Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 20.7bn, rose 20.1bn 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
- -1.53x
- P/B
- -0.36x
- EPS
- -1,373
- BVPS
- -5,859
- ROE
- 26.7%
- ROA
- -7.9%
- Market price
- 2,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 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 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 42.7 | 31.9 | 28.1 | 33.3 | 33.0 | 34.9 | 21.3 | 26.5 |
| LNST | 5.8 | -6.7 | -8.9 | -10.9 | -6.4 | -14.1 | -4.3 | -15.9 |
| Net margin | 13.61% | -20.91% | -31.67% | -32.79% | -19.36% | -40.51% | -20.38% | -60.20% |
Revenue
43bnNet income
6bnNet margin
13.61%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.
What is driving the margin?
▲▲Net margin expanded to −15.22%, rising 20.1pp. The main driver is Gross margin rose 15.7pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 5.3pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- −15.22% +20.1pp
- Gross Margin
- 3.59% +15.7pp
- SG&A / Revenue
- 3.41% −0.3pp
- Non-core / Revenue
- −14.21% +5.3pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 93.4% of PBT and lifted net margin by 5.3pp — separate the operating contribution from this source.
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.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at -3.69x equity, with a net cash position equivalent to 3.05x equity.
None
Over the last 12 months, working capital absorbed 2.3bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
Working Capital Efficiency
●Cash conversion cycle lengthened by 0.7 days versus the same period last year. The main moves came from DIO fell 6.7 days, DSO rose 1.2 days, and DPO fell 6.1 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +0.7 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +1.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 88.1% to 26.7% — 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 −3.05x and interest coverage only at −0.85x.
At present, short-term debt accounts for 3.8% of total debt, cash equals 2.7% of debt, and total debt stands at 277.0bn.
Interest coverage is −0.85x, leaving limited room to absorb financing costs.
Cash / debt stands at 2.7%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- −3.05x +1.10x
- Interest Coverage
- −0.85x +0.40x
- Cash / Debt
- 2.7% +1.5pp
- Short-term Debt / Total Debt
- 3.8% −5.3pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 15.6bn in 2025, against investing cash flow of 0.0bn.
Post-investment cash flow was positive +15.6bn. Financing cash flow was negative +14.1bn.
CFO / net income was −0,70 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.
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 20.1 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 −0.85x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -15.22% after expanding 20.1pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 93.4% of PBT and CFO / net income currently at −0.70x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −0.85x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +17,6% YoY pace.
Ability to hold margins around the current -15.22% level.
Cash-flow quality, with operating cash flow currently at 15.6bn in 2025.
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Its weight and influence across the assets held for investment.
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