Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 18.1bn, fell 6.0bn 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
- 18.33x
- P/B
- 1.22x
- EPS
- 682
- BVPS
- 10,224
- ROE
- 6.9%
- ROA
- 3.0%
- Market price
- 12,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VCX is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side. 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 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 188.0 | 175.8 | 217.8 | 184.6 | 221.2 | 201.6 | 285.2 | 166.9 |
| LNST | 9.2 | -5.0 | 13.0 | 0.9 | 8.4 | 5.6 | 14.4 | -4.4 |
| Net margin | 4.89% | -2.85% | 5.99% | 0.47% | 3.80% | 2.79% | 5.06% | -2.64% |
Revenue
188bnNet income
9bnNet margin
4.89%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.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 12.4% year on year — but the quarterly pace is slowing (+11% → −15%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 766bn −12.4%
- Latest quarter YoY
- −15% slowing
What is driving the margin?
●Net margin narrowed to 2.36%, falling 0.4pp. The main pressure is SG&A / Revenue rose 0.5pp, outweighing the improvement in Gross margin rose 0.1pp (with lingering pressure from Net financial result / Revenue fell 0.1pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 2.36% −0.4pp
- Gross Margin
- 6.38% +0.1pp
- SG&A / Revenue
- 1.43% +0.5pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 88.6bn against investing cash flow of -1.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +87.0bn. Financing cash flow was negative +85.3bn.
CFO / net income was 9,51 lần.
After spending +15.6bn on fixed-asset investment, the business generated trailing free cash flow of +156.5bn.
Earnings Quality
▲How much income is non-core?
About 98% of pre-tax profit comes from core operations.
Within that, net financial result at −64.4%, other profit at +1.8% of PBT.
- Non-core / PBT
- 1.8% low
- Net financial / PBT
- −64.4%
- Other profit / PBT
- 1.8%
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 4.2 days versus the same period last year. The main moves came from DIO rose 11.1 days, DSO fell 3.4 days, and DPO rose 11.8 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DIO increased by +11.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 10.0% to 6.9% — dragged by net margin and leverage together.
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 0.39x and interest coverage only at 1.58x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 48.1% of debt, and total debt stands at 202.8bn.
- Net Debt / Equity
- 0.39x −0.64x
- Interest Coverage
- 1.58x −0.36x
- Cash / Debt
- 48.1% +47.8pp
- Short-term Debt / Total Debt
- 100.0% +0.4pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.58x, leaving limited room to absorb financing costs.
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 1.07x equity, net debt at 0.39x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Gross margin is flat around 6.38% (TTM) — the input-cost cycle is stable for now.
Gross margin (TTM): 6.38% · YoY +0.1pp
Inventory 114.7bn — 19.39% of total assets, above the materials-group median (13.00%); ≈ 58 days of sales. Inventory is growing faster than revenue (40.21% vs −12.44% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.
Inventory / assets: 19.39% (group median 13.00%)
Days inventory outstanding: 58
Inventory ended the period at 99.7bn, roughly 18.0% of total assets.
Over the last 12 months, working capital released 104.2bn 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 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 1.58x. 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 100.1bn 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 1.58x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −12,4% YoY decline or keeps falling.
Whether margins hold around the current 2.36% level or narrow again.
Whether operating cash flow holds its 88.6bn (cumulative for 2025) level in upcoming periods or weakens.
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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