Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 123.2bn, rose 27.0bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and higher financial income. Offsetting pressure came mainly from higher administrative expenses, weaker other profit, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.67x
- P/B
- 0.74x
- EPS
- 1,163
- BVPS
- 15,209
- ROE
- 10.2%
- ROA
- 7.9%
- Market price
- 11,250 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VTO has not accelerated revenue, but profitability is improving more visibly — earnings have been recovering gradually over multiple periods. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Financial income
- Administrative expenses
- Other 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 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 272.4 | 287.0 | 299.0 | 258.9 | 285.0 | 294.1 | 297.3 | 259.2 |
| LNST | 30.4 | 39.0 | 28.1 | 25.7 | 19.3 | 32.9 | 19.4 | 24.6 |
| Net margin | 11.17% | 13.59% | 9.39% | 9.92% | 6.77% | 11.19% | 6.53% | 9.48% |
Revenue
272bnNet income
30bnNet margin
11.17%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 improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲Net margin expanded to 11.03%, rising 2.6pp. Core operating signals are improving as Gross margin rose 4.8pp are enough to offset pressure from SG&A / Revenue rose 2.8pp (in addition, Net financial result / Revenue rose 2.2pp added support while Other profit / Revenue fell 0.9pp 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
- 11.03% +2.6pp
- Gross Margin
- 26.30% +4.8pp
- SG&A / Revenue
- 14.39% +2.8pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 5.0 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 21.73%, rising 6.4pp. That translates to 21.73 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.2pp, with capital turnover broadly stable; with invested capital holding roughly steady.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.31x equity, with a net cash position equivalent to 0.47x equity.
None
Over the last 12 months, working capital absorbed 15.1bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 5.0 days versus the same period last year. The main moves came from DIO rose 6.7 days, DSO fell 0.2 days, and DPO rose 1.5 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +5.0 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +6.7 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 8.1% to 10.2% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 218.2bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.47x and interest coverage at 13.35x.
At present, short-term debt accounts for 39.2% of total debt, cash equals 609.5% of debt, and total debt stands at 111.9bn.
- Net Debt / Equity
- −0.47x +0.12x
- Interest Coverage
- 13.35x +9.00x
- Cash / Debt
- 609.5% +135.3pp
- Short-term Debt / Total Debt
- 39.2% +7.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 218.2bn in 2025, against investing cash flow of 28.9bn.
Post-investment cash flow was positive +247.1bn. Financing cash flow was negative +151.2bn.
CFO / net income was 1,76 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 heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 2.6 pp. The next item to monitor is the earnings mix, when non-core contribution is 16.0%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 11.03% after expanding 2.6pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.76x. Even so, net financial result still accounts for 16.0% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −1,6% YoY decline.
Ability to hold margins around the current 11.03% level.
Cash-flow quality, with operating cash flow currently at 218.2bn in 2025.
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Its weight and influence across the assets held for investment.
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