HDB

Listed Company · HOSE

Price

25,600

Latest close

03 Apr 2026

P/E 21.1x

EPS (TTM) 1,212

ROE (TTM) —

P/B —

BVPS (Latest) —

ROA (TTM) —

What Is Changing

HDB 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 37.4% QoQ to VND 5,220.2bn in 2025Q4.

Metric	2025
Revenue	34,746.2
Growth	—
Net Income	17,052.7
Net Margin	49.08%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	9,755.6	7,763.3	9,819.2	7,408.1
Growth	+26%	-21%	+33%	—
Net Income	5,220.2	3,798.8	3,676.1	4,357.7
Net Margin	53.51%	48.93%	37.44%	58.82%

Financial Statements

Profitability

Net margin reached 49.08% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 852,836.7bn, and equity at 78,264.6bn.

Cash Flow

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

None

Item	2025
Revenue	67,992.4
Revenue Deductions	33,246.2
Net Revenue	34,746.2
Cost of Goods Sold	0.0
Gross Profit	0.0
Financial Income	0.0
Financial Expenses	0.0
Interest Expense	0.0
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	11,614.5
Operating Profit	31,072.8
Other Income	1,026.2
Other Expenses	289.5
Other Profit	736.6
Profit Before Tax	21,321.8
Current Income Tax Expense	4,185.9
Deferred Income Tax Expense	83.2
Net Income	17,052.7
Non-controlling Interest	549.2
Profit Attributable to Parent	16,503.5
Earnings per Share	3,580.00
Diluted EPS	0.00

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	0.0
I. Cash and cash equivalents	0.0
1. Cash	0.0
2. Cash equivalents	0.0
II. Short-term financial investments	0.0
1. Available for sale securities	490.5
2. Provision for diminution in value of available for sale securities (*)	0.0
3. Held to maturity investments	0.0
III. Short-term receivables	0.0
1. Short-term trade accounts receivable	0.0
2. Short-term prepayments to suppliers	0.0
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	0.0
6. Other short-term receivables	0.0
7. Provision for short-term doubtful debts (*)	0.0
8. Assets awaiting resolution	0.0
IV. Inventories	0.0
1. Inventories	0.0
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	0.0
1. Short-term prepayments	0.0
2. Value added tax to be reclaimed	0.0
3. Taxes and other receivables from state authorities	0.0
4. Government bonds	0.0
5. Other short-term assets	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	0.0
I. Long-term receivables	0.0
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	0.0
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	1,860.4
1. Tangible fixed assets	973.2
- Cost	2,169.2
- Accumulated depreciation	-1,196.0
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	887.3
- Cost	1,392.4
- Accumulated depreciation	-505.1
III. Investment properties	0.0
- Cost	0.0
- Accumulated depreciation	0.0
IV. Long-term assets in progress	0.0
1. Long-term production in progress	0.0
2. Construction in progress	0.0
V. Long-term financial investments	1,149.5
1. Investments in subsidiaries	0.0
2. Investments in associates, joint-ventures	1,031.7
3. Investments in other entities	0.0
4. Provision for diminution in value of long-term investments	-7.9
5. Held to maturity investments	0.0
6. Other long-term investments	125.7
VI. Other long-term assets	39,677.9
1. Long-term prepayments	0.0
2. Deferred income tax assets	72.7
3. Long-term equipment, supplies, spare parts	0.0
4. Other long-term assets	11,119.9
5. Goodwill	0.0
VII. Goodwill (before 2015)	0.0
TOTAL ASSETS (280=100+200)	931,101.3
A. LIABILITIES (300=210+330)	852,836.7
I. Short -term liabilities	0.0
1. Short-term trade accounts payable	0.0
2. Short-term advances from customers	0.0
3. Taxes and other payables to state authorities	0.0
4. Payable to employees	0.0
5. Short-term acrrued expenses	0.0
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	0.0
9. Other short-term payables	0.0
10. Short-term borrowings and financial leases	0.0
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	0.0
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	0.0
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	12,025.8
8. Long-term borrowings and financial leases	0.0
9. Convertible bonds	0.0
10. Preferred stock (Debts)	0.0
11. Deferred income tax liabilities	0.0
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)	78,264.6
I. Owner's equity	51,327.7
1. Owner's capital	50,052.8
- Common stock with voting right	0.0
- Preferred stock	0.0
2. Share premium	1,274.9
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	0.0
8. Investment and development fund	0.0
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	0.0
11. Undistributed earnings after tax	17,146.3
- Accumulated retained earning at the end of the previous period	0.0
- Undistributed earnings in this period	0.0
12. Reserves for investment in construction	0.1
13. Minority's interest	2,715.4
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)	931,101.3

