Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 221.3bn, rose 84.6bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and higher associates income. Offsetting pressure came mainly from higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.79x
- P/B
- 0.78x
- EPS
- 3,530
- BVPS
- 21,797
- ROE
- 17.9%
- ROA
- 7.6%
- Market price
- 16,900 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VGS has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Associates 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 | 1,701.2 | 1,644.3 | 1,767.2 | 2,120.3 | 1,786.8 | 1,639.6 | 1,907.2 | 1,987.7 |
| LNST | 45.3 | 77.5 | 63.8 | 34.9 | 41.0 | 74.2 | 9.5 | 12.1 |
| Net margin | 2.66% | 4.71% | 3.61% | 1.64% | 2.29% | 4.52% | 0.50% | 0.61% |
Revenue
1,701bnNet income
45bnNet margin
2.66%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 edged up to 3.06%, rising 1.2pp. Core operating signals are improving as Gross margin rose 0.6pp are enough to offset pressure from SG&A / Revenue rose 0.2pp (with additional support from Net financial result / Revenue rose 0.5pp and Other profit / Revenue rose 0.0pp).
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
- 3.06% +1.2pp
- Gross Margin
- 3.99% +0.6pp
- SG&A / Revenue
- 1.39% +0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 34.3 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 11.21%, rising 3.6pp. That translates to 11.21 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.2pp, with capital turnover fell 0.39x; while invested capital rose by 167bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
▲ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 0.80x equity, net debt at 0.75x equity.
Inventory ended the period at 531.4bn, roughly 22.8% of total assets.
Over the last 12 months, working capital released 276.7bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.9 days versus the same period last year. The main moves came from DIO fell 1.8 days, DSO fell 3.7 days, and DPO fell 0.6 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE rose from 12.9% to 17.9% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.75x and interest coverage at 12.17x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 3.4% of debt, and total debt stands at 832.0bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 3.4%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.75x +0.17x
- Interest Coverage
- 12.17x +4.18x
- Cash / Debt
- 3.4% −11.1pp
- Short-term Debt / Total Debt
- 100.0% +26.4pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 440.7bn in 2025, against investing cash flow of -305.6bn.
Post-investment cash flow was positive +135.1bn. Financing cash flow was negative +210.5bn.
CFO / net income was 2,04 lần.
After spending +22.3bn on fixed-asset investment, the business generated trailing free cash flow of +428.9bn.
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 1.2 pp. The main risk still sits in leverage and liquidity, with interest coverage at 12.17x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.06% after expanding 1.2pp versus the same period last year.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.75x and a thin cash buffer.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −1,2% YoY decline.
Ability to hold margins around the current 3.06% level.
Cash-flow quality, with operating cash flow currently at 440.7bn in 2025.
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