Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 1,047.4bn, rose 396.5bn compared with the same period last year. Key positives came from higher gross profit, higher associates income, lower finance costs, and higher financial income. Offsetting pressure came mainly from higher minority interests. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.59x
- P/B
- 0.54x
- EPS
- 2,095
- BVPS
- 21,739
- ROE
- 10.2%
- ROA
- 5.1%
- Market price
- 11,700 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VGT 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
- Associates income
- Finance costs
- Financial income
- Minority interests
- 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 | 5,007.9 | 4,486.1 | 4,647.6 | 5,055.1 | 4,450.3 | 4,267.6 | 4,819.3 | 4,588.3 |
| LNST | 525.5 | 332.2 | 392.4 | 359.3 | 330.8 | 250.7 | 278.7 | 230.3 |
| Net margin | 10.49% | 7.40% | 8.44% | 7.11% | 7.43% | 5.88% | 5.78% | 5.02% |
Revenue
5,008bnNet income
526bnNet margin
10.49%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 5.9% year on year — not from a single spike: quarterly growth stepped up from +10% to +13%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 19,197bn +5.9%
- Latest quarter YoY
- +13% accelerating
What is driving the margin?
▲Net margin expanded to 8.38%, rising 2.4pp. The main driver is Gross margin rose 0.9pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.6pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 8.38% +2.4pp
- Gross Margin
- 13.41% +0.9pp
- SG&A / Revenue
- 8.19% −0.2pp
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 862.5bn against investing cash flow of -1,008.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +146.0bn. Financing cash flow was positive +116.5bn.
CFO / net income was 1,86 lần.
After spending +881.0bn on fixed-asset investment, the business generated trailing free cash flow of +1,067.4bn.
Earnings Quality
▲How much income is non-core?
About 97% of pre-tax profit comes from core operations.
Within that, net financial result at −1.6%, other profit at +2.8% of PBT.
- Non-core / PBT
- 2.8% low
- Net financial / PBT
- −1.6%
- Other profit / PBT
- 2.8%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲▲ROIC expanded to 9.76%, rising 2.7pp. That translates to 9.76 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.3pp, with capital turnover broadly stable; while invested capital rose by 1,107bn.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Working Capital Efficiency
●Cash conversion cycle improved by 0.9 days versus the same period last year. The main moves came from DIO fell 5.0 days, DSO rose 0.6 days, and DPO fell 3.6 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 94.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +0.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 11.8% to 15.7% — mainly driven by net margin, despite 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 0.54x and interest coverage at 4.12x.
At present, short-term debt accounts for 70.4% of total debt, cash equals 6.9% of debt, and total debt stands at 6,250.0bn.
- Net Debt / Equity
- 0.54x −0.06x
- Interest Coverage
- 4.12x +1.61x
- Cash / Debt
- 6.9% −9.2pp
- Short-term Debt / Total Debt
- 70.4% +6.1pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 70.4% of total debt, raising near-term refinancing needs.
Cash / debt stands at 6.9%, leaving limited liquidity buffer to monitor.
Balance Sheet
▲The asset structure shows capital being allocated increasingly efficiently. Capital structure is balanced — liabilities at 1.05x equity, net debt at 0.54x equity.
Inventory ended the period at 3,447.1bn, roughly 16.8% of total assets.
Over the last 12 months, working capital released 581.9bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
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 2.4 pp. The main risk still sits in leverage and liquidity, with interest coverage at 4.12x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.38% after expanding 2.4pp versus the same period last year.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.54x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +5,9% YoY pace or begins to slow.
Whether margins hold around the current 8.38% level or narrow again.
Whether operating cash flow holds its 862.5bn (cumulative for 2025) level in upcoming periods or weakens.
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