Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 450.8bn, rose 47.0bn compared with the same period last year. Key positives came from higher associates income, lower finance costs, higher gross profit, and lower administrative expenses. Offsetting pressure came mainly from higher tax, weaker other profit, higher selling expenses, and higher minority interests. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.30x
- P/B
- 0.64x
- EPS
- 8,600
- BVPS
- 57,564
- ROE
- 18.8%
- ROA
- 7.4%
- Market price
- 37,000 13 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VGG is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — profit is at an all-time high. The point still to be proven is whether this improvement broadens out in coming periods.
Profit bridge
Vs last year · TTM
- Associates income
- Finance costs
- Gross profit
- Administrative expenses
- Tax
- Other profit
- Selling 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 | 2,972.7 | 2,056.7 | 2,612.1 | 2,722.3 | 2,918.3 | 2,256.2 | 2,129.5 | 2,691.9 |
| LNST | 139.2 | 94.2 | 116.6 | 124.5 | 105.5 | 95.1 | 101.0 | 120.6 |
| Net margin | 4.68% | 4.58% | 4.47% | 4.57% | 3.61% | 4.22% | 4.74% | 4.48% |
Revenue
2,973bnNet income
139bnNet margin
4.68%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 improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 3.7% year on year, with the quarterly pace steady around +2%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 10,364bn +3.7%
- Latest quarter YoY
- +2% steady
What is driving the margin?
●Net margin edged up to 4.58%, rising 0.4pp. Core operating signals are improving as SG&A / Revenue fell 0.3pp are enough to offset pressure from Gross margin fell 0.2pp (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / Revenue fell 0.1pp 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
- 4.58% +0.4pp
- Gross Margin
- 10.92% −0.2pp
- SG&A / Revenue
- 7.29% −0.3pp
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 242.4bn against investing cash flow of -116.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +125.7bn. Financing cash flow was negative +116.4bn.
CFO / net income was 0,30 lần.
After spending +66.4bn on fixed-asset investment, the business generated trailing free cash flow of +68.7bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 11.8% of pre-tax profit — worth monitoring.
Within that, net financial result at +11.4%, other profit at +0.4% of PBT.
- Non-core / PBT
- 11.8% moderate
- Net financial / PBT
- 11.4%
- Other profit / PBT
- 0.4%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 45.8 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 23.09%, rising 2.4pp. That translates to 23.09 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.5pp, with capital turnover broadly stable; with invested capital easing up by 67bn.
A small uptick from the NOPAT margin side — not yet enough to call a quality shift; watch whether this momentum continues.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.1 days versus the same period last year. The main moves came from DIO rose 4.5 days, DSO fell 4.9 days, and DPO rose 0.7 days.
Working capital cycle is flat — components are offsetting each other.
DIO increased by +4.5 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE is broadly flat at 19.8% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 242.4bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.11x and interest coverage at 13.30x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 4639.3% of debt, and total debt stands at 6.6bn.
- Net Debt / Equity
- −0.11x +0.07x
- Interest Coverage
- 13.30x +5.94x
- Cash / Debt
- 4639.3% +3913.1pp
- Short-term Debt / Total Debt
- 100.0% +10.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 1.40x equity, with a net cash position equivalent to 0.11x equity.
Inventory ended the period at 1,442.1bn, roughly 24.5% 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 earnings conversion is confirmed, with CFO/NI at 0.30x. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.30x.
What to verify next
Questions for the next period
Whether revenue sustains its +3,7% YoY pace or begins to slow.
Whether margins hold around the current 4.58% level or narrow again.
Whether operating cash flow holds its 242.4bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.