VIN

Giao nhận Kho vận Ngoại Thương Việt Nam ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 2.71%, −7.11pp YoY

Price

15,400

Latest close

02 Jun 2026

P/E 22.51x

P/B 0.69x

EPS 684

BVPS 22,344

ROE 3.1%

ROA 2.9%

Profit Margin 2.7%

Asset Turnover 1.08x

Equity Mult. 1.05x

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

What Is Changing

On a TTM 2026Q1 basis, VIN is holding revenue at an acceptable level, but margins are eroding visibly — margins have been compressing consistently over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 645bn
	                                
+208.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 17bn
	                                
−14.9%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    256.8%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	492.9	165.7	142.4	214.2	259.1
Growth	+198%	+16%	-33%	-17%	—
Net Income	11.7	29.3	44.5	95.6	46.0
Net Margin	2.37%	17.68%	31.24%	44.64%	17.74%

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	223.9	106.2	177.9	136.9	71.9	75.4	30.2	31.6	28.5	34.6	38.2	36.7
Growth	+111%	-40%	+30%	+90%	-5%	+150%	-5%	+11%	-18%	-10%	+4%	—
Net Income	4.5	-1.3	-1.5	15.8	-1.3	10.8	5.2	5.9	9.7	-3.8	11.1	21.7
Net Margin	1.99%	-1.26%	-0.82%	11.55%	-1.83%	14.26%	17.10%	18.76%	34.07%	-10.85%	29.16%	59.12%

Drivers of VIN's profit

TTM

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

Associates income ↑ 55.9bn

Selling expenses ↓ 1.6bn

Other profit ↑ 0.6bn

Financial income ↓ 50.9bn

Gross profit ↓ 4.2bn

Administrative expenses ↑ 3.6bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher associates income. Supporting and offsetting drivers:

Associates income ↑ 52.1bn

Gross profit ↑ 5.2bn

Administrative expenses ↓ 3.1bn

Selling expenses ↓ 1.5bn

Financial income ↓ 55.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.6% = 9.8% × 0.35 × 1.04

2026Q1 3.1% = 2.7% × 1.08 × 1.05

ROE fell from 3.6% to 3.1% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 2.7% -7.1pp Asset turnover: 1.08x +0.73x Leverage: 1.05x +0.01x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 2.71%, losing 7.1pp. The main pressure is Gross margin fell 7.7pp, outweighing the improvement in SG&A / Revenue fell 11.9pp (with lingering pressure from Net financial result / Revenue fell 40.8pp and Other profit / Revenue fell 0.3pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 2.71% −7.1pp

Gross Margin 2.73% −7.7pp

SG&A / Revenue 6.18% −11.9pp

Non-core / Revenue 7.63% −41.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 41.0pp, financial result still accounts for 265.8% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.06x equity, with a net cash position equivalent to 0.07x equity.

Over the last 12 months, working capital released 15.1bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +11.0bn

Inventories decreased → higher CFO: +1.0bn

Payables increased → higher CFO: +3.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 46.1 days versus the same period last year. The main moves came from DIO fell 2.0 days, DSO fell 50.1 days, and DPO fell 5.9 days.

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

Working Capital Efficiency

Receivables 28.2 days −50.1 days

Inventory 1.1 days −2.0 days

Payables 6.7 days −5.9 days

Cash Conversion Cycle 22.6 days −46.1 days

Is financial risk significant?

Leverage is safe but FCF is negative at 12.9bn due to capex of 7.2bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.07x and interest coverage at 393.34x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.07x —

Interest Coverage 393.34x +384.05x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.33x +4.54x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -2.0bn in 2025, against investing cash flow of 40.5bn.

Post-investment cash flow was positive +38.5bn. Financing cash flow was negative +15.3bn.

CFO / net income was -0.33x.

After spending +7.2bn on fixed-asset investment, the business generated trailing free cash flow of −12.9bn.

