Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 350.5bn, fell 55.9bn compared with the same period last year. Key positives came from higher financial income and lower tax. Offsetting pressure came mainly from higher finance costs, higher selling expenses, higher administrative expenses, and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 19.15x
- P/B
- 3.43x
- EPS
- 2,418
- BVPS
- 13,491
- ROE
- 17.5%
- ROA
- 4.8%
- Market price
- 46,300 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VTP is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit is near a multi-period low. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Financial income
- Tax
- Finance costs
- Selling expenses
- Administrative expenses
- Gross profit
- Other
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 | 5,471.8 | 4,758.3 | 5,895.6 | 4,928.3 | 4,982.3 | 5,041.7 | 5,707.2 | 5,430.3 |
| LNST | 72.8 | 39.0 | 153.3 | 85.3 | 99.8 | 69.3 | 130.4 | 106.9 |
| Net margin | 1.33% | 0.82% | 2.60% | 1.73% | 2.00% | 1.38% | 2.28% | 1.97% |
Revenue
5,472bnNet income
73bnNet margin
1.33%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue declined 0.5% year on year — not from a single spike: quarterly growth stepped up from −9% to +10%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 21,054bn −0.5%
- Latest quarter YoY
- +10% accelerating
What is driving the margin?
●Net margin stands at 1.66%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 1.66% −0.3pp
- Gross Margin
- 5.45% −0.0pp
- SG&A / Revenue
- 3.42% +0.3pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 761.7bn against investing cash flow of -1,073.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +312.1bn. Financing cash flow was positive +271.2bn.
CFO / net income was 1,58 lần.
After spending +355.4bn on fixed-asset investment, the business generated trailing free cash flow of +197.6bn.
Earnings Quality
▲How much income is non-core?
About 91% of pre-tax profit comes from core operations.
Within that, net financial result at +6.6%, other profit at +2.7% of PBT.
- Non-core / PBT
- 9.3% low
- Net financial / PBT
- 6.6%
- Other profit / PBT
- 2.7%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 11.49%, losing 3.0pp. That translates to 11.49 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.2pp and capital turnover fell 0.80x, while invested capital rose by 318bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.3 days versus the same period last year. The main moves came from DIO fell 0.7 days, DSO rose 3.3 days, and DPO rose 3.8 days.
Working capital cycle is flat — components are offsetting each other.
DSO increased by +3.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 24.8% to 17.5% — dragged by net margin and leverage together.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.44x and interest coverage at 4.17x.
At present, short-term debt accounts for 80.5% of total debt, cash equals 49.3% of debt, and total debt stands at 2,029.4bn.
- Net Debt / Equity
- 0.44x −0.28x
- Interest Coverage
- 4.17x −3.51x
- Cash / Debt
- 49.3% +25.0pp
- Short-term Debt / Total Debt
- 80.5% +7.2pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 80.5% of total debt, raising near-term refinancing needs.
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 3.25x equity, net debt at 0.44x equity.
None
Over the last 12 months, working capital released 411.6bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
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 earnings conversion is confirmed, with CFO/NI at 1.58x. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.58x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −0,5% YoY decline or keeps falling.
Whether margins hold around the current 1.66% level or narrow again.
Whether operating cash flow holds its 761.7bn (cumulative for 2025) level in upcoming periods or weakens.
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