Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 9.8bn, rose 26.0bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- -3.23x
- P/B
- -0.36x
- EPS
- -650
- BVPS
- -5,902
- ROE
- 11.7%
- ROA
- -3.8%
- Market price
- 2,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VPA has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- 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 | 22.3 | 42.7 | 31.9 | 28.1 | 33.3 | 33.0 | 34.9 | 21.3 |
| LNST | -0.0 | 5.8 | -6.7 | -8.9 | -10.9 | -6.4 | -14.1 | -4.3 |
| Net margin | -0.12% | 13.61% | -20.91% | -31.67% | -32.79% | -19.36% | -40.51% | -20.38% |
Revenue
22bnNet income
-0bnNet margin
-0.12%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 grew 2.0% year on year — but the quarterly pace is slowing (+32% → −33%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 125bn +2.0%
- Latest quarter YoY
- −33% slowing
What is driving the margin?
▲▲Net margin expanded to −7.84%, rising 21.4pp. Core operating signals are improving as Gross margin rose 14.3pp are enough to offset pressure from SG&A / Revenue rose 0.2pp (with additional support from Net financial result / Revenue rose 7.9pp).
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
- −7.84% +21.4pp
- Gross Margin
- 7.11% +14.3pp
- SG&A / Revenue
- 3.68% +0.2pp
- Non-core / Revenue
- −10.63% +7.9pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 135.5% of PBT and lifted net margin by 7.9pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 15.6bn against investing cash flow of 0.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +15.6bn. Financing cash flow was negative +14.1bn.
CFO / net income was −2,06 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 reaches 135.5% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +135.5% of PBT.
- Non-core / PBT
- 135.5% high
- Net financial / PBT
- 135.5%
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
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
DuPont
What drives ROE?
ROE fell from 59.3% to 11.7% — the components are broadly offsetting.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 15.6bn.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −2.93x and interest coverage only at −0.56x.
At present, short-term debt accounts for 1.0% of total debt, cash equals 2.2% of debt, and total debt stands at 266.8bn.
- Net Debt / Equity
- −2.93x +0.65x
- Interest Coverage
- −0.56x +0.54x
- Cash / Debt
- 2.2% +2.1pp
- Short-term Debt / Total Debt
- 1.0% −8.5pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −0.56x, leaving limited room to absorb financing costs.
Cash / debt stands at 2.2%, leaving limited liquidity buffer to monitor.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at -3.69x equity, with a net cash position equivalent to 2.93x equity.
None
Over the last 12 months, working capital absorbed 3.4bn 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 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 21.4 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at −0.56x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -7.84% after expanding 21.4pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 135.5% of PBT and CFO / net income currently at −2.06x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −0.56x.
What to verify next
Questions for the next period
Whether revenue sustains its +2,0% YoY pace or begins to slow.
Whether margins hold around the current -7.84% level or narrow again.
Whether operating cash flow holds its 15.6bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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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.