Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 0.3bn, fell 68.9bn compared with the same period last year. Offsetting pressure came mainly from weaker other profit and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -2,033.33x
- P/B
- 0.37x
- EPS
- -3
- BVPS
- 16,301
- ROE
- 0.0%
- ROA
- 0.0%
- Market price
- 6,100 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VNS posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Other profit
- Gross profit
- 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 | 194.3 | 224.7 | 214.2 | 217.3 | 216.7 | 234.4 | 224.1 | 246.2 |
| LNST | -20.1 | 6.2 | 4.9 | 9.2 | 9.9 | 14.2 | 24.2 | 21.0 |
| Net margin | -10.34% | 2.75% | 2.31% | 4.26% | 4.59% | 6.04% | 10.78% | 8.52% |
Revenue
194bnNet income
-20bnNet margin
-10.34%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 7.7% year on year, with the quarterly pace steady around −10%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 851bn −7.7%
- Latest quarter YoY
- −10% steady
What is driving the margin?
▼▼Net margin fell to 0.03%, losing 7.5pp. The main pressure comes from SG&A / Revenue rose 1.7pp (with lingering pressure from Other profit / Revenue fell 4.4pp and Net financial result / Revenue fell 1.0pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 0.03% −7.5pp
- Gross Margin
- 19.77% −0.5pp
- SG&A / Revenue
- 17.95% +1.7pp
- Non-core / Revenue
- −1.09% −5.4pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 5.4pp, financial result still accounts for 243.1% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 239.7bn against investing cash flow of -124.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +114.8bn. Financing cash flow was negative +122.7bn.
CFO / net income was 722,43 lần.
After spending +417.3bn on fixed-asset investment, the business generated trailing free cash flow of −228.8bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 243.1% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −391.8%, other profit at +243.1% of PBT.
- Non-core / PBT
- 243.1% high
- Net financial / PBT
- −391.8%
- Other profit / PBT
- 243.1%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼ROIC narrowed to −0.03%, falling 1.4pp. That translates to −0.03 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.9pp and capital turnover fell 0.11x, while invested capital rose by 127bn — pressure came from both operational efficiency and asset efficiency.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently −0.03% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.0 days versus the same period last year. The main moves came from DIO rose 0.2 days, DSO fell 0.9 days, and DPO rose 0.2 days.
Working capital cycle is flat — components are offsetting each other.
DIO increased by +0.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 6.3% to 0.0% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 228.8bn due to capex of 417.3bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.37x and interest coverage only at −0.27x.
At present, short-term debt accounts for 43.5% of total debt, cash equals 11.4% of debt, and total debt stands at 467.1bn.
- Net Debt / Equity
- 0.37x +0.13x
- Interest Coverage
- −0.27x −0.90x
- Cash / Debt
- 11.4% −32.4pp
- Short-term Debt / Total Debt
- 43.5% +1.6pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −0.27x, leaving limited room to absorb financing costs.
Cash / debt stands at 11.4%, leaving limited liquidity buffer to monitor.
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.58x equity, net debt at 0.37x equity.
None
Over the last 12 months, working capital absorbed 13.2bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
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 margins remain under pressure remaining the main constraint, with net margin down 7.5 pp. The next watchpoint is the earnings mix, when non-core contribution is −391.8%. The main offsetting support comes from cash generation.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 167.8bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 722.43x. Even so, net financial result still accounts for −391.8% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 3.06% after a 7.5pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −7,7% YoY decline or keeps falling.
Whether margins hold around the current 0.03% level or narrow again.
Whether operating cash flow holds its 239.7bn (cumulative for 2025) level in upcoming periods or weakens.
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