Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 55.5bn, rose 3.7bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher finance costs, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.90x
- P/B
- 0.81x
- EPS
- 3,854
- BVPS
- 23,198
- ROE
- 17.6%
- ROA
- 11.7%
- Market price
- 18,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VNL posted slightly higher profit versus the same period, but the increase is thin and not yet paired with clear improvement in revenue or margins — profit is at an all-time high. The point still to be proven is whether this profit level holds without further revenue momentum.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Administrative expenses
- Finance costs
- 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 | 356.4 | 395.7 | 377.0 | 331.9 | 293.4 | 318.2 | 330.5 | 285.7 |
| LNST | 12.2 | 10.0 | 14.8 | 18.5 | 14.0 | 10.4 | 13.5 | 13.9 |
| Net margin | 3.43% | 2.54% | 3.92% | 5.56% | 4.78% | 3.27% | 4.09% | 4.87% |
Revenue
356bnNet income
12bnNet margin
3.43%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
●Net margin narrowed to 3.80%, falling 0.4pp. The main pressure is Gross margin fell 0.8pp, outweighing the improvement in SG&A / Revenue fell 0.2pp (with additional support from Net financial result / Revenue rose 0.0pp and Other profit / Revenue rose 0.0pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 3.80% −0.4pp
- Gross Margin
- 6.50% −0.8pp
- SG&A / Revenue
- 2.37% −0.2pp
TTM YoY · 2025Q1 -> 2026Q1
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 0.60x equity, with a net cash position equivalent to 0.16x equity.
None
Over the last 12 months, working capital absorbed 13.5bn of cash, mainly because of higher receivables. Part of that drag was offset by higher payables.
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.
DuPont
What drives ROE?
ROE fell from 18.1% to 17.6% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 30.7bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.16x and interest coverage at 9.44x.
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
- −0.16x
- Interest Coverage
- 9.44x −3.82x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 30.7bn in 2025, against investing cash flow of -8.6bn.
Post-investment cash flow was positive +22.1bn. Financing cash flow was negative +24.0bn.
CFO / net income was 0,39 lần.
After spending +8.1bn on fixed-asset investment, the business generated trailing free cash flow of +13.5bn.
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 some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 15.9%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.16x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.16x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 15.9% of PBT and CFO / net income currently at 0.39x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +19,0% YoY pace.
Ability to hold margins around the current 3.80% level.
Cash-flow quality, with operating cash flow currently at 30.7bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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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.