RAT

Vận tải và Thương mại Đường sắt ·UPCOM ·2025Q4

▲▲ Improving positively

Price

17,400

Latest close

10 Apr 2026

P/E —

P/B —

EPS —

BVPS —

ROE 9.9%

ROA 1.7%

Profit Margin 0.6%

Asset Turnover 2.13x

Equity Mult. 5.73x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a Năm 2025 basis, RAT is growing strongly on the back of scale expansion, while margins have only improved slightly — margins have been expanding consistently over multiple periods. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 971bn
	                                
+23.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 8bn
	                                
+42.0%YoY

Quarterly snapshot data is not available yet.

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 0.81% +0.1pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Focus on inventory, liability structure, and year-end cash balance.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Statement Data

Item	2025	2024	2023	2022
Revenue	971.4	787.6	562.1	727.2
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	971.4	787.6	562.1	727.2
Cost of Goods Sold	891.2	718.3	520.3	670.0
Gross Profit	80.3	69.3	41.8	57.3
Financial Income	7.0	2.9	3.8	1.4
Financial Expenses	21.7	19.1	18.4	14.1
Interest Expense	19.9	17.0	17.3	12.1
Share of Associates and Joint Ventures	0.3	-2.3	-2.3	1.4
Selling Expenses	15.9	11.8	11.6	9.1
General and Administrative Expenses	38.2	29.2	26.2	23.1
Operating Profit	11.9	9.8	-12.9	13.7
Other Income	1.7	0.7	6.7	1.7
Other Expenses	2.3	1.5	1.1	0.9
Other Profit	-0.5	-0.7	5.6	0.9
Profit Before Tax	11.3	9.1	-7.3	14.6
Current Income Tax Expense	3.5	3.1	0.8	2.8
Deferred Income Tax Expense	-0.0	0.5	0.0	0.0
Net Income	7.9	5.5	-8.1	11.8
Non-controlling Interest	1.7	1.1	1.0	0.7
Profit Attributable to Parent	6.2	4.4	-9.1	11.1
Earnings per Share	1,043.00	740.00	-1,541.00	1,521.00
Diluted EPS	1,043.00	740.00	-1,541.00	1,521.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	234.5	217.9	156.0	190.0
I. Cash and cash equivalents	37.0	27.4	9.7	43.6
1. Cash	37.0	27.4	9.7	43.6
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	11.8	10.4	9.5	3.2
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	11.8	10.4	9.5	3.2
III. Short-term receivables	161.2	161.2	115.1	126.1
1. Short-term trade accounts receivable	142.5	151.2	104.3	97.3
2. Short-term prepayments to suppliers	11.2	3.0	4.7	18.1
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	9.8	8.9	7.8	11.8
7. Provision for short-term doubtful debts (*)	-2.3	-2.0	-1.7	-1.2
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	7.7	5.8	5.5	2.0
1. Inventories	7.7	5.8	5.5	2.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	16.9	13.1	16.2	15.2
1. Short-term prepayments	1.1	0.9	1.1	0.5
2. Value added tax to be reclaimed	15.8	12.1	15.0	14.6
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1
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)	233.1	225.0	230.2	180.4
I. Long-term receivables	10.5	8.8	6.1	3.4
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	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	10.5	8.8	6.1	3.4
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	175.7	179.2	155.5	131.7
1. Tangible fixed assets	106.4	123.9	119.8	111.0
- Cost	211.7	210.9	189.0	191.4
- Accumulated depreciation	-105.2	-87.0	-69.3	-80.4
2. Financial leased fixed assets	67.1	52.9	35.2	20.0
- Cost	76.9	58.0	37.5	20.0
- Accumulated depreciation	-9.8	-5.2	-2.3	-0.0
3. Intangible fixed assets	2.2	2.5	0.6	0.7
- Cost	4.5	4.2	2.1	2.0
- Accumulated depreciation	-2.3	-1.7	-1.5	-1.2
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	13.8	1.3	20.1	11.6
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	13.8	1.3	20.1	11.6
V. Long-term financial investments	11.1	10.8	7.3	14.3
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	11.1	10.8	7.3	14.3
3. Investments in other entities	—	0.0	0.0	0.0
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	21.9	24.8	41.1	19.4
1. Long-term prepayments	21.9	24.8	41.1	19.4
2. Deferred income tax assets	—	0.0	0.0	0.0
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)	467.5	442.9	386.2	370.4
A. LIABILITIES (300=210+330)	386.7	364.9	313.7	281.0
I. Short -term liabilities	287.7	278.6	203.9	203.1
1. Short-term trade accounts payable	82.2	66.5	87.9	92.2
2. Short-term advances from customers	0.7	1.5	0.9	0.9
3. Taxes and other payables to state authorities	5.8	9.1	7.7	9.4
4. Payable to employees	6.4	6.3	4.8	4.4
5. Short-term acrrued expenses	16.7	14.4	13.1	14.3
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	6.1	5.5	4.9	4.6
10. Short-term borrowings and financial leases	169.8	175.4	84.6	77.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.1
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	99.0	86.2	109.8	77.9
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	0.2	0.0
8. Long-term borrowings and financial leases	98.3	85.6	109.3	77.7
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	0.6	0.7	0.2	0.2
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)	80.9	78.0	72.5	89.3
I. Owner's equity	80.9	78.0	72.5	89.3
1. Owner's capital	59.2	59.2	59.2	59.2
- Common stock with voting right	59,218,410,000.00	59,218,410,000.00	59,218,410,000.00	59,218,410,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	0.2	0.2	0.2	0.2
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
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	9.7	9.7	9.7	9.7
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	6.2	3.9	-0.5	15.3
- Accumulated retained earning at the end of the previous period	0.0	-0.5	8.6	4.1
- Undistributed earnings in this period	6.2	4.4	-9.1	11.1
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	5.5	5.0	3.8	4.9
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)	467.5	442.9	386.2	370.4

