Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 10,962.9bn, rose 2,392.6bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.16x
- P/B
- 3.37x
- EPS
- 4,727
- BVPS
- 17,066
- ROE
- 30.7%
- ROA
- 19.4%
- Market price
- 57,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VNM is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit momentum has been slowing across consecutive periods. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Tax
- Other
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18,847.3 | 16,148.7 | 17,033.6 | 16,953.2 | 16,724.6 | 12,934.5 | 15,477.1 | 15,537.3 |
| LNST | 3,184.4 | 2,458.2 | 2,827.2 | 2,510.5 | 2,488.6 | 1,587.3 | 2,146.8 | 2,403.2 |
| Net margin | 16.90% | 15.22% | 16.60% | 14.81% | 14.88% | 12.27% | 13.87% | 15.47% |
Revenue
18,847bnNet income
3,184bnNet margin
16.90%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 improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 13.7% year on year — not from a single spike: quarterly growth stepped up from +9% to +13%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 68,983bn +13.7%
- Latest quarter YoY
- +13% accelerating
What is driving the margin?
▲Net margin expanded to 15.92%, rising 1.7pp. The main driver is SG&A / Revenue fell 1.4pp and Gross margin rose 1.2pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.4pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 15.92% +1.7pp
- Gross Margin
- 42.15% +1.2pp
- SG&A / Revenue
- 24.04% −1.4pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 8,668.1bn against investing cash flow of 1,976.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +10,644.2bn. Financing cash flow was negative +11,081.9bn.
CFO / net income was 0,76 lần.
After spending +1,672.1bn on fixed-asset investment, the business generated trailing free cash flow of +6,697.7bn.
Earnings Quality
▲How much income is non-core?
About 92% of pre-tax profit comes from core operations.
Within that, net financial result at +7.9%, other profit at +0.2% of PBT.
- Non-core / PBT
- 8.1% low
- Net financial / PBT
- 7.9%
- Other profit / PBT
- 0.2%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 54.5 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 26.55%, rising 7.0pp. That translates to 26.55 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.7pp and capital turnover rose 0.29x, with invested capital easing slightly by 2,766bn — capital-return quality improved from both sides.
Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.1 days versus the same period last year. The main moves came from DIO fell 1.5 days, DSO fell 3.5 days, and DPO fell 1.9 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE rose from 23.3% to 30.8% — driven by net margin and asset turnover together.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.11x and interest coverage at 26.94x.
At present, short-term debt accounts for 98.4% of total debt, cash equals 53.6% of debt, and total debt stands at 8,454.9bn.
- Net Debt / Equity
- 0.11x −0.09x
- Interest Coverage
- 26.94x −0.34x
- Cash / Debt
- 53.6% +28.1pp
- Short-term Debt / Total Debt
- 98.4% −0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 98.4% of total debt, raising near-term refinancing needs.
Balance Sheet
▼The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.55x equity, net debt at 0.11x equity.
Inventory ended the period at 6,839.3bn, roughly 12.8% of total assets.
Over the last 12 months, working capital absorbed 2,537.2bn of cash, mainly because of higher receivables and higher inventories.
In summary
Research synthesis
What this reporting period is showing
The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin and capital efficiency all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 15.92% after expanding 1.7pp versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +13,7% YoY pace or begins to slow.
Whether margins hold around the current 15.92% level or narrow again.
Whether operating cash flow holds its 8,668.1bn (cumulative for 2025) level in upcoming periods or weakens.
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.