Cash flow Thong Nhat Rubber

Stocks

TNC

VN000000TNC3

Tires & Rubber Products

End-of-day quote Ho Chi Minh S.E. 02/10/2026			5-day change	1st Jan Change
26,600.00 ^VND	-6.99%		-7.16%	-18.40%

04/09	Thong Nhat Rubber Joint Stock Company Approves Cash Dividend for 2025, Payable on November 09, 2026	CI
22/07	Thong Nhat Rubber Joint Stock Company Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI

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Published financial data: THONG NHAT RUBBER

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2014 (VND)	2023 (VND)	2024 (VND)	2025 (VND)
Revenues	6.39TCr	13TCr	14TCr	17TCr
Total Revenues	6.39TCr	13TCr	14TCr	17TCr
Cost of Goods Sold, Total	6.42TCr	11TCr	10TCr	12TCr
Gross Profit	-36Cr	2.16TCr	3.91TCr	4.26TCr
Selling General & Admin Expenses, Total	798.36Cr	1.31TCr	2.13TCr	2.46TCr
Other Operating Expenses, Total	798.36Cr	1.31TCr	2.13TCr	2.46TCr
Operating Income	-833.89Cr	844.48Cr	1.78TCr	1.8TCr
Interest Expense, Total	-	-47Cr	-	-
Interest And Investment Income	1.21TCr	2.44TCr	1.72TCr	1.73TCr
Net Interest Expenses	1.21TCr	2.4TCr	1.72TCr	1.73TCr
Currency Exchange Gains (Loss)	8L	-	-	-
Other Non Operating Income (Expenses)	-14Cr	-280.22Cr	-1.14TCr	-45Cr
EBT, Excl. Unusual Items	360.08Cr	2.96TCr	2.35TCr	3.48TCr
Gain (Loss) On Sale Of Assets	1.78TCr	754.01Cr	2.28TCr	2.24TCr
EBT, Incl. Unusual Items	2.14TCr	3.72TCr	4.63TCr	5.72TCr
Income Tax Expense	387.16Cr	432.19Cr	591.11Cr	796.02Cr
Earnings From Continuing Operations	1.75TCr	3.28TCr	4.04TCr	4.92TCr
Net Income to Company	1.75TCr	3.28TCr	4.04TCr	4.92TCr
Net Income - (IS)	1.75TCr	3.28TCr	4.04TCr	4.92TCr
Preferred Dividend and Other Adjustments	-	1.02TCr	1.07TCr	1.26TCr
Net Income to Common Incl Extra Items	1.75TCr	2.27TCr	2.97TCr	3.66TCr
Net Income to Common Excl. Extra Items	1.75TCr	2.27TCr	2.97TCr	3.66TCr
Per Share Items
Net EPS - Basic	909.16	1.18T	1.54T	1.9T
Basic EPS - Continuing Operations	909.16	1.18T	1.54T	1.9T
Basic Weighted Average Shares Outstanding	1.92Cr	1.92Cr	1.92Cr	1.92Cr
Net EPS - Diluted	909.16	1.18T	1.54T	1.9T
Diluted EPS - Continuing Operations	909.16	1.18T	1.54T	1.9T
Diluted Weighted Average Shares Outstanding	1.92Cr	1.92Cr	1.92Cr	1.92Cr
Normalized Basic EPS	116.91	961.7	763.79	1.13T
Normalized Diluted EPS	116.91	961.7	763.79	1.13T
Dividend Per Share	500	-	-	1.6T
Payout Ratio	154.25	105.69	57.1	62.54
Supplemental Items
EBITDA	-141.61Cr	1.82TCr	2.76TCr	2.67TCr
EBITA	-833.89Cr	844.48Cr	1.78TCr	1.8TCr
EBIT	-833.89Cr	844.48Cr	1.78TCr	1.8TCr
Total Revenues (As Reported)	6.39TCr	13TCr	14TCr	17TCr
Effective Tax Rate - (Ratio)	18.11	11.63	12.76	13.92
Current Domestic Taxes	387.16Cr	432.19Cr	591.11Cr	796.02Cr
Total Current Taxes	387.16Cr	432.19Cr	591.11Cr	796.02Cr
Normalized Net Income	225.05Cr	1.85TCr	1.47TCr	2.18TCr
Supplemental Operating Expense Items
Selling and Marketing Expenses	12Cr	182.2Cr	845.79Cr	970.13Cr
General and Administrative Expenses	786.25Cr	1.13TCr	1.28TCr	1.49TCr

