Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 6.3bn, fell 12.8bn compared with the same period last year. Key positives came from higher gross profit and lower administrative expenses. Offsetting pressure came mainly from weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -11.94x
- P/B
- 0.47x
- EPS
- -335
- BVPS
- 8,528
- ROE
- -3.9%
- ROA
- -3.2%
- Market price
- 4,000 28 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VTG is holding revenue at an acceptable level, but margins are eroding visibly — the growth momentum has held across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Other profit
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 | 9.4 | 5.9 | 8.7 | 8.1 | 5.8 | 4.3 | 8.1 | 7.4 |
| LNST | 0.3 | -2.5 | -0.1 | -3.4 | -2.6 | -2.9 | -0.1 | 12.6 |
| Net margin | 3.49% | -43.50% | -1.37% | -42.01% | -44.67% | -66.62% | -0.98% | 170.02% |
Revenue
9bnNet income
0bnNet margin
3.49%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 are under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼Net margin fell to −17.87%, losing 45.4pp. Gross margin rose 17.6pp and SG&A / Revenue fell 15.1pp improved but not enough to offset the weakness in Other profit / Revenue fell 90.6pp (Net financial result / Revenue rose 12.1pp still added support).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- −17.87% −45.4pp
- Gross Margin
- 24.20% +17.6pp
- SG&A / Revenue
- 39.78% −15.1pp
- Non-core / Revenue
- −1.67% −78.5pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 78.5pp, financial result still accounts for 37.0% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 234.6 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to −4.24%, rising 6.6pp. That translates to −4.24 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 43.2pp, with capital turnover broadly stable; 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 −4.24% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. 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 7.4bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 63.5 days versus the same period last year. The main moves came from DIO fell 0.6 days, DSO fell 62.0 days, and DPO rose 1.0 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 234.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 4.4% to −3.5% — dragged by net margin and leverage.
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 29.9% 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
- 29.9% +4.8pp
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -11.5bn in 2025, against investing cash flow of 9.4bn.
Post-investment cash flow was negative +2.2bn. Financing cash flow was negative +0.8bn.
CFO / net income was 1,72 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 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 margins remain under pressure remaining the main constraint, with net margin down 45.4 pp. The next watchpoint is the earnings mix, when non-core contribution is −52.7%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.72x. Even so, net financial result still accounts for −52.7% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -17.87% after a 45.4pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +24,8% YoY pace.
Ability to hold margins around the current -17.87% level.
Cash-flow quality, with operating cash flow currently at -11.5bn in 2025.
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