NDC

Listed Company · UPCOM

Price

170,000

Latest close

30 Mar 2026

P/E —

EPS (TTM) —

ROE (TTM) 14.6%

P/B —

BVPS (Latest) —

ROA (TTM) 11.5%

What Is Changing

NDC has not yet shown a broad-based top-line recovery. Revenue posted -2.3% YoY, but net margin reached 9.71% with an additional -0.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 69bps to 9.71% in 2025.
Net Income fell to a multi-period low at VND 90.1bn in 2025.

Metric	2025	2024	2023	2022
Revenue	928.0	949.7	830.3	907.2
Growth	-2%	+14%	-8%	—
Net Income	90.1	98.7	96.5	130.8
Net Margin	9.71%	10.40%	11.62%	14.41%

Financial Statements

Profitability

Net margin reached 9.71% while Revenue posted -2.3% YoY.

Balance Sheet

Inventory stood at 88.0bn, liabilities at 170.2bn, and equity at 649.7bn.

Cash Flow

Operating cash flow was 104.7bn in 2025, while investing cash flow was -143.1bn.

Financing cash flow: -17.8bn.

Item	2025	2024	2023	2022
Revenue	1,003.1	1,023.8	890.8	972.9
Revenue Deductions	75.1	74.1	60.5	65.7
Net Revenue	928.0	949.7	830.3	907.2
Cost of Goods Sold	447.4	469.1	406.6	426.5
Gross Profit	480.6	480.6	423.7	480.6
Financial Income	9.5	4.5	3.1	2.1
Financial Expenses	0.0	0.1	0.0	0.0
Interest Expense	—	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	285.3	275.9	232.9	247.3
General and Administrative Expenses	91.0	81.7	72.9	71.6
Operating Profit	113.7	127.5	121.0	163.7
Other Income	0.6	0.1	0.0	0.0
Other Expenses	0.4	2.2	0.1	0.1
Other Profit	0.2	-2.1	-0.1	-0.1
Profit Before Tax	113.9	125.4	120.9	163.6
Current Income Tax Expense	23.8	26.8	24.4	32.9
Deferred Income Tax Expense	-0.0	-0.1	0.1	0.0
Net Income	90.1	98.7	96.5	130.8
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	90.1	98.7	96.5	130.8
Earnings per Share	15,102.00	16,553.00	16,179.00	21,924.00
Diluted EPS	15,101.93	16,553.11	16,179.00	21,923.83

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	435.1	372.2	299.4	295.9
I. Cash and cash equivalents	66.0	122.2	95.6	145.7
1. Cash	16.0	22.2	24.5	41.7
2. Cash equivalents	50.0	100.0	71.1	104.0
II. Short-term financial investments	215.4	85.2	45.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	215.4	85.2	45.0	0.0
III. Short-term receivables	58.8	54.1	51.6	33.9
1. Short-term trade accounts receivable	41.3	41.1	35.6	23.6
2. Short-term prepayments to suppliers	6.8	2.6	12.2	7.3
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	10.7	10.4	3.8	2.9
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	88.0	103.9	101.6	108.4
1. Inventories	88.0	103.9	101.6	108.4
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	6.9	6.8	5.6	8.0
1. Short-term prepayments	2.3	2.2	1.0	2.4
2. Value added tax to be reclaimed	4.6	4.6	4.6	5.6
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
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	384.7	376.8	350.4	298.3
I. Long-term receivables	0.2	0.8	0.5	0.2
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.2	0.8	0.5	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.2
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	331.7	317.4	282.3	246.7
1. Tangible fixed assets	106.3	91.6	56.6	62.9
- Cost	255.3	232.6	187.9	184.7
- Accumulated depreciation	-149.0	-141.1	-131.4	-121.8
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	225.4	225.8	225.8	183.8
- Cost	229.6	229.3	228.5	185.8
- Accumulated depreciation	-4.2	-3.5	-2.8	-2.1
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	4.2	8.8	18.5	1.1
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	4.2	8.8	18.5	1.1
V. Long-term financial investments	0.3	0.3	0.3	0.3
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	0.3	0.3	0.3	0.3
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	48.3	49.5	48.7	50.0
1. Long-term prepayments	47.8	49.0	48.3	49.6
2. Deferred income tax assets	0.5	0.5	0.4	0.5
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	819.8	749.0	649.8	594.2
A. LIABILITIES (300=210+330)	170.2	161.6	135.7	148.7
I. Short -term liabilities	170.2	161.6	135.7	148.7
1. Short-term trade accounts payable	27.5	25.7	26.6	25.9
2. Short-term advances from customers	0.6	1.3	1.0	9.1
3. Taxes and other payables to state authorities	22.9	26.3	21.9	25.2
4. Payable to employees	76.6	73.9	59.6	72.1
5. Short-term acrrued expenses	38.8	32.1	20.1	13.0
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	2.1	1.3	5.4	1.1
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	1.7	1.1	1.1	2.4
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	649.7	587.4	514.0	445.5
I. Owner's equity	649.7	587.4	514.0	445.5
1. Owner's capital	59.6	59.6	59.6	59.6
- Common stock with voting right	59.6	59.6	59.6	59.6
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	590.0	527.7	454.4	385.9
- Accumulated retained earning at the end of the previous period	500.0	429.0	357.9	255.1
- Undistributed earnings in this period	90.1	98.7	96.5	130.8
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	819.8	749.0	649.8	594.2

