Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 17.3bn, fell 7.2bn compared with the same period last year. Key positives came from lower finance costs. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 19.17x
- P/B
- 1.27x
- EPS
- 652
- BVPS
- 9,877
- ROE
- 6.8%
- ROA
- 2.9%
- Market price
- 12,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VCX is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — margins have been expanding consistently over multiple periods. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Finance costs
- Gross profit
- 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 | 175.8 | 217.8 | 184.6 | 221.2 | 201.6 | 285.2 | 166.9 | 198.7 |
| LNST | -5.0 | 13.0 | 0.9 | 8.4 | 5.6 | 14.4 | -4.4 | 8.9 |
| Net margin | -2.85% | 5.99% | 0.47% | 3.80% | 2.79% | 5.06% | -2.64% | 4.46% |
Revenue
176bnNet income
-5bnNet margin
-2.85%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin narrowed to 2.16%, falling 0.7pp. The main pressure comes from Gross margin fell 0.6pp and SG&A / Revenue rose 0.4pp (with additional support from Net financial result / Revenue rose 0.3pp and Other profit / Revenue rose 0.1pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 2.16% −0.7pp
- Gross Margin
- 5.89% −0.6pp
- SG&A / Revenue
- 1.16% +0.4pp
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. Capital structure is balanced — liabilities at 1.07x equity, net debt at 0.81x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 0.6pp YoY to 5.89% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.
Gross margin (TTM): 5.89% · YoY -0.6pp
Inventory 85.7bn — 15.59% of total assets, above the materials-group median (13.00%); ≈ 42 days of sales.
Inventory / assets: 15.59% (group median 13.00%)
Days inventory outstanding: 42
Inventory ended the period at 99.7bn, roughly 18.0% of total assets.
Over the last 12 months, working capital released 14.4bn 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 3.4 days versus the same period last year. The main moves came from DIO rose 1.5 days, DSO fell 4.4 days, and DPO rose 0.5 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +1.5 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 10.5% to 6.8% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.81x and interest coverage only at 1.59x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 0.8% of debt, and total debt stands at 212.9bn.
Interest coverage is 1.59x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.81x −0.37x
- Interest Coverage
- 1.59x −0.06x
- Cash / Debt
- 0.8% +0.5pp
- Short-term Debt / Total Debt
- 100.0% +0.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 88.6bn in 2025, against investing cash flow of -1.6bn.
Post-investment cash flow was positive +87.0bn. Financing cash flow was negative +85.3bn.
CFO / net income was 4,75 lần.
After spending +4.8bn on fixed-asset investment, the business generated trailing free cash flow of +77.3bn.
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 leverage and liquidity remaining the main constraint, with interest coverage at 1.59x. The next watchpoint is capital efficiency. The main offsetting support comes from cash generation.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 54.8bn versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.59x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −6,2% YoY decline.
Ability to hold margins around the current 2.16% level.
Cash-flow quality, with operating cash flow currently at 88.6bn in 2025.
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