Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 36.6bn, rose 18.5bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses, lower financial income, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.55x
- P/B
- 1.10x
- EPS
- 1,413
- BVPS
- 12,320
- ROE
- 10.2%
- ROA
- 3.9%
- Market price
- 13,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VRG is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Financial income
- Selling expenses
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 | 13.7 | 6.9 | 94.7 | 20.6 | 9.5 | 9.2 | 75.9 | 6.6 |
| LNST | 0.1 | -6.2 | 41.3 | 1.4 | -5.5 | -1.2 | 28.0 | -3.3 |
| Net margin | 0.59% | -89.51% | 43.61% | 6.97% | -57.63% | -12.97% | 36.86% | -49.51% |
Revenue
14bnNet income
0bnNet margin
0.59%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 34.4% year on year — but the quarterly pace is slowing (+213% → +45%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 136bn +34.4%
- Latest quarter YoY
- +45% slowing
What is driving the margin?
▲▲Net margin expanded to 26.93%, rising 9.1pp. The main driver is Gross margin rose 9.7pp and SG&A / Revenue fell 4.3pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 4.2pp and Other profit / Revenue fell 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 26.93% +9.1pp
- Gross Margin
- 64.13% +9.7pp
- SG&A / Revenue
- 31.38% −4.3pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲Is profit converting into cash?
Operating cash flow reached -3.7bn against investing cash flow of 126.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +123.2bn. Financing cash flow was negative +90.8bn.
CFO / net income was −1,24 lần.
After spending +32.4bn on fixed-asset investment, the business generated trailing free cash flow of −78.0bn.
FCF and CFO in this industry should be read alongside investment cycles and business model specifics.
Earnings Quality
▲How much income is non-core?
About 93% of pre-tax profit comes from core operations.
Within that, net financial result at +6.1%, other profit at +1.2% of PBT.
- Non-core / PBT
- 7.2% low
- Net financial / PBT
- 6.1%
- Other profit / PBT
- 1.2%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 86.2 days versus the same period last year. The main moves came from DIO rose 0.5 days, DSO rose 20.5 days, and DPO fell 65.2 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.
CCC stands at 120.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +20.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 4.4% to 10.2% — driven by net margin and asset turnover together.
Is financial risk significant?
Leverage is safe but FCF is negative at 78.0bn due to capex of 32.4bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 100.0% of total debt, cash equals 333.1% of debt, and total debt stands at 24.5bn.
Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.
- Net Debt / Equity
- −0.18x
- Interest Coverage
- None
- Cash / Debt
- 333.1%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is relatively light for the real estate sector — liabilities at 1.68x equity, with a net cash position equivalent to 0.18x equity.
Unearned revenue 263.7bn (as of 2026Q2, 29.28% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 1.9 years of current revenue already banked. For a collect-upfront park amortising over 30-50 years, accounting profit typically UNDERSTATES true cash health — the cash arrived long ago; accounting recognises it gradually. Over the last four quarters, operating cash flow was 45.5bn vs net profit 36.6bn.
Unearned revenue (ST + LT): 263.7bn
Share of total assets: 29.28%
Years of revenue banked: 1.9
None
Over the last 12 months, working capital released 0.0bn of cash.
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 9.1 pp. The next item to monitor is capital structure should be read with cycle risk in mind.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 26.93% after expanding 9.1pp versus the same period last year.
- Watchpoint: Capital structure should be read with cycle risk in mind.
What to verify next
Questions for the next period
Whether revenue sustains its +34,4% YoY pace or begins to slow.
Whether margins hold around the current 26.93% level or narrow again.
Whether operating cash flow holds its -3.7bn (cumulative for 2025) level in upcoming periods or weakens.
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