NASDAQ : VFS
VinFast Auto Ltd. — Financial statements
Consumer Discretionary · Auto Manufacturers · Vietnam
Last price 3.27 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.65B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
VinFast Auto Ltd. (VFS) reported revenue of 110.81T VND (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in VND.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 104.86T | 84.59T | 40.15T | 25.40T | 13.93T | 16.03T |
| Other Revenue | 5.95T | 5.58T | 3.87T | 2.49T | ||
| Revenue | 110.81T | 90.18T | 44.02T | 27.88T | 13.93T | 16.03T |
| Cost of Revenue | 178.48T | 131.09T | 69.30T | 41.59T | 26.97T | 25.28T |
| Gross Profit | -67.67T | -40.91T | -25.28T | -13.71T | -13.05T | -9.26T |
| Selling, General & Admin | 21.95T | 21.20T | 16.89T | 11.27T | 9.43T | 4.63T |
| Research & Development | 11.98T | 9.92T | 10.03T | 15.41T | 21.20T | 9.26T |
| Other Operating Expenses | 2.04T | 1.44T | 1.87T | 959.55B | 74.72B | -77.10B |
| Operating Expenses | 35.98T | 32.56T | 28.78T | 27.65T | 30.71T | 13.81T |
| Operating Income | -103.65T | -73.47T | -54.06T | -41.36T | -43.75T | -23.06T |
| Interest Expense | -15.17T | -17.33T | -15.66T | -10.13T | -6.53T | -3.44T |
| Interest & Investment Income | 682.45B | 546.40B | 621.35B | 570.01B | 158.64B | 1.40T |
| Earnings From Equity Investments | -106.09B | -106.09B | -48.84B | 36.42B | 32.00M | -36.79B |
| Currency Exchange Gain (Loss) | -169.67B | -169.67B | -1.04T | -695.05B | -804.42B | 448.77B |
| Other Non Operating Income (Expenses) | -7.46T | -7.96T | -6.63T | -8.52T | -970.92B | -2.86T |
| EBT Excluding Unusual Items | -125.87T | -98.49T | -76.81T | -60.09T | -51.90T | -27.56T |
| Gain (Loss) on Sale of Assets | -732.62B | -732.62B | -570.05B | -81.17B | -113.39B | |
| Other Unusual Items | -4.34T | |||||
| Pretax Income | -126.60T | -99.23T | -77.38T | -60.17T | -51.90T | -32.01T |
| Income Tax Expense | 358.26B | 357.29B | -29.70B | 76.92B | 1.06T | 209.24B |
| Earnings From Continuing Operations | -126.96T | -99.58T | -77.35T | -60.25T | -52.96T | -32.22T |
| Minority Interest in Earnings | 222.48B | 198.19B | 89.58B | 82.22B | 70.89B | 35.23B |
| Net Income | -90.85T | -99.38T | -77.27T | -60.17T | -52.89T | -32.18T |
| Net Income to Common | -90.85T | -99.38T | -77.27T | -60.17T | -52.89T | -32.18T |
| Shares Outstanding (Basic) | 2.34B | 2.34B | 2.34B | 2.31B | 2.30B | 1.58B |
| Shares Outstanding (Diluted) | 2.34B | 2.34B | 2.34B | 2.31B | 2.30B | 1.58B |
| EPS (Basic) | -38,832.08 | -42,487.59 | -33,041.76 | -26,037.53 | -23,004.62 | -20,385.88 |
| EPS (Diluted) | -38,832.49 | -42,488.00 | -33,042.00 | -26,038.00 | -23,005.00 | -20,386.00 |
| Free Cash Flow | -73.89T | -67.44T | -47.16T | -74.80T | -71.21T | -34.98T |
| Free Cash Flow Per Share | -31,584.24 | -28,831.26 | -20,166.54 | -32,368.80 | -30,972.24 | -22,155.21 |
| Gross Margin | -61.07% | -45.37% | -57.42% | -49.17% | -93.67% | -57.75% |
| Operating Margin | -93.54% | -81.47% | -122.82% | -148.32% | -314.13% | -143.89% |
| Profit Margin | -81.99% | -110.21% | -175.53% | -215.78% | -379.73% | -200.80% |
| Free Cash Flow Margin | -66.68% | -74.78% | -107.13% | -268.25% | -511.25% | -218.22% |
