Analysis of business results & financial statements · Năm 2025
▼▼ Declining sharply
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- —
- BVPS
- —
- ROE
- -1.6%
- ROA
- -0.3%
- Market price
- 6,500 20 Oct 2026
The current picture
What Is Changing
On a Năm 2025 basis, VNI 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. The key watch now is how long the business needs to stabilize its profit base.
Sector note: developer revenue is recognised at handover — large quarter-to-quarter swings are normal; read on a trailing-12-month basis and against the delivery schedule.
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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- −1.30% −17.9pp
- Gross Margin
- None
- SG&A / Revenue
- None
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Balance Sheet
●Focus on inventory, liability structure, and year-end cash balance.
Development inventory ended the period at 155.3bn, about 21.6% of total assets — reflecting projects in progress awaiting handover.
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is working capital needs model and cycle context. Warning and risk signals are not yet decisive enough to shift the picture.
- Watchpoint: Working capital needs model and cycle context.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −66,0% YoY decline or keeps falling.
Whether margins hold around the current -1.30% level or narrow again.
Whether operating cash flow holds its 16.0bn (cumulative for 2025) level in upcoming periods or weakens.
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.