VPL

Vinpearl ·HOSE ·2026Q1

Price

92,000

Latest close

03 Jun 2026

P/E 64.78x

P/B 4.33x

EPS 1,420

BVPS 21,249

ROE 6.9%

ROA 3.0%

Profit Margin 15.9%

Asset Turnover 0.19x

Equity Mult. 2.29x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

Metric	2025
Revenue	15,539.1
Growth	—
Net Income	1,101.7
Net Margin	7.09%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	3,485.1	6,525.5	3,101.1	2,941.8	2,970.6
Growth	-47%	+110%	+5%	-1%	—
Net Income	1,508.1	702.7	169.3	166.7	90.4
Net Margin	43.27%	10.77%	5.46%	5.67%	3.04%

Drivers of VPL's profit

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by better other profit. Supporting and offsetting drivers:

Other profit ↑ 1,788.9bn

Financial income ↑ 1,460.2bn

Gross profit ↑ 349.2bn

Finance costs ↑ 1,879.1bn

Tax ↑ 232.9bn

Administrative expenses ↑ 144.7bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 15.87% —

Gross Margin 35.97% —

SG&A / Revenue 16.60% —

Non-core / Revenue -2.57% —

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (64.2% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 1.97%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently 1.97% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.97% —

NOPAT Margin 5.69% —

Capital Turnover 0.35x —

Average Invested Capital 46,236.2bn —

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 1.37x equity, net debt at 0.21x equity.

Over the last 12 months, working capital absorbed 704.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −11,717.4bn

Inventories increased → lower CFO: −1,592.3bn

Payables increased → higher CFO: +12,604.8bn

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.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Leverage is safe but FCF is negative at 623.3bn due to capex of 2,849.7bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.21x and interest coverage only at 0.17x.

At present, short-term debt accounts for 37.8% of total debt, cash equals 14.8% of debt, and total debt stands at 9,230.5bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.17x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 14.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.21x −0.10x

Interest Coverage 0.17x —

Cash / Debt 14.8% +5.3pp

Short-term Debt / Total Debt 37.8% +16.4pp

CFO / NI 0.87x —

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -1,399.9bn in 2025, against investing cash flow of -185.2bn.

Post-investment cash flow was negative +1,585.1bn. Financing cash flow was positive +1,396.7bn.

CFO / net income was 0.87x.

After spending +2,849.7bn on fixed-asset investment, the business generated trailing free cash flow of −623.3bn.

Cash Conversion

CFO TTM 2,226.4bn —

Cash Capex 2,849.7bn —

FCF TTM −623.3bn —

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is the earnings mix, when non-core contribution is -79.5%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.0%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -79.5% of PBT and CFO / net income currently at 0.87x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025
Revenue	15,556.4
Revenue Deductions	17.3
Net Revenue	15,539.1
Cost of Goods Sold	10,144.8
Gross Profit	5,394.3
Financial Income	1,961.1
Financial Expenses	3,684.9
Interest Expense	1,221.3
Selling Expenses	527.0
General and Administrative Expenses	2,067.3
Operating Profit	1,076.3
Other Income	94.4
Other Expenses	153.9
Other Profit	-59.5
Profit Before Tax	1,016.8
Current Income Tax Expense	9.2
Deferred Income Tax Expense	-94.1
Net Income	1,101.7
Non-controlling Interest	0.1
Profit Attributable to Parent	1,101.6
Earnings per Share	618.00

