Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 70.6bn, fell 35.7bn compared with the same period last year. Key positives came from higher financial income and lower tax. Offsetting pressure came mainly from higher administrative expenses, weaker other profit, and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.51x
- P/B
- 0.52x
- EPS
- 1,032
- BVPS
- 18,827
- ROE
- 5.4%
- ROA
- 5.0%
- Market price
- 9,810 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VIP is retaining some revenue, but margins are collapsing sharply — profit momentum has been slowing across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Financial income
- Tax
- Administrative expenses
- Other profit
- Gross 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 | 145.5 | 145.6 | 163.1 | 149.3 | 149.3 | 145.9 | 161.1 | 134.5 |
| LNST | 9.9 | 6.7 | 16.1 | 38.0 | 25.1 | 35.5 | 21.4 | 24.3 |
| Net margin | 6.81% | 4.57% | 9.87% | 25.43% | 16.82% | 24.33% | 13.30% | 18.08% |
Revenue
146bnNet income
10bnNet margin
6.81%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.
What is driving the margin?
▼▼Net margin fell to 11.70%, losing 6.3pp. The main pressure comes from SG&A / Revenue rose 3.1pp and Gross margin fell 3.0pp (in addition, Net financial result / Revenue rose 1.7pp added support while Other profit / Revenue fell 3.2pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 11.70% −6.3pp
- Gross Margin
- 23.74% −3.0pp
- SG&A / Revenue
- 15.07% +3.1pp
- Non-core / Revenue
- 6.29% −1.6pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 1.6pp, financial result still accounts for 61.8% of PBT — earnings durability should be monitored in coming periods.
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.
Balance Sheet
▼ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.10x equity, with a net cash position equivalent to 0.07x equity.
None
Over the last 12 months, working capital absorbed 89.2bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 23.4 days versus the same period last year. The main moves came from DIO rose 12.6 days, DSO rose 9.0 days, and DPO fell 1.8 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 130.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +9.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 8.2% to 5.4% — 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 −0.07x and interest coverage at 304.76x.
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
- −0.07x
- Interest Coverage
- 304.76x +229.19x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 135.0bn in 2025, against investing cash flow of -63.5bn.
Post-investment cash flow was positive +71.5bn. Financing cash flow was negative +68.5bn.
CFO / net income was 0,59 lần.
After spending +10.6bn on fixed-asset investment, the business generated trailing free cash flow of +31.2bn.
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 6.3 pp. The next watchpoint is the earnings mix, when non-core contribution is 51.9%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.07x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.07x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 51.9% of PBT and CFO / net income currently at 0.59x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 11.70% after a 6.3pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +2,2% YoY pace.
Ability to hold margins around the current 11.70% level.
Cash-flow quality, with operating cash flow currently at 135.0bn in 2025.
From one stock to the whole portfolio
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