VCX

Xi măng Yên Bình ·UPCOM ·2026Q1

▼ Under pressure

Leverage and liquidity require close discipline Debt/equity 1.59x

Price

9,700

Latest close

12 May 2026

P/E 14.88x

P/B 0.98x

EPS 652

BVPS 9,877

ROE 6.8%

ROA 2.9%

Profit Margin 2.2%

Asset Turnover 1.36x

Equity Mult. 2.32x

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

What Is Changing

On a TTM 2026Q1 basis, VCX is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — margins have been expanding consistently over multiple periods. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 799bn
	                                
−6.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 17bn
	                                
−29.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	825.1	833.0	797.3	818.2	824.7
Growth	-1%	+4%	-3%	-1%	—
Net Income	28.1	22.2	7.5	7.6	29.8
Net Margin	3.41%	2.67%	0.94%	0.93%	3.61%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	175.8	217.8	184.6	221.2	201.6	285.2	166.9	198.7	182.2	243.4	170.7	197.0
Growth	-19%	+18%	-17%	+10%	-29%	+71%	-16%	+9%	-25%	+43%	-13%	—
Net Income	-5.0	13.0	0.9	8.4	5.6	14.4	-4.4	8.9	4.1	12.1	-1.5	-2.8
Net Margin	-2.85%	5.99%	0.47%	3.80%	2.79%	5.06%	-2.64%	4.46%	2.22%	4.98%	-0.87%	-1.44%

Drivers of VCX's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Finance costs ↓ 3.7bn

Gross profit ↓ 8.0bn

Administrative expenses ↑ 3.7bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Finance costs ↓ 1.1bn

Gross profit ↓ 13.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.5% = 2.9% × 1.38 × 2.65

2026Q1 6.8% = 2.2% × 1.36 × 2.32

ROE fell from 10.5% to 6.8% — all three components weakened, with leverage being the main drag.

Net margin: 2.2% -0.7pp Asset turnover: 1.36x -0.02x Leverage: 2.32x -0.34x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 2.16%, falling 0.7pp. The main pressure comes from Gross margin fell 0.6pp and SG&A / Revenue rose 0.4pp (with additional support from Net financial result / Revenue rose 0.3pp and Other profit / Revenue rose 0.1pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 2.16% −0.7pp

Gross Margin 5.89% −0.6pp

SG&A / Revenue 1.16% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.59x −0.01x

Average Invested Capital 503.3bn −29.4bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.07x equity, net debt at 0.81x equity.

Inventory ended the period at 99.7bn, roughly 18.0% of total assets.

Over the last 12 months, working capital released 14.4bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +9.8bn

Inventories decreased → higher CFO: +19.4bn

Payables decreased → lower CFO: −14.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.4 days versus the same period last year. The main moves came from DIO rose 1.5 days, DSO fell 4.4 days, and DPO rose 0.5 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Inventory turnover is slowing

DIO increased by +1.5 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 30.5 days −4.4 days

Inventory 46.3 days +1.5 days

Payables 28.0 days +0.5 days

Cash Conversion Cycle 48.8 days −3.4 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.81x and interest coverage only at 1.59x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 0.8% of debt, and total debt stands at 212.9bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.59x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.81x −0.37x

Interest Coverage 1.59x −0.06x

Cash / Debt 0.8% +0.5pp

Short-term Debt / Total Debt 100.0% +0.8pp

CFO / NI 4.75x +3.31x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 88.6bn in 2025, against investing cash flow of -1.6bn.

Post-investment cash flow was positive +87.0bn. Financing cash flow was negative +85.3bn.

CFO / net income was 4.75x.

After spending +4.8bn on fixed-asset investment, the business generated trailing free cash flow of +77.3bn.

