BVH

Listed Company · HOSE

Price

85,000

Latest close

03 Apr 2026

P/E 21.2x

EPS (TTM) 4,012

ROE (TTM) —

P/B 2.5x

BVPS (Latest) 34,500

ROA (TTM) —

What Is Changing

BVH is entering a phase where earnings quality matters more than pure top-line recovery. The next question is whether current profit momentum can hold through the next cycle.

Quarterly Net Income increased 9.6% QoQ to VND 874.1bn in 2025Q4.

Metric	2025
Revenue	40,934.0
Growth	—
Net Income	3,051.3
Net Margin	7.45%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	10,549.6	9,749.6	10,660.8	9,974.0
Growth	+8%	-9%	+7%	—
Net Income	874.1	797.8	704.8	686.8
Net Margin	8.29%	8.18%	6.61%	6.89%

Financial Statements

Profitability

Net margin reached 7.45% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 68.1bn, liabilities at 266,301.2bn, and equity at 25,610.1bn.

Cash Flow

Compare operating cash flow against investment needs to judge growth quality.

None

Item	2025
Revenue	43,733.5
Revenue Deductions	0.0
Net Revenue	40,934.0
Cost of Goods Sold	0.0
Gross Profit	-21.7
Financial Income	14,040.0
Financial Expenses	2,920.5
Interest Expense	0.0
Share of Associates and Joint Ventures	0.0
Selling Expenses	1,653.0
General and Administrative Expenses	7,480.8
Operating Profit	1,964.1
Other Income	617.5
Other Expenses	629.2
Other Profit	-11.6
Profit Before Tax	3,715.2
Current Income Tax Expense	666.2
Deferred Income Tax Expense	-2.4
Net Income	3,051.3
Non-controlling Interest	85.0
Profit Attributable to Parent	2,966.3
Earnings per Share	3,996.00
Diluted EPS	3,995.98

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	150,465.6
I. Cash and cash equivalents	4,194.6
1. Cash	1,302.4
2. Cash equivalents	2,892.3
II. Short-term financial investments	127,382.0
1. Available for sale securities	4,083.1
2. Provision for diminution in value of available for sale securities (*)	-169.9
3. Held to maturity investments	123,468.8
III. Short-term receivables	14,365.5
1. Short-term trade accounts receivable	9,650.6
2. Short-term prepayments to suppliers	31.0
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	4,610.6
6. Other short-term receivables	360.6
7. Provision for short-term doubtful debts (*)	-287.4
8. Assets awaiting resolution	0.0
IV. Inventories	68.1
1. Inventories	68.1
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	742.9
1. Short-term prepayments	730.9
2. Value added tax to be reclaimed	0.0
3. Taxes and other receivables from state authorities	9.0
4. Government bonds	0.0
5. Other short-term assets	3.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	141,445.6
I. Long-term receivables	75.3
1. Long-term trade receivables	0.0
2. Long-term prepayments to suppliers	0.0
3. Capital at inter-company	0.0
4. Long-term inter-company receivables	0.0
5. Long-term loan receivables	0.0
6. Other long-term receivables	75.3
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	1,707.8
1. Tangible fixed assets	790.0
- Cost	2,755.1
- Accumulated depreciation	-1,965.2
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	917.8
- Cost	1,843.5
- Accumulated depreciation	-925.7
III. Investment properties	102.5
- Cost	189.6
- Accumulated depreciation	-87.1
IV. Long-term assets in progress	0.0
1. Long-term production in progress	0.0
2. Construction in progress	145.6
V. Long-term financial investments	139,159.2
1. Investments in subsidiaries	0.0
2. Investments in associates, joint-ventures	2,931.5
3. Investments in other entities	0.0
4. Provision for diminution in value of long-term investments	-85.4
5. Held to maturity investments	134,813.3
6. Other long-term investments	0.0
VI. Other long-term assets	255.2
1. Long-term prepayments	205.6
2. Deferred income tax assets	10.3
3. Long-term equipment, supplies, spare parts	0.0
4. Other long-term assets	39.2
5. Goodwill	0.0
VII. Goodwill (before 2015)	0.0
TOTAL ASSETS (280=100+200)	291,911.2
A. LIABILITIES (300=210+330)	266,301.2
I. Short -term liabilities	64,837.5
1. Short-term trade accounts payable	2,965.5
2. Short-term advances from customers	4.0
3. Taxes and other payables to state authorities	375.9
4. Payable to employees	2,503.2
5. Short-term acrrued expenses	159.3
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	292.9
9. Other short-term payables	497.9
10. Short-term borrowings and financial leases	0.0
11. Provision for short-term liabilities	4,072.0
12.. Bonus and welfare fund	318.4
13. Price stabilization fund	0.0
14. Government bonds	53,229.1
II. Long-term liabilities	310.2
1. Long-term trade payables	0.0
2. Long-term advances from customers	0.0
3. Long-term acrrued expenses	0.0
4. Inter-company payables on business capital	0.0
5. Long-term inter-company payables	0.0
6. Long-term unearned revenue	0.0
7. Other long-term liabilities	306.6
8. Long-term borrowings and financial leases	0.8
9. Convertible bonds	0.0
10. Preferred stock (Debts)	0.0
11. Deferred income tax liabilities	2.9
12. Provision for long-term liabilities	0.0
13. Fund for technology development	0.0
14. Provision for severance allowances	0.0
B. OWNER'S EQUITY (400=410+430)	25,610.1
I. Owner's equity	25,610.1
1. Owner's capital	7,423.2
- Common stock with voting right	7,423.2
- Preferred stock	0.0
2. Share premium	7,310.5
3. Convertible bond option	0.0
4. Other capital of owners	0.0
5. Treasury shares	0.0
6. Assets revaluation differences	0.0
7. Foreign exchange differences	15.4
8. Investment and development fund	3,869.2
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	103.6
11. Undistributed earnings after tax	5,046.0
- Accumulated retained earning at the end of the previous period	2,096.1
- Undistributed earnings in this period	2,949.9
12. Reserves for investment in construction	0.0
13. Minority's interest	1,029.2
14. Financial reserves	0.0
II. Other resources and funds	0.0
1. Subsidized not-for-profit funds	0.0
2. Funds invested in fixed assets	0.0
C. MINORITY'S INTEREST	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	291,911.2

