Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 85.6bn, fell 21.7bn compared with the same period last year. Key positives came from lower selling expenses, lower deferred tax, higher financial income, and lower administrative expenses. Offsetting pressure came mainly from lower gross profit and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 15.67x
- P/B
- 0.91x
- EPS
- 925
- BVPS
- 15,956
- ROE
- 6.6%
- ROA
- 4.4%
- Market price
- 14,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VSN is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Selling expenses
- Deferred tax
- Financial income
- Administrative expenses
- Gross profit
- Tax
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 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 748.4 | 772.8 | 728.8 | 660.2 | 759.7 | 763.0 | 720.9 | 837.3 |
| LNST | 22.0 | 28.3 | 20.2 | 15.0 | 18.6 | 33.1 | 26.7 | 28.9 |
| Net margin | 2.94% | 3.66% | 2.78% | 2.28% | 2.44% | 4.34% | 3.70% | 3.45% |
Revenue
748bnNet income
22bnNet margin
2.94%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?
Margins narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin narrowed to 2.94%, falling 0.5pp. The main pressure comes from Gross margin fell 0.9pp and SG&A / Revenue rose 0.1pp (with additional support from Net financial result / Revenue rose 0.3pp and Other profit / Revenue rose 0.1pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 2.94% −0.5pp
- Gross Margin
- 23.11% −0.9pp
- SG&A / Revenue
- 20.46% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 7.73%, losing 3.0pp. That translates to 7.73 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.6pp and capital turnover fell 0.41x, while invested capital rose by 87bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.45x equity, with a net cash position equivalent to 0.08x equity.
Inventory ended the period at 457.9bn, roughly 24.8% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
●Cash conversion cycle lengthened by 1.2 days versus the same period last year. The main moves came from DIO rose 2.0 days, DSO rose 1.0 days, and DPO rose 1.8 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +1.2 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +1.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 8.3% to 6.6% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 158.0bn due to capex of 49.1bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.08x and interest coverage at 5.81x.
At present, short-term debt accounts for 95.1% of total debt, cash equals 141.7% of debt, and total debt stands at 255.1bn.
Short-term debt accounts for 95.1% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.08x +0.17x
- Interest Coverage
- 5.81x −1.59x
- Cash / Debt
- 141.7% −63.8pp
- Short-term Debt / Total Debt
- 95.1% −3.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -167.6bn in 2025, against investing cash flow of -155.3bn.
Post-investment cash flow was negative +322.9bn. Financing cash flow was negative +167.1bn.
CFO / net income was −1,27 lần.
After spending +49.1bn on fixed-asset investment, the business generated trailing free cash flow of −158.0bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is balance-sheet flexibility, with net cash/equity at about −0.08x. The next item to monitor is the earnings mix, when non-core contribution is 27.3%. The main risk still sits in self-funded cash generation remains weak.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.08x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 27.3% of PBT and CFO / net income currently at −1.27x.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 158.0bn.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −5,5% YoY decline.
Ability to hold margins around the current 2.94% level.
Cash-flow quality, with operating cash flow currently at -167.6bn in 2025.
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