Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 417.4bn, rose 13.2bn compared with the same period last year. Key positives came from higher associates income, higher financial income, higher gross profit, and lower finance costs. Offsetting pressure came mainly from higher selling expenses, weaker other profit, higher tax, and higher minority interests. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.66x
- P/B
- 0.64x
- EPS
- 7,933
- BVPS
- 57,621
- ROE
- 17.3%
- ROA
- 7.2%
- Market price
- 37,000 13 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VGG shows mild improvement in both revenue and margins, but the magnitude of change is narrow — margins have been expanding consistently over multiple periods. This signal only becomes convincing if the improvement widens in coming periods.
Profit bridge
Vs last year · TTM
- Associates income
- Financial income
- Gross profit
- Finance costs
- Selling expenses
- Other profit
- Tax
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,056.7 | 2,612.1 | 2,722.3 | 2,918.3 | 2,256.2 | 2,129.5 | 2,691.9 | 3,099.8 |
| LNST | 94.2 | 116.6 | 124.5 | 105.5 | 95.1 | 101.0 | 120.6 | 102.8 |
| Net margin | 4.58% | 4.47% | 4.57% | 3.61% | 4.22% | 4.74% | 4.48% | 3.32% |
Revenue
2,057bnNet income
94bnNet margin
4.58%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.
What is driving the margin?
●Net margin stands at 4.28%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 4.28% +0.2pp
- Gross Margin
- 10.90% +0.0pp
- SG&A / Revenue
- 7.58% +0.2pp
TTM YoY · 2025Q1 -> 2026Q1
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 26.58%, losing 5.0pp. That translates to 26.58 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 1.63x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 358bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 1.40x equity, with a net cash position equivalent to 0.29x 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.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 8.2 days versus the same period last year. The main moves came from DIO rose 3.7 days, DSO fell 1.6 days, and DPO fell 6.2 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +8.2 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +3.7 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 23.0% to 18.3% — leverage weakened the most, though net margin still provided support.
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 −0.29x and interest coverage at 7.72x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 11466.7% of debt, and total debt stands at 6.6bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.29x +0.05x
- Interest Coverage
- 7.72x +1.42x
- Cash / Debt
- 11466.7% +5406.4pp
- Short-term Debt / Total Debt
- 100.0% +50.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 242.4bn in 2025, against investing cash flow of -116.8bn.
Post-investment cash flow was positive +125.7bn. Financing cash flow was negative +116.4bn.
CFO / net income was 0,61 lần.
After spending +61.8bn on fixed-asset investment, the business generated trailing free cash flow of +193.6bn.
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 0.61x. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.61x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +1,3% YoY pace.
Ability to hold margins around the current 4.28% level.
Cash-flow quality, with operating cash flow currently at 242.4bn in 2025.
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