VLS

Sản xuất Thép Việt Long ·UPCOM ·2026Q1

Price

15,000

Latest close

03 Jun 2026

P/E —

P/B 1.40x

EPS —

BVPS 10,705

ROE —

ROA —

Profit Margin —

Asset Turnover —

Equity Mult. —

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

Metric	Q1'26	Q4'25
Revenue	239.3	383.6
Growth	-38%	—
Net Income	0.3	16.2
Net Margin	0.11%	4.23%

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 1.13% —

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 2.62x equity, net debt at 1.83x equity.

Inventory ended the period at 158.6bn, roughly 16.8% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 100.0% of total debt, cash equals 1.7% of debt, and total debt stands at 489.2bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.83x, increasing balance-sheet pressure.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 1.83x —

Interest Coverage — —

Cash / Debt 1.7% —

Short-term Debt / Total Debt 100.0% —

TTM YoY · Prior -> 2026Q1

Investment Takeaway

The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The main risk still sits in leverage and liquidity, with interest coverage at 0.02x. Warning and risk signals are not yet decisive enough to shift the picture.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.02x.

Statement Data

Item	2025
Revenue	1,038.6
Net Revenue	1,038.6
Cost of Goods Sold	993.6
Gross Profit	45.0
Financial Income	0.9
Financial Expenses	26.1
Interest Expense	26.0
Selling Expenses	0.6
General and Administrative Expenses	7.0
Operating Profit	12.2
Other Income	1.6
Other Expenses	0.0
Other Profit	1.6
Profit Before Tax	13.8
Current Income Tax Expense	2.1
Net Income	11.7
Profit Attributable to Parent	11.7
Earnings per Share	478.00

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	605.3
I. Cash and cash equivalents	8.4
1. Cash	4.9
2. Cash equivalents	3.5
II. Short-term financial investments	35.6
3. Held to maturity investments	35.6
III. Short-term receivables	386.4
1. Short-term trade accounts receivable	204.1
2. Short-term prepayments to suppliers	179.0
6. Other short-term receivables	3.3
IV. Inventories	158.6
1. Inventories	158.6
V. Other short-term assets	16.3
1. Short-term prepayments	0.1
2. Value added tax to be reclaimed	16.2
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	336.2
II. Fixed assets	300.4
1. Tangible fixed assets	289.2
- Cost	327.3
- Accumulated depreciation	-38.1
2. Financial leased fixed assets	11.2
- Cost	11.6
- Accumulated depreciation	-0.4
IV. Long-term assets in progress	30.3
2. Construction in progress	30.3
VI. Other long-term assets	5.5
1. Long-term prepayments	5.5
TOTAL ASSETS (280=100+200)	941.5
A. LIABILITIES (300=210+330)	681.5
I. Short -term liabilities	570.8
1. Short-term trade accounts payable	138.1
2. Short-term advances from customers	43.0
3. Taxes and other payables to state authorities	2.1
4. Payable to employees	1.7
5. Short-term acrrued expenses	1.0
9. Other short-term payables	0.2
10. Short-term borrowings and financial leases	384.6
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	0.1
II. Long-term liabilities	110.8
8. Long-term borrowings and financial leases	110.8
B. OWNER'S EQUITY (400=410+430)	259.9
I. Owner's equity	259.9
1. Owner's capital	245.0
- Common stock with voting right	245,000,000,000.00
11. Undistributed earnings after tax	14.9
- Accumulated retained earning at the end of the previous period	3.2
- Undistributed earnings in this period	11.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	941.5

Item	2025
Profit Before Tax	13.8
Depreciation of Fixed Assets and Investment Property	15.3
Provision (Increase)/Reversal	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1
Gain/Loss from Investment Activities	-0.9
Interest Expense	26.0
Operating Profit Before Changes in Working Capital	54.3
Increase/(Decrease) in Receivables	-204.3
Increase/(Decrease) in Inventory	-88.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	156.0
Increase/(Decrease) in Prepaid Expenses	0.6
Interest Paid	-25.6
Corporate Income Tax Paid	-1.1
Net Cash Flow from Operating Activities	-108.7
Payments for Fixed Assets and Other Long-term Assets	-50.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1
Loans and Purchases of Debt Instruments	-26.4
Receipts from Loan Repayments and Sale of Debt Instruments	6.0
Dividends and Interest Income Received	0.6
Net Cash Flow from Investing Activities	-70.3
Proceeds from Borrowings	676.8
Repayment of Borrowings	-495.6
Repayment of Finance Leases	-0.5
Net Cash Flow from Financing Activities	180.7
Net Cash Flow During the Period	1.6
Cash and Cash Equivalents at Beginning of Period	6.8
Cash and Cash Equivalents at End of Period	8.4