Cash Conversion

CFO TTM 82.2bn +46.7bn

Cash Capex 4.8bn −8.1bn

FCF TTM +77.3bn +54.8bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 1.59x. The next watchpoint is capital efficiency. The main offsetting support comes from cash generation.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 54.8bn versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.59x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	825.1	833.0	797.3	818.2	824.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	825.1	833.0	797.3	818.2	824.7
Cost of Goods Sold	764.1	778.4	771.3	774.8	0.0
Gross Profit	61.0	54.6	25.9	43.4	79.4
Financial Income	0.2	0.0	0.0	0.2	0.4
Financial Expenses	16.0	19.5	28.9	24.1	-24.0
Interest Expense	16.3	20.5	27.4	23.2	-23.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.0	1.0	1.3	2.6	-8.6
General and Administrative Expenses	9.9	6.7	0.5	6.4	-9.6
Operating Profit	35.4	27.4	-4.7	10.4	37.6
Other Income	0.0	0.1	16.5	2.4	0.0
Other Expenses	0.2	0.7	0.9	3.0	0.0
Other Profit	-0.2	-0.6	15.5	-0.6	-0.3
Profit Before Tax	35.2	26.8	10.8	9.8	37.3
Current Income Tax Expense	7.1	4.6	3.4	2.3	-7.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	28.1	22.2	7.5	7.6	29.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	28.1	22.2	7.5	7.6	29.8
Earnings per Share	1,061.00	838.00	282.00	285.00	1,121.92
Diluted EPS	1,060.75	838.18	281.69	285.34	1,121.92