Cash Conversion

CFO TTM 5.7bn +94.1bn

Cash Capex 7.2bn +2.4bn

FCF TTM −12.9bn +91.6bn

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 margins remain under pressure remaining the main constraint, with net margin down 7.1 pp. The next watchpoint is the earnings mix, when non-core contribution is 256.8%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.07x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.07x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 256.8% of PBT and CFO / net income currently at -0.33x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 2.71% after a 7.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	492.9	165.7	142.4	214.2	259.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	492.9	165.7	142.4	214.2	259.1
Cost of Goods Sold	480.5	143.2	118.1	187.4	0.0
Gross Profit	12.4	22.5	24.3	26.8	7.5
Financial Income	103.0	24.7	32.8	65.6	44.3
Financial Expenses	0.0	-2.2	2.3	0.2	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	-60.6	12.4	24.2	45.1	12.3
Selling Expenses	7.8	7.1	8.9	15.2	-0.0
General and Administrative Expenses	36.5	25.9	24.7	25.9	-16.9
Operating Profit	10.3	28.8	45.5	96.3	47.2
Other Income	2.2	1.1	0.7	0.6	0.0
Other Expenses	0.5	0.1	0.5	0.4	0.0
Other Profit	1.7	1.1	0.3	0.1	0.5
Profit Before Tax	12.0	29.9	45.8	96.4	47.7
Current Income Tax Expense	0.3	0.6	1.3	0.8	-1.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	11.7	29.3	44.5	95.6	46.0
Non-controlling Interest	0.0	0.1	0.1	-0.1	0.0
Profit Attributable to Parent	11.7	29.2	44.4	95.7	45.9
Earnings per Share	457.00	1,146.00	1,742.00	3,752.00	1,802.00
Diluted EPS	457.25	1,146.03	1,741.78	3,751.82	1,801.43