| EBITDA | -91.69T | -62.01T | -44.19T | -34.38T | -37.36T | -18.17T |
| EBITDA Margin | -82.75% | -68.77% | -100.38% | -123.28% | -268.26% | -113.37% |
| D&A For EBITDA | 11.96T | 11.46T | 9.88T | 6.98T | 6.39T | 4.89T |
| EBIT | -103.65T | -73.47T | -54.06T | -41.36T | -43.75T | -23.06T |
| EBIT Margin | -93.54% | -81.47% | -122.81% | -148.32% | -143.89% | |
| Revenue as Reported | 110.81T | 90.18T | 44.02T | 27.88T | 13.93T | 16.03T |
| Advertising Expenses | 1.74T | 2.24T | 1.27T | 1.84T | 614.80B |
Balance sheet
Fiscal year January - December; amounts in VND.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.08T | 7.35T | 3.31T | 4.10T | 4.27T | 3.02T |
| Short-Term Investments | 4.67T | 3.05T | 818.98B | 4.11B | 3.90B | |
| Trading Asset Securities | 185.79B | 548.01B | 532.72B | |||
| Cash & Short-Term Investments | 11.75T | 10.40T | 4.31T | 4.65T | 4.81T | 3.02T |
| Accounts Receivable | 4.66T | 4.70T | 5.74T | 557.47B | 658.37B | 428.76B |
| Other Receivables | 2.48T | 1.57T | 601.80B | 1.87T | 1.27T | |
| Receivables | 4.66T | 7.18T | 7.31T | 1.16T | 3.07T | 3.26T |
| Inventory | 13.75T | 34.88T | 27.91T | 30.14T | 21.61T | 6.68T |
| Prepaid Expenses | 10.52T | 1.16T | 844.10B | 370.40B | 333.49B | 195.60B |
| Restricted Cash | 1.34T | 1.94T | 3.62T | 607.05B | 808.52B | 348.64B |
| Other Current Assets | 7.73T | 29.88T | 20.80T | 13.66T | 14.21T | 13.18T |
| Total Current Assets | 49.75T | 85.44T | 64.78T | 50.58T | 44.84T | 26.69T |
| Property, Plant & Equipment | 21.90T | 85.57T | 83.83T | 86.20T | 61.75T | 54.12T |
| Long-Term Investments | 7.26T | 2.08T | 2.20T | 696.33B | 5.29B | |
| Goodwill | 272.20B | 272.20B | ||||
| Other Intangible Assets | 638.25B | 1.21T | 1.16T | 1.35T | 1.46T | 3.16T |
| Long-Term Accounts Receivable | 790.24B | 702.75B | 1.64T | 730.98B | 82.06B | 182.30B |
| Long-Term Deferred Tax Assets | 50.22B | |||||
| Other Long-Term Assets | 1.82T | 2.44T | 2.47T | 5.79T | 4.51T | 818.50B |
| Total Assets | 74.90T | 182.62T | 155.97T | 146.86T | 113.61T | 85.32T |
| Accounts Payable | 17.28T | 32.78T | 21.03T | 12.26T | 27.49T | 3.72T |
| Accrued Expenses | 11.02T | 23.89T | 19.72T | 14.60T | 11.16T | 4.46T |
| Short-Term Debt | 32.44T | 55.75T | 79.12T | 68.65T | 6.99T | 1.27T |
| Current Portion of Long-Term Debt | 7.74T | 14.88T | 18.59T | 8.31T | 15.96T | |
| Current Portion of Leases | 447.23B | 1.28T | 1.50T | 1.52T | 768.88B | 375.29B |
| Current Income Taxes Payable | 3.06T | 2.04T | 635.97B | 1.76T | 626.37B | |
| Current Unearned Revenue | 116.62B | 1.68T | 1.17T | 1.01T | 107.45B | 1.33T |
| Other Current Liabilities | 32.51T | 38.57T | 32.05T | 34.76T | 9.64T | 59.56T |
| Total Current Liabilities | 93.83T | 164.76T | 171.51T | 152.04T | 66.23T | 87.31T |
| Long-Term Debt | 15.88T | 59.60T | 46.82T | 32.56T | 49.17T | 58.85T |
| Long-Term Leases | 1.19T | 5.59T | 4.08T | 5.33T | 3.26T | 1.30T |
| Long-Term Unearned Revenue | 926.61B | 4.13T | 2.72T | 1.57T | 499.39B | 25.95B |
| Long-Term Deferred Tax Liabilities | 9.11B | 1.30T | 938.64B | 1.03T | 947.98B | 51.46B |
| Other Long-Term Liabilities | 49.94T | 39.65T | 24.81T | 19.75T | 30.17T | 14.74T |
| Total Liabilities | 161.78T | 275.02T | 250.87T | 212.27T | 150.28T | 162.26T |
| Common Stock | 9.87T | 9.87T | 9.87T | 9.85T | 871.02B | 553.89B |
| Additional Paid-In Capital | 269.86T | 183.95T | 93.67T | 38.26T | 12.31T | |
| Retained Earnings | -396.63T | -367.18T | -267.79T | -190.50T | -127.19T | -77.42T |
| Comprehensive Income & Other | 88.90B | -572.56B | -460.64B | -385.87B | -104.06B | -63.49B |
| Total Common Equity | -116.81T | -173.94T | -164.71T | -142.78T | -114.11T | -76.93T |
| Minority Interest | 29.93T | 81.54T | 69.81T | 77.37T | 77.44T | -14.68B |
| Shareholders' Equity | -86.88T | -92.40T | -94.90T | -65.41T | -36.67T | -76.94T |
| Total Liabilities & Equity | 74.90T | 182.62T | 155.97T | 146.86T | 113.61T | 85.32T |
| Total Debt | 49.97T | 129.97T | 146.40T | 126.65T | 68.50T | 77.75T |
| Net Cash (Debt) | -38.22T | -119.56T | -142.08T | -122.00T | -63.69T | -74.73T |
| Net Cash Per Share | -16,335.38 | -51,113.50 | -60,761.20 | -52,795.79 | -27,702.79 | -47,334.55 |
| Filing Date Shares Outstanding | 2.34B | 2.34B | 2.34B | 2.34B | 2.41B | 2.41B |
| Total Common Shares Outstanding | 2.34B | 2.34B | 2.34B | 2.34B | 2.41B | 2.41B |
| Working Capital | -44.08T | -79.32T | -106.73T | -101.45T | -21.39T | -60.61T |
| Book Value Per Share | -49,927.43 | -74,346.61 | -70,425.34 | -61,075.84 | -47,292.50 | -31,896.36 |
| Tangible Book Value | -117.45T | -175.14T | -165.88T | -144.13T | -115.84T | -80.36T |
| Tangible Book Value Per Share | -50,200.24 | -74,862.37 | -70,923.30 | -61,651.74 | -48,010.85 | -33,320.96 |
| Land | 2.12T | 2.05T | 1.95T | 1.85T | ||
| Buildings | 29.61T | 26.30T | 23.47T | 18.21T | 14.44T | |
| Machinery | 88.49T | 74.13T | 66.66T | 44.64T | 45.92T |
Cash flow statement
Fiscal year January - December; amounts in VND.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -90.85T | -99.38T | -77.27T | -60.17T | -52.89T | -32.18T |
| Depreciation & Amortization | 11.96T | 11.46T | 9.88T | 6.98T | 6.39T | 4.89T |
| Loss (Gain) From Sale of Assets | 599.91B | 756.18B | 570.05B | 81.17B | 113.39B | |
| Asset Writedown & Restructuring Costs | 7.55T | 8.74T | 3.93T | 1.30T | 1.09T | 164.98B |
| Loss (Gain) From Sale of Investments | -1.69T | 3.02T | 3.18T | 4.88T | -1.21T | 753.44B |
| Loss (Gain) on Equity Investments | -40.87B | 106.09B | 48.84B | -36.42B | -32.00M | 36.79B |
| Provision & Write-off of Bad Debts | 172.57B | 206.32B | ||||
| Other Operating Activities | 55.49T | 31.00T | 26.23T | 13.90T | 10.97T | 7.61T |
| Change in Accounts Receivable | -4.13T | -3.42T | -7.93T | 2.80T | 1.22T | -7.41T |
| Change in Inventory | -20.09T | -13.49T | -6.75T | -13.30T | -21.77T | -3.86T |
| Change in Accounts Payable | 36.36T | 20.68T | 19.54T | -5.12T | 8.64T | 760.10B |
| Change in Other Net Operating Assets | -7.20T | -3.92T | -1.90T | -1.59T | -491.20B | -57.83B |
| Operating Cash Flow | -49.00T | -44.46T | -30.47T | -50.27T | -47.87T | -28.97T |
| Capital Expenditures | -24.89T | -22.98T | -16.69T | -24.53T | -23.34T | -6.01T |
| Sale of Property, Plant & Equipment | 953.33B | 567.27B | 54.83B | 80.91B | 48.80B | |
| Cash Acquisitions | -10.25B | -6.90B | -77.10B | |||
| Divestitures | 424.42B | |||||
| Investment in Securities | 487.60B | 815.00B | -2.41B | -1.04T | -940.45B | -3.02T |
| Other Investing Activities | 6.82T | -5.24T | 3.80T | 11.55T | ||
| Investing Cash Flow | -20.05T | -30.26T | -16.03T | -24.42T | -21.12T | 2.42T |
| Short-Term Debt Issued | 41.50T | 62.71T | 71.61T | |||
| Long-Term Debt Issued | 64.58T | 36.17T | 48.20T | 105.03T | 38.04T | |
| Total Debt Issued | 150.73T | 106.08T | 98.88T | 119.81T | 105.03T | 38.04T |
| Long-Term Debt Repaid | -92.43T | -71.88T | -72.95T | -41.64T | -18.68T | |
| Net Debt Issued (Repaid) | 8.02T | 13.65T | 27.00T | 46.86T | 63.40T | 19.37T |
| Issuance of Common Stock | 53.03T | 63.53T | 21.99T | 28.59T | 6.96T | 9.99T |
| Common Dividends Paid | -498.96B | |||||
| Other Financing Activities | -41.65B | |||||
| Financing Cash Flow | 61.05T | 77.18T | 49.00T | 75.46T | 70.32T | 28.86T |
| Foreign Exchange Rate Adjustments | 265.94B | 210.65B | -74.77B | -266.32B | -31.22B | -108.98B |
| Net Cash Flow | -7.73T | 2.67T | 2.43T | 497.14B | 1.29T | 2.20T |
| Free Cash Flow | -73.89T | -67.44T | -47.16T | -74.80T | -71.21T | -34.98T |
| Free Cash Flow Margin | -66.68% | -74.78% | -107.13% | -268.25% | -511.25% | -218.22% |
| Free Cash Flow Per Share | -31,584.24 | -28,831.26 | -20,166.54 | -32,368.80 | -30,972.24 | -22,155.21 |
| Levered Free Cash Flow | -64.27T | -58.86T | -52.19T | -42.52T | -84.28T | 36.34T |
| Unlevered Free Cash Flow | -54.79T | -48.03T | -42.40T | -36.18T | -80.20T | 38.49T |
| Cash Interest Paid | 17.81T | 13.19T | 9.47T | 8.82T | 5.01T | 2.87T |
| Cash Income Tax Paid | 55.18B | 11.64B | 103.57B | 22.81B | 51.41B | |
| Change in Working Capital | 4.95T | -157.25B | 2.96T | -17.21T | -12.40T | -10.56T |
Ratios
Fiscal year January - December; amounts in VND.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.65B | 7.81B | 9.42B | 19.52B | 211.25M | 204.70M |
| Enterprise Value | 9.10B | 14.93B | 18.27B | 27.48B | 4.07B | |
| Last Close Price | 3.27 | 3.34 | 4.03 | 8.37 | 10.00 | 9.69 |
| PS Ratio | 1.82 | 2.28 | 5.46 | 16.99 | 0.36 | 0.29 |
| PB Ratio | -2.22 | -2.53 | -7.24 | -0.14 | -0.06 | |
| EV/Sales Ratio | 2.16 | 4.35 | 10.58 | 23.92 | 6.89 | |
| Debt / Equity Ratio | -0.57 | -1.41 | -1.54 | -1.94 | -1.87 | -1.01 |
| Net Debt / Equity Ratio | -0.44 | -1.29 | -1.50 | -1.86 | -1.74 | -0.97 |
| Net Debt / EBITDA Ratio | -0.42 | -1.93 | -3.22 | -3.55 | -1.71 | -4.11 |
| Net Debt / FCF Ratio | -0.52 | -1.77 | -3.01 | -1.63 | -0.89 | -2.14 |
| Asset Turnover | 0.86 | 0.53 | 0.29 | 0.21 | 0.14 | 0.18 |
| Inventory Turnover | 7.33 | 4.17 | 2.39 | 1.61 | 1.91 | 4.18 |
| Quick Ratio | 0.17 | 0.11 | 0.07 | 0.04 | 0.11 | 0.05 |
| Current Ratio | 0.53 | 0.52 | 0.38 | 0.33 | 0.68 | 0.31 |
| Return on Assets (ROA) | -50.54% | -27.12% | -22.32% | -19.85% | -27.49% | -16.18% |
| Return on Capital Employed (ROCE) | 547.60% | -411.30% | 347.80% | 798.70% | -92.30% | 1,162.50% |
| Earnings Yield | -45.12% | -48.36% | -32.17% | -12.70% | -1,060.15% | -687.46% |
| FCF Yield | -37.48% | -32.82% | -19.63% | -15.79% | -1,427.33% | -747.13% |
| Buyback Yield / Dilution | -0.03% | -0.03% | -1.19% | -0.51% | -45.62% |