Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 1,420.0bn, rose 166.9bn compared with the same period last year. Key positives came from lower finance costs, higher gross profit, and lower administrative expenses. Offsetting pressure came mainly from higher tax, lower financial income, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.99x
- P/B
- 1.10x
- EPS
- 6,334
- BVPS
- 46,027
- ROE
- 14.5%
- ROA
- 10.7%
- Market price
- 50,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VHC has not accelerated revenue, but profitability is improving more visibly — earnings have been recovering gradually over multiple periods. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Finance costs
- Gross profit
- Administrative expenses
- Tax
- Financial income
- Other profit
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 | 2,954.6 | 2,715.0 | 3,471.0 | 3,193.5 | 2,647.8 | 3,205.8 | 3,277.9 | 3,195.7 |
| LNST | 286.0 | 245.0 | 455.4 | 522.5 | 211.3 | 440.6 | 341.1 | 335.9 |
| Net margin | 9.68% | 9.02% | 13.12% | 16.36% | 7.98% | 13.74% | 10.41% | 10.51% |
Revenue
2,955bnNet income
286bnNet margin
9.68%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 12.23%, rising 1.5pp. The main driver is Gross margin rose 0.9pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.9pp added support while Other profit / Revenue fell 0.2pp remained a drag).
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
- 12.23% +1.5pp
- Gross Margin
- 16.76% +0.9pp
- SG&A / Revenue
- 4.77% −0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 153.9 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 14.16%, rising 2.2pp. That translates to 14.16 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.6pp, with capital turnover broadly stable; with invested capital holding roughly steady.
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 conservative with low leverage — liabilities at 0.33x equity, net debt at 0.02x equity.
Inventory ended the period at 2,785.0bn, roughly 20.8% of total assets.
Over the last 12 months, working capital absorbed 162.1bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.0 days versus the same period last year. The main moves came from DIO fell 12.0 days, DSO rose 5.5 days, and DPO fell 0.5 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 153.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +5.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 15.4% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.02x and interest coverage at 17.58x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 91.0% of debt, and total debt stands at 2,300.0bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.02x −0.14x
- Interest Coverage
- 17.58x +11.46x
- Cash / Debt
- 91.0% +49.6pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,407.2bn in 2025, against investing cash flow of -287.4bn.
Post-investment cash flow was positive +2,119.7bn. Financing cash flow was negative +679.8bn.
CFO / net income was 1,25 lần.
After spending +605.6bn on fixed-asset investment, the business generated trailing free cash flow of +1,171.5bn.
In summary
Research synthesis
What this reporting period is showing
The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin and capital efficiency all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 15.5%. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 154 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.23% after expanding 1.5pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.25x. Even so, net financial result still accounts for 15.5% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 153.9 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +0,1% YoY pace.
Ability to hold margins around the current 12.23% level.
Cash-flow quality, with operating cash flow currently at 2,407.2bn in 2025.
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