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	18,877.6	16,133.4	17,989.7	14,991.7
Revenue Deductions	9,122.0	8,370.1	8,170.5	7,583.6
Net Revenue	9,755.6	7,763.3	9,819.2	7,408.1
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	0.0	0.0	0.0	0.0
Financial Income	0.0	0.0	0.0	0.0
Financial Expenses	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
General and Administrative Expenses	3,819.9	2,488.0	2,782.0	2,524.5
Operating Profit	8,510.4	7,028.5	8,853.9	6,680.0
Other Income	446.9	230.7	-211.6	560.2
Other Expenses	75.0	72.5	60.7	81.3
Other Profit	371.9	158.2	-272.3	478.8
Profit Before Tax	6,519.3	4,734.5	4,712.8	5,355.2
Current Income Tax Expense	1,311.4	912.8	1,015.3	946.3
Deferred Income Tax Expense	-12.3	22.9	21.4	51.2
Net Income	5,220.2	3,798.8	3,676.1	4,357.7
Non-controlling Interest	112.9	152.2	161.2	122.9
Profit Attributable to Parent	5,107.2	3,646.6	3,514.9	4,234.8
Earnings per Share	0.00	0.00	0.00	1,212.00
Diluted EPS	0.00	0.00	0.00	0.00

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	0.0	0.0	0.0	0.0
I. Cash and cash equivalents	0.0	0.0	0.0	0.0
1. Cash	0.0	0.0	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0
1. Available for sale securities	490.5	549.7	2,411.3	14,526.3
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0
III. Short-term receivables	0.0	0.0	0.0	0.0
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.0	0.0	0.0
1. Inventories	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0
1. Short-term prepayments	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	0.0	0.0	0.0	0.0
I. Long-term receivables	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	1,860.4	1,756.0	1,756.9	1,748.5
1. Tangible fixed assets	973.2	883.2	889.2	865.9
- Cost	2,169.2	2,059.5	2,057.7	1,997.8
- Accumulated depreciation	-1,196.0	-1,176.3	-1,168.6	-1,131.9
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	887.3	872.9	867.7	882.6
- Cost	1,392.4	1,352.0	1,323.6	1,316.1
- Accumulated depreciation	-505.1	-479.2	-455.9	-433.5
III. Investment properties	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
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	0.0	0.0	0.0	0.0
V. Long-term financial investments	1,149.5	994.3	939.2	869.5
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,031.7	876.2	821.1	753.3
3. Investments in other entities	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-7.9	-7.5	-7.5	-18.5
5. Held to maturity investments	0.0	0.0	0.0	0.0
6. Other long-term investments	125.7	125.7	125.7	134.7
VI. Other long-term assets	39,677.9	49,559.5	59,356.2	55,509.7
1. Long-term prepayments	0.0	0.0	0.0	0.0
2. Deferred income tax assets	72.7	60.4	83.3	104.7
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0
4. Other long-term assets	11,119.9	4,989.0	2,229.2	2,231.3
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)	931,101.3	781,937.4	784,096.3	711,310.8
A. LIABILITIES (300=210+330)	852,836.7	713,530.3	719,469.9	650,278.2
I. Short -term liabilities	0.0	0.0	0.0	0.0
1. Short-term trade accounts payable	0.0	0.0	0.0	0.0
2. Short-term advances from customers	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0
4. Payable to employees	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0	0.0
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	12,025.8	7,990.1	43,541.4	9,720.6
8. Long-term borrowings and financial leases	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
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)	78,264.6	68,407.1	64,626.4	61,032.5
I. Owner's equity	51,327.7	35,224.0	35,224.0	35,224.0
1. Owner's capital	50,052.8	35,101.4	35,101.4	35,101.4
- Common stock with voting right	0.0	0.0	0.0	0.0
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	1,274.9	536.0	536.0	536.0
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	-413.4	-413.4	-413.4
6. Assets revaluation differences	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	6.8	-27.0	30.9
8. Investment and development fund	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	17,146.3	21,792.0	18,145.4	17,166.8
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	0.0	0.0	0.0	0.0
12. Reserves for investment in construction	0.1	0.1	0.1	0.1
13. Minority's interest	2,715.4	2,602.5	2,450.3	2,289.1
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)	931,101.3	781,937.4	784,096.3	711,310.8

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)	0.0	0.0	0.0	0.0
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	-138.8	-580.6	-944.3	-927.9
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	48,695.9	26,029.2	-1,678.5	2,364.8
Payments for Fixed Assets and Other Long-term Assets	-175.7	-63.2	-70.0	-41.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	2.2	205.0	0.7
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	11.9
Dividends and Interest Income Received	3.6	0.0	4.9	0.0
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	-172.0	-61.1	139.9	-28.8
Proceeds from Equity Issuance and Capital Contributions	4,179.6	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	0.0	0.0	0.0	0.0
Repayment of Borrowings	0.0	0.0	0.0	0.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	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	3,200.1	4,623.5	0.0	0.0
Net Cash Flow During the Period	51,724.1	30,591.7	-1,538.6	2,336.0
Cash and Cash Equivalents at Beginning of Period	168,657.4	138,031.9	139,628.4	137,261.5
FX Difference from Revaluation	0.0	6.8	-27.0	30.9
Cash and Cash Equivalents at End of Period	220,374.6	168,657.4	138,031.9	139,628.4

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HDB

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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