Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 22.7bn, rose 1.2bn compared with the same period last year. Key positives came from higher associates income, lower finance costs, and lower selling expenses. Offsetting pressure came mainly from higher administrative expenses, lower gross profit, lower financial income, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 14.41x
- P/B
- 1.14x
- EPS
- 1,166
- BVPS
- 14,799
- ROE
- 7.6%
- ROA
- 6.9%
- Market price
- 16,800 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VNP has not accelerated revenue, but profitability is improving more visibly — earnings have been recovering gradually over multiple periods. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Associates income
- Finance costs
- Selling expenses
- Administrative expenses
- Gross profit
- Financial income
- Other 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 | 17.2 | 1.1 | 15.5 | 10.8 | 14.8 | 14.1 | 15.1 | 24.5 |
| LNST | 13.2 | -3.9 | 8.2 | 5.2 | 9.1 | 1.2 | 1.3 | 9.9 |
| Net margin | 76.69% | -361.47% | 53.07% | 47.89% | 61.53% | 8.38% | 8.86% | 40.32% |
Revenue
17bnNet income
13bnNet margin
76.69%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 expanded to 50.82%, rising 19.4pp. Despite pressure from SG&A / Revenue rose 23.9pp and Gross margin fell 7.0pp, the offset came from Net financial result / Revenue rose 6.4pp (pressure remains from Other profit / Revenue fell 1.6pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 50.82% +19.4pp
- Gross Margin
- 6.29% −7.0pp
- SG&A / Revenue
- 39.64% +23.9pp
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 0.10x equity, with a net cash position equivalent to 0.07x equity.
None
Over the last 12 months, working capital released 50.6bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
▼▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 83.1 days versus the same period last year. The main moves came from DIO fell 74.4 days, DSO rose 161.5 days, and DPO rose 4.0 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 684.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +161.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 7.6% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 5.1bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.07x and interest coverage at 33.19x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 368.1% of debt, and total debt stands at 7.1bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.07x −0.12x
- Interest Coverage
- 33.19x +29.29x
- Cash / Debt
- 368.1% +338.9pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 5.1bn in 2025, against investing cash flow of 77.5bn.
Post-investment cash flow was positive +82.6bn. Financing cash flow was negative +77.9bn.
CFO / net income was 0,63 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 heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 19.4 pp. The next item to monitor is the earnings mix, when non-core contribution is 18.4%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 685 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 50.82% after expanding 19.4pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 18.4% of PBT and CFO / net income currently at 0.63x.
- Key risk: working capital remains tied up for too long, with cash cycle at 684.8 days.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −34,9% YoY decline.
Ability to hold margins around the current 50.82% level.
Cash-flow quality, with operating cash flow currently at 5.1bn in 2025.
From one stock to the whole portfolio
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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.
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or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.