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	252.2	190.2	215.9	263.5	214.1
I. Cash and cash equivalents	37.8	14.6	40.2	27.8	23.1
1. Cash	5.2	6.6	19.2	27.8	0.0
2. Cash equivalents	32.6	8.0	21.0	0.0	0.0
II. Short-term financial investments	108.6	51.0	132.0	169.0	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	108.6	51.0	132.0	169.0	0.0
III. Short-term receivables	98.6	118.9	40.2	63.5	60.0
1. Short-term trade accounts receivable	34.0	67.9	27.0	39.6	0.0
2. Short-term prepayments to suppliers	49.9	39.9	0.8	1.0	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	17.5	13.2	13.8	23.7	0.0
7. Provision for short-term doubtful debts (*)	-2.8	-2.2	-1.4	-0.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2.0	3.8	2.6	1.5	0.2
1. Inventories	2.0	3.8	2.6	1.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	5.2	1.8	0.9	1.7	1.8
1. Short-term prepayments	0.7	0.9	0.4	0.1	0.0
2. Value added tax to be reclaimed	0.4	0.6	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	4.1	0.3	0.6	1.6	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)	344.5	406.1	378.2	353.4	323.8
I. Long-term receivables	1.1	0.7	0.7	0.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.4
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	1.1	0.7	0.7	0.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	28.1	28.4	16.3	16.6	18.1
1. Tangible fixed assets	17.1	18.8	6.6	6.9	8.5
- Cost	44.0	45.5	35.7	40.9	0.0
- Accumulated depreciation	-26.9	-26.8	-29.1	-34.0	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	11.0	9.7	9.7	9.7	9.6
- Cost	11.4	10.0	10.0	10.0	0.0
- Accumulated depreciation	-0.5	-0.3	-0.3	-0.3	0.0
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	0.4	0.9	0.7	0.2	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.9	0.7	0.2	0.0
V. Long-term financial investments	314.1	374.7	360.1	335.1	305.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	255.6	316.2	303.8	279.6	0.0
3. Investments in other entities	58.5	58.5	58.5	54.5	0.0
4. Provision for diminution in value of long-term investments	—	0.0	-2.3	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	1.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.7	1.3	0.4	0.8	0.0
1. Long-term prepayments	0.7	1.3	0.4	0.8	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	0.2
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)	596.7	596.3	594.1	617.0	537.9
A. LIABILITIES (300=210+330)	31.4	24.8	32.9	46.9	43.5
I. Short -term liabilities	31.2	23.3	31.7	45.1	43.0
1. Short-term trade accounts payable	17.3	10.2	12.6	17.4	15.7
2. Short-term advances from customers	0.7	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.0	0.8	2.8	1.6	0.0
4. Payable to employees	5.4	4.9	10.0	15.9	0.0
5. Short-term acrrued expenses	2.3	5.7	1.3	4.4	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	0.2	0.1	0.0	0.0	0.0
9. Other short-term payables	2.9	1.4	1.8	1.0	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	1.3	0.3	3.3	4.9	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	0.2	1.5	1.2	1.7	0.5
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	0.2	1.5	1.2	1.7	0.0
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)	—	0.00	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	—	0.0	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)	565.3	571.5	561.2	570.1	494.4
I. Owner's equity	565.3	571.5	561.2	570.1	0.0
1. Owner's capital	255.0	255.0	255.0	255.0	494.4
- Common stock with voting right	255,000,000,000.00	255,000,000,000.00	255,000,000,000.00	255,000,000,000.00	255,000,000,000.00
- 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	0.1	0.1	0.1	0.1	0.1
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	308.4	314.3	303.9	312.9	237.1
- Accumulated retained earning at the end of the previous period	296.7	285.1	259.5	217.2	191.2
- Undistributed earnings in this period	11.7	29.2	44.4	95.7	45.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1.8	2.1	2.2	2.1	2.2
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)	596.7	596.3	594.1	617.0	537.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	12.0	29.9	45.8	96.4	47.7
Depreciation of Fixed Assets and Investment Property	2.4	1.6	0.9	1.7	2.1
Provision (Increase)/Reversal	0.6	-1.5	2.9	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	-0.2	0.0
Gain/Loss from Investment Activities	-41.7	-37.9	-57.6	-111.0	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	-26.6	-7.9	-8.0	-13.0	-6.9
Increase/(Decrease) in Receivables	18.5	-80.7	17.1	-8.9	0.0
Increase/(Decrease) in Inventory	1.8	-1.3	-1.0	-1.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	5.9	-7.5	-12.6	4.1	0.0
Increase/(Decrease) in Prepaid Expenses	0.8	-1.4	0.2	-0.6	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	-0.4	-0.3	-0.1	-1.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.0	-1.6	-6.5	-6.4	0.0
Net Cash Flow from Operating Activities	-2.0	-100.7	-11.0	-27.3	-22.7
Payments for Fixed Assets and Other Long-term Assets	-1.7	-13.9	-1.1	-0.4	-1.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.8	0.7	0.6	0.0
Loans and Purchases of Debt Instruments	-250.3	-108.5	-160.5	-245.0	-4.5
Receipts from Loan Repayments and Sale of Debt Instruments	192.7	189.5	194.0	236.0	67.0
Investments in Other Entities	—	0.0	0.0	0.0	-52.8
Proceeds from Investments in Other Entities	—	0.0	0.5	0.1	0.0
Dividends and Interest Income Received	99.6	25.3	38.2	71.2	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	40.5	93.1	71.9	62.4	54.4
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	—	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	-15.3	-18.0	-48.4	-30.6	-20.4
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	-15.3	-18.0	-48.4	-30.6	-20.4
Net Cash Flow During the Period	23.2	-25.6	12.4	4.5	10.1
Cash and Cash Equivalents at Beginning of Period	14.6	40.2	27.8	23.1	11.8
FX Difference from Revaluation	0.0	0.0	-0.0	0.2	-0.0
Cash and Cash Equivalents at End of Period	37.8	14.6	40.2	27.8	23.1

