Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 30.3bn, fell 45.9bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from weaker other profit, higher tax, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 14.74x
- P/B
- 0.39x
- EPS
- 437
- BVPS
- 16,598
- ROE
- 2.6%
- ROA
- 1.7%
- Market price
- 6,440 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 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, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Tax
- Finance costs
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 | 224.7 | 214.2 | 217.3 | 216.7 | 234.4 | 224.1 | 246.2 | 253.2 |
| LNST | 6.2 | 4.9 | 9.2 | 9.9 | 14.2 | 24.2 | 21.0 | 16.9 |
| Net margin | 2.75% | 2.31% | 4.26% | 4.59% | 6.04% | 10.78% | 8.52% | 6.68% |
Revenue
225bnNet income
6bnNet margin
2.75%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.
What is driving the margin?
▼▼Net margin fell to 3.47%, losing 4.5pp. The main pressure is SG&A / Revenue rose 1.5pp, outweighing the improvement in Gross margin rose 2.6pp (with lingering pressure from Other profit / Revenue fell 4.0pp 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
- 3.47% −4.5pp
- Gross Margin
- 21.76% +2.6pp
- SG&A / Revenue
- 17.42% +1.5pp
- Non-core / Revenue
- 0.15% −5.1pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 5.1pp, non-core sources still accounts for 59.4% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 0.79%, falling 0.4pp. That translates to 0.79 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.3pp and capital turnover fell 0.12x, while invested capital rose by 137bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
ROIC is currently 0.79% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼Capital structure is conservative with low leverage — liabilities at 0.58x equity, net debt at 0.35x equity.
None
Over the last 12 months, working capital absorbed 13.9bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 13.0 days versus the same period last year. The main moves came from DIO rose 0.6 days, DSO rose 0.5 days, and DPO rose 14.1 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +0.5 days, pointing to slower receivables turnover.
DIO increased by +0.6 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 6.5% to 2.6% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 165.3bn due to capex of 378.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.35x and interest coverage only at 0.49x.
At present, short-term debt accounts for 44.2% of total debt, cash equals 18.5% of debt, and total debt stands at 486.2bn.
Interest coverage is 0.49x, leaving limited room to absorb financing costs.
Cash / debt stands at 18.5%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.35x +0.09x
- Interest Coverage
- 0.49x −0.11x
- Cash / Debt
- 18.5% −20.8pp
- Short-term Debt / Total Debt
- 44.2% +5.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 239.7bn in 2025, against investing cash flow of -124.9bn.
Post-investment cash flow was positive +114.8bn. Financing cash flow was negative +122.7bn.
CFO / net income was 7,03 lần.
After spending +378.2bn on fixed-asset investment, the business generated trailing free cash flow of −165.3bn.
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 4.5 pp. The next watchpoint is the earnings mix, when non-core contribution is −56.1%. The main offsetting support comes from cash generation.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 341.7bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 7.03x. Even so, net financial result still accounts for −56.1% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 3.47% after a 4.5pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −8,9% YoY decline.
Ability to hold margins around the current 3.47% level.
Cash-flow quality, with operating cash flow currently at 239.7bn in 2025.
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