Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 8.9bn, rose 5.1bn compared with the same period last year. Key positives came from lower selling expenses, better other profit, and higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.27x
- P/B
- 0.75x
- EPS
- 550
- BVPS
- 6,813
- ROE
- 8.4%
- ROA
- 5.6%
- Market price
- 5,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VNY has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. 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
- Selling expenses
- Other profit
- Gross profit
- Tax
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 | 24.5 | 32.0 | 30.7 | 26.1 | 22.9 | 33.4 | 23.0 | 29.5 |
| LNST | 1.1 | 4.3 | 1.1 | 2.5 | 0.6 | 1.7 | 0.6 | 0.9 |
| Net margin | 4.35% | 13.34% | 3.55% | 9.58% | 2.59% | 5.13% | 2.64% | 2.95% |
Revenue
25bnNet income
1bnNet margin
4.35%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 7.88%, rising 4.4pp. Core operating signals are improving as SG&A / Revenue fell 4.0pp are enough to offset pressure from Gross margin fell 0.1pp (with additional support from Other profit / Revenue rose 1.3pp and Net financial result / Revenue rose 0.3pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 7.88% +4.4pp
- Gross Margin
- 25.31% −0.1pp
- SG&A / Revenue
- 17.50% −4.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 15.8 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 7.99%, rising 4.3pp. That translates to 7.99 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.3pp, with capital turnover broadly stable; with invested capital holding roughly steady.
NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.49x equity, with a net cash position equivalent to 0.19x equity.
Inventory ended the period at 18.8bn, roughly 11.5% of total assets.
Over the last 12 months, working capital absorbed 1.5bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 15.8 days versus the same period last year. The main moves came from DIO fell 7.5 days, DSO rose 15.7 days, and DPO fell 7.7 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +15.8 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +15.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 3.8% to 8.4% — 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 11.3bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.19x and interest coverage at 14.75x.
At present, cash equals 281.4% of debt and total debt stands at 11.8bn.
- Net Debt / Equity
- −0.19x −0.06x
- Interest Coverage
- 14.75x +9.36x
- Cash / Debt
- 281.4% +66.1pp
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 11.3bn in 2025, against investing cash flow of -1.2bn.
Post-investment cash flow was positive +10.1bn. Financing cash flow was positive 0.0bn.
CFO / net income was 1,09 lần.
After spending +2.7bn on fixed-asset investment, the business generated trailing free cash flow of +7.0bn.
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 4.4 pp. The next item to monitor is the earnings mix, when non-core contribution is 20.5%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.88% after expanding 4.4pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.09x. Even so, net financial result still accounts for 20.5% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Durability of revenue growth after the current +4,2% YoY pace.
Ability to hold margins around the current 7.88% level.
Cash-flow quality, with operating cash flow currently at 11.3bn in 2025.
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