Analysis of business results & financial statements · Quý 2/2026
▼ Slightly negative
Trailing net profit reached 67.9bn, fell 7.7bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher finance costs, higher tax, higher administrative expenses, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 22.65x
- P/B
- 1.68x
- EPS
- 892
- BVPS
- 12,028
- ROE
- 7.7%
- ROA
- 2.1%
- Market price
- 20,200 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VTZ posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Finance costs
- Tax
- Administrative expenses
- Other profit
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 | 1,712.6 | 1,204.8 | 1,413.2 | 1,197.5 | 1,198.1 | 1,112.4 | 917.0 | 874.8 |
| LNST | 26.8 | 20.4 | 10.7 | 10.0 | 24.1 | 15.6 | 15.0 | 20.9 |
| Net margin | 1.57% | 1.69% | 0.75% | 0.84% | 2.01% | 1.40% | 1.64% | 2.39% |
Revenue
1,713bnNet income
27bnNet margin
1.57%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 grew 34.8% year on year — not from a single spike: quarterly growth stepped up from +37% to +43%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 5,528bn +34.8%
- Latest quarter YoY
- +43% accelerating
What is driving the margin?
▼Net margin narrowed to 1.23%, falling 0.6pp. The main pressure is Gross margin fell 0.5pp, outweighing the improvement in SG&A / Revenue fell 0.2pp (with lingering pressure from Net financial result / Revenue fell 0.2pp and Other profit / Revenue fell 0.1pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 1.23% −0.6pp
- Gross Margin
- 4.94% −0.5pp
- SG&A / Revenue
- 0.91% −0.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -318.5bn against investing cash flow of -623.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +941.5bn. Financing cash flow was positive +715.6bn.
CFO / net income was −3,66 lần.
After spending +126.8bn on fixed-asset investment, the business generated trailing free cash flow of −375.4bn.
Earnings Quality
▲How much income is non-core?
About 97% of pre-tax profit comes from core operations.
Within that, net financial result at −118.0%, other profit at +3.4% of PBT.
- Non-core / PBT
- 3.4% low
- Net financial / PBT
- −118.0%
- Other profit / PBT
- 3.4%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼ROIC narrowed to 2.41%, falling 1.4pp. That translates to 2.41 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.6pp and capital turnover fell 0.14x, while invested capital expanded strongly by 902bn — pressure came from both operational efficiency and asset efficiency.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 2.41% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 8.7 days versus the same period last year. The main moves came from DIO fell 9.1 days, DSO fell 9.1 days, and DPO fell 9.5 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
CCC stands at 111.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 11.0% to 7.7% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.70x and interest coverage only at 0.61x.
At present, short-term debt accounts for 98.5% of total debt, cash equals 4.0% of debt, and total debt stands at 2,578.4bn.
- Net Debt / Equity
- 2.70x +0.86x
- Interest Coverage
- 0.61x −0.29x
- Cash / Debt
- 4.0% −14.6pp
- Short-term Debt / Total Debt
- 98.5% −0.4pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 2.70x, increasing balance-sheet pressure.
Interest coverage is 0.61x, leaving limited room to absorb financing costs.
Balance Sheet
▼▼The balance sheet shows capital-allocation efficiency slipping. Leverage is very high, with clear pressure on the capital structure — liabilities at 2.76x equity, net debt at 2.70x equity.
Inventory ended the period at 1,033.6bn, roughly 31.6% of total assets.
Over the last 12 months, working capital absorbed 273.3bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 32.6%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.4%.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 130.4bn versus the same period last year.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +34,8% YoY pace or begins to slow.
Whether margins hold around the current 1.23% level or narrow again.
Whether operating cash flow holds its -318.5bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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