Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 244.3bn, rose 84.8bn compared with the same period last year. Key positives came from higher associates income and higher gross profit. Offsetting pressure came mainly from higher selling expenses, lower financial income, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.39x
- P/B
- 0.78x
- EPS
- 3,846
- BVPS
- 21,736
- ROE
- 19.6%
- ROA
- 7.9%
- Market price
- 16,900 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VGS is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Associates income
- Gross profit
- Selling expenses
- Financial income
- Finance costs
- 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 | 2,365.4 | 1,701.2 | 1,644.3 | 1,767.2 | 2,120.3 | 1,786.8 | 1,639.6 | 1,907.2 |
| LNST | 57.8 | 45.3 | 77.5 | 63.8 | 34.9 | 41.0 | 74.2 | 9.5 |
| Net margin | 2.44% | 2.66% | 4.71% | 3.61% | 1.64% | 2.29% | 4.52% | 0.50% |
Revenue
2,365bnNet income
58bnNet margin
2.44%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 0.3% year on year — not from a single spike: quarterly growth stepped up from −7% to +12%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 7,478bn +0.3%
- Latest quarter YoY
- +12% accelerating
What is driving the margin?
▲Net margin edged up to 3.27%, rising 1.1pp. Core operating signals are improving as Gross margin rose 0.6pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (with lingering pressure from Net financial result / Revenue fell 0.3pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.27% +1.1pp
- Gross Margin
- 4.24% +0.6pp
- SG&A / Revenue
- 1.49% +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 440.7bn against investing cash flow of -305.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +135.1bn. Financing cash flow was negative +210.5bn.
CFO / net income was 0,37 lần.
After spending +124.0bn on fixed-asset investment, the business generated trailing free cash flow of −34.7bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −5.1%, other profit at +0.6% of PBT.
- Non-core / PBT
- 0.6% low
- Net financial / PBT
- −5.1%
- Other profit / PBT
- 0.6%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲▲ROIC expanded to 12.88%, rising 2.8pp. That translates to 12.88 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.1pp, with capital turnover fell 0.74x; while invested capital rose by 303bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
●Cash conversion cycle improved by 0.5 days versus the same period last year. The main moves came from DIO rose 4.3 days, DSO fell 1.3 days, and DPO rose 3.5 days.
Working capital cycle is flat — components are offsetting each other.
DIO increased by +4.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 14.7% to 19.6% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 34.7bn due to capex of 124.0bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.89x and interest coverage at 8.65x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 9.2% of debt, and total debt stands at 1,086.1bn.
- Net Debt / Equity
- 0.89x +0.64x
- Interest Coverage
- 8.65x −0.53x
- Cash / Debt
- 9.2% −46.2pp
- Short-term Debt / Total Debt
- 100.0% +31.4pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 9.2%, leaving limited liquidity buffer to monitor.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Capital structure is balanced — liabilities at 0.80x equity, net debt at 0.89x equity.
Inventory ended the period at 531.4bn, roughly 22.8% of total assets.
Over the last 12 months, working capital absorbed 73.2bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.
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 1.1 pp. The main risk still sits in leverage and liquidity, with interest coverage at 8.65x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.27% after expanding 1.1pp versus the same period last year.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.89x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +0,3% YoY pace or begins to slow.
Whether margins hold around the current 3.27% level or narrow again.
Whether operating cash flow holds its 440.7bn (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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well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
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What becomes visible only when investments are viewed together rather than one ticker at a time.