Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 504.5bn, rose 146.9bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 19.62x
- P/B
- 10.35x
- EPS
- 6,472
- BVPS
- 12,274
- ROE
- 47.7%
- ROA
- 37.1%
- Market price
- 127,000 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VGR has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Selling expenses
- Other
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 | 289.1 | 295.4 | 303.7 | 297.8 | 256.3 | 303.1 | 263.1 | 284.7 |
| LNST | 119.1 | 135.0 | 125.2 | 125.2 | 111.3 | 70.5 | 83.1 | 92.7 |
| Net margin | 41.20% | 45.70% | 41.22% | 42.05% | 43.40% | 23.25% | 31.59% | 32.57% |
Revenue
289bnNet income
119bnNet margin
41.20%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 expanded to 42.54%, rising 10.2pp. Core operating signals are improving as Gross margin rose 11.3pp are enough to offset pressure from SG&A / Revenue rose 1.6pp (in addition, Net financial result / Revenue rose 1.2pp added support while Other profit / Revenue fell 0.3pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 42.54% +10.2pp
- Gross Margin
- 52.49% +11.3pp
- SG&A / Revenue
- 8.48% +1.6pp
TTM YoY · 2025Q1 -> 2026Q1
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.
Balance Sheet
▼ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.17x equity, with a net cash position equivalent to 0.55x equity.
None
Over the last 12 months, working capital absorbed 18.9bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.8 days versus the same period last year. The main moves came from DIO rose 5.9 days, DSO fell 1.7 days, and DPO rose 10.0 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DIO increased by +5.9 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 30.2% to 47.7% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 534.4bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.55x and interest coverage at 1033.65x.
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
- −0.55x
- Interest Coverage
- 1033.65x +726.00x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 534.4bn in 2025, against investing cash flow of -117.1bn.
Post-investment cash flow was positive +417.3bn. Financing cash flow was negative +290.9bn.
CFO / net income was 0,99 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 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 operating efficiency, with net margin improving 10.2 pp. The next item to monitor is capital efficiency.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 42.54% after expanding 10.2pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Durability of revenue growth after the current +7,1% YoY pace.
Ability to hold margins around the current 42.54% level.
Cash-flow quality, with operating cash flow currently at 534.4bn in 2025.
From one stock to the whole portfolio
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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.