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	11,244.6	10,448.3	11,364.9	10,675.8
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	10,549.6	9,749.6	10,660.8	9,974.0
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	-26.9	-111.2	50.1	577.2
Financial Income	3,791.4	3,585.1	3,431.8	3,231.8
Financial Expenses	872.1	669.3	728.5	669.2
Interest Expense	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0
Selling Expenses	243.6	356.1	542.5	0.0
General and Administrative Expenses	1,842.2	1,858.9	1,948.5	2,328.0
Operating Profit	806.6	589.6	262.4	811.8
Other Income	169.5	191.4	146.9	113.8
Other Expenses	190.1	203.3	134.8	100.9
Other Profit	-20.6	-12.0	12.0	13.0
Profit Before Tax	1,061.8	963.0	842.7	847.2
Current Income Tax Expense	189.3	164.5	138.8	161.1
Deferred Income Tax Expense	-1.6	0.7	-0.9	-0.6
Net Income	874.1	797.8	704.8	686.8
Non-controlling Interest	15.6	27.0	27.5	14.9
Profit Attributable to Parent	858.5	770.8	677.2	671.9
Earnings per Share	1,157.00	1,038.00	912.00	905.00
Diluted EPS	1,156.53	1,038.33	912.30	905.11

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	150,465.6	138,892.8	136,447.0	130,992.1
I. Cash and cash equivalents	4,194.6	5,301.7	1,997.1	937.1
1. Cash	1,302.4	1,135.9	1,462.1	790.1
2. Cash equivalents	2,892.3	4,165.7	535.0	147.0
II. Short-term financial investments	127,382.0	115,599.1	116,615.0	114,195.3
1. Available for sale securities	4,083.1	3,645.8	3,639.7	3,652.1
2. Provision for diminution in value of available for sale securities (*)	-169.9	-147.3	-181.6	-222.7
3. Held to maturity investments	123,468.8	112,100.5	113,156.9	110,766.0
III. Short-term receivables	14,365.5	13,954.0	13,817.8	11,764.4
1. Short-term trade accounts receivable	9,650.6	8,584.2	10,079.5	8,010.6
2. Short-term prepayments to suppliers	31.0	35.4	23.6	34.1
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0
5. Short-term loan receivables	4,610.6	5,076.8	3,590.3	3,573.0
6. Other short-term receivables	360.6	557.4	403.0	400.2
7. Provision for short-term doubtful debts (*)	-287.4	-299.9	-278.7	-253.7
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	68.1	85.7	82.5	91.1
1. Inventories	68.1	85.7	82.5	91.1
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	742.9	652.4	607.4	633.4
1. Short-term prepayments	730.9	636.8	589.8	618.3
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	9.0	4.9	4.8	4.9
4. Government bonds	0.0	0.0	0.0	0.0
5. Other short-term assets	3.0	10.4	12.1	9.8
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	141,445.6	133,908.6	127,676.9	124,800.2
I. Long-term receivables	75.3	73.9	72.3	71.2
1. Long-term trade receivables	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0
6. Other long-term receivables	75.3	73.9	72.3	71.2
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	1,707.8	1,756.2	1,802.9	1,848.9
1. Tangible fixed assets	790.0	813.5	835.1	856.4
- Cost	2,755.1	2,754.9	2,749.2	2,740.6
- Accumulated depreciation	-1,965.2	-1,941.5	-1,914.1	-1,884.2
2. Financial leased fixed assets	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
3. Intangible fixed assets	917.8	942.8	967.8	992.5
- Cost	1,843.5	1,842.7	1,842.1	1,841.0
- Accumulated depreciation	-925.7	-900.0	-874.3	-848.5
III. Investment properties	102.5	103.9	107.0	108.5
- Cost	189.6	189.6	191.3	191.3
- Accumulated depreciation	-87.1	-85.7	-84.3	-82.8
IV. Long-term assets in progress	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	145.6	145.6	139.0	137.7
V. Long-term financial investments	139,159.2	131,577.0	125,298.9	122,407.9
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,931.5	2,899.3	2,870.0	2,844.2
3. Investments in other entities	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-85.4	-34.3	-65.1	-61.7
5. Held to maturity investments	134,813.3	127,212.7	121,158.1	118,346.0
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	255.2	251.9	256.8	225.9
1. Long-term prepayments	205.6	199.7	205.1	189.4
2. Deferred income tax assets	10.3	9.4	10.1	8.7
