Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 136.5bn, fell 114.9bn compared with the same period last year. Offsetting pressure came mainly from higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- -89.23x
- P/B
- 8.48x
- EPS
- -650
- BVPS
- 6,836
- ROE
- -9.1%
- ROA
- -2.5%
- Market price
- 58,000 16 Oct 2026
The current picture
What Is Changing
On a Năm 2025 basis, VCR 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 is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.
Sector note: developer revenue is recognised at handover — large quarter-to-quarter swings are normal; read on a trailing-12-month basis and against the delivery schedule.
Profit bridge
Vs last year · TTM
- Finance costs
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 | — | — | — | — | 3.2 | — | 3.1 | 0.0 |
| LNST | -37.0 | -32.7 | -54.6 | -12.1 | -5.1 | -5.5 | -5.9 | -5.1 |
| Net margin | — | — | — | — | -161.24% | — | -189.25% | — |
Revenue
3bnNet income
-37bnNet margin
-161.24%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
Developer revenue is recognised at handover — large swings between quarters are a property-sector feature, not a business trend. Read on a TTM basis and against the delivery schedule.
2023Q4: 9.4bn
2024Q1: 0.0bn
2024Q2: 0.0bn
2024Q3: 0.0bn
2024Q4: 3.1bn
2025Q2: 3.2bn
- Net Margin
- −2452.16% −3630.3pp
- Gross Margin
- None
- SG&A / Revenue
- None
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (79.1% of PBT) — sustainability should be monitored.
Cash Flow
▲Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 1,972.0bn against investing cash flow of -1,842.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +129.6bn. Financing cash flow was negative +124.5bn.
CFO / net income was −15,26 lần.
After spending +1,770.2bn on fixed-asset investment, the business generated trailing free cash flow of +311.6bn.
For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 79.1% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +79.1%, other profit at +0.0% of PBT.
- Non-core / PBT
- 79.1% high
- Net financial / PBT
- 79.1%
- Other profit / PBT
- 0.0%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 1.54x and interest coverage only at −1.23x.
At present, short-term debt accounts for 40.4% of total debt, cash equals 1.1% of debt, and total debt stands at 2,231.0bn.
Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.
- Net Debt / Equity
- 1.54x −0.06x
- Interest Coverage
- −1.23x +477.28x
- Cash / Debt
- 1.1% +1.1pp
- Short-term Debt / Total Debt
- 40.4% +6.3pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.54x, increasing balance-sheet pressure.
Interest coverage is −1.23x, leaving limited room to absorb financing costs.
Balance Sheet
▲Capital structure is typical for the real estate sector — liabilities at 2.61x equity, net debt at 1.54x equity.
Customer advances 35.6bn (as of 2026Q2) — deposits on units/projects not yet handed over: revenue already sold but not yet recognised, a lead indicator of profit in upcoming delivery quarters. Advances rose 1110.36% YoY — strong sales locking in future revenue. Advances cover only 1.99% of current inventory — most of the pipeline is not yet pre-sold.
Customer advances: 35.6bn · YoY +32.6bn · QoQ +32.6bn
Inventory pre-sold: 1.99%
Project inventory splits in two at 2026Q2: 1,785.8bn near-delivery stock (short-term) and 3,471.2bn construction-in-progress (long-term). Weighted toward construction-in-progress — more investment is needed before revenue arrives.
Near-delivery (ST): 1,785.8bn (33.97%)
Construction-in-progress (LT): 3,471.2bn (66.03%)
For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 2,205.5bn vs project value 5,257.0bn — ratio 41.95%; the project pipeline backs net debt 2.38x over.
Net debt / project value: 41.95%
Development inventory ended the period at 1,737.8bn, about 32.0% of total assets — reflecting projects in progress awaiting handover.
Over the last 12 months, working capital released 551.3bn of cash, mainly thanks to lower receivables and higher payables.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at −1.23x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 79.1% of PBT and CFO / net income currently at −15.26x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −1.23x.
What to verify next
Questions for the next period
Whether revenue sustains its +0,9% YoY pace or begins to slow.
Whether margins hold around the current -4320.35% level or narrow again.
Whether operating cash flow holds its 1,972.0bn (cumulative for 2025) level in upcoming periods or weakens.
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