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
Revenue	223.9	106.2	177.9	136.9	71.9	75.4	30.2	31.6	28.5	34.6	38.2	36.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	223.9	106.2	177.9	136.9	71.9	75.4	30.2	31.6	28.5	34.6	38.2	36.7
Cost of Goods Sold	214.9	103.6	178.4	130.4	68.2	67.7	25.0	26.5	23.1	28.4	31.2	30.5
Gross Profit	9.0	2.7	-0.5	6.4	3.8	7.7	5.2	5.1	5.4	6.2	7.0	6.2
Financial Income	22.5	13.8	1.1	10.2	77.9	5.4	2.5	12.7	4.1	3.6	5.2	20.6
Financial Expenses	0.0	0.0	0.0	0.0	0.0	0.1	0.0	-2.3	0.0	2.3	-0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	-17.9	-5.2	6.3	8.4	-70.1	6.9	4.6	-5.8	7.5	-4.9	8.1	4.8
Selling Expenses	1.1	1.7	1.5	2.1	2.6	1.9	1.7	1.9	1.5	0.7	2.3	2.8
General and Administrative Expenses	7.2	10.4	6.7	9.0	10.3	7.6	5.9	6.1	5.5	6.0	6.5	6.4
Operating Profit	5.2	-0.8	-1.4	13.8	-1.3	10.6	4.7	6.3	9.9	-4.1	11.6	22.4
Other Income	0.0	0.2	0.0	2.0	0.0	0.4	0.7	0.1	0.0	0.7	0.0	0.0
Other Expenses	0.0	0.4	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.3
Other Profit	-0.0	-0.2	-0.1	2.0	-0.0	0.4	0.6	0.1	-0.0	0.6	-0.0	-0.3
Profit Before Tax	5.2	-1.0	-1.5	15.8	-1.3	10.9	5.3	6.4	9.9	-3.5	11.6	22.1
Current Income Tax Expense	0.7	0.3	—	—	—	0.2	0.2	0.4	0.2	0.3	0.5	0.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.5	-1.3	-1.5	15.8	-1.3	10.8	5.2	5.9	9.7	-3.8	11.1	21.7
Non-controlling Interest	-0.0	0.1	-0.0	-0.0	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.5	-1.4	-1.4	15.8	-1.3	10.8	5.1	5.9	9.7	-3.8	11.1	21.7
Earnings per Share	176.00	-55.00	-57.00	620.00	-51.00	421.62	201.00	232.00	381.00	-149.00	436.00	851.00
Diluted EPS	175.92	-54.62	-56.67	620.19	-50.99	421.62	201.46	232.26	380.78	-148.65	436.13	850.73

