Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 487.2bn, rose 228.7bn compared with the same period last year. Key positives came from higher associates income, higher gross profit, and higher financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.92x
- P/B
- 1.05x
- EPS
- 1,392
- BVPS
- 14,488
- ROE
- 9.8%
- ROA
- 8.6%
- Market price
- 15,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VIF has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Associates income
- Gross profit
- Financial income
- 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 | 512.8 | 584.2 | 488.0 | 415.1 | 548.1 | 447.3 | 445.2 | 386.5 |
| LNST | 100.8 | 163.0 | 125.1 | 102.7 | 89.6 | 6.9 | 62.3 | 106.9 |
| Net margin | 19.65% | 27.90% | 25.64% | 24.75% | 16.35% | 1.54% | 13.99% | 27.66% |
Revenue
513bnNet income
101bnNet margin
19.65%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 improved (+10.0pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 9.5% year on year — but the quarterly pace is slowing (+7% → −6%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,000bn +9.5%
- Latest quarter YoY
- −6% slowing
What is driving the margin?
▲▲Net margin expanded to 24.58%, rising 10.0pp. The main driver is SG&A / Revenue fell 1.9pp and Gross margin rose 1.8pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.8pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 24.58% +10.0pp
- Gross Margin
- 17.02% +1.8pp
- SG&A / Revenue
- 14.65% −1.9pp
- Non-core / Revenue
- 10.79% +1.7pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 40.6% of PBT and lifted net margin by 1.7pp — separate the operating contribution from this source.
Cash Flow
▼▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 67.0bn against investing cash flow of 176.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +243.4bn. Financing cash flow was negative +207.4bn.
CFO / net income was 0,06 lần.
After spending +66.0bn on fixed-asset investment, the business generated trailing free cash flow of −34.9bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 40.6% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +37.7%, other profit at +2.9% of PBT.
- Non-core / PBT
- 40.6% high
- Net financial / PBT
- 37.7%
- Other profit / PBT
- 2.9%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 148.6 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 10.24%, rising 4.4pp. That translates to 10.24 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 9.3pp, 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.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 103.6 days versus the same period last year. The main moves came from DIO fell 106.0 days, DSO fell 1.6 days, and DPO fell 4.0 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 148.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 5.5% to 9.9% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 67.0bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.07x and interest coverage at 90.93x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 432.2% of debt, and total debt stands at 113.2bn.
- Net Debt / Equity
- −0.07x −0.03x
- Interest Coverage
- 90.93x +49.57x
- Cash / Debt
- 432.2% +127.2pp
- Short-term Debt / Total Debt
- 100.0% +1.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 0.10x equity, with a net cash position equivalent to 0.07x equity.
Inventory ended the period at 927.2bn, roughly 16.6% of total assets.
Over the last 12 months, working capital released 75.0bn of cash, mainly thanks to lower receivables and lower inventories.
In summary
Research synthesis
What this reporting period is showing
The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is operating efficiency, with net margin improving 10.0 pp. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 37.7%. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 149 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 24.58% after expanding 10.0pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 37.7% of PBT and CFO / net income currently at 0.06x.
- Key risk: working capital remains tied up for too long, with cash cycle at 148.6 days.
What to verify next
Questions for the next period
Whether revenue sustains its +9,5% YoY pace or begins to slow.
Whether margins hold around the current 24.58% level or narrow again.
Whether operating cash flow holds its 67.0bn (cumulative for 2025) level in upcoming periods or weakens.
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