Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 4.0bn, rose 10.0bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and lower administrative expenses. Offsetting pressure came mainly from higher selling expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 41.24x
- P/B
- 0.36x
- EPS
- 97
- BVPS
- 11,260
- ROE
- 1.5%
- ROA
- 1.1%
- Market price
- 4,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VTD has not accelerated revenue sharply, but profitability is improving visibly — this marks a reversal from the difficult phase before. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Administrative expenses
- Selling expenses
- Tax
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 | 57.4 | 19.0 | 39.2 | 34.6 | 45.2 | 15.6 | 31.3 | 54.1 |
| LNST | 5.8 | -0.3 | -3.1 | 1.5 | 0.3 | 0.5 | -8.9 | 2.0 |
| Net margin | 10.14% | -1.52% | -7.80% | 4.25% | 0.59% | 3.50% | -28.38% | 3.67% |
Revenue
57bnNet income
6bnNet margin
10.14%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 improved (+6.8pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 2.6% year on year — not from a single spike: quarterly growth stepped up from −36% to +27%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 150bn +2.6%
- Latest quarter YoY
- +27% accelerating
What is driving the margin?
▲▲Net margin expanded to 2.63%, rising 6.8pp. Core operating signals are improving as Gross margin rose 5.0pp are enough to offset pressure from SG&A / Revenue rose 1.4pp (with additional support from Other profit / Revenue rose 2.7pp and Net financial result / Revenue rose 1.1pp).
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
- 2.63% +6.8pp
- Gross Margin
- 14.56% +5.0pp
- SG&A / Revenue
- 12.52% +1.4pp
- Non-core / Revenue
- 1.15% +3.8pp
TTM YoY · 2025Q2 -> 2026Q2
Other income accounts for 45.4% of PBT and lifted net margin by 3.8pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -45.6bn against investing cash flow of -92.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +137.6bn. Financing cash flow was positive +138.5bn.
CFO / net income was 14,45 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 45.4% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −9.2%, other profit at +45.4% of PBT.
- Non-core / PBT
- 45.4% high
- Net financial / PBT
- −9.2%
- Other profit / PBT
- 45.4%
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 43.6 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 0.66%, rising 2.4pp. That translates to 0.66 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 4.3pp, with capital turnover fell 0.12x; while invested capital expanded strongly by 75bn.
NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.
ROIC is currently 0.66% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 43.6 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO rose 26.2 days, and DPO fell 17.3 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 132.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +26.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −2.9% to 1.5% — supported by net margin.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.25x and interest coverage only at 0.49x.
At present, short-term debt accounts for 78.7% of total debt, cash equals 15.0% of debt, and total debt stands at 78.3bn.
- Net Debt / Equity
- 0.25x +0.06x
- Interest Coverage
- 0.49x +1.21x
- Cash / Debt
- 15.0% −9.3pp
- Short-term Debt / Total Debt
- 78.7% +17.6pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 0.49x, leaving limited room to absorb financing costs.
Short-term debt accounts for 78.7% of total debt, raising near-term refinancing needs.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.45x equity, net debt at 0.25x equity.
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 under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 0.7%. The next watchpoint is the earnings mix, when non-core contribution is −9.2%. The main offsetting support comes from operating efficiency, with net margin improving 6.8 pp.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.63% after expanding 6.8pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 14.45x. Even so, net financial result still accounts for −9.2% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +2,6% YoY pace or begins to slow.
Whether margins hold around the current 2.63% level or narrow again.
Whether operating cash flow holds its -45.6bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
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.