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)	266.5	252.2	239.6	257.6	259.8	189.9	191.5	189.2	195.1	215.9	211.3	216.2
I. Cash and cash equivalents	39.0	37.8	66.1	17.4	26.2	14.6	11.7	7.7	14.7	40.2	17.5	23.5
1. Cash	16.9	5.2	42.1	17.4	26.2	6.6	11.7	7.7	14.7	19.2	17.5	14.0
2. Cash equivalents	22.2	32.6	24.0	—	—	8.0	0.0	0.0	0.0	21.0	0.0	9.5
II. Short-term financial investments	116.7	108.6	74.1	83.1	108.0	51.0	125.0	123.0	140.0	132.0	126.0	120.0
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	116.7	108.6	74.1	83.1	108.0	51.0	125.0	123.0	140.0	132.0	126.0	120.0
III. Short-term receivables	104.3	98.6	95.3	151.0	119.9	118.9	51.5	55.5	37.7	40.2	65.5	68.3
1. Short-term trade accounts receivable	32.6	34.0	57.4	63.5	67.0	67.9	24.3	25.0	22.7	27.0	29.9	31.0
2. Short-term prepayments to suppliers	59.6	49.9	25.7	73.3	37.9	39.9	0.7	0.5	0.2	0.8	0.4	0.3
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	15.4	17.5	15.0	16.9	17.5	13.2	28.2	31.6	16.4	13.8	36.4	37.8
7. Provision for short-term doubtful debts (*)	-3.2	-2.8	-2.7	-2.7	-2.6	-2.2	-1.6	-1.6	-1.6	-1.4	-1.3	-0.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1.4	2.0	1.0	2.0	2.4	3.8	1.7	1.3	0.8	2.6	1.2	2.8
1. Inventories	1.4	2.0	1.0	2.0	2.4	3.8	1.7	1.3	0.8	2.6	1.2	2.8
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	5.1	5.2	3.1	4.1	3.4	1.5	1.5	1.8	1.9	0.9	1.1	1.7
1. Short-term prepayments	1.2	0.7	2.4	3.0	2.2	0.9	1.0	0.9	0.7	0.4	0.4	0.5
2. Value added tax to be reclaimed	0.3	0.4	0.3	0.4	0.6	0.6	0.5	0.7	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	3.5	4.1	0.4	0.7	0.6	0.0	0.0	0.2	1.1	0.6	0.7	1.2
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)	332.1	344.5	349.8	344.3	336.3	406.9	396.2	391.9	394.2	377.0	382.1	374.1
I. Long-term receivables	1.2	1.1	1.1	1.1	1.1	0.7	0.7	0.7	0.7	0.7	0.7	1.0
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	1.2	1.1	1.1	1.1	1.1	0.7	0.7	0.7	0.7	0.7	0.7	1.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	27.5	28.1	28.2	28.9	29.4	28.4	24.8	25.2	25.7	16.3	16.5	16.3
1. Tangible fixed assets	16.5	17.1	17.2	17.8	18.3	18.8	15.1	15.5	16.0	6.6	6.8	6.6
- Cost	44.0	—	—	—	—	45.5	45.0	45.0	45.3	35.7	41.5	41.1
- Accumulated depreciation	-27.5	—	—	—	—	-26.8	-29.8	-29.4	-29.3	-29.1	-34.7	-34.5
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	11.0	11.0	11.0	11.1	11.1	9.7	9.7	9.7	9.7	9.7	9.7	9.7
- Cost	11.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	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
IV. Long-term assets in progress	6.4	0.4	0.2	0.2	0.2	0.9	0.9	0.9	0.9	0.7	0.7	0.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	6.4	0.4	0.2	0.2	0.2	0.9	0.9	0.9	0.9	0.7	0.7	0.8
V. Long-term financial investments	296.2	314.1	319.4	313.1	304.7	375.5	368.6	364.0	366.4	358.9	363.7	355.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	237.7	255.6	260.9	254.6	246.2	317.0	310.1	305.5	310.2	302.6	304.7	296.5
3. Investments in other entities	58.5	58.5	58.5	58.5	58.5	58.5	58.5	58.5	58.5	58.5	59.0	59.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	-2.3	-2.3	0.0	0.0
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	0.8	0.7	0.9	1.0	0.9	1.3	1.2	1.0	0.5	0.4	0.5	0.5
1. Long-term prepayments	0.8	0.7	0.9	1.0	0.9	1.3	1.2	1.0	0.5	0.4	0.5	0.5
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)	598.6	596.7	589.4	601.9	596.1	596.8	587.7	581.1	589.3	592.9	593.3	590.3
A. LIABILITIES (300=210+330)	28.9	31.4	23.2	34.1	25.9	23.0	25.6	22.9	19.5	32.8	32.3	40.5
I. Short -term liabilities	28.3	31.2	22.1	33.1	24.9	21.5	24.3	21.4	18.2	31.6	31.2	39.4
1. Short-term trade accounts payable	14.8	17.3	9.1	11.0	8.1	10.3	10.8	9.2	4.9	12.6	7.0	15.0
2. Short-term advances from customers	0.2	0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.2	1.0	2.3	0.3	0.2	0.9	1.3	0.3	2.2	2.8	1.3	0.9
4. Payable to employees	2.1	5.4	1.7	0.8	0.7	2.9	5.2	5.5	4.3	9.9	12.0	9.6
5. Short-term acrrued expenses	6.9	2.3	4.6	15.8	13.1	5.7	4.3	3.3	2.2	1.3	4.7	4.9
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	—	0.2	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.5	2.9	2.2	2.2	2.2	1.4	1.6	1.7	2.4	1.8	1.7	2.7
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	0.5	0.8	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	1.3	1.8	2.2	0.0	0.3	1.2	1.3	2.3	3.3	4.5	6.2
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	0.6	0.2	1.0	1.0	1.0	1.5	1.4	1.5	1.2	1.2	1.1	1.1
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	0.6	0.2	1.0	1.0	1.0	1.5	1.4	1.5	1.2	1.2	1.1	1.1
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	569.8	565.3	566.2	567.7	570.2	573.8	562.0	558.2	569.8	560.1	561.0	549.9
I. Owner's equity	569.8	565.3	566.2	567.7	570.2	573.8	562.0	558.2	569.8	560.1	561.0	549.9
1. Owner's capital	255.0	255.0	255.0	255.0	255.0	255.0	255.0	255.0	255.0	255.0	255.0	255.0
- Common stock with voting right	255,000,000,000.00	255,000,000,000.00	255,000,000,000.00	255,000,000,000.00	255,000,000,000.00	255,000,000,000.00	255,000,000,000.00	255,000,000,000.00	255,000,000,000.00	255,000,000,000.00	255,000,000,000.00	255,000,000,000.00
- 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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	312.8	308.4	309.1	310.5	313.0	316.6	304.7	300.9	312.5	302.8	303.7	292.6
- Accumulated retained earning at the end of the previous period	308.4	296.7	296.0	296.0	314.3	285.1	283.9	285.3	302.8	259.5	259.5	259.5
- Undistributed earnings in this period	4.5	11.7	13.1	14.5	-1.3	31.5	20.8	15.6	9.7	43.3	44.2	33.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1.8	1.8	2.0	2.0	2.1	2.1	2.2	2.2	2.2	2.2	2.2	2.1
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)	598.6	596.7	589.4	601.9	596.1	596.8	587.7	581.1	589.3	592.9	593.3	590.3

