality, with operating cash flow currently at -119.1bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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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?
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