Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 82.7bn, rose 5.3bn compared with the same period last year. Key positives came from higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher tax, and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.16x
- P/B
- 0.77x
- EPS
- 1,219
- BVPS
- 17,757
- ROE
- 7.1%
- ROA
- 6.9%
- Market price
- 13,600 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VNB has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. 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
- Financial income
- Administrative expenses
- Tax
- Gross profit
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 | 4.3 | 9.1 | 6.8 | 7.5 | 6.4 | 8.6 | 8.4 | 7.4 |
| LNST | 20.5 | 18.7 | 22.3 | 21.3 | 20.7 | 20.2 | 19.9 | 16.6 |
| Net margin | 478.57% | 205.99% | 327.74% | 284.90% | 321.57% | 235.95% | 236.34% | 223.15% |
Revenue
4bnNet income
20bnNet margin
478.57%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 299.59%, rising 48.8pp. Core operating signals are improving as Gross margin rose 2.7pp are enough to offset pressure from SG&A / Revenue rose 32.3pp (with additional support from Net financial result / Revenue rose 90.9pp and Other profit / Revenue rose 0.1pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 299.59% +48.8pp
- Gross Margin
- 44.73% +2.7pp
- SG&A / Revenue
- 123.58% +32.3pp
- Non-core / Revenue
- 454.39% +91.0pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 121.1% of PBT and lifted net margin by 91.0pp — 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 0.03x equity, with a net cash position equivalent to 0.00x equity.
None
Over the last 12 months, working capital absorbed 19.3bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
▼▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 48.0 days versus the same period last year. The main moves came from DIO rose 41.5 days, DSO rose 6.0 days, and DPO fell 0.6 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 204.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +6.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 7.1% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
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
- −0.00x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -38.8bn in 2025, against investing cash flow of 38.6bn.
Post-investment cash flow was negative +0.3bn. Financing cash flow was positive 0.0bn.
CFO / net income was −0,96 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 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 working capital is tied up too long in the operating cycle remaining the main constraint, with CCC extended to 204 days. The next watchpoint is the earnings mix, when non-core contribution is 121.0%. The main offsetting support comes from operating efficiency, with net margin improving 48.8 pp.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 299.59% after expanding 48.8pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 121.0% of PBT and CFO / net income currently at −0.96x.
- Key risk: working capital remains tied up for too long, with cash cycle at 204.5 days.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −10,6% YoY decline.
Ability to hold margins around the current 299.59% level.
Cash-flow quality, with operating cash flow currently at -38.8bn 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.