Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 21.5bn, rose 18.2bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher finance costs and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.15x
- P/B
- 0.23x
- EPS
- 651
- BVPS
- 11,529
- ROE
- 5.8%
- ROA
- 3.7%
- Market price
- 2,700 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VHE has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Tax
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 | 157.6 | 116.0 | 48.9 | 212.8 | 157.0 | 62.3 | 144.2 | 163.7 |
| LNST | 5.2 | 2.5 | 2.6 | 11.4 | 1.2 | 0.5 | 0.8 | 1.0 |
| Net margin | 3.27% | 2.18% | 5.28% | 5.35% | 0.74% | 0.77% | 0.52% | 0.64% |
Revenue
158bnNet income
5bnNet margin
3.27%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲▲Net margin expanded to 4.04%, rising 3.4pp. The main driver is Gross margin rose 6.0pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 1.6pp and Other profit / Revenue fell 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 4.04% +3.4pp
- Gross Margin
- 9.42% +6.0pp
- SG&A / Revenue
- 1.24% −0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 52.0 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 3.91%, rising 3.4pp. That translates to 3.91 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.6pp, with capital turnover fell 0.19x; while invested capital expanded strongly by 98bn.
NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.
ROIC is currently 3.91% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 0.65x equity, net debt at 0.58x equity.
Inventory ended the period at 320.3bn, roughly 51.6% of total assets.
Over the last 12 months, working capital absorbed 119.2bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 52.0 days versus the same period last year. The main moves came from DIO rose 48.0 days, DSO rose 5.3 days, and DPO rose 1.3 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 219.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +5.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 1.0% to 5.8% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.58x and interest coverage only at 1.65x.
At present, short-term debt accounts for 99.8% of total debt, cash equals 4.9% of debt, and total debt stands at 232.5bn.
Interest coverage is 1.65x, leaving limited room to absorb financing costs.
Short-term debt accounts for 99.8% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.58x +0.16x
- Interest Coverage
- 1.65x +1.28x
- Cash / Debt
- 4.9% +0.9pp
- Short-term Debt / Total Debt
- 99.8% +0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -109.6bn in 2025, against investing cash flow of 16.5bn.
Post-investment cash flow was negative +93.0bn. Financing cash flow was positive +97.5bn.
CFO / net income was −3,98 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 3.9%. The next watchpoint is cash generation still needs confirmation. The main offsetting support comes from operating efficiency, with net margin improving 3.4 pp.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.04% after expanding 3.4pp versus the same period last year.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +1,6% YoY pace.
Ability to hold margins around the current 4.04% level.
Cash-flow quality, with operating cash flow currently at -109.6bn in 2025.
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