Item	2025	2024	2023	2022
Profit Before Tax	11.3	9.1	-7.3	14.6
Depreciation of Fixed Assets and Investment Property	24.4	21.0	20.5	17.0
Provision (Increase)/Reversal	0.3	0.3	0.5	0.2
FX Gain/Loss from Revaluation of Monetary Items	-0.6	-1.2	-1.0	-0.3
Gain/Loss from Investment Activities	-1.0	1.4	-5.2	-1.2
Interest Expense	19.9	17.9	17.3	12.1
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	54.3	48.5	24.7	42.4
Increase/(Decrease) in Receivables	-1.8	-48.8	19.2	7.7
Increase/(Decrease) in Inventory	-1.9	-0.3	-3.5	-0.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	29.1	-11.2	-17.0	4.1
Increase/(Decrease) in Prepaid Expenses	2.8	16.4	-22.3	-10.4
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-22.7	-17.9	-16.4	-8.4
Corporate Income Tax Paid	-3.4	-0.6	-2.7	-1.4
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.3	0.0	-0.5	-1.3
Net Cash Flow from Operating Activities	56.1	-14.0	-18.5	32.2
Payments for Fixed Assets and Other Long-term Assets	-41.6	-21.2	-33.7	-31.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	11.3	11.9	9.6	1.5
Loans and Purchases of Debt Instruments	-1.4	-7.1	-6.4	-14.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	6.3	0.0	14.0
Investments in Other Entities	—	-5.8	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.5	0.0
Dividends and Interest Income Received	0.6	0.6	0.3	0.2
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	-31.0	-15.3	-29.7	-29.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	312.6	307.0	208.7	151.4
Repayment of Borrowings	-308.4	-249.9	-180.0	-138.1
Repayment of Finance Leases	-16.6	-11.4	-8.2	-2.2
Dividends Paid	-3.6	0.0	-7.1	-5.9
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-15.9	45.7	13.3	5.2
Net Cash Flow During the Period	9.2	16.4	-34.9	7.6
Cash and Cash Equivalents at Beginning of Period	27.4	9.7	43.6	35.7
FX Difference from Revaluation	0.4	1.3	1.0	0.3
Cash and Cash Equivalents at End of Period	37.0	27.4	9.7	43.6

Item	Q4'25
Profit Before Tax	11.3
Depreciation of Fixed Assets and Investment Property	24.4
Provision (Increase)/Reversal	0.3
FX Gain/Loss from Revaluation of Monetary Items	-0.6
Gain/Loss from Investment Activities	-1.0
Interest Expense	19.9
Operating Profit Before Changes in Working Capital	54.3
Increase/(Decrease) in Receivables	-1.8
Increase/(Decrease) in Inventory	-1.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	29.1
Increase/(Decrease) in Prepaid Expenses	2.8
Interest Paid	-22.7
Corporate Income Tax Paid	-3.4
Other Operating Payments	-0.3
Net Cash Flow from Operating Activities	56.1
Payments for Fixed Assets and Other Long-term Assets	-41.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	11.3
Loans and Purchases of Debt Instruments	-1.4
Dividends and Interest Income Received	0.6
Net Cash Flow from Investing Activities	-31.0
Proceeds from Borrowings	312.6
Repayment of Borrowings	-308.4
Repayment of Finance Leases	-16.6
Dividends Paid	-3.6
Net Cash Flow from Financing Activities	-15.9
Net Cash Flow During the Period	9.2
Cash and Cash Equivalents at Beginning of Period	27.4
FX Difference from Revaluation	0.4
Cash and Cash Equivalents at End of Period	37.0

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RAT

What Is Changing

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency