Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 1.6bn, rose 3.6bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, better other profit, and lower tax. Offsetting pressure came mainly from lower financial income and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -29.63x
- P/B
- 0.37x
- EPS
- -135
- BVPS
- 10,940
- ROE
- -0.6%
- ROA
- -0.4%
- Market price
- 4,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VTD has not accelerated revenue, but profitability is improving more visibly — this marks a reversal from the difficult phase before. 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
- Administrative expenses
- Other profit
- Tax
- Financial income
- Selling expenses
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 | 19.0 | 39.2 | 34.6 | 45.2 | 15.6 | 31.3 | 54.1 | 66.8 |
| LNST | -0.3 | -3.1 | 1.5 | 0.3 | 0.5 | -8.9 | 2.0 | 1.2 |
| Net margin | -1.52% | -7.80% | 4.25% | 0.59% | 3.50% | -28.38% | 3.67% | 1.75% |
Revenue
19bnNet income
-0bnNet margin
-1.52%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 −1.17%, rising 1.9pp. Core operating signals are improving as Gross margin rose 4.8pp are enough to offset pressure from SG&A / Revenue rose 1.4pp (in addition, Other profit / Revenue rose 0.6pp added support while Net financial result / Revenue fell 2.6pp remained a drag).
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
- −1.17% +1.9pp
- Gross Margin
- 14.61% +4.8pp
- SG&A / Revenue
- 11.91% +1.4pp
- Non-core / Revenue
- −4.37% −2.0pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 2.0pp, financial result still accounts for 261.2% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to −0.41%, rising 1.0pp. That translates to −0.41 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 1.2pp was enough to offset the decline from capital turnover fell 0.20x, with invested capital holding roughly steady.
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 −0.41% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.45x equity, net debt at 0.24x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 93.2 days versus the same period last year. The main moves came from DIO rose 30.0 days, DSO rose 75.6 days, and DPO rose 12.3 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 193.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +75.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −2.5% to −0.6% — 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 0.24x and interest coverage only at −0.29x.
At present, cash equals 91.3% of debt and total debt stands at 16.9bn.
Interest coverage is −0.29x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 0.24x +0.07x
- Interest Coverage
- −0.29x +0.27x
- Cash / Debt
- 91.3% +66.1pp
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -45.6bn in 2025, against investing cash flow of -92.0bn.
Post-investment cash flow was negative +137.6bn. Financing cash flow was positive +138.5bn.
CFO / net income was −53,37 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 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 brighter spot is operating efficiency, with net margin improving 1.9 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at −0.4%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -1.17% after expanding 1.9pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 233.1% of PBT and CFO / net income currently at −53.37x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −17,8% YoY decline.
Ability to hold margins around the current -1.17% level.
Cash-flow quality, with operating cash flow currently at -45.6bn in 2025.
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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.