Fiscal Period: December	2014 (VND)	2023 (VND)	2024 (VND)	2025 (VND)
Assets
Cash And Equivalents	14TCr	1.06TCr	1.51TCr	674.57Cr
Short Term Investments	1TCr	14TCr	14TCr	16TCr
Total Cash And Short Term Investments	15TCr	15TCr	15TCr	17TCr
Accounts Receivable, Total	595.08Cr	213.21Cr	483.97Cr	2.11TCr
Other Receivables	204.41Cr	992.06Cr	523.51Cr	649.03Cr
Total Receivables	799.48Cr	1.21TCr	1.01TCr	2.76TCr
Inventory	2.83TCr	4.27TCr	5.13TCr	3.87TCr
Other Current Assets, Total	1.42TCr	113.44Cr	91Cr	54Cr
Total Current Assets	20TCr	20TCr	21TCr	23TCr
Gross Property Plant And Equipment	16TCr	21TCr	21TCr	20TCr
Accumulated Depreciation	-6.12TCr	-8.48TCr	-8.87TCr	-9.28TCr
Net Property Plant And Equipment	10TCr	13TCr	12TCr	11TCr
Long-term Investments	2.68TCr	3.16TCr	3.31TCr	2.99TCr
Other Intangibles, Total	34Cr	0	0	0
Other Long-Term Assets, Total	35Cr	385.45Cr	729.67Cr	729.12Cr
Total Assets	33TCr	37TCr	37TCr	38TCr
Liabilities
Accounts Payable, Total	234.82Cr	149.33Cr	292.8Cr	268.58Cr
Accrued Expenses, Total	2.36TCr	2.41TCr	2.56TCr	2.72TCr
Short-term Borrowings	25Cr	-	-	-
Current Income Taxes Payable	173.83Cr	89Cr	177.69Cr	20Cr
Unearned Revenue Current, Total	-	-	21Cr	27Cr
Other Current Liabilities	296.93Cr	773.1Cr	214.63Cr	273.88Cr
Total Current Liabilities	3.09TCr	3.42TCr	3.27TCr	3.31TCr
Other Non Current Liabilities	-	-	39Cr	-
Total Liabilities	3.09TCr	3.42TCr	3.31TCr	3.31TCr
Common Stock, Total	19TCr	19TCr	19TCr	19TCr
Retained Earnings	11TCr	14TCr	15TCr	16TCr
Total Common Equity	30TCr	33TCr	34TCr	35TCr
Total Equity	30TCr	33TCr	34TCr	35TCr
Total Liabilities And Equity	33TCr	37TCr	37TCr	38TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.92Cr	1.92Cr	1.92Cr	1.92Cr
ECS Total Common Shares Outstanding	1.92Cr	1.92Cr	1.92Cr	1.92Cr
Book Value / Share	15.67T	17.27T	17.68T	18.14T
Tangible Book Value	30TCr	33TCr	34TCr	35TCr
Tangible Book Value Per Share	15.66T	17.27T	17.68T	18.14T
Total Debt	25Cr	0	0	0
Net Debt	-15TCr	-15TCr	-15TCr	-17TCr
Account Code - Inventory Valuation	6	-	6	6
Inventories - Raw Materials, Total	175.23Cr	543.34Cr	709.99Cr	505.29Cr
Inventories - Work In Process, Total	46Cr	2.79TCr	2.13TCr	1.41TCr
Inventories - Finished Goods, Total	2.69TCr	718.21Cr	2.1TCr	1.73TCr
Inventories - Others	64Cr	215.92Cr	185.43Cr	228.03Cr
Buildings, Total	3.96TCr	6.57TCr	6.57TCr	6.68TCr
Machinery, Total	2.58TCr	2.42TCr	2.44TCr	2.47TCr
Full Time Employees	-	-	-	271
Accumulated Allowance for Doubtful Accounts (Supple)	490.27Cr	497.9Cr	521.33Cr	554.53Cr

