Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 25.1bn, rose 16.6bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from lower financial income and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.28x
- P/B
- 0.72x
- EPS
- 1,473
- BVPS
- 8,716
- ROE
- 18.4%
- ROA
- 11.4%
- Market price
- 6,300 08 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VTQ is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — earnings have been recovering gradually over multiple periods. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Financial income
- Administrative expenses
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 | 60.5 | 38.0 | 38.6 | 46.2 | 16.4 | 9.7 | 37.9 | 49.2 |
| LNST | 18.9 | -3.9 | 2.9 | 7.2 | 1.6 | -4.2 | 0.5 | 10.6 |
| Net margin | 31.24% | -10.24% | 7.59% | 15.61% | 9.88% | -42.99% | 1.25% | 21.59% |
Revenue
61bnNet income
19bnNet margin
31.24%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.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 62.1% year on year — not from a single spike: quarterly growth stepped up from −6% to +270%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 183bn +62.1%
- Latest quarter YoY
- +270% accelerating
What is driving the margin?
▲▲Net margin expanded to 13.72%, rising 6.2pp. The main driver is SG&A / Revenue fell 2.6pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 4.4pp added support while Other profit / Revenue fell 0.8pp 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
- 13.72% +6.2pp
- Gross Margin
- 19.11% −0.0pp
- SG&A / Revenue
- 7.01% −2.6pp
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 15.5bn against investing cash flow of -23.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +7.5bn. Financing cash flow was positive +14.3bn.
CFO / net income was 1,24 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.
Earnings Quality
●How much income is non-core?
Non-core income makes up 14.6% of pre-tax profit — worth monitoring.
Within that, net financial result at +13.2%, other profit at +1.4% of PBT.
- Non-core / PBT
- 14.6% moderate
- Net financial / PBT
- 13.2%
- Other profit / PBT
- 1.4%
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.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 17.3 days versus the same period last year. The main moves came from DIO fell 19.0 days, DSO fell 12.4 days, and DPO fell 14.0 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE rose from 6.9% to 18.4% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.30x and interest coverage at 7.88x.
At present, short-term debt accounts for 80.9% of total debt, cash equals 15.4% of debt, and total debt stands at 53.2bn.
- Net Debt / Equity
- 0.30x −0.02x
- Interest Coverage
- 7.88x +6.41x
- Cash / Debt
- 15.4% −4.9pp
- Short-term Debt / Total Debt
- 80.9% −11.1pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 80.9% of total debt, raising near-term refinancing needs.
Cash / debt stands at 15.4%, leaving limited liquidity buffer to monitor.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.66x equity, net debt at 0.30x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is showing brighter earnings with improving operating quality. Margin improving shows the business is generating more efficient growth than before. Even so, capital efficiency remains the area to verify in upcoming periods.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 13.72% after expanding 6.2pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue sustains its +62,1% YoY pace or begins to slow.
Whether margins hold around the current 13.72% level or narrow again.
Whether operating cash flow holds its 15.5bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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How holdings, sectors and asset groups are distributed in relation to overall risk.
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