Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 475.3bn, rose 202.3bn 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 tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.19x
- P/B
- 1.02x
- EPS
- 1,358
- BVPS
- 14,950
- ROE
- 9.3%
- ROA
- 8.6%
- Market price
- 15,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VIF is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — 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
- Gross profit
- Associates income
- Financial income
- Other
- 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 | 584.2 | 488.0 | 415.1 | 548.1 | 447.3 | 445.2 | 386.5 | 416.3 |
| LNST | 163.0 | 125.1 | 102.7 | 89.6 | 6.9 | 62.3 | 106.9 | 97.8 |
| Net margin | 27.90% | 25.64% | 24.75% | 16.35% | 1.54% | 13.99% | 27.66% | 23.50% |
Revenue
584bnNet income
163bnNet margin
27.90%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 (+7.4pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 23.61%, rising 7.4pp. The main driver is SG&A / Revenue fell 3.3pp and Gross margin rose 2.1pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.7pp added support while Net financial result / Revenue fell 0.6pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 23.61% +7.4pp
- Gross Margin
- 17.77% +2.1pp
- SG&A / Revenue
- 15.79% −3.3pp
- Non-core / Revenue
- 10.22% +0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (40.1% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 147.8 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 9.50%, rising 4.0pp. That translates to 9.50 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 6.8pp and capital turnover rose 0.07x, with invested capital holding roughly steady — capital-return quality improved from both sides.
NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.
Balance Sheet
▲ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.10x equity, with a net cash position equivalent to 0.05x equity.
Inventory ended the period at 927.2bn, roughly 16.6% of total assets.
Over the last 12 months, working capital released 120.0bn of cash, mainly thanks to lower receivables and lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 132.7 days versus the same period last year. The main moves came from DIO fell 131.7 days, DSO fell 5.3 days, and DPO fell 4.3 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 147.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 5.4% to 9.4% — 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 −0.05x and interest coverage at 56.22x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 334.3% of debt, and total debt stands at 114.5bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.05x −0.03x
- Interest Coverage
- 56.22x +14.94x
- Cash / Debt
- 334.3% +131.7pp
- Short-term Debt / Total Debt
- 100.0% +1.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 67.0bn in 2025, against investing cash flow of 176.4bn.
Post-investment cash flow was positive +243.4bn. Financing cash flow was negative +207.4bn.
CFO / net income was 0,24 lần.
After spending +63.5bn on fixed-asset investment, the business generated trailing free cash flow of +50.6bn.
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 7.4 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 148 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 23.61% after expanding 7.4pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 37.6% of PBT and CFO / net income currently at 0.24x.
- Key risk: working capital remains tied up for too long, with cash cycle at 147.8 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +20,1% YoY pace.
Ability to hold margins around the current 23.61% level.
Cash-flow quality, with operating cash flow currently at 67.0bn in 2025.
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