Fiscal Period: December	2014 (VND)	2023 (VND)	2024 (VND)	2025 (VND)
Net Income	1.75TCr	3.28TCr	4.04TCr	4.92TCr
Depreciation & Amortization - CF	692.29Cr	971.27Cr	985.92Cr	870.39Cr
Depreciation & Amortization, Total	692.29Cr	971.27Cr	985.92Cr	870.39Cr
(Gain) Loss From Sale Of Asset	-2.98TCr	-2.99TCr	-2.86TCr	-3.97TCr
Other Operating Activities, Total	-464.45Cr	-1.13TCr	-676.82Cr	-1.06TCr
Change In Accounts Receivable	1.46TCr	967.44Cr	-127.01Cr	-1.67TCr
Change In Inventories	282.97Cr	475.53Cr	-1.04TCr	1.26TCr
Change In Accounts Payable	16Cr	-368.91Cr	-371.72Cr	142.24Cr
Change in Other Net Operating Assets	13Cr	-99Cr	-344.22Cr	54.78L
Cash from Operations	766.41Cr	1.1TCr	-387.16Cr	492.43Cr
Capital Expenditure	-990.8Cr	-679.54Cr	-749.09Cr	-837.85Cr
Sale of Property, Plant, and Equipment	2.17TCr	668.45Cr	1.95TCr	3.13TCr
Investment in Marketable and Equity Securities, Total	-	-	-	-2.18TCr
Other Investing Activities, Total	1.21TCr	5.04TCr	1.94TCr	1.65TCr
Cash from Investing	2.4TCr	5.03TCr	3.14TCr	1.76TCr
Long-Term Debt Issued, Total	-	1TCr	-	-
Total Debt Issued	-	1TCr	-	-
Long-Term Debt Repaid, Total	-	-3TCr	-	-
Total Debt Repaid	-	-3TCr	-	-
Common Dividends Paid	-2.7TCr	-3.47TCr	-2.31TCr	-3.08TCr
Common & Preferred Stock Dividends Paid	-2.7TCr	-3.47TCr	-2.31TCr	-3.08TCr
Cash from Financing	-2.7TCr	-5.47TCr	-2.31TCr	-3.08TCr
Net Change in Cash	463.85Cr	663.65Cr	443.68Cr	-831.09Cr
Supplemental Items
Cash Interest Paid	-	58Cr	-	-
Cash Income Tax Paid (Refund)	343.73Cr	857.07Cr	502.41Cr	954.01Cr
Levered Free Cash Flow	982.19Cr	-	555.47Cr	739.21Cr
Unlevered Free Cash Flow	982.19Cr	-	555.47Cr	739.21Cr
Change In Net Working Capital	-1.8TCr	-	791.58Cr	417.23Cr
Net Debt Issued / Repaid	-	-2TCr	-	-