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	206.1	193.2	147.0	153.1	170.3
I. Cash and cash equivalents	2.0	0.3	0.6	0.9	0.3
1. Cash	2.0	0.3	0.6	0.9	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	—	0.0	0.0	0.0	0.0
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	103.5	118.9	84.3	50.7	125.5
1. Short-term trade accounts receivable	94.4	53.3	46.4	34.2	0.0
2. Short-term prepayments to suppliers	19.8	78.8	56.8	44.2	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	2.2	2.6	2.5	3.1	0.0
7. Provision for short-term doubtful debts (*)	-12.9	-15.9	-21.4	-30.8	0.0
8. Assets awaiting resolution	0.1	0.1	0.1	0.1	0.0
IV. Inventories	99.7	73.0	60.9	97.4	44.1
1. Inventories	99.7	73.0	60.9	97.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.8	1.0	1.2	4.2	0.4
1. Short-term prepayments	0.3	0.3	0.2	0.2	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	3.6	0.0
3. Taxes and other receivables from state authorities	0.5	0.7	1.1	0.4	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)	346.3	398.3	445.7	462.6	473.7
I. Long-term receivables	1.4	0.8	0.7	0.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.3
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	1.4	0.8	0.7	0.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	241.1	292.4	335.4	384.4	414.4
1. Tangible fixed assets	239.4	290.4	333.1	381.7	411.4
- Cost	1,161.3	1,160.0	1,151.2	1,149.1	0.0
- Accumulated depreciation	-921.9	-869.6	-818.1	-767.4	0.0
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	1.7	2.0	2.3	2.7	3.0
- Cost	7.5	7.5	7.5	7.5	0.0
- Accumulated depreciation	-5.8	-5.5	-5.1	-4.8	0.0
III. Investment properties	2.6	2.9	3.3	3.6	3.9
- Cost	8.4	8.4	8.4	8.4	0.0
- Accumulated depreciation	-5.8	-5.4	-5.1	-4.8	0.0
IV. Long-term assets in progress	2.3	1.7	0.4	0.0	3.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.3	1.7	0.4	0.0	0.0
V. Long-term financial investments	83.0	82.6	81.6	52.0	31.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	102.8	102.8	102.8	72.1	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-19.7	-20.1	-21.2	-20.1	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	15.7	17.9	24.4	22.0	0.0
1. Long-term prepayments	15.7	17.9	24.4	22.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	18.7
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)	552.3	591.5	592.7	615.8	644.0
A. LIABILITIES (300=210+330)	285.3	352.6	376.0	406.6	440.2
I. Short -term liabilities	284.5	349.6	370.8	399.2	428.1
1. Short-term trade accounts payable	63.9	56.3	56.5	64.0	77.8
2. Short-term advances from customers	3.8	0.0	0.0	1.0	0.5
3. Taxes and other payables to state authorities	10.6	6.9	7.8	3.9	0.0
4. Payable to employees	11.6	7.4	9.6	9.3	0.0
5. Short-term acrrued expenses	1.1	1.1	0.8	0.6	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	0.9	2.1	5.4	2.1	0.0
10. Short-term borrowings and financial leases	192.6	275.7	290.8	318.3	323.3
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	0.8	3.0	5.2	7.4	12.1
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	2.2	4.4	6.6	11.1
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.8	0.8	0.8	0.7	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)	267.1	238.9	216.7	209.2	203.8
I. Owner's equity	267.1	238.9	216.7	209.2	0.0
1. Owner's capital	265.3	265.3	265.3	265.3	203.8
- Common stock with voting right	265,300,000,000.00	265,300,000,000.00	265,300,000,000.00	265,300,000,000.00	265,300,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
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	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
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	1.8	-26.4	-48.6	-56.1	-61.5