Item	2025	2024	2023	2022
Profit Before Tax	113.9	125.4	120.9	163.6
Depreciation of Fixed Assets and Investment Property	11.8	10.4	10.3	10.4
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-10.1	-4.5	-3.1	-2.1
Interest Expense	—	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	115.6	131.3	128.0	171.9
Increase/(Decrease) in Receivables	-2.5	-1.0	-17.0	-12.5
Increase/(Decrease) in Inventory	15.9	-2.3	6.8	-19.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	11.6	23.1	-13.6	33.7
Increase/(Decrease) in Prepaid Expenses	1.1	-1.9	2.6	-48.8
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	-27.7	-24.3	-29.7	-11.6
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-9.3	-9.6	-4.6	-5.9
Net Cash Flow from Operating Activities	104.7	115.3	72.5	107.0
Payments for Fixed Assets and Other Long-term Assets	-27.2	-35.8	-65.8	-46.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.6	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-250.9	-85.0	-45.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	120.7	44.8	0.0	14.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	7.8	2.7	3.1	1.7
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-143.1	-73.2	-107.7	-30.8
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	—	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-17.8	-15.5	-14.8	-11.8
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-17.8	-15.5	-14.8	-11.8
Net Cash Flow During the Period	-56.2	26.6	-50.0	64.5
Cash and Cash Equivalents at Beginning of Period	122.2	95.6	145.7	81.2
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	66.0	122.2	95.6	145.7

Item	Q4'25
Profit Before Tax	113.9
Depreciation of Fixed Assets and Investment Property	11.8
Gain/Loss from Investment Activities	-10.1
Operating Profit Before Changes in Working Capital	115.6
Increase/(Decrease) in Receivables	-2.5
Increase/(Decrease) in Inventory	15.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	11.6
Increase/(Decrease) in Prepaid Expenses	1.1
Corporate Income Tax Paid	-27.7
Other Operating Payments	-9.3
Net Cash Flow from Operating Activities	104.7
Payments for Fixed Assets and Other Long-term Assets	-27.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.6
Loans and Purchases of Debt Instruments	-250.9
Receipts from Loan Repayments and Sale of Debt Instruments	120.7
Dividends and Interest Income Received	7.8
Net Cash Flow from Investing Activities	-143.1
Dividends Paid	-17.8
Net Cash Flow from Financing Activities	-17.8
Net Cash Flow During the Period	-56.2
Cash and Cash Equivalents at Beginning of Period	122.2
Cash and Cash Equivalents at End of Period	66.0

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NDC

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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