Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 344.5bn, fell 128.5bn compared with the same period last year. Key positives came from lower selling expenses and lower finance costs. Offsetting pressure came mainly from lower financial income and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.47x
- P/B
- 0.99x
- EPS
- 7,588
- BVPS
- 41,987
- ROE
- 20.6%
- ROA
- 12.4%
- Market price
- 41,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VFG is retaining some revenue, but margins are collapsing sharply — profit momentum has been slowing across consecutive periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.
Profit bridge
Vs last year · TTM
- Selling expenses
- Finance costs
- Financial income
- Gross profit
- Other
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 | 935.6 | 1,119.2 | 954.1 | 710.5 | 799.9 | 1,065.7 | 795.7 | 885.2 |
| LNST | 75.7 | 98.0 | 110.9 | 65.5 | 70.4 | 95.2 | 116.4 | 194.0 |
| Net margin | 8.09% | 8.76% | 11.62% | 9.22% | 8.80% | 8.93% | 14.63% | 21.91% |
Revenue
936bnNet income
76bnNet margin
8.09%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 grew 4.9% year on year — not from a single spike: quarterly growth stepped up from −20% to +17%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 3,720bn +4.9%
- Latest quarter YoY
- +17% accelerating
What is driving the margin?
▼▼Net margin fell to 9.41%, losing 4.0pp. The main pressure is Gross margin fell 2.2pp, outweighing the improvement in SG&A / Revenue fell 3.4pp (with lingering pressure from Net financial result / Revenue fell 0.5pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 9.41% −4.0pp
- Gross Margin
- 24.62% −2.2pp
- SG&A / Revenue
- 13.00% −3.4pp
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 128.3bn against investing cash flow of 19.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +147.5bn. Financing cash flow was negative +295.0bn.
CFO / net income was 0,19 lần.
After spending +20.2bn on fixed-asset investment, the business generated trailing free cash flow of +44.9bn.
Earnings Quality
▲How much income is non-core?
About 97% of pre-tax profit comes from core operations.
Within that, net financial result at +2.9%, other profit at +0.1% of PBT.
- Non-core / PBT
- 3.0% low
- Net financial / PBT
- 2.9%
- Other profit / PBT
- 0.1%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 22.56%, losing 10.7pp. That translates to 22.56 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 4.0pp and capital turnover fell 0.09x, while invested capital rose by 123bn — pressure came from both operational efficiency and asset efficiency.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 15.0 days versus the same period last year. The main moves came from DIO rose 9.6 days, DSO rose 19.1 days, and DPO rose 43.7 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
CCC stands at 136.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +19.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 33.0% to 21.0% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 128.3bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.05x and interest coverage at 8.13x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 201.4% of debt, and total debt stands at 89.1bn.
- Net Debt / Equity
- −0.05x +0.04x
- Interest Coverage
- 8.13x +2.59x
- Cash / Debt
- 201.4% −34.2pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼The balance sheet shows capital-allocation efficiency slipping. Balance sheet is exceptionally sound — liabilities at 0.41x equity, with a net cash position equivalent to 0.05x equity.
Inventory ended the period at 860.1bn, roughly 35.5% of total assets.
Over the last 12 months, working capital absorbed 180.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
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 earnings conversion is confirmed, with CFO/NI at 0.19x. The main risk still sits in core profitability, with net margin down 4.0 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.19x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 9.41% after a 4.0pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +4,9% YoY pace or begins to slow.
Whether margins hold around the current 9.41% level or narrow again.
Whether operating cash flow holds its 128.3bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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