Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 0.8bn, rose 10.3bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 97.56x
- P/B
- 0.46x
- EPS
- 41
- BVPS
- 8,715
- ROE
- 0.5%
- ROA
- 0.4%
- Market price
- 4,000 28 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VTG 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. More 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
- Other
- Other profit
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 | 9.8 | 9.4 | 5.9 | 8.7 | 8.1 | 5.8 | 4.3 | 8.1 |
| LNST | 3.6 | 0.3 | -2.5 | -0.1 | -3.4 | -2.6 | -2.9 | -0.1 |
| Net margin | 37.31% | 3.49% | -43.50% | -1.37% | -42.01% | -44.67% | -66.62% | -0.98% |
Revenue
10bnNet income
4bnNet margin
37.31%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 28.3% year on year — not from a single spike: quarterly growth stepped up from +7% to +21%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 34bn +28.3%
- Latest quarter YoY
- +21% accelerating
What is driving the margin?
▲▲Net margin expanded to 3.87%, rising 37.9pp. The main driver is Gross margin rose 16.1pp and SG&A / Revenue fell 11.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 28.2pp added support while Other profit / Revenue fell 17.8pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.87% +37.9pp
- Gross Margin
- 25.54% +16.1pp
- SG&A / Revenue
- 37.73% −11.1pp
- Non-core / Revenue
- 16.66% +10.4pp
TTM YoY · 2025Q2 -> 2026Q2
Non-core sources accounts for 372.5% of PBT and lifted net margin by 10.4pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -11.5bn against investing cash flow of 9.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +2.2bn. Financing cash flow was negative +0.8bn.
CFO / net income was −9,83 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 372.5% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +197.3%, other profit at +175.2% of PBT.
- Non-core / PBT
- 372.5% high
- Net financial / PBT
- 197.3%
- Other profit / PBT
- 175.2%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 216.3 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to −0.57%, rising 8.0pp. That translates to −0.57 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 54.1pp, with capital turnover broadly stable; with invested capital holding roughly steady.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently −0.57% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 64.8 days versus the same period last year. The main moves came from DIO fell 0.1 days, DSO fell 63.3 days, and DPO rose 1.4 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 216.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from −5.4% to 0.8% — supported by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, cash equals 31.7% of debt and total debt stands at 14.1bn.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- 0.06x −0.00x
- Interest Coverage
- None
- Cash / Debt
- 31.7% +0.8pp
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.20x equity, net debt at 0.06x equity.
None
Over the last 12 months, working capital absorbed 6.5bn of cash, mainly because of higher receivables and higher inventories.
In summary
Research synthesis
What this reporting period is showing
The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is operating efficiency, with net margin improving 37.9 pp. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 197.3%. The residual risk still sits in capital efficiency remains weak, with ROIC at −0.6%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.87% after expanding 37.9pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 197.3% of PBT and CFO / net income currently at −9.83x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +28,3% YoY pace or begins to slow.
Whether margins hold around the current 3.87% level or narrow again.
Whether operating cash flow holds its -11.5bn (cumulative for 2025) level in upcoming periods or weakens.
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