VDB

Vận tải và Chế biến Than Đông Bắc ·UPCOM ·2025Q4

▼ Under pressure

Price

—

Latest close

P/E —

P/B —

EPS —

BVPS —

ROE 22.4%

ROA 2.3%

Profit Margin 0.6%

Asset Turnover 3.90x

Equity Mult. 9.73x

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

What Is Changing

On a Năm 2025 basis, VDB is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit is at an all-time high. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,700bn
	                                
−18.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 28bn
	                                
−19.3%YoY

Metric	2025	2024	2023	2022
Revenue	4,700.0	5,776.4	5,093.9	5,516.3
Growth	-19%	+13%	-8%	—
Net Income	27.7	34.4	51.5	48.4
Net Margin	0.59%	0.60%	1.01%	0.88%

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 0.59% −0.0pp

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.

Inventory ended the period at 1,056.5bn, roughly 83.1% of total assets.

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	4,706.6	5,776.4	5,093.9	5,516.3
Revenue Deductions	6.6	0.0	0.0	0.0
Net Revenue	4,700.0	5,776.4	5,093.9	5,516.3
Cost of Goods Sold	4,446.4	5,502.5	4,805.7	5,212.6
Gross Profit	253.6	273.8	288.1	303.8
Financial Income	0.0	0.0	0.0	0.0
Financial Expenses	35.8	36.7	15.5	24.1
Interest Expense	35.8	36.7	15.5	23.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	135.9	145.4	167.4	177.4
General and Administrative Expenses	50.1	50.8	42.8	43.4
Operating Profit	31.9	41.0	62.4	58.9
Other Income	4.9	3.8	2.5	3.9
Other Expenses	0.4	0.3	0.5	2.1
Other Profit	4.5	3.5	2.0	1.8
Profit Before Tax	36.4	44.4	64.4	60.7
Current Income Tax Expense	8.7	10.1	13.0	12.3
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	27.7	34.4	51.5	48.4
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	27.7	34.4	51.5	48.4
Earnings per Share	2,877.00	3,566.00	5,337.00	5,021.00
Diluted EPS	2,877.00	3,962.49	5,929.61	5,021.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,094.1	953.9	1,103.2	277.1
I. Cash and cash equivalents	2.3	1.6	0.4	1.0
1. Cash	2.3	1.6	0.4	1.0
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	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	—	0.0	0.0	0.0
III. Short-term receivables	3.5	0.3	0.3	7.2
1. Short-term trade accounts receivable	0.8	0.1	0.3	6.3
2. Short-term prepayments to suppliers	—	0.0	0.0	0.0
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	2.6	0.2	0.0	0.9
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	1,056.5	939.2	1,018.7	268.3
1. Inventories	1,056.5	939.2	1,018.7	285.7
2. Provision for decline in value of inventories	—	0.0	0.0	-17.4
V. Other short-term assets	31.8	12.7	83.7	0.5
1. Short-term prepayments	6.1	0.3	0.2	0.5
2. Value added tax to be reclaimed	24.7	12.1	82.7	0.0
3. Taxes and other receivables from state authorities	1.0	0.4	0.8	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)	177.9	182.6	202.0	252.2
I. Long-term receivables	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	155.1	163.3	178.1	232.2
1. Tangible fixed assets	155.1	163.3	178.1	232.2
- Cost	606.2	584.4	577.3	593.1
- Accumulated depreciation	-451.1	-421.2	-399.2	-360.9
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	—	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
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	—	2.5	0.3	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	2.5	0.3	0.0
V. Long-term financial investments	—	0.0	0.0	0.0
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	—	0.0	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	22.8	16.9	23.6	20.0
1. Long-term prepayments	22.8	16.9	23.6	20.0
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)	1,272.1	1,136.5	1,305.2	529.3
A. LIABILITIES (300=210+330)	1,152.3	1,008.7	1,158.7	383.4
I. Short -term liabilities	1,093.5	954.1	1,081.5	282.7
1. Short-term trade accounts payable	67.1	96.5	88.4	50.5
2. Short-term advances from customers	2.6	2.6	12.2	2.5
3. Taxes and other payables to state authorities	4.8	3.9	9.1	12.1
4. Payable to employees	27.7	23.5	21.6	27.6
5. Short-term acrrued expenses	0.2	0.2	0.3	0.0
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	903.3	743.3	879.0	161.0
10. Short-term borrowings and financial leases	82.2	76.1	64.8	25.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	5.6	8.0	6.2	3.6
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	58.8	54.7	77.1	100.8
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	—	2.1	4.9	19.1
8. Long-term borrowings and financial leases	58.8	52.6	72.3	81.7
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	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)	119.7	127.8	146.5	145.8
I. Owner's equity	114.5	121.2	138.2	135.8
1. Owner's capital	86.8	86.8	86.8	86.8
- Common stock with voting right	86,782,380,000.00	86,782,380,000.00	86,782,380,000.00	86,782,380,000.00
- Preferred stock	—	0.00	0.00	0.00
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	—	0.00	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	—	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	27.7	34.4	51.5	49.0
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.6
- Undistributed earnings in this period	27.7	34.4	51.5	48.4
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	5.2	6.6	8.3	10.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	5.2	6.6	8.3	10.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,272.1	1,136.5	1,305.2	529.3

