Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 18.7bn, rose 56.7bn compared with the same period last year. Key positives came from lower selling expenses and better other profit. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.19x
- P/B
- 0.64x
- EPS
- 1,171
- BVPS
- 20,508
- ROE
- 5.9%
- ROA
- 2.3%
- Market price
- 13,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VET posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. 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
- Selling expenses
- Other profit
- Gross profit
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 | 91.5 | 51.0 | 102.7 | 56.4 | 90.4 | 56.1 | 124.2 | 93.8 |
| LNST | 8.8 | 0.8 | 4.8 | 4.4 | 7.9 | 0.4 | -48.2 | 1.8 |
| Net margin | 9.63% | 1.49% | 4.65% | 7.78% | 8.78% | 0.76% | -38.79% | 1.96% |
Revenue
92bnNet income
9bnNet margin
9.63%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 17.2% year on year — not from a single spike: quarterly growth stepped up from −40% to +1%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 302bn −17.2%
- Latest quarter YoY
- +1% accelerating
What is driving the margin?
▲▲Net margin expanded to 6.21%, rising 16.6pp. Core operating signals are improving as SG&A / Revenue fell 8.0pp are enough to offset pressure from Gross margin fell 1.8pp (in addition, Other profit / Revenue rose 11.7pp added support while Net financial result / Revenue fell 1.9pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 6.21% +16.6pp
- Gross Margin
- 41.88% −1.8pp
- SG&A / Revenue
- 34.13% −8.0pp
- Non-core / Revenue
- −1.54% +9.8pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 43.4% of PBT and lifted net margin by 9.8pp — separate the operating contribution from this source.
Cash Flow
▼Is profit converting into cash?
Operating cash flow reached -17.3bn against investing cash flow of 3.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +14.0bn. Financing cash flow was positive +14.5bn.
CFO / net income was −2,12 lần.
After spending +1.1bn on fixed-asset investment, the business generated trailing free cash flow of −40.8bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 43.4% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −68.1%, other profit at +43.4% of PBT.
- Non-core / PBT
- 43.4% high
- Net financial / PBT
- −68.1%
- Other profit / PBT
- 43.4%
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
▼▼Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 171.6 days versus the same period last year. The main moves came from DIO rose 73.4 days, DSO rose 28.3 days, and DPO fell 70.0 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 857.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +28.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −11.5% to 5.9% — supported by net margin.
Is financial risk significant?
Leverage is safe but FCF is negative at 40.8bn due to capex of 1.1bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.98x and interest coverage only at 0.83x.
At present, short-term debt accounts for 38.3% of total debt, cash equals 1.1% of debt, and total debt stands at 326.7bn.
- Net Debt / Equity
- 0.98x +0.08x
- Interest Coverage
- 0.83x +1.15x
- Cash / Debt
- 1.1% −0.8pp
- Short-term Debt / Total Debt
- 38.3% +9.2pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 0.83x, leaving limited room to absorb financing costs.
Cash / debt stands at 1.1%, leaving limited liquidity buffer to monitor.
Balance Sheet
▼Capital structure is balanced — liabilities at 1.45x equity, net debt at 0.98x equity.
Inventory ended the period at 395.1bn, roughly 50.5% of total assets.
Over the last 12 months, working capital absorbed 92.0bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
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 operating efficiency, with net margin improving 16.6 pp. The next item to monitor is the earnings mix, when non-core contribution is −68.1%. The main risk still sits in leverage and liquidity, with interest coverage at 0.83x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 6.21% after expanding 16.6pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −68.1% of PBT and CFO / net income currently at −2.12x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.83x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −17,2% YoY decline or keeps falling.
Whether margins hold around the current 6.21% level or narrow again.
Whether operating cash flow holds its -17.3bn (cumulative for 2025) level in upcoming periods or weakens.
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