Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 5.7bn, rose 27.5bn compared with the same period last year. Key positives came from higher gross profit and lower administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 28.05x
- P/B
- 1.00x
- EPS
- 389
- BVPS
- 10,919
- ROE
- 3.5%
- ROA
- 3.3%
- Market price
- 10,900 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VDL posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Other
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q3'25 | Q2'25 | Q1'25 | Q2'24 | Q4'23 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15.0 | 38.5 | 9.9 | 9.8 | 8.5 | 40.5 | 38.8 | 64.9 |
| LNST | 2.7 | 2.5 | 1.1 | -0.6 | -0.8 | -9.1 | -1.2 | -10.7 |
| Net margin | 18.20% | 6.51% | 10.87% | -6.31% | -9.74% | -22.47% | -3.03% | -16.42% |
Revenue
15bnNet income
3bnNet margin
18.20%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 declined 24.9% year on year — not from a single spike: quarterly growth stepped up from +17% to +53%.
2 of the last 2 quarters grew year on year.
- Revenue TTM
- 73bn −24.9%
- Latest quarter YoY
- +53% accelerating
What is driving the margin?
▲▲Net margin expanded to 7.77%, rising 19.8pp. The main driver is Gross margin rose 11.3pp and SG&A / Revenue fell 2.8pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 1.3pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 7.77% +19.8pp
- Gross Margin
- 16.87% +11.3pp
- SG&A / Revenue
- 11.51% −2.8pp
- Non-core / Revenue
- 2.41% +1.9pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 39.6% of PBT and lifted net margin by 1.9pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 76.5bn against investing cash flow of -59.1bn (annual cash-flow figures for 2023).
Post-investment cash flow was positive +17.4bn. Financing cash flow was negative +10.8bn.
CFO / net income was −0,85 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 39.6% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +35.3%, other profit at +4.3% of PBT.
- Non-core / PBT
- 39.6% high
- Net financial / PBT
- 35.3%
- Other profit / PBT
- 4.3%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
CCC stands at 296.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from −6.8% to 3.5% — supported by net margin and leverage.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 76.5bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.01x and interest coverage at 45.55x.
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
- −0.01x
- Interest Coverage
- 45.55x +78.92x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.03x equity, with a net cash position equivalent to 0.01x equity.
Inventory ended the period at 41.4bn, roughly 23.5% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
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 19.8 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 296 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.77% after expanding 19.8pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 35.3% of PBT and CFO / net income currently at −0.85x.
- Key risk: working capital remains tied up for too long, with cash cycle at 296.5 days.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −24,9% YoY decline or keeps falling.
Whether margins hold around the current 7.77% level or narrow again.
Whether operating cash flow holds its 76.5bn (cumulative for 2023) level in upcoming periods or weakens.
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