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	27,738.6
I. Cash and cash equivalents	1,702.6
1. Cash	1,211.6
2. Cash equivalents	491.0
II. Short-term financial investments	1,975.5
1. Available for sale securities	1,406.3
3. Held to maturity investments	569.2
III. Short-term receivables	17,937.3
1. Short-term trade accounts receivable	894.2
2. Short-term prepayments to suppliers	4,049.4
5. Short-term loan receivables	10,699.8
6. Other short-term receivables	2,333.3
7. Provision for short-term doubtful debts (*)	-39.3
IV. Inventories	5,491.4
1. Inventories	5,491.4
V. Other short-term assets	631.7
1. Short-term prepayments	140.5
2. Value added tax to be reclaimed	414.9
3. Taxes and other receivables from state authorities	76.3
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	59,107.3
I. Long-term receivables	13,319.6
2. Long-term prepayments to suppliers	9,646.1
5. Long-term loan receivables	3,047.0
6. Other long-term receivables	626.5
II. Fixed assets	33,153.2
1. Tangible fixed assets	32,097.3
- Cost	47,285.0
- Accumulated depreciation	-15,187.7
2. Financial leased fixed assets	263.8
- Cost	346.1
- Accumulated depreciation	-82.3
3. Intangible fixed assets	792.1
- Cost	1,198.3
- Accumulated depreciation	-406.3
III. Investment properties	542.3
- Cost	779.9
- Accumulated depreciation	-237.6
IV. Long-term assets in progress	4,917.8
2. Construction in progress	4,917.8
V. Long-term financial investments	1,877.5
3. Investments in other entities	1,877.5
VI. Other long-term assets	5,297.0
1. Long-term prepayments	790.9
2. Deferred income tax assets	120.5
5. Goodwill	4,385.5
TOTAL ASSETS (280=100+200)	86,845.9
A. LIABILITIES (300=210+330)	50,248.1
I. Short -term liabilities	24,927.7
1. Short-term trade accounts payable	2,478.7
2. Short-term advances from customers	11,293.1
3. Taxes and other payables to state authorities	547.2
4. Payable to employees	6.5
5. Short-term acrrued expenses	1,988.3
8. Short-term unearned revenue	394.7
9. Other short-term payables	5,476.2
10. Short-term borrowings and financial leases	2,709.6
11. Provision for short-term liabilities	32.1
12.. Bonus and welfare fund	1.3
II. Long-term liabilities	25,320.4
6. Long-term unearned revenue	498.5
7. Other long-term liabilities	14,984.8
8. Long-term borrowings and financial leases	8,882.7
11. Deferred income tax liabilities	943.0
12. Provision for long-term liabilities	11.4
B. OWNER'S EQUITY (400=410+430)	36,597.8
I. Owner's equity	36,597.8
1. Owner's capital	17,933.0
- Common stock with voting right	17,933,004,000,000.00
2. Share premium	15,686.9
8. Investment and development fund	2.2
10. Other funds from owner's equity	-1,200.0
11. Undistributed earnings after tax	4,172.7
- Accumulated retained earning at the end of the previous period	3,071.2
- Undistributed earnings in this period	1,101.6
13. Minority's interest	3.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	86,845.9