Item	Q1'26	Q4'25
Revenue	239.3	383.6
Revenue Deductions	0.0	—
Net Revenue	239.3	383.6
Cost of Goods Sold	224.6	356.5
Gross Profit	14.6	27.1
Financial Income	0.1	0.8
Financial Expenses	10.2	7.9
Interest Expense	—	7.9
Selling Expenses	1.7	0.2
General and Administrative Expenses	2.6	2.1
Operating Profit	0.3	17.7
Other Income	—	0.0
Other Expenses	0.0	0.0
Other Profit	-0.0	-0.0
Profit Before Tax	0.3	17.7
Current Income Tax Expense	—	1.5
Net Income	0.3	16.2
Profit Attributable to Parent	0.3	16.2
Earnings per Share	11.03	66.00

Item	Q1'26	Q4'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	700.1	609.2
I. Cash and cash equivalents	8.3	4.9
1. Cash	8.3	0.2
2. Cash equivalents	—	4.7
II. Short-term financial investments	37.1	39.1
3. Held to maturity investments	37.1	39.1
III. Short-term receivables	472.5	384.2
1. Short-term trade accounts receivable	179.1	204.1
2. Short-term prepayments to suppliers	288.1	176.5
6. Other short-term receivables	5.3	3.6
IV. Inventories	159.7	159.1
1. Inventories	159.7	159.1
V. Other short-term assets	22.5	21.8
1. Short-term prepayments	5.5	5.6
2. Value added tax to be reclaimed	16.2	16.2
3. Taxes and other receivables from state authorities	0.9	—
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	345.0	331.9
II. Fixed assets	314.7	301.7
1. Tangible fixed assets	303.5	293.8
- Cost	346.1	—
- Accumulated depreciation	-42.6	—
2. Financial leased fixed assets	11.2	7.9
- Cost	11.6	—
- Accumulated depreciation	-0.4	—
IV. Long-term assets in progress	30.3	30.2
2. Construction in progress	30.3	30.2
TOTAL ASSETS (280=100+200)	1,045.1	941.0
A. LIABILITIES (300=210+330)	782.8	676.6
I. Short -term liabilities	782.8	676.6
1. Short-term trade accounts payable	183.2	139.9
2. Short-term advances from customers	106.4	43.0
3. Taxes and other payables to state authorities	0.0	0.0
4. Payable to employees	1.7	1.2
5. Short-term acrrued expenses	0.8	0.2
9. Other short-term payables	1.4	0.2
10. Short-term borrowings and financial leases	489.2	491.9
11. Provision for short-term liabilities	0.0	0.0
12.. Bonus and welfare fund	0.2	0.1
B. OWNER'S EQUITY (400=410+430)	262.3	264.5
I. Owner's equity	262.3	264.5
1. Owner's capital	245.0	245.0
- Common stock with voting right	245,000,000,000.00	245,000,000,000.00
6. Assets revaluation differences	—	0.5
11. Undistributed earnings after tax	17.3	18.9
- Accumulated retained earning at the end of the previous period	17.0	1.1
- Undistributed earnings in this period	0.3	17.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,045.1	941.0

Item	Q1'26	Q4'25
Profit Before Tax	0.3	13.8
Depreciation of Fixed Assets and Investment Property	4.5	15.3
Provision (Increase)/Reversal	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.1
Gain/Loss from Investment Activities	—	-0.9
Interest Expense	—	26.0
Operating Profit Before Changes in Working Capital	4.8	54.3
Increase/(Decrease) in Receivables	-87.0	-204.3
Increase/(Decrease) in Inventory	-1.2	-88.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	109.3	156.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.6
Interest Paid	—	-25.6
Corporate Income Tax Paid	—	-1.1
Net Cash Flow from Operating Activities	26.1	-108.7
Payments for Fixed Assets and Other Long-term Assets	—	-50.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1
Loans and Purchases of Debt Instruments	—	-26.4
Receipts from Loan Repayments and Sale of Debt Instruments	2.0	6.0
Dividends and Interest Income Received	—	0.6
Net Cash Flow from Investing Activities	2.0	-70.3
Proceeds from Borrowings	218.2	676.8
Repayment of Borrowings	-222.6	-495.6
Repayment of Finance Leases	—	-0.5
Net Cash Flow from Financing Activities	-4.4	180.7
Net Cash Flow During the Period	23.7	1.6
Cash and Cash Equivalents at Beginning of Period	4.9	6.8
Cash and Cash Equivalents at End of Period	28.6	8.4

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VLS

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▼

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity