Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 10,270.4bn, rose 1,504.3bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher tax, and lower associates income. Detailed impact is shown below:
See what is changing ↓- P/E
- 13.12x
- P/B
- 3.29x
- EPS
- 4,404
- BVPS
- 17,554
- ROE
- 27.6%
- ROA
- 18.6%
- Market price
- 57,800 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VNM is improving on both revenue and margins, though the magnitude is still moderate — profit momentum has been slowing across consecutive periods. This signal only becomes convincing if the improvement continues through the next few periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Tax
- Associates income
- Other
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 | 16,148.7 | 17,033.6 | 16,953.2 | 16,724.6 | 12,934.5 | 15,477.1 | 15,537.3 | 16,655.8 |
| LNST | 2,458.2 | 2,827.2 | 2,510.5 | 2,488.6 | 1,587.3 | 2,146.8 | 2,403.2 | 2,696.0 |
| Net margin | 15.22% | 16.60% | 14.81% | 14.88% | 12.27% | 13.87% | 15.47% | 16.19% |
Revenue
16,149bnNet income
2,458bnNet margin
15.22%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.
What is driving the margin?
▲Net margin edged up to 15.38%, rising 0.8pp. The main driver is SG&A / Revenue fell 1.1pp and Gross margin rose 0.7pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.4pp and Other profit / Revenue fell 0.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 15.38% +0.8pp
- Gross Margin
- 41.72% +0.7pp
- SG&A / Revenue
- 24.12% −1.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 54.9 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 22.76%, rising 2.3pp. That translates to 22.76 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.8pp and capital turnover rose 0.08x, with invested capital easing up by 2,034bn — 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.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.55x equity, net debt at 0.23x equity.
Inventory ended the period at 6,839.3bn, roughly 12.8% of total assets.
Over the last 12 months, working capital absorbed 1,663.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.0 days versus the same period last year. The main moves came from DIO fell 2.9 days, DSO fell 1.9 days, and DPO fell 1.8 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE rose from 24.0% to 27.7% — driven by asset turnover and net margin 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 0.23x and interest coverage at 27.43x.
At present, short-term debt accounts for 99.7% of total debt, cash equals 20.0% of debt, and total debt stands at 10,366.0bn.
Short-term debt accounts for 99.7% of total debt, raising near-term refinancing needs.
Cash / debt stands at 20.0%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.23x +0.02x
- Interest Coverage
- 27.43x −2.03x
- Cash / Debt
- 20.0% −4.8pp
- Short-term Debt / Total Debt
- 99.7% +1.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 8,668.1bn in 2025, against investing cash flow of 1,976.1bn.
Post-investment cash flow was positive +10,644.2bn. Financing cash flow was negative +11,081.9bn.
CFO / net income was 0,88 lần.
After spending +1,767.2bn on fixed-asset investment, the business generated trailing free cash flow of +7,295.0bn.
In summary
Research synthesis
What this reporting period is showing
The investment case still leans positive, but the improvement right now comes mainly from capital efficiency and cash flow, even though margin is roughly flat. Notably, the improvement in capital efficiency and cash flow has been confirmed across multiple cycles.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.88x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +10,3% YoY pace.
Ability to hold margins around the current 15.38% level.
Cash-flow quality, with operating cash flow currently at 8,668.1bn in 2025.
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