Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 52.8bn, fell 67.2bn compared with the same period last year. Key positives came from lower tax and higher financial income. Offsetting pressure came mainly from lower gross profit, higher administrative expenses, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.71x
- P/B
- 0.55x
- EPS
- 772
- BVPS
- 17,868
- ROE
- 4.3%
- ROA
- 3.7%
- Market price
- 9,810 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VIP posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Tax
- Financial income
- Gross profit
- Administrative expenses
- Other profit
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 | 179.4 | 145.5 | 145.6 | 163.1 | 149.3 | 149.3 | 145.9 | 161.1 |
| LNST | 20.2 | 9.9 | 6.7 | 16.1 | 38.0 | 25.1 | 35.5 | 21.4 |
| Net margin | 11.24% | 6.81% | 4.57% | 9.87% | 25.43% | 16.82% | 24.33% | 13.30% |
Revenue
179bnNet income
20bnNet margin
11.24%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 4.6% year on year — not from a single spike: quarterly growth stepped up from +1% to +20%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 634bn +4.6%
- Latest quarter YoY
- +20% accelerating
What is driving the margin?
▼▼Net margin fell to 8.34%, losing 11.5pp. The main pressure comes from Gross margin fell 10.1pp and SG&A / Revenue rose 2.7pp (in addition, Net financial result / Revenue rose 1.7pp added support while Other profit / Revenue fell 3.0pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 8.34% −11.5pp
- Gross Margin
- 18.68% −10.1pp
- SG&A / Revenue
- 14.61% +2.7pp
- Non-core / Revenue
- 6.75% −1.3pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 1.3pp, financial result still accounts for 87.1% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 135.0bn against investing cash flow of -63.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +71.5bn. Financing cash flow was negative +68.5bn.
CFO / net income was 0,83 lần.
After spending +33.0bn on fixed-asset investment, the business generated trailing free cash flow of +10.9bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 87.1% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +74.7%, other profit at +12.4% of PBT.
- Non-core / PBT
- 87.1% high
- Net financial / PBT
- 74.7%
- Other profit / PBT
- 12.4%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
●Cash conversion cycle lengthened by 1.6 days versus the same period last year. The main moves came from DIO rose 3.6 days, DSO fell 2.0 days, and DPO rose 0.0 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 109.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +3.6 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 9.6% to 4.3% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 135.0bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.08x and interest coverage at 325.32x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.08x
- Interest Coverage
- 325.32x +218.62x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▼Balance sheet is exceptionally sound — liabilities at 0.10x equity, with a net cash position equivalent to 0.08x equity.
None
Over the last 12 months, working capital absorbed 26.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
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 margins remain under pressure remaining the main constraint, with net margin down 11.5 pp. The next watchpoint is the earnings mix, when non-core contribution is 74.7%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.08x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.08x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 74.7% of PBT and CFO / net income currently at 0.83x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 8.34% after a 11.5pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +4,6% YoY pace or begins to slow.
Whether margins hold around the current 8.34% level or narrow again.
Whether operating cash flow holds its 135.0bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
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