Fiscal Period: December	2014 (VND)	2023 (VND)	2024 (VND)	2025 (VND)
Profitability
Return on Assets	-1.53	-	3	2.97
Return on Total Capital	-1.69	-	3.3	3.26
Return On Equity %	5.66	-	12.01	14.29
Return on Common Equity	5.66	-	8.84	10.63
Margin Analysis
Gross Profit Margin %	-0.56	16.66	27.29	25.64
SG&A Margin	12.5	10.14	14.88	14.81
EBITDA Margin %	-2.22	14.02	19.29	16.08
EBITA Margin %	-13.06	6.52	12.41	10.83
EBIT Margin %	-13.06	6.52	12.41	10.83
Income From Continuing Operations Margin %	27.4	25.35	28.22	29.67
Net Income Margin %	27.4	25.35	28.22	29.67
Net Avail. For Common Margin %	27.4	17.5	20.77	22.07
Normalized Net Income Margin	3.52	14.29	10.27	13.1
Levered Free Cash Flow Margin	15.38	-	3.88	4.45
Unlevered Free Cash Flow Margin	15.38	-	3.88	4.45
Asset Turnover
Asset Turnover	0.19	-	0.39	0.44
Fixed Assets Turnover	0.63	-	1.15	1.44
Receivables Turnover (Average Receivables)	4.55	-	41.07	12.81
Inventory Turnover (Average Inventory)	2.11	-	2.22	2.74
Short Term Liquidity
Current Ratio	6.62	5.92	6.53	7.1
Quick Ratio	5.25	4.64	4.93	5.91
Operating Cash Flow to Current Liabilities	0.25	0.32	-0.12	0.15
Days Sales Outstanding (Average Receivables)	80.21	-	8.91	28.48
Days Outstanding Inventory (Average Inventory)	172.74	-	165.09	133.02
Average Days Payable Outstanding	18.81	-	7.18	9.24
Cash Conversion Cycle (Average Days)	234.15	-	166.83	152.26
Long Term Solvency
Total Debt/Equity	0.08	-	-	-
Total Debt / Total Capital	0.08	-	-	-
Total Liabilities / Total Assets	9.29	9.32	8.86	8.65
EBIT / Interest Expense	-	18.13	-	-
EBITDA / Interest Expense	-	38.98	-	-
(EBITDA - Capex) / Interest Expense	-	24.39	-	-
Total Debt / EBITDA	-0.17	-	-	-
Net Debt / EBITDA	108.69	-8.08	-5.47	-6.29
Total Debt / (EBITDA - Capex)	-0.02	-	-	-
Net Debt / (EBITDA - Capex)	13.59	-12.91	-7.51	-9.17
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-55.03	-	10.54	15.93
Gross Profit, 1 Yr. Growth %	-102.19	-	81.09	8.94
EBITDA, 1 Yr. Growth %	-108.5	-	52.13	-3.39
EBITA, 1 Yr. Growth %	-189.36	-	110.35	1.23
EBIT, 1 Yr. Growth %	-189.36	-	110.35	1.23
Earnings From Cont. Operations, 1 Yr. Growth %	-48.84	-	23.05	21.87
Net Income, 1 Yr. Growth %	-48.84	-	23.05	21.87
Normalized Net Income, 1 Yr. Growth %	-85.4	-	-20.58	-0.35
Diluted EPS Before Extra, 1 Yr. Growth %	-48.84	-	31.18	18.65
Accounts Receivable, 1 Yr. Growth %	-73.1	-	126.99	335.27
Inventory, 1 Yr. Growth %	-13.17	-	20.18	-24.52
Net Property, Plant and Equip., 1 Yr. Growth %	-1.32	-	-7.12	-7.65
Total Assets, 1 Yr. Growth %	-4.44	-	1.8	2.38
Tangible Book Value, 1 Yr. Growth %	-4.7	-	2.33	2.62
Common Equity, 1 Yr. Growth %	-4.59	-	2.33	2.62
Cash From Operations, 1 Yr. Growth %	-125.11	-	-135.18	-227.19
Capital Expenditures, 1 Yr. Growth %	-37.28	-	10.24	11.85
Levered Free Cash Flow, 1 Yr. Growth %	-129.43	-	-	33.08