- Accumulated retained earning at the end of the previous period	-26.4	-48.6	-56.1	-63.7	-91.0
- Undistributed earnings in this period	28.1	22.2	7.5	7.6	29.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
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)	552.3	591.5	592.7	615.8	644.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	35.2	26.8	10.8	9.8	37.3
Depreciation of Fixed Assets and Investment Property	52.9	53.0	52.6	51.8	50.8
Provision (Increase)/Reversal	-3.4	-6.6	-8.3	-3.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	0.4	-0.2	0.0
Gain/Loss from Investment Activities	-0.2	-0.0	-0.3	-0.0	0.0
Interest Expense	16.3	20.5	27.4	23.2	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	100.9	93.7	82.6	80.8	126.5
Increase/(Decrease) in Receivables	17.9	-28.6	-20.8	74.4	0.0
Increase/(Decrease) in Inventory	-26.6	-12.2	36.5	-54.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	15.3	-7.3	-2.2	-23.4	0.0
Increase/(Decrease) in Prepaid Expenses	2.1	6.4	-2.3	-1.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-16.4	-20.6	-27.4	-23.3	0.0
Corporate Income Tax Paid	-4.5	-3.3	-2.3	-3.0	0.0
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	88.6	28.1	64.1	50.1	77.9
Payments for Fixed Assets and Other Long-term Assets	-1.8	-11.1	-4.0	-19.3	-37.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.7
Loans and Purchases of Debt Instruments	—	0.0	-8.5	-19.4	-1.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	8.5	19.4	10.0
Investments in Other Entities	—	0.0	-30.6	-20.9	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.0	0.0	0.0	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	-1.6	-11.1	-34.6	-40.2	-51.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	547.8	796.0	775.4	727.4	616.5
Repayment of Borrowings	-633.1	-813.3	-805.2	-736.7	-643.4
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	-85.3	-17.3	-29.8	-9.4	-26.9
Net Cash Flow During the Period	1.7	-0.3	-0.3	0.5	0.0
Cash and Cash Equivalents at Beginning of Period	0.3	0.6	0.9	0.3	0.6
FX Difference from Revaluation	0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	2.0	0.3	0.6	0.9	0.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	175.8	217.8	184.6	221.2	201.6	285.2	166.9	198.7	182.2	243.4	170.7	197.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	175.8	217.8	184.6	221.2	201.6	285.2	166.9	198.7	182.2	243.4	170.7	197.0
Cost of Goods Sold	174.5	196.3	176.3	205.2	187.2	263.8	163.9	182.5	168.9	241.0	161.8	194.6
Gross Profit	1.3	21.5	8.3	16.0	14.5	21.3	3.0	16.2	13.3	2.4	8.9	2.4
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Financial Expenses	3.5	3.0	4.1	3.9	4.6	2.1	5.1	6.4	5.5	6.3	7.1	6.8
Interest Expense	3.5	3.3	4.1	4.3	4.6	4.4	5.1	5.3	5.5	6.3	6.6	7.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	—	—	—	0.0	1.0	0.0	0.0	0.0	0.0	1.0	0.0
General and Administrative Expenses	2.7	2.0	3.0	1.5	2.7	0.5	2.9	-0.4	2.6	-2.4	2.5	-2.0
Operating Profit	-4.9	16.5	1.1	10.6	7.1	17.8	-5.0	10.2	5.1	-1.4	-1.7	-2.5
Other Income	—	—	0.0	—	—	0.0	0.0	0.0	0.0	16.0	0.2	0.0
Other Expenses	0.1	0.0	0.1	0.0	0.1	0.0	0.3	0.3	0.0	0.0	0.0	0.0
Other Profit	-0.1	-0.0	-0.1	-0.0	-0.1	-0.0	-0.3	-0.3	-0.0	16.0	0.2	-0.0
Profit Before Tax	-5.0	16.4	1.1	10.5	7.1	17.8	-5.3	10.0	5.1	14.6	-1.5	-2.5
Current Income Tax Expense	—	3.4	0.2	2.1	1.4	3.4	-0.9	1.1	1.0	2.4	0.0	0.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-5.0	13.0	0.9	8.4	5.6	14.4	-4.4	8.9	4.1	12.1	-1.5	-2.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-5.0	13.0	0.9	8.4	5.6	14.4	-4.4	8.9	4.1	12.1	-1.5	-2.8
Earnings per Share	-188.90	491.45	32.61	316.76	212.42	543.86	-166.10	334.10	152.80	456.95	-55.70	-107.23
Diluted EPS	-188.90	491.45	32.61	316.76	212.42	543.86	-166.10	334.10	152.80	456.95	-55.70	-107.23