Item	2025
Profit Before Tax	1,016.8
Depreciation of Fixed Assets and Investment Property	3,746.3
Provision (Increase)/Reversal	35.4
FX Gain/Loss from Revaluation of Monetary Items	243.6
Gain/Loss from Investment Activities	-1,985.4
Interest Expense	1,221.3
Operating Profit Before Changes in Working Capital	4,278.1
Increase/(Decrease) in Receivables	-11,182.0
Increase/(Decrease) in Inventory	364.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7,068.2
Increase/(Decrease) in Prepaid Expenses	-12.8
Interest Paid	-1,097.4
Corporate Income Tax Paid	-818.2
Net Cash Flow from Operating Activities	-1,399.9
Payments for Fixed Assets and Other Long-term Assets	-1,543.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	322.3
Loans and Purchases of Debt Instruments	-14,967.5
Receipts from Loan Repayments and Sale of Debt Instruments	17,716.0
Investments in Other Entities	-2,295.9
Dividends and Interest Income Received	583.8
Net Cash Flow from Investing Activities	-185.2
Proceeds from Equity Issuance and Capital Contributions	4,998,638,000,000.00
Proceeds from Borrowings	5,628.1
Repayment of Borrowings	-9,230.1
Net Cash Flow from Financing Activities	1,396.7
Net Cash Flow During the Period	-188.3
Cash and Cash Equivalents at Beginning of Period	1,889.4
FX Difference from Revaluation	1.5
Cash and Cash Equivalents at End of Period	1,702.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	3,501.1	6,525.8	3,111.0	2,946.5	2,973.2
Revenue Deductions	16.0	0.3	9.9	4.6	2.5
Net Revenue	3,485.1	6,525.5	3,101.1	2,941.8	2,970.6
Cost of Goods Sold	2,318.3	3,503.1	2,281.6	2,176.3	2,153.0
Gross Profit	1,166.8	3,022.4	819.5	765.5	817.6
Financial Income	1,974.8	472.2	499.0	475.4	514.6
Financial Expenses	2,308.3	2,243.4	499.8	512.5	429.2
Interest Expense	382.3	335.9	306.6	286.6	292.3
Selling Expenses	146.4	43.9	217.3	42.1	223.6
General and Administrative Expenses	595.8	681.0	456.2	482.7	451.1
Operating Profit	91.2	526.3	145.1	203.5	228.3
Other Income	1,750.6	-4.0	9.8	31.3	57.3
Other Expenses	22.7	2.2	9.7	23.7	118.2
Other Profit	1,727.9	-6.2	0.1	7.6	-60.9
Profit Before Tax	1,819.1	520.1	145.2	211.2	167.4
Current Income Tax Expense	336.5	-177.6	3.8	77.2	103.6
Deferred Income Tax Expense	-25.5	-5.1	-27.9	-32.8	-26.6
Net Income	1,508.1	702.7	169.3	166.7	90.4
Non-controlling Interest	0.0	0.0	0.0	0.0	0.1
Profit Attributable to Parent	1,508.1	702.7	169.3	166.7	90.3
Earnings per Share	841.00	391.85	94.40	92.94	51.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	27,869.9	27,724.5	31,490.6	29,904.3	25,538.0
I. Cash and cash equivalents	1,363.2	1,700.2	5,198.6	1,806.7	1,141.7
1. Cash	665.2	1,209.2	4,417.6	1,206.7	521.8
2. Cash equivalents	698.0	491.0	781.0	600.0	619.9
II. Short-term financial investments	12,841.7	1,975.5	1,745.5	2,342.0	2,499.0
1. Available for sale securities	722.7	1,406.3	1,406.3	1,406.3	1,406.3
3. Held to maturity investments	12,119.0	569.2	339.2	935.6	1,092.6
III. Short-term receivables	5,814.6	17,966.5	17,724.9	19,274.1	15,389.2
1. Short-term trade accounts receivable	979.5	923.4	1,092.5	1,218.8	900.5
2. Short-term prepayments to suppliers	4,568.8	4,049.4	3,388.5	1,056.8	1,061.3
5. Short-term loan receivables	—	10,699.8	11,284.8	15,514.8	11,796.4
6. Other short-term receivables	305.7	2,333.3	1,998.1	1,524.3	1,669.1
7. Provision for short-term doubtful debts (*)	-39.4	-39.3	-39.1	-40.7	-38.2
IV. Inventories	7,267.8	5,490.3	5,748.3	5,678.7	5,691.5
1. Inventories	7,267.8	5,490.3	5,748.3	5,678.7	5,691.5
V. Other short-term assets	582.5	592.0	1,073.4	802.7	816.7
1. Short-term prepayments	102.5	140.5	553.0	238.8	207.6
2. Value added tax to be reclaimed	299.7	343.1	441.7	485.3	530.5
3. Taxes and other receivables from state authorities	60.1	108.3	78.6	78.6	78.6
5. Other short-term assets	120.2	—	—	—	—
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	63,143.6	59,165.9	57,128.9	47,565.9	52,531.2
I. Long-term receivables	10,490.2	13,319.6	10,406.3	222.7	4,533.5
2. Long-term prepayments to suppliers	9,646.1	9,646.1	9,646.1	—	—
5. Long-term loan receivables	—	3,047.0	660.0	100.0	4,391.0
6. Other long-term receivables	844.1	626.5	100.2	122.7	142.5
II. Fixed assets	31,827.9	33,144.8	33,751.8	34,777.2	35,352.3
1. Tangible fixed assets	30,790.2	32,091.1	32,679.7	33,729.9	34,310.8
- Cost	46,137.1	—	—	—	—
- Accumulated depreciation	-15,346.9	—	—	—	—
2. Financial leased fixed assets	258.0	263.8	269.8	275.7	281.6
- Cost	346.1	—	—	—	—
- Accumulated depreciation	-88.1	—	—	—	—
3. Intangible fixed assets	779.7	789.9	802.4	771.5	759.9
- Cost	1,195.1	—	—	—	—
- Accumulated depreciation	-415.4	—	—	—	—
III. Investment properties	534.6	542.3	550.1	559.9	571.4
- Cost	779.9	—	—	—	—
- Accumulated depreciation	-245.3	—	—	—	—
IV. Long-term assets in progress	6,742.3	4,984.7	5,185.3	4,815.9	4,960.5
2. Construction in progress	6,742.3	4,984.7	5,185.3	4,815.9	4,960.5
V. Long-term financial investments	8,386.6	1,877.5	1,787.5	1,623.7	1,435.4
3. Investments in other entities	1,967.5	1,877.5	1,787.5	1,623.7	1,435.4
5. Held to maturity investments	6,419.1	—	—	—	—
VI. Other long-term assets	5,162.0	5,297.0	5,447.8	5,566.4	5,678.1
1. Long-term prepayments	789.8	790.9	792.9	777.2	754.8
2. Deferred income tax assets	121.0	120.5	135.1	135.1	134.9
5. Goodwill	4,251.3	4,385.5	4,519.8	4,654.0	4,788.3
TOTAL ASSETS (280=100+200)	91,013.5	86,890.4	88,619.5	77,470.1	78,069.3
A. LIABILITIES (300=210+330)	52,907.6	50,263.4	52,695.3	41,716.9	42,482.8
I. Short -term liabilities	25,272.5	24,639.2	26,617.6	27,737.7	27,811.6
1. Short-term trade accounts payable	2,244.1	2,477.4	1,719.2	2,523.9	2,570.6
2. Short-term advances from customers	11,138.1	11,325.5	12,687.6	12,932.0	13,211.3
3. Taxes and other payables to state authorities	659.9	503.1	787.4	578.5	1,051.3
4. Payable to employees	155.3	6.5	6.5	5.4	5.3
5. Short-term acrrued expenses	1,577.4	2,016.5	1,887.5	2,242.8	2,389.1
8. Short-term unearned revenue	349.8	394.7	350.9	177.9	95.8
9. Other short-term payables	5,624.9	5,172.4	5,925.4	6,067.4	5,811.0
10. Short-term borrowings and financial leases	3,489.7	2,709.6	3,219.7	3,176.5	2,576.7
11. Provision for short-term liabilities	32.1	32.1	32.1	32.1	99.2
12.. Bonus and welfare fund	1.3	1.3	1.3	1.3	1.3
II. Long-term liabilities	27,635.1	25,624.2	26,077.7	13,979.2	14,671.2
6. Long-term unearned revenue	492.6	498.5	524.0	495.6	479.3
7. Other long-term liabilities	20,472.5	15,288.6	15,278.3	2,779.7	3,657.1
8. Long-term borrowings and financial leases	5,740.7	8,882.7	9,311.7	9,712.8	9,477.7
11. Deferred income tax liabilities	917.9	943.0	962.7	990.1	1,024.9