Unlevered Free Cash Flow, 1 Yr. Growth %	-129.43	-	-	33.08
Dividend Per Share, 1 Yr. Growth %	-64.29	-	-	33.33
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-42.18	-	-	13.2
Gross Profit, 2 Yr. CAGR %	-92.01	-	-	40.46
EBITDA, 2 Yr. CAGR %	-83.43	-	-	21.23
EBITA, 2 Yr. CAGR %	-56.16	-	-	45.92
EBIT, 2 Yr. CAGR %	-56.16	-	-	45.92
Earnings From Cont. Operations, 2 Yr. CAGR %	-50.44	-	-	22.46
Net Income, 2 Yr. CAGR %	-50.44	-	-	22.46
Normalized Net Income, 2 Yr. CAGR %	-76.51	-	-	8.39
Diluted EPS Before Extra, 2 Yr. CAGR %	-50.44	-	-	27.12
Accounts Receivable, 2 Yr. CAGR %	-13.89	-	-	214.33
Inventory, 2 Yr. CAGR %	-9.66	-	-	-4.76
Net Property, Plant and Equip., 2 Yr. CAGR %	0.56	-	-	-7.38
Total Assets, 2 Yr. CAGR %	-6.56	-	-	2.09
Tangible Book Value, 2 Yr. CAGR %	-4.53	-	-	2.47
Common Equity, 2 Yr. CAGR %	-4.47	-	-	2.47
Cash From Operations, 2 Yr. CAGR %	-65.44	-	-	-33.11
Capital Expenditures, 2 Yr. CAGR %	-9.7	-	-	11.04
Levered Free Cash Flow, 2 Yr. CAGR %	-56.51	-	-	-
Unlevered Free Cash Flow, 2 Yr. CAGR %	-56.56	-	-	-
Dividend Per Share, 2 Yr. CAGR %	-50	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-23.85	-	-	-
Gross Profit, 3 Yr. CAGR %	-82.85	-	-	-
EBITDA, 3 Yr. CAGR %	-72.27	-	-	-
EBITA, 3 Yr. CAGR %	-47.54	-	-	-
EBIT, 3 Yr. CAGR %	-47.54	-	-	-
Earnings From Cont. Operations, 3 Yr. CAGR %	-37.61	-	-	-
Net Income, 3 Yr. CAGR %	-37.61	-	-	-
Normalized Net Income, 3 Yr. CAGR %	-63.34	-	-	-
Diluted EPS Before Extra, 3 Yr. CAGR %	-37.61	-	-	-
Accounts Receivable, 3 Yr. CAGR %	-6.91	-	-	-
Inventory, 3 Yr. CAGR %	-17.16	-	-	-
Net Property, Plant and Equip., 3 Yr. CAGR %	-1.29	-	-	-
Total Assets, 3 Yr. CAGR %	-1.08	-	-	-
Tangible Book Value, 3 Yr. CAGR %	-0.78	-	-	-
Common Equity, 3 Yr. CAGR %	-0.74	-	-	-
Cash From Operations, 3 Yr. CAGR %	-41.33	-	-	-
Capital Expenditures, 3 Yr. CAGR %	-4.65	-	-	-
Levered Free Cash Flow, 3 Yr. CAGR %	-14.39	-	-	-
Unlevered Free Cash Flow, 3 Yr. CAGR %	-14.39	-	-	-
Dividend Per Share, 3 Yr. CAGR %	-37	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-17.93	-	-	-
Gross Profit, 5 Yr. CAGR %	-60.91	-	-	-
EBITDA, 5 Yr. CAGR %	-48.65	-	-	-
EBITA, 5 Yr. CAGR %	-22.78	-	-	-
EBIT, 5 Yr. CAGR %	-22.78	-	-	-
Earnings From Cont. Operations, 5 Yr. CAGR %	-9.96	-	-	-
Net Income, 5 Yr. CAGR %	-9.96	-	-	-
Normalized Net Income, 5 Yr. CAGR %	-35.55	-	-	-
Diluted EPS Before Extra, 5 Yr. CAGR %	-9.96	-	-	-
Accounts Receivable, 5 Yr. CAGR %	-22.44	-	-	-
Inventory, 5 Yr. CAGR %	12.67	-	-	-
Net Property, Plant and Equip., 5 Yr. CAGR %	-0.85	-	-	-
Total Assets, 5 Yr. CAGR %	4.37	-	-	-
Tangible Book Value, 5 Yr. CAGR %	4.38	-	-	-
Common Equity, 5 Yr. CAGR %	4.4	-	-	-
Cash From Operations, 5 Yr. CAGR %	-29.08	-	-	-
Capital Expenditures, 5 Yr. CAGR %	1.77	-	-	-
Levered Free Cash Flow, 5 Yr. CAGR %	-18.11	-	-	-
Unlevered Free Cash Flow, 5 Yr. CAGR %	-18.31	-	-	-