Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 2,176.9bn, rose 289.1bn compared with the same period last year. Key positives came from higher financial income, lower deferred tax, higher gross profit, and lower tax. Offsetting pressure came mainly from higher administrative expenses, higher finance costs, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 34.55x
- P/B
- 3.71x
- EPS
- 3,690
- BVPS
- 34,323
- ROE
- 8.7%
- ROA
- 1.7%
- Market price
- 127,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VJC is maintaining revenue growth, but margins have not improved proportionally — margins have been expanding consistently over multiple periods. What is still missing is the ability to convert top-line growth into better profitability.
Profit bridge
Vs last year · TTM
- Financial income
- Deferred tax
- Gross profit
- Tax
- Administrative expenses
- Finance costs
- 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 | 30,498.7 | 21,021.3 | 29,324.1 | 16,931.4 | 17,885.3 | 17,952.2 | 19,796.8 | 18,164.2 |
| LNST | 349.0 | 1,023.4 | 509.2 | 320.2 | 652.7 | 641.3 | 21.4 | 570.7 |
| Net margin | 1.14% | 4.87% | 1.74% | 1.89% | 3.65% | 3.57% | 0.11% | 3.14% |
Revenue
30,499bnNet income
349bnNet margin
1.14%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 32.5% year on year — not from a single spike: quarterly growth stepped up from −7% to +71%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 97,776bn +32.5%
- Latest quarter YoY
- +71% accelerating
What is driving the margin?
●Net margin narrowed to 2.25%, falling 0.3pp. The main pressure is Gross margin fell 2.5pp, outweighing the improvement in SG&A / Revenue fell 0.4pp (in addition, Net financial result / Revenue rose 1.5pp added support while Other profit / Revenue fell 0.2pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 2.25% −0.3pp
- Gross Margin
- 8.35% −2.5pp
- SG&A / Revenue
- 4.70% −0.4pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 1,509.1bn against investing cash flow of -26,554.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +25,045.1bn. Financing cash flow was positive +31,380.6bn.
CFO / net income was 0,93 lần.
After spending +30,905.6bn on fixed-asset investment, the business generated trailing free cash flow of −28,873.7bn.
Earnings Quality
▲How much income is non-core?
About 93% of pre-tax profit comes from core operations.
Within that, net financial result at −47.8%, other profit at +7.4% of PBT.
- Non-core / PBT
- 7.4% low
- Net financial / PBT
- −47.8%
- Other profit / PBT
- 7.4%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 2.56%, falling 0.3pp. That translates to 2.56 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.2pp, outweighing the movement in capital turnover; while invested capital expanded strongly by 21,757bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 2.56% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 23.1 days versus the same period last year. The main moves came from DIO rose 1.8 days, DSO rose 9.8 days, and DPO fell 11.5 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +23.1 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +9.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 9.3% to 8.8% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.46x and interest coverage only at 0.56x.
At present, short-term debt accounts for 39.3% of total debt, cash equals 5.8% of debt, and total debt stands at 69,079.0bn.
- Net Debt / Equity
- 2.46x +0.63x
- Interest Coverage
- 0.56x −0.01x
- Cash / Debt
- 5.8% −8.2pp
- Short-term Debt / Total Debt
- 39.3% +1.8pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 2.46x, increasing balance-sheet pressure.
Interest coverage is 0.56x, leaving limited room to absorb financing costs.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 4.62x equity, net debt at 2.46x equity.
None
Over the last 12 months, working capital released 3,416.5bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.93x. The main risk still sits in capital efficiency remains weak, with ROIC at 2.6%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.93x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +32,5% YoY pace or begins to slow.
Whether margins hold around the current 2.25% level or narrow again.
Whether operating cash flow holds its 1,509.1bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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