Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 395.4bn, rose 462.1bn compared with the same period last year. Key positives came from better other profit and higher gross profit. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.07x
- P/B
- 0.80x
- EPS
- 2,824
- BVPS
- 14,319
- ROE
- 21.0%
- ROA
- 10.7%
- Market price
- 11,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VOS posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — margins have been expanding consistently over multiple periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.
Profit bridge
Vs last year · TTM
- Other profit
- Gross profit
- Financial income
- 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 | 922.1 | 709.0 | 955.9 | 849.7 | 835.8 | 462.1 | 1,336.8 | 1,269.9 |
| LNST | 42.7 | 4.3 | 216.6 | 131.7 | 10.3 | -53.9 | -9.0 | -14.1 |
| Net margin | 4.63% | 0.61% | 22.66% | 15.50% | 1.23% | -11.65% | -0.67% | -1.11% |
Revenue
922bnNet income
43bnNet margin
4.63%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 12.0% year on year — not from a single spike: quarterly growth stepped up from −33% to +10%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 3,437bn −12.0%
- Latest quarter YoY
- +10% accelerating
What is driving the margin?
▲▲Net margin expanded to 11.50%, rising 13.2pp. Core operating signals are improving as Gross margin rose 8.6pp are enough to offset pressure from SG&A / Revenue rose 1.0pp (in addition, Other profit / Revenue rose 9.4pp added support while Net financial result / Revenue fell 1.7pp remained a drag).
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
- 11.50% +13.2pp
- Gross Margin
- 9.73% +8.6pp
- SG&A / Revenue
- 4.70% +1.0pp
- Non-core / Revenue
- 8.92% +7.8pp
TTM YoY · 2025Q2 -> 2026Q2
Other income accounts for 66.3% of PBT and lifted net margin by 7.8pp — separate the operating contribution from this source.
Cash Flow
▲Is profit converting into cash?
Operating cash flow reached -129.6bn against investing cash flow of -199.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +328.7bn. Financing cash flow was positive +606.3bn.
CFO / net income was −0,21 lần.
After spending +487.6bn on fixed-asset investment, the business generated trailing free cash flow of −572.3bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 66.3% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −3.1%, other profit at +66.3% of PBT.
- Non-core / PBT
- 66.3% high
- Net financial / PBT
- −3.1%
- Other profit / PBT
- 66.3%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 6.80%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
Working Capital Efficiency
▼Cash conversion cycle lengthened by 9.5 days versus the same period last year. The main moves came from DIO rose 4.8 days, DSO rose 2.2 days, and DPO fell 2.6 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +9.5 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +2.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −3.5% to 21.0% — supported by net margin and leverage.
Is financial risk significant?
Leverage is safe but FCF is negative at 572.3bn due to capex of 487.6bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.05x and interest coverage at 3.21x.
At present, short-term debt accounts for 16.9% of total debt, cash equals 84.6% of debt, and total debt stands at 683.4bn.
- Net Debt / Equity
- 0.05x +0.05x
- Interest Coverage
- 3.21x +4.63x
- Cash / Debt
- 84.6% −15.1pp
- Short-term Debt / Total Debt
- 16.9% −9.8pp
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▼Capital structure is conservative with low leverage — liabilities at 0.85x equity, net debt at 0.05x equity.
None
Over the last 12 months, working capital absorbed 371.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
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 some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is −3.1%. The main offsetting support comes from operating efficiency, with net margin improving 13.2 pp.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 11.50% after expanding 13.2pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −3.1% of PBT and CFO / net income currently at −0.21x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −12,0% YoY decline or keeps falling.
Whether margins hold around the current 11.50% level or narrow again.
Whether operating cash flow holds its -129.6bn (cumulative for 2025) level in upcoming periods or weakens.
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