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	210.1	206.5	224.2	241.4	235.9	193.1	168.4	197.3	177.5	141.6	153.3	137.8
I. Cash and cash equivalents	1.7	2.1	1.2	0.7	0.9	0.3	0.2	2.8	2.5	0.6	1.6	0.6
1. Cash	1.7	2.1	1.2	0.7	0.9	0.3	0.2	2.8	2.5	0.6	1.6	0.6
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	119.4	103.6	128.1	156.5	126.2	118.6	91.4	96.8	80.0	84.5	23.9	26.6
1. Short-term trade accounts receivable	16.3	94.4	70.4	148.6	117.3	71.4	28.7	62.0	45.8	46.4	34.0	27.2
2. Short-term prepayments to suppliers	113.6	19.8	70.2	20.0	22.5	60.8	79.3	50.6	53.5	56.7	13.8	22.1
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.3	2.2	1.8	2.2	2.3	2.2	2.2	2.4	2.1	2.7	2.4	3.7
7. Provision for short-term doubtful debts (*)	-12.9	-12.9	-14.4	-14.4	-15.9	-15.9	-18.9	-18.4	-21.4	-21.4	-26.4	-26.4
8. Assets awaiting resolution	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
IV. Inventories	85.7	100.1	93.2	81.8	105.1	73.3	75.2	93.3	90.6	55.3	126.3	108.4
1. Inventories	85.7	100.1	93.2	81.8	105.1	73.3	75.2	93.3	90.6	55.3	126.3	108.4
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	3.3	0.7	1.5	2.3	3.7	1.0	1.5	4.5	4.4	1.2	1.5	2.2
1. Short-term prepayments	2.9	0.2	1.0	1.8	2.4	0.3	0.8	1.6	2.3	0.2	0.7	1.4
2. Value added tax to be reclaimed	—	—	—	—	0.6	0.0	0.0	2.2	1.3	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.5	0.5	0.5	0.6	0.7	0.7	0.7	0.7	0.8	1.1	0.8	0.8
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	339.4	345.3	372.0	386.2	388.9	398.3	420.1	433.7	432.8	450.7	482.1	494.3
I. Long-term receivables	1.5	1.4	1.3	0.9	0.8	0.8	0.8	0.8	0.8	0.7	0.7	0.7
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.5	1.4	1.3	0.9	0.8	0.8	0.8	0.8	0.8	0.7	0.7	0.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	228.1	241.1	253.9	266.9	279.2	292.4	303.7	316.6	322.7	335.4	348.1	360.8
1. Tangible fixed assets	226.4	239.4	252.1	265.1	277.2	290.4	301.6	314.4	320.4	333.0	345.7	358.3
- Cost	1,161.3	—	—	—	—	1,160.8	1,158.8	1,158.5	1,151.5	1,151.2	1,150.4	1,151.6
- Accumulated depreciation	-934.9	—	—	—	—	-870.4	-857.3	-844.1	-831.1	-818.1	-804.6	-793.3
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.6	1.7	1.8	1.8	1.9	2.0	2.1	2.2	2.3	2.3	2.4	2.5
- Cost	7.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	2.5	2.6	2.7	2.8	2.9	2.9	3.0	3.1	3.2	3.3	3.4	3.4
- Cost	8.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	11.7	2.3	23.0	20.7	8.1	1.6	19.9	16.4	4.4	0.4	33.6	32.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	11.7	2.3	23.0	20.7	8.1	1.6	19.9	16.4	4.4	0.4	33.6	32.6
V. Long-term financial investments	83.0	83.1	82.8	83.1	82.6	82.7	80.2	80.5	81.6	83.5	83.5	83.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	102.8	—	—	102.8	—	0.0	0.0	0.0	0.0	102.8	0.0	102.6
3. Investments in other entities	—	102.8	102.8	—	102.8	102.8	102.8	102.8	102.8	0.0	102.8	0.0
4. Provision for diminution in value of long-term investments	-19.7	-19.7	-20.0	-19.7	-20.1	-20.0	-22.5	-22.3	-21.2	-19.3	-19.3	-19.4
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	12.5	14.7	8.3	11.9	15.5	17.9	12.5	16.4	20.3	27.4	12.9	13.6
1. Long-term prepayments	12.5	14.7	8.3	11.9	15.5	17.9	12.5	16.4	20.3	27.4	12.9	13.6
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	549.5	551.8	596.1	627.7	624.9	591.5	588.4	631.1	610.3	592.3	635.4	632.1
A. LIABILITIES (300=210+330)	287.4	285.0	342.4	374.7	380.3	352.3	363.7	401.5	389.6	374.0	429.3	424.9
I. Short -term liabilities	282.1	284.2	327.0	363.8	372.8	349.3	349.1	388.4	378.4	368.9	406.6	406.6
1. Short-term trade accounts payable	47.5	63.9	58.5	82.3	68.0	55.8	46.8	51.6	52.2	56.6	60.7	57.7
2. Short-term advances from customers	6.3	3.8	2.9	0.5	0.7	0.0	0.0	0.0	0.0	2.9	13.5	8.0
3. Taxes and other payables to state authorities	7.1	10.8	10.8	10.0	6.8	7.0	4.4	5.1	6.3	6.6	3.7	3.6
4. Payable to employees	6.6	11.0	7.9	7.4	7.1	7.6	6.9	7.0	7.0	9.1	6.6	6.3
5. Short-term acrrued expenses	0.7	1.2	0.8	0.8	0.6	1.1	0.7	0.7	0.8	0.8	0.5	0.5
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.1	0.9	1.0	1.2	2.1	2.1	2.7	6.1	2.7	2.2	2.6	2.7
10. Short-term borrowings and financial leases	212.9	192.6	245.1	261.6	287.5	275.7	287.7	318.0	309.5	290.8	318.9	327.7
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	5.3	0.8	15.4	10.9	7.5	3.0	14.6	13.1	11.2	5.2	22.8	18.3