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
Profit Before Tax	5.2	-1.0	-1.5	15.8	-1.3	10.9	5.3	6.4	9.9	-0.7	11.6	22.1
Depreciation of Fixed Assets and Investment Property	0.7	0.7	0.6	0.7	0.5	0.5	0.4	0.4	0.2	0.2	0.2	0.2
Provision (Increase)/Reversal	0.5	-0.4	-0.3	0.4	0.9	0.6	-0.0	-2.2	0.2	2.4	0.4	-0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0	0.1	-0.0	0.0	-0.0	0.2	-0.1	-0.0
Gain/Loss from Investment Activities	-4.6	-8.5	-7.4	-19.8	-6.0	-12.7	-7.5	-6.9	-11.6	-2.3	-13.2	-25.4
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1.7	-9.3	-8.6	-2.9	-5.8	-0.7	-1.8	-2.3	-1.3	-0.3	-1.1	-3.2
Increase/(Decrease) in Receivables	-9.2	-6.0	56.7	-30.5	-1.7	-79.8	-0.1	-6.7	6.2	2.7	3.7	1.6
Increase/(Decrease) in Inventory	0.7	-1.1	1.0	0.4	1.5	-4.0	-0.4	-0.5	1.8	-1.3	1.6	0.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.8	9.4	-10.2	5.8	1.0	-2.9	2.8	5.1	-13.1	3.0	-7.0	5.2
Increase/(Decrease) in Prepaid Expenses	-0.6	1.9	0.7	-0.8	-0.9	0.1	-0.4	-0.7	-0.4	0.1	0.2	-0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.3	-0.1	0.0	0.0	-0.3	-0.1	-0.0	0.0	-0.1	-0.1	-0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.7	-0.5	-0.4	-0.9	-0.2	1.5	-0.3	-1.9	-0.9	-1.2	-1.8	-0.9
Net Cash Flow from Operating Activities	-10.3	-5.7	39.3	-29.0	-6.6	-85.9	-0.2	-7.0	-7.9	3.0	-4.5	3.5
Payments for Fixed Assets and Other Long-term Assets	-6.2	-0.9	0.0	-0.2	-0.7	-4.1	0.0	0.0	-9.8	-0.0	-0.4	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	—	—	—	0.3	0.5	0.1	0.0	0.7	0.0	0.0
Loans and Purchases of Debt Instruments	-94.1	-101.2	-14.0	-60.1	-75.0	-84.5	-6.0	2.0	-20.0	-91.0	-21.0	-45.0
Receipts from Loan Repayments and Sale of Debt Instruments	89.1	66.7	23.0	85.0	18.0	158.5	4.0	15.0	12.0	85.0	15.0	88.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.5	0.0	0.0
Dividends and Interest Income Received	22.5	12.5	0.5	10.7	75.8	17.2	6.8	0.7	0.2	24.7	5.6	6.5
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	11.3	-22.6	9.5	35.4	18.2	87.4	5.3	17.8	-17.6	19.9	-0.8	49.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.0	-15.3	—	1.5	-1.1	-17.8	0.0	0.0	-0.8	-47.6
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	—	0.0	-0.0	-15.3	—	1.5	-1.1	-17.8	0.0	0.0	-0.8	-47.6
Net Cash Flow During the Period	1.0	-28.3	48.8	-8.8	11.6	3.0	3.9	-7.0	-25.5	22.9	-6.1	5.2
Cash and Cash Equivalents at Beginning of Period	38.1	66.1	17.4	26.2	14.6	40.2	40.2	40.2	40.2	27.8	27.8	27.8
FX Difference from Revaluation	0.0	0.0	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	0.0	-0.2	0.2	0.0
Cash and Cash Equivalents at End of Period	39.0	37.8	66.1	17.4	26.2	14.6	11.7	7.7	14.7	40.2	17.5	23.5

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VIN

What Is Changing

Drivers of VIN's profit

Financial Highlights

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Balance Sheet ▲

Working Capital Efficiency ▲▲

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Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow