Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 910.9bn, rose 327.3bn compared with the same period last year. Key positives came from higher gross profit, higher associates income, and higher financial income. Offsetting pressure came mainly from higher minority interests and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.42x
- P/B
- 0.57x
- EPS
- 1,822
- BVPS
- 20,681
- ROE
- 9.2%
- ROA
- 4.6%
- Market price
- 11,700 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 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
- Financial income
- Minority interests
- Administrative 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 | 4,486.1 | 4,647.6 | 5,055.1 | 4,450.3 | 4,267.6 | 4,819.3 | 4,588.3 | 4,127.0 |
| LNST | 332.2 | 392.4 | 359.3 | 330.8 | 250.7 | 278.7 | 230.3 | 131.6 |
| Net margin | 7.40% | 8.44% | 7.11% | 7.43% | 5.88% | 5.78% | 5.02% | 3.19% |
Revenue
4,486bnNet income
332bnNet margin
7.40%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 7.59%, rising 2.6pp. The main driver is Gross margin rose 1.4pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 0.0pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 7.59% +2.6pp
- Gross Margin
- 13.12% +1.4pp
- SG&A / Revenue
- 8.32% −0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 1.4 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 8.83%, rising 3.1pp. That translates to 8.83 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.6pp, with capital turnover broadly stable; while invested capital rose by 787bn.
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.
Balance Sheet
▲ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.05x equity, net debt at 0.58x equity.
Inventory ended the period at 3,447.1bn, roughly 16.8% of total assets.
Over the last 12 months, working capital released 556.2bn of cash, mainly thanks to lower receivables and lower inventories.
Working Capital Efficiency
●The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 1.4 days versus the same period last year. The main moves came from DIO rose 1.8 days, DSO fell 2.6 days, and DPO fell 2.1 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 92.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +1.8 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 9.5% to 14.2% — 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 0.58x and interest coverage at 3.30x.
At present, short-term debt accounts for 71.2% of total debt, cash equals 9.5% of debt, and total debt stands at 6,577.5bn.
Short-term debt accounts for 71.2% of total debt, raising near-term refinancing needs.
Cash / debt stands at 9.5%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.58x −0.01x
- Interest Coverage
- 3.30x +1.12x
- Cash / Debt
- 9.5% −5.2pp
- Short-term Debt / Total Debt
- 71.2% +7.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 862.5bn in 2025, against investing cash flow of -1,008.6bn.
Post-investment cash flow was negative +146.0bn. Financing cash flow was positive +116.5bn.
CFO / net income was 2,11 lần.
After spending +876.9bn on fixed-asset investment, the business generated trailing free cash flow of +1,049.5bn.
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 2.6 pp. The main risk still sits in leverage and liquidity, with interest coverage at 3.30x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.59% after expanding 2.6pp versus the same period last year.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.58x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +4,7% YoY pace.
Ability to hold margins around the current 7.59% level.
Cash-flow quality, with operating cash flow currently at 862.5bn in 2025.
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