Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 50.8bn, rose 86.5bn compared with the same period last year. Key positives came from lower administrative expenses, lower finance costs, and higher gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -0.46x
- P/B
- -0.08x
- EPS
- -2,635
- BVPS
- -15,292
- ROE
- 18.3%
- ROA
- -21.2%
- Market price
- 1,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VKC has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Finance costs
- Gross profit
- Other
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 | 5.2 | 6.8 | 8.6 | 4.8 | 7.1 | 7.3 | 6.2 | 5.9 |
| LNST | -11.5 | -12.1 | -13.6 | -13.7 | -9.2 | -22.2 | -76.8 | -29.2 |
| Net margin | -219.34% | -177.76% | -157.06% | -288.94% | -130.68% | -302.12% | -1238.61% | -492.57% |
Revenue
5bnNet income
-11bnNet margin
-219.34%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲▲Net margin expanded to −200.07%, rising 317.9pp. The main driver is SG&A / Revenue fell 214.1pp and Gross margin rose 65.0pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 70.0pp added support while Other profit / Revenue fell 31.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- −200.07% +317.9pp
- Gross Margin
- 9.42% +65.0pp
- SG&A / Revenue
- 36.68% −214.1pp
- Non-core / Revenue
- −180.01% +38.9pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 86.9% of PBT and lifted net margin by 38.9pp — separate the operating contribution from this source.
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 -1.80x equity, with a net cash position equivalent to 1.17x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 919.0 days versus the same period last year. The main moves came from DIO fell 69.2 days, DSO fell 797.1 days, and DPO rose 52.8 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 573.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 78.5% to 18.3% — the components are broadly offsetting.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 1.5bn.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −1.17x and interest coverage only at −1.15x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 0.5% of debt, and total debt stands at 361.0bn.
Interest coverage is −1.15x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −1.17x +0.27x
- Interest Coverage
- −1.15x +1.09x
- Cash / Debt
- 0.5% +0.3pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1.5bn in 2025, against investing cash flow of -1.0bn.
Post-investment cash flow was positive +0.6bn. Financing cash flow was negative +0.1bn.
CFO / net income was −0,09 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
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 317.9 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at −1.15x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -200.07% after expanding 317.9pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 84.5% of PBT and CFO / net income currently at −0.09x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −1.15x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −4,1% YoY decline.
Ability to hold margins around the current -200.07% level.
Cash-flow quality, with operating cash flow currently at 1.5bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.