Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 19.5bn, fell 32.0bn compared with the same period last year. Key positives came from lower minority interests and higher gross profit. Offsetting pressure came mainly from higher selling expenses, lower financial income, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 513.64x
- P/B
- 0.40x
- EPS
- 22
- BVPS
- 28,037
- ROE
- 0.3%
- ROA
- 0.3%
- Market price
- 11,300 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 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
- Selling expenses
- Financial income
- Tax
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 | 821.1 | 907.9 | 760.4 | 835.1 | 608.7 | 758.5 | 750.1 | 816.9 |
| LNST | 38.7 | 6.3 | -23.9 | 29.7 | 11.2 | 47.0 | 25.8 | 29.7 |
| Net margin | 4.71% | 0.70% | -3.15% | 3.55% | 1.84% | 6.20% | 3.44% | 3.63% |
Revenue
821bnNet income
39bnNet margin
4.71%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 1.53%, losing 2.3pp. The main pressure is Gross margin fell 2.7pp, outweighing the improvement in SG&A / Revenue fell 1.9pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 1.4pp 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
- 1.53% −2.3pp
- Gross Margin
- 22.10% −2.7pp
- SG&A / Revenue
- 25.41% −1.9pp
- Non-core / Revenue
- 5.54% −1.4pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 1.4pp, financial result still accounts for 247.9% 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 0.12x equity, with a net cash position equivalent to 0.02x equity.
None
Over the last 12 months, working capital absorbed 278.3bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 7.2 days versus the same period last year. The main moves came from DIO fell 9.6 days, DSO rose 0.6 days, and DPO fell 16.2 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +7.2 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 1.9% to 0.8% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 601.7bn due to capex of 390.8bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.02x and interest coverage at 14.80x.
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
- −0.02x +0.02x
- Interest Coverage
- 14.80x −26.88x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲Operating cash flow reached -231.8bn in 2025, against investing cash flow of 47.5bn.
Post-investment cash flow was negative +184.3bn. Financing cash flow was negative +114.3bn.
CFO / net income was −10,83 lần.
After spending +390.8bn on fixed-asset investment, the business generated trailing free cash flow of −601.7bn.
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 2.3 pp. The next watchpoint is the earnings mix, when non-core contribution is 246.4%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.02x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 246.4% of PBT and CFO / net income currently at −10.83x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 1.53% after a 2.3pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +13,3% YoY pace.
Ability to hold margins around the current 1.53% level.
Cash-flow quality, with operating cash flow currently at -231.8bn in 2025.
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