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	1.1	1.1	2.2	2.2	3.3	3.3	4.4	4.4	5.5	5.5
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	5.3	0.8	14.3	9.8	5.3	0.8	11.3	9.8	6.8	0.8	17.2	12.7
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	262.0	266.8	253.8	253.0	244.6	239.2	224.7	229.6	220.7	218.2	206.1	207.2
I. Owner's equity	262.0	266.8	253.8	253.0	244.6	239.2	224.7	229.6	220.7	218.2	206.1	207.2
1. Owner's capital	265.3	265.3	265.3	265.3	265.3	265.3	265.3	265.3	265.3	265.3	265.3	265.3
- Common stock with voting right	265,300,000,000.00	265,300,000,000.00	265,300,000,000.00	265,300,000,000.00	265,300,000,000.00	265,300,000,000.00	265,300,000,000.00	265,300,000,000.00	265,300,000,000.00	265,300,000,000.00	265,300,000,000.00	265,300,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-3.3	1.5	-11.5	-12.3	-20.7	-26.1	-40.6	-35.7	-44.6	-47.1	-59.2	-58.1
- Accumulated retained earning at the end of the previous period	1.8	-26.4	-26.4	-26.4	-26.4	-48.6	-48.6	-48.6	-48.6	-56.1	-56.1	-56.1
- Undistributed earnings in this period	-5.0	27.9	14.9	14.0	5.6	22.5	8.0	12.9	4.1	9.0	-3.1	-2.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	549.5	551.8	596.1	627.7	624.9	591.5	588.4	631.1	610.3	592.3	635.4	632.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-5.0	16.6	1.1	10.5	7.1	17.8	-5.3	9.5	5.1	13.7	-1.5	-2.4
Depreciation of Fixed Assets and Investment Property	13.2	13.2	13.2	13.3	13.3	13.3	13.3	13.2	13.2	13.1	13.2	13.2
Provision (Increase)/Reversal	4.5	-18.5	7.8	2.9	4.5	-16.0	1.5	1.8	6.0	-19.6	4.5	0.8
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.0	-0.1	0.0	-0.0	0.0	0.0	-0.0	-0.1	0.5	0.1
Gain/Loss from Investment Activities	-0.0	-0.2	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	0.0	-0.3	-0.0	-0.0
Interest Expense	3.5	3.3	4.1	4.3	4.6	4.6	5.1	5.3	5.5	6.2	6.6	7.4
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	16.2	14.3	26.2	30.8	29.5	19.6	14.6	29.8	29.8	13.1	23.3	19.1
Increase/(Decrease) in Receivables	-16.0	26.1	27.8	-28.0	-7.9	-24.2	4.3	-11.8	3.3	-55.1	2.3	11.2
Increase/(Decrease) in Inventory	14.0	-6.4	-11.1	22.9	-32.1	1.9	18.5	-3.1	-29.7	65.4	-17.6	29.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-16.7	8.0	-22.2	16.0	13.5	7.5	-4.9	-1.2	-10.0	-11.3	9.1	-26.7
Increase/(Decrease) in Prepaid Expenses	0.6	-6.7	4.3	4.2	0.3	-3.9	4.9	4.3	2.0	-11.0	1.4	5.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.4	-3.3	-4.2	-4.4	-4.5	-4.6	-5.2	-5.3	-5.5	-5.8	-7.0	-7.3
Corporate Income Tax Paid	-6.0	0.0	0.0	-0.9	-3.7	0.0	0.0	-1.1	-2.2	-0.1	0.0	-0.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	19.9	-19.9	0.0	0.0	33.6	-1.0	-18.1
Net Cash Flow from Operating Activities	-11.3	32.0	20.8	40.6	-4.8	16.3	12.3	11.6	-12.5	28.8	10.3	12.6
Payments for Fixed Assets and Other Long-term Assets	-9.3	22.2	-3.8	-13.9	-6.4	-3.2	15.3	-18.7	-4.3	-0.7	-0.4	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	-1.0	-12.1	5.2
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	1.0	12.1	-5.2
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.1	-12.6
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-9.3	22.4	-3.8	-13.9	-6.4	-3.1	15.3	-18.7	-4.3	-0.7	-0.5	-12.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	-577,879,243,784.00	577,879,243,784.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	239.2	70.9	182.5	158.3	136.0	1,378.0	-1,006.7	172.0	252.6	172.4	225.3	191.6
Repayment of Borrowings	-219.0	-124.5	-199.1	-185.3	-124.2	-813.3	398.5	-164.7	-233.9	-201.6	-234.1	-192.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	20.3	-53.6	-16.5	-27.0	11.8	-13.1	-30.2	7.4	18.7	-29.2	-8.8	-0.6
Net Cash Flow During the Period	-0.3	0.8	0.5	-0.2	0.6	0.0	-2.6	0.3	2.0	-1.0	1.0	-0.8
Cash and Cash Equivalents at Beginning of Period	2.0	1.2	0.7	0.9	0.3	0.6	0.6	0.6	0.6	0.9	0.9	0.9
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.7	2.0	1.2	0.7	0.9	0.3	0.2	2.8	2.5	0.6	1.6	0.6

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VCX

What Is Changing

Drivers of VCX's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▲

Working Capital Efficiency ▲

Is financial risk significant?

Leverage & Liquidity ▼▼

Cash Flow ▲▲

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow