Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 377.4bn, fell 22.4bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, and lower tax. Offsetting pressure came mainly from higher finance costs, higher selling expenses, higher administrative expenses, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 17.26x
- P/B
- 3.24x
- EPS
- 2,706
- BVPS
- 14,409
- ROE
- 22.2%
- ROA
- 5.5%
- Market price
- 46,700 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VTP is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit is at an all-time high. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
- Tax
- Finance costs
- Selling expenses
- 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 | 4,758.3 | 5,895.6 | 4,928.3 | 4,982.3 | 5,041.7 | 5,707.2 | 5,430.3 | 4,944.6 |
| LNST | 39.0 | 153.3 | 85.3 | 99.8 | 69.3 | 130.4 | 106.9 | 93.2 |
| Net margin | 0.82% | 2.60% | 1.73% | 2.00% | 1.38% | 2.28% | 1.97% | 1.88% |
Revenue
4,758bnNet income
39bnNet margin
0.82%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.
What is driving the margin?
●Net margin stands at 1.84%, 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
- 1.84% −0.1pp
- Gross Margin
- 5.46% +0.2pp
- SG&A / Revenue
- 3.22% +0.3pp
TTM YoY · 2025Q1 -> 2026Q1
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 13.02%, losing 1.7pp. That translates to 13.02 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.74x — capital is being absorbed faster than revenue is being generated; while invested capital rose by 203bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Balance Sheet
▲ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 3.25x equity, net debt at 0.79x equity.
None
Over the last 12 months, working capital released 286.2bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.2 days versus the same period last year. The main moves came from DIO fell 0.3 days, DSO rose 3.5 days, and DPO rose 4.3 days.
Working capital cycle is flat — components are offsetting each other.
DSO increased by +3.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 24.4% to 22.2% — asset turnover weakened the most.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.79x and interest coverage at 5.20x.
At present, short-term debt accounts for 73.1% of total debt, cash equals 17.5% of debt, and total debt stands at 1,671.7bn.
Short-term debt accounts for 73.1% of total debt, raising near-term refinancing needs.
Cash / debt stands at 17.5%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.79x +0.14x
- Interest Coverage
- 5.20x −2.77x
- Cash / Debt
- 17.5% −17.5pp
- Short-term Debt / Total Debt
- 73.1% −17.9pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 761.7bn in 2025, against investing cash flow of -1,073.8bn.
Post-investment cash flow was negative +312.1bn. Financing cash flow was positive +271.2bn.
CFO / net income was 1,42 lần.
After spending +361.5bn on fixed-asset investment, the business generated trailing free cash flow of +173.9bn.
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 some core pressures remaining the main constraint. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.42x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.42x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −2,6% YoY decline.
Ability to hold margins around the current 1.84% level.
Cash-flow quality, with operating cash flow currently at 761.7bn in 2025.
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