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0
4. Other long-term assets	39.2	42.9	41.6	27.9
5. Goodwill	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	291,911.2	272,801.5	264,123.9	255,792.3
A. LIABILITIES (300=210+330)	266,301.2	247,243.6	239,321.5	231,539.6
I. Short -term liabilities	64,837.5	49,498.3	44,856.9	40,623.7
1. Short-term trade accounts payable	2,965.5	2,918.2	2,972.1	2,784.7
2. Short-term advances from customers	4.0	4.5	4.2	23.1
3. Taxes and other payables to state authorities	375.9	249.6	225.9	357.1
4. Payable to employees	2,503.2	2,054.5	1,427.5	881.7
5. Short-term acrrued expenses	159.3	249.1	209.3	166.7
6. Short-term inter-company payables	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	292.9	152.6	261.3	142.4
9. Other short-term payables	497.9	909.7	750.6	601.5
10. Short-term borrowings and financial leases	0.0	4,320.8	3,493.7	3,235.9
11. Provision for short-term liabilities	4,072.0	0.0	0.0	0.0
12.. Bonus and welfare fund	318.4	327.6	309.3	179.5
13. Price stabilization fund	0.0	0.0	0.0	0.0
14. Government bonds	53,229.1	37,934.4	34,821.9	31,868.5
II. Long-term liabilities	310.2	312.3	309.1	306.3
1. Long-term trade payables	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0
7. Other long-term liabilities	306.6	307.9	304.6	303.3
8. Long-term borrowings and financial leases	0.8	0.9	1.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	2.9	3.5	3.5	3.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	25,610.1	25,557.8	24,802.4	24,252.6
I. Owner's equity	25,610.1	25,557.8	24,802.4	24,252.6
1. Owner's capital	7,423.2	7,423.2	7,423.2	7,423.2
- Common stock with voting right	7,423.2	7,423.2	7,423.2	7,423.2
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	7,310.5	7,310.5	7,310.5	7,310.5
3. Convertible bond option	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0
7. Foreign exchange differences	15.4	15.4	15.4	15.4
8. Investment and development fund	3,869.2	3,870.3	3,870.3	2,933.9
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	103.6	103.6	103.6	103.6
11. Undistributed earnings after tax	5,046.0	4,988.6	4,262.0	4,674.0
- Accumulated retained earning at the end of the previous period	2,096.1	2,879.4	2,921.1	4,007.1
- Undistributed earnings in this period	2,949.9	2,109.3	1,340.9	666.9
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	1,029.2	1,038.3	1,011.3	989.2
14. Financial reserves	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	291,911.2	272,801.5	264,123.9	255,792.3

Item	Q4'25	Q3'25	Q2'25	Q1'25
Profit Before Tax	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-10,378.6	3,262.5	9,001.6	-179.5
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-99.9	-135.3	-156.0	-144.0
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-9.2	-24.6	22.7	-80.6
Net Cash Flow from Operating Activities	-7,974.5	4,002.3	8,890.0	994.1
Payments for Fixed Assets and Other Long-term Assets	-33.1	-29.1	-31.2	-26.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.2	0.5	0.6
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	36,052.8	39,064.2	43,668.6	31,413.0
Investments in Other Entities	-278.3	-108.8	0.0	0.0
Proceeds from Investments in Other Entities	0.0	102.6	0.0	0.0
Dividends and Interest Income Received	1,657.0	2,767.5	2,819.6	2,974.4
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-17,792.3	-2,066.8	-2,756.7	-1,652.3
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	41,550.4	23,634.6	7,272.7	23,275.4
Repayment of Borrowings	-16,086.8	-22,264.5	-12,347.8	-23,143.8
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	-803.7	-1.5	-0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	24,659.9	1,368.5	-5,075.1	131.6
Net Cash Flow During the Period	-1,106.9	3,304.0	1,058.2	-526.6
Cash and Cash Equivalents at Beginning of Period	5,301.7	1,997.1	937.1	1,464.1
FX Difference from Revaluation	1.7	1.9	1.4	-0.4
Cash and Cash Equivalents at End of Period	4,194.6	5,301.7	1,997.1	937.1

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