12. Provision for long-term liabilities	11.4	11.4	1.0	1.0	32.1
B. OWNER'S EQUITY (400=410+430)	38,105.9	36,627.0	35,924.3	35,753.2	35,586.5
I. Owner's equity	38,105.9	36,627.0	35,924.3	35,753.2	35,586.5
1. Owner's capital	17,933.0	17,933.0	17,933.0	17,933.0	17,933.0
- Common stock with voting right	17,933,004,000,000.00	17,933,004,000,000.00	17,933,004,000,000.00	17,933,004,000,000.00	17,933,004,000,000.00
2. Share premium	15,686.9	15,686.9	15,686.9	15,686.9	15,686.9
8. Investment and development fund	2.2	2.2	2.2	2.2	2.2
10. Other funds from owner's equity	-1,200.0	-1,200.0	-1,200.0	-1,200.0	-1,200.0
11. Undistributed earnings after tax	5,680.8	4,201.9	3,499.2	3,328.2	3,161.5
- Accumulated retained earning at the end of the previous period	4,172.7	3,071.2	3,071.2	3,071.2	3,071.2
- Undistributed earnings in this period	1,508.1	1,130.7	428.0	257.0	90.3
13. Minority's interest	3.0	3.0	3.0	2.9	2.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	91,013.5	86,890.4	88,619.5	77,470.1	78,069.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Profit Before Tax	1,819.1	490.9	145.2	213.3	167.4
Depreciation of Fixed Assets and Investment Property	889.5	980.7	883.1	959.8	922.7
Provision (Increase)/Reversal	0.0	10.7	-1.6	-95.7	122.1
FX Gain/Loss from Revaluation of Monetary Items	-34.7	-48.6	32.9	184.4	74.9
Gain/Loss from Investment Activities	-2,161.2	-470.5	-489.2	-717.4	-308.3
Interest Expense	382.3	335.9	306.6	286.6	292.3
Operating Profit Before Changes in Working Capital	895.0	1,299.1	877.0	831.0	1,271.1
Increase/(Decrease) in Receivables	-499.3	489.5	-12,011.2	303.5	36.1
Increase/(Decrease) in Inventory	-1,776.4	256.9	-69.6	-3.2	180.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2,414.8	-693.7	11,890.5	-1,006.7	-3,121.9
Increase/(Decrease) in Prepaid Expenses	39.1	414.1	-330.6	-52.9	-43.4
Changes in Trading Securities	683.6	—	—	—	—
Interest Paid	-285.8	-364.3	-185.9	-164.2	-383.0
Corporate Income Tax Paid	-21.8	-62.3	-0.6	-639.1	-116.2
Net Cash Flow from Operating Activities	1,449.2	1,339.1	169.6	-731.6	-2,177.1
Payments for Fixed Assets and Other Long-term Assets	-2,046.4	46.4	-488.0	-361.7	-740.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	2,338.1	15.2	11.0	265.4	30.8
Loans and Purchases of Debt Instruments	-9,000.8	-4,327.6	-1,463.5	-3,370.1	-5,806.3
Receipts from Loan Repayments and Sale of Debt Instruments	6,503.0	2,295.7	5,731.4	4,106.6	5,582.3
Investments in Other Entities	-90.0	—	—	—	—
Dividends and Interest Income Received	912.3	39.8	18.5	315.8	209.7
Net Cash Flow from Investing Activities	-1,383.8	-2,020.5	3,645.7	767.6	-2,578.0
Proceeds from Borrowings	2,045.8	1,512.1	1,465.8	1,200.2	1,450.0
Repayment of Borrowings	-2,212.8	-4,327.1	-1,891.8	-573.3	-2,437.8
Net Cash Flow from Financing Activities	-167.0	-2,814.9	-426.0	626.8	4,010.8
Net Cash Flow During the Period	-101.6	-3,496.3	3,389.3	662.9	-744.2
Cash and Cash Equivalents at Beginning of Period	1,463.0	5,198.6	1,806.7	1,141.7	1,889.4
FX Difference from Revaluation	1.8	1.5	1.2	-1.3	-3.5
Cash and Cash Equivalents at End of Period	1,363.2	1,702.6	5,198.6	1,806.7	1,141.7

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VPL

Drivers of VPL's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▼

Cash Flow ▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow