VNM.VN Vietnam Dairy Products JSC
- Market cap
- VND 120T
- P/E
- 12.1x
- P/B
- 3.82x
- ROE
- 35.1%
- Dividend yield
- 9.39%
- Fundamental score
- 3.0/5
Ratios use the latest price and the current fiscal year annualized from 2 quarters up to Jun 2026.
Is VNM.VN undervalued?
Graham numberVNM.VN trades 43.4% above its Graham number.
Graham number = √(22.5 × EPS × book value per share): the most a defensive investor should pay according to Benjamin Graham. An estimate, not a recommendation to buy or sell. How is it calculated?
Vietnam Dairy Products JSC fundamental analysis
13 of 22 checks passedROE 2/2
High return on equity (35.1%), above 20%.
ROA 1/1
Return on assets (19.5%) is above the industry median (10.8%).
Profit Consistency 2/2
Profitable for 7 consecutive years.
Earnings Growth 5Y 0/1
Earnings per share did not grow over the past 5 years.
Earnings Acceleration 1/1
Last year's EPS growth (0.2%) is above the 5-year average (-3.3% a year).
Earnings Growth vs Industry 0/1
Last year's EPS growth (0.2%) is below the industry median (15.7%).
Revenue Growth 1/2
Revenue grew 2.0% a year over the past 3 years.
Short-term Liquidity 1/1
Current assets cover short-term liabilities.
Long-term Liabilities 1/1
Current assets cover long-term liabilities.
Debt to Equity 2/2
Low debt to equity (0.4%), 40% or less.
Debt Trend 1/1
Debt to equity has not risen over the past 5 years.
Debt Coverage 1/1
Operating cash flow covers 20% of total debt.
Interest Coverage 1/1
EBIT is 30.5x against interest expense, well covered.
PE vs Market 0/1
PE (12.1x) is above the market median (11.2x).
PE vs Industry 0/1
PE (12.1x) is above the industry median (8.3x).
PBV 0/1
Price to book (3.8x) is above the industry median (1.2x).
Graham Number 0/1
The price is above the Graham number (PE x PB = 46.3, limit 22.5).
PEG 0/1
PEG needs positive PE and positive 5-year earnings growth.
Dividend Yield 2/2
Dividend yield (9.4%) is in the top 25% of dividend payers in the market.
Dividend Stability 0/2
Dividends were not paid steadily for the past 5 years.
Dividend Growth 1/1
Dividends paid grew over the past 5 years.
Payout Ratio 0/1
Payout ratio is 119.7%, above 90% of earnings.
Each check is worth 1 or 2 points by how much it says about the quality of the company. The score is the share of points earned, out of 5. Ask AI to explain this score
Vietnam Dairy Products JSC stock price
Prices on the chart can differ slightly from the closing prices StockSummer uses for its ratios.
About Vietnam Dairy Products JSC
Vietnam Dairy Products Joint Stock Company provides milk and dairy products in Vietnam and internationally. The company processes, manufactures, and distributes milk cake, soya and fresh milk, refreshment drinks, bottled and powdered milk, nutritious powder, and other milk products; and products for pregnant and infant, baby food, spoon yogurt, yoghurt and juicy milk drink, condensed and plant-based milk, ice cream, sugar, and cheese products, as well as nutritional products…
Full company profileVietnam Dairy Products JSC financial statements
2026 annualized: Fiscal year 2026 is not finished. Income statement and cash flow are annualized from 2 quarters up to Jun 30, 2026, the balance sheet is the latest quarter. Figures change when the annual report is published.
Vietnam Dairy Products JSC annual financial statements (VND; K = thousand, M = million, B = billion, T = trillion)
| Item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 Anlz |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 56.3T | 59.6T | 60.9T | 60.0T | 60.4T | 61.8T | 63.6T | 70.0T |
| Gross Profit | 26.6T | 27.7T | 26.3T | 23.9T | 24.5T | 25.6T | 26.2T | 30.2T |
| Operating Income | 12.2T | 12.9T | 12.0T | 10.0T | 10.0T | 10.7T | 10.7T | 12.6T |
| EBITDA | 14.9T | 15.9T | 15.1T | 12.8T | 13.6T | 14.2T | 14.3T | 16.7T |
| Net Income | 10.6T | 11.1T | 10.5T | 8.52T | 8.87T | 9.39T | 9.41T | 11.2T |
| EPS | 5,064 | 5,311 | 5,040 | 4,075 | 4,246 | 4,494 | 4,503 | 5,355 |
| Balance Sheet | ||||||||
| Total Assets | 44.7T | 48.4T | 53.3T | 48.5T | 52.7T | 55.0T | 53.3T | 57.5T |
| Total Liabilities | 15.0T | 14.8T | 17.5T | 15.7T | 17.6T | 18.9T | 18.8T | 21.8T |
| Shareholders' Equity | 27.5T | 31.3T | 33.1T | 29.8T | 31.7T | 32.3T | 30.7T | 31.9T |
| Cash & Short-term Investments | 2.67T | 2.11T | 2.35T | 2.30T | 2.91T | 2.23T | 1.79T | 4.54T |
| Cash Flow | ||||||||
| Operating Cash Flow | 11.4T | 10.2T | 9.43T | 8.83T | 9.04T | 9.69T | 8.67T | 6.95T |
| Capital Expenditure | 2.16T | 1.26T | 1.53T | 1.46T | 1.60T | 1.74T | 1.76T | 1.50T |
| Free Cash Flow | 9.25T | 8.92T | 7.90T | 7.37T | 7.44T | 7.94T | 6.91T | 5.45T |
| Ratios | ||||||||
| ROE | 38.5% | 35.5% | 31.8% | 28.5% | 28.0% | 29.1% | 30.7% | 35.1% |
| ROA | 23.7% | 22.9% | 19.7% | 17.6% | 16.8% | 17.1% | 17.7% | 19.5% |
| Net Profit Margin | 18.8% | 18.6% | 17.3% | 14.2% | 14.7% | 15.2% | 14.8% | 16.0% |
What these items mean
- Revenue
- Total sales of goods and services in the period.
- Gross Profit
- Revenue minus the direct cost of producing what was sold.
- Operating Income
- Profit from the core business after operating expenses.
- EBITDA
- Earnings before interest, taxes, depreciation and amortization.
- Net Income
- Profit left for shareholders after all expenses, interest and taxes.
- EPS
- Net income divided by shares outstanding.
- Total Assets
- Everything the company owns.
- Total Liabilities
- Everything the company owes.
- Shareholders' Equity
- Assets minus liabilities: the book value that belongs to shareholders.
- Cash & Short-term Investments
- Cash and investments that can be turned into cash quickly.
- Operating Cash Flow
- Cash generated by the core business.
- Capital Expenditure
- Cash spent on property, plant and equipment.
- Free Cash Flow
- Operating cash flow minus capital expenditure: cash left for dividends, buybacks or debt repayment.
- ROE
- Return on equity: net income divided by shareholders' equity.
- ROA
- Return on assets: net income divided by total assets.
- Net Profit Margin
- Net income as a share of revenue.
Vietnam Dairy Products JSC dividends
- Dividend yield
- 9.39%
- Forward dividend
- 1,850.00 VND
- Payout ratio
- 119.7%
- Ex-dividend date
- Jun 26, 2026
| Fiscal year | Dividends paid | Per share | Payout ratio |
|---|---|---|---|
| 2025 | VND 11.3T | 5,390 | 119.7% |
| 2024 | VND 8.16T | 3,904 | 86.9% |
| 2023 | VND 2.93T | 1,400 | 33.0% |
| 2022 | VND 8.05T | 3,850 | 94.5% |
| 2021 | VND 7.52T | 3,600 | 71.4% |
| 2020 | VND 7.84T | 3,750 | 70.6% |
| 2019 | VND 7.84T | 3,750 | 74.1% |
From the cash flow statement: dividends paid in the fiscal year, divided by that year's shares outstanding. Payout ratio = dividends paid / net income.
Last stock split: 6:5 on Sep 29, 2020.
Who owns Vietnam Dairy Products JSC
- Insiders 29.97%
- Institutions 51.10%
- Public & others 18.93%
- Shares outstanding 2.09B
- Free float 1.57B
Vietnam Dairy Products JSC company profile
- Company name
- Vietnam Dairy Products JSC
- Ticker
- VNM.VN
- ISIN
- VN000000VNM8
- Exchange
- Vietnam Stocks
- Sector
- Consumer Defensive
- Industry
- Packaged Foods
- Employees
- 9,796
- Fiscal year end
- December
- Address
- No. 10, Tan Trao Street, Ho Chi Minh City, Vietnam
- Phone
- 84 28 54 155 555
- Website
- vinamilk.com.vn
About Vietnam Dairy Products JSC
Vietnam Dairy Products Joint Stock Company provides milk and dairy products in Vietnam and internationally. The company processes, manufactures, and distributes milk cake, soya and fresh milk, refreshment drinks, bottled and powdered milk, nutritious powder, and other milk products; and products for pregnant and infant, baby food, spoon yogurt, yoghurt and juicy milk drink, condensed and plant-based milk, ice cream, sugar, and cheese products, as well as nutritional products for adult. It is also involved in trading of food technology, spare parts, equipment, materials, and chemicals; trading in real estate properties, warehouses, and yards; owning or leasing land use rights; provision of internal transportation by cars for manufacturing and consuming company's products; manufacture, sale, and distribution of beverages, grocery and processing food, and roasted-ground-filtered and instant coffee; and manufacture and sale of plastic packaging products. In addition, the company engages in the provision of healthcare clinic services; cattle raising and cultivation activities; and retail sale of milk and products from milk, bread, jam, candy, and products processed from cereal, flour, starch, and other food. Further, it processes beef products; sugar producing and refining activity; livestock raising and agricultural products trading; and manufactures, raises, processes, and trades in cattle and poultry products. The company was formerly known as Vietnam Milk Company and changed its name to Vietnam Dairy Products Joint Stock Company in November 2003. Vietnam Dairy Products Joint Stock Company was founded in 1976 and is headquartered in Ho Chi Minh City, Vietnam.
Vietnam Dairy Products JSC management
10- Ms. Lien Kieu MaiCEO, Member of Board of Management & Executive Director · born 1953
- Mr. Liem Thanh LeExecutive Director of Finance, Member of Board of Management & Executive Director · born 1973
- Mr. Khanh Quoc NguyenExecutive Director of Research & Development and Member of Board of Management · born 1964
- Ms. Huong Thi BuiExecutive Director of HR, Admin & PR and Member of Board of Management · born 1962
- Mr. Quang Tri NguyenExecutive Director of Marketing & Member of Management Board · born 1971
- Mr. Minh Hoang LeMember of Board of Management & Executive Director of Production · born 1964
- Mr. Khanh Quoc DoanExecutive Director of Raw Material Development & Member of Management Board · born 1974
- Lan Thi Phuong HuynhChief Accountant
- Mr. Trung Quang DongIR Manager
- Ms. Truc Quang Thanh LeDirector of Foreign Subsidiaries Management & Company Secretariat · born 1975