Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 20.0bn, fell 35.9bn compared with the same period last year. Key positives came from lower minority interests, higher gross profit, and lower deferred tax. Offsetting pressure came mainly from higher selling expenses, higher tax, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 538.10x
- P/B
- 0.40x
- EPS
- 21
- BVPS
- 27,916
- ROE
- 0.3%
- ROA
- 0.3%
- Market price
- 11,300 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VLC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple 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
- Minority interests
- Gross profit
- Deferred tax
- Selling expenses
- Tax
- Financial income
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 | 870.4 | 821.1 | 907.9 | 760.4 | 835.1 | 608.7 | 758.5 | 750.1 |
| LNST | 27.9 | 38.7 | 6.3 | -23.9 | 29.7 | 11.2 | 47.0 | 25.8 |
| Net margin | 3.20% | 4.71% | 0.70% | -3.15% | 3.55% | 1.84% | 6.20% | 3.44% |
Revenue
870bnNet income
28bnNet margin
3.20%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 13.8% year on year — not from a single spike: quarterly growth stepped up from +1% to +4%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 3,360bn +13.8%
- Latest quarter YoY
- +4% accelerating
What is driving the margin?
▼Net margin fell to 1.46%, losing 2.4pp. The main pressure is Gross margin fell 2.3pp, outweighing the improvement in SG&A / Revenue fell 1.4pp (with lingering pressure from Net financial result / Revenue fell 1.4pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 1.46% −2.4pp
- Gross Margin
- 21.49% −2.3pp
- SG&A / Revenue
- 24.95% −1.4pp
- Non-core / Revenue
- 5.64% −1.3pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 1.3pp, financial result still accounts for 258.5% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
▲Is profit converting into cash?
Operating cash flow reached -231.8bn against investing cash flow of 47.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +184.3bn. Financing cash flow was negative +114.3bn.
CFO / net income was −9,13 lần.
After spending +261.2bn on fixed-asset investment, the business generated trailing free cash flow of −443.4bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 258.5% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +257.5%, other profit at +1.0% of PBT.
- Non-core / PBT
- 258.5% high
- Net financial / PBT
- 257.5%
- Other profit / PBT
- 1.0%
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
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.8 days versus the same period last year. The main moves came from DIO fell 8.9 days, DSO fell 1.9 days, and DPO fell 4.1 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE fell from 1.9% to 0.8% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 443.4bn due to capex of 261.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.03x and interest coverage at 23.30x.
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
- −0.03x +0.03x
- Interest Coverage
- 23.30x −1.95x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▼Balance sheet is exceptionally sound — liabilities at 0.12x equity, with a net cash position equivalent to 0.03x equity.
None
Over the last 12 months, working capital absorbed 253.0bn 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 2.4 pp. The next watchpoint is the earnings mix, when non-core contribution is 257.5%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.03x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.03x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 257.5% of PBT and CFO / net income currently at −9.13x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 1.46% after a 2.4pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +13,8% YoY pace or begins to slow.
Whether margins hold around the current 1.46% level or narrow again.
Whether operating cash flow holds its -231.8bn (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.
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well balanced?
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