Item	2025	2024	2023	2022
Profit Before Tax	36.4	44.4	64.4	60.7
Depreciation of Fixed Assets and Investment Property	29.0	27.8	56.2	45.8
Provision (Increase)/Reversal	—	0.0	-17.4	17.4
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.5	-2.2	-3.8
Interest Expense	35.8	36.7	15.5	23.3
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	100.9	108.5	116.6	143.5
Increase/(Decrease) in Receivables	-16.4	70.9	-76.6	3.6
Increase/(Decrease) in Inventory	-117.3	79.5	-733.0	97.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	132.7	-140.2	737.0	49.0
Increase/(Decrease) in Prepaid Expenses	-11.8	6.7	-3.4	-9.9
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-35.8	-36.7	-15.4	-23.3
Corporate Income Tax Paid	-7.8	-15.2	-7.3	-9.9
Other Operating Receipts	2.1	2.2	1.0	1.0
Other Operating Payments	-7.9	-5.4	-3.3	-4.0
Net Cash Flow from Operating Activities	38.8	70.3	15.5	247.9
Payments for Fixed Assets and Other Long-term Assets	-19.8	-14.9	-4.1	-40.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.4	2.1	3.7
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
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	-19.5	-14.4	-2.0	-36.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	312.1	345.0	77.8	160.2
Repayment of Borrowings	-299.8	-353.4	-47.9	-351.2
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-30.9	-46.3	-44.1	-19.7
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-18.6	-54.7	-14.2	-210.8
Net Cash Flow During the Period	0.7	1.2	-0.6	0.6
Cash and Cash Equivalents at Beginning of Period	1.6	0.4	1.0	0.4
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.3	1.6	0.4	1.0

Item	Q4'25
Profit Before Tax	36.4
Depreciation of Fixed Assets and Investment Property	29.0
Gain/Loss from Investment Activities	-0.2
Interest Expense	35.8
Operating Profit Before Changes in Working Capital	100.9
Increase/(Decrease) in Receivables	-16.4
Increase/(Decrease) in Inventory	-117.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	132.7
Increase/(Decrease) in Prepaid Expenses	-11.8
Interest Paid	-35.8
Corporate Income Tax Paid	-7.8
Other Operating Payments	-7.9
Net Cash Flow from Operating Activities	38.8
Payments for Fixed Assets and Other Long-term Assets	-19.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2
Dividends and Interest Income Received	0.0
Net Cash Flow from Investing Activities	-19.5
Proceeds from Borrowings	312.1
Repayment of Borrowings	-299.8
Dividends Paid	-30.9
Net Cash Flow from Financing Activities	-18.6
Net Cash Flow During the Period	0.7
Cash and Cash Equivalents at Beginning of Period	1.6
Cash and Cash Equivalents at End of Period	2.3

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VDB

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