Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 7.9bn, rose 2.0bn compared with the same period last year. Key positives came from lower finance costs and higher financial income. Offsetting pressure came mainly from lower gross profit, weaker other profit, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 13.69x
- P/B
- 0.83x
- EPS
- 460
- BVPS
- 7,609
- ROE
- 6.2%
- ROA
- 3.9%
- Market price
- 6,300 08 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VTQ is growing strongly on the back of scale expansion, while margins have only improved slightly — margins have been expanding consistently over multiple periods. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.
Profit bridge
Vs last year · TTM
- Finance costs
- Financial income
- Gross profit
- Other profit
- Administrative expenses
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 | 38.0 | 38.6 | 46.2 | 16.4 | 9.7 | 37.9 | 49.2 | 19.2 |
| LNST | -3.9 | 2.9 | 7.2 | 1.6 | -4.2 | 0.5 | 10.6 | -1.1 |
| Net margin | -10.24% | 7.59% | 15.61% | 9.88% | -42.99% | 1.25% | 21.59% | -5.70% |
Revenue
38bnNet income
-4bnNet margin
-10.24%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 edged up to 5.65%, rising 0.6pp. Core operating signals are improving as SG&A / Revenue fell 0.6pp are enough to offset pressure from Gross margin fell 5.4pp (in addition, Net financial result / Revenue rose 6.6pp added support while Other profit / Revenue fell 1.2pp 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
- 5.65% +0.6pp
- Gross Margin
- 15.22% −5.4pp
- SG&A / Revenue
- 8.69% −0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.66x equity, net debt at 0.40x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 17.8 days versus the same period last year. The main moves came from DIO fell 3.9 days, DSO fell 4.2 days, and DPO rose 9.7 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE rose from 4.8% to 6.2% — driven by asset turnover and net margin together.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.40x and interest coverage at 2.46x.
At present, short-term debt accounts for 83.0% of total debt, cash equals 5.8% of debt, and total debt stands at 55.4bn.
Short-term debt accounts for 83.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 5.8%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.40x +0.08x
- Interest Coverage
- 2.46x +1.90x
- Cash / Debt
- 5.8% −5.1pp
- Short-term Debt / Total Debt
- 83.0% −16.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 15.5bn in 2025, against investing cash flow of -23.0bn.
Post-investment cash flow was negative +7.5bn. Financing cash flow was positive +14.3bn.
CFO / net income was 0,52 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 next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 2.46x.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.40x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +20,1% YoY pace.
Ability to hold margins around the current 5.65% level.
Cash-flow quality, with operating cash flow currently at 15.5bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.