Analysis of business results & financial statements · Quý 3/2025
▼▼ Declining sharply
Trailing net profit reached 2.1bn, rose 27.4bn compared with the same period last year. Key positives came from higher gross profit and lower selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 74.49x
- P/B
- 1.04x
- EPS
- 146
- BVPS
- 10,431
- ROE
- 1.3%
- ROA
- 1.2%
- Market price
- 10,900 15 Oct 2026
The current picture
What Is Changing
On a Năm 2023 basis, VDL is maintaining revenue, but margins are compressing slightly — margins have been compressing consistently over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Other
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 3/2025
| Metric | Q3'25 | Q2'25 | Q1'25 | Q2'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 38.5 | 9.9 | 9.8 | 8.5 | 40.5 | 38.8 | 64.9 | 57.1 |
| LNST | 2.5 | 1.1 | -0.6 | -0.8 | -9.1 | -1.2 | -10.7 | -4.4 |
| Net margin | 6.51% | 10.87% | -6.31% | -9.74% | -22.47% | -3.03% | -16.42% | -7.65% |
Revenue
38bnNet income
3bnNet margin
6.51%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
- Net Margin
- −9.56% −0.9pp
- Gross Margin
- 15.86% +18.9pp
- SG&A / Revenue
- 15.38% +7.3pp
Margin support from financial result remains high (163.6% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.03x equity, with a net cash position equivalent to 0.02x 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.
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.
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 −0.02x and interest coverage at 24.36x.
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
- −0.02x
- Interest Coverage
- 24.36x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 76.5bn in 2023, against investing cash flow of -59.1bn.
Post-investment cash flow was positive +17.4bn. Financing cash flow was negative +10.8bn.
CFO / net income was −11,29 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.
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. The brighter spot is balance-sheet flexibility, with net cash/equity at about −0.02x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 124.4% of PBT and CFO / net income currently at −11.29x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +7,5% YoY pace.
Ability to hold margins around the current -9.56% level.
Cash-flow quality, with operating cash flow currently at 76.5bn in 2023.
From one stock to the whole portfolio
Where does this stock stand
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?
What becomes visible only when investments are viewed together rather than one ticker at a time.