Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 33.0bn, rose 16.2bn compared with the same period last year. Key positives came from higher associates income, higher gross profit, and lower finance costs. Offsetting pressure came mainly from higher administrative expenses and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.89x
- P/B
- 1.14x
- EPS
- 1,698
- BVPS
- 14,753
- ROE
- 11.8%
- ROA
- 9.9%
- Market price
- 16,800 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VNP has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Associates income
- Gross profit
- Finance costs
- Administrative expenses
- Financial income
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 | 31.5 | 17.2 | 1.1 | 15.5 | 10.8 | 14.8 | 14.1 | 15.1 |
| LNST | 15.5 | 13.2 | -3.9 | 8.2 | 5.2 | 9.1 | 1.2 | 1.3 |
| Net margin | 49.27% | 76.69% | -361.47% | 53.07% | 47.89% | 61.53% | 8.38% | 8.86% |
Revenue
31bnNet income
16bnNet margin
49.27%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 19.2% year on year — not from a single spike: quarterly growth stepped up from +2% to +192%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 65bn +19.2%
- Latest quarter YoY
- +192% accelerating
What is driving the margin?
▲▲Net margin expanded to 50.55%, rising 19.9pp. Core operating signals are improving as Gross margin rose 7.9pp are enough to offset pressure from SG&A / Revenue rose 7.6pp (with additional support from Other profit / Revenue rose 1.2pp and Net financial result / Revenue rose 0.8pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 50.55% +19.9pp
- Gross Margin
- 7.31% +7.9pp
- SG&A / Revenue
- 27.25% +7.6pp
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 5.1bn against investing cash flow of 77.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +82.6bn. Financing cash flow was negative +77.9bn.
CFO / net income was 0,51 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.
Earnings Quality
●How much income is non-core?
Non-core income makes up 13.4% of pre-tax profit — worth monitoring.
Within that, net financial result at +13.0%, other profit at +0.4% of PBT.
- Non-core / PBT
- 13.4% moderate
- Net financial / PBT
- 13.0%
- Other profit / PBT
- 0.4%
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.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 222.6 days versus the same period last year. The main moves came from DIO fell 127.4 days, DSO fell 98.9 days, and DPO fell 3.7 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 457.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 5.9% to 11.8% — mainly driven by net margin, despite leverage moving in the opposite direction.
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 −0.06x and interest coverage at 51.45x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 351.0% of debt, and total debt stands at 7.0bn.
- Net Debt / Equity
- −0.06x +0.06x
- Interest Coverage
- 51.45x +47.59x
- Cash / Debt
- 351.0% −163.6pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▲Balance sheet is exceptionally sound — liabilities at 0.10x equity, with a net cash position equivalent to 0.06x equity.
None
Over the last 12 months, working capital released 51.2bn of cash, mainly thanks to lower receivables and lower inventories.
In summary
Research synthesis
What this reporting period is showing
The business is showing brighter earnings with improving operating quality. Margin improving shows the business is generating more efficient growth than before. Even so, capital efficiency remains the area to verify in upcoming periods. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 458 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 50.55% after expanding 19.9pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: working capital remains tied up for too long, with cash cycle at 457.7 days.
What to verify next
Questions for the next period
Whether revenue sustains its +19,2% YoY pace or begins to slow.
Whether margins hold around the current 50.55% level or narrow again.
Whether operating cash flow holds its 5.1bn (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.