VinFast Auto Ltd. (VFS) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-K for FY2025, filed Apr 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VFS SEC filings page.
VinFast Auto Ltd. (VFS) reported $3.4B in revenue for fiscal year 2025, up 86.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue scaled rapidly, but persistent gross losses and financing-dependent cash needs keep the business structurally capital intensive.
Despite revenue nearly tripling from FY2023 to FY2025, gross margin remained deeply negative, reaching-48.4% after a deeper-57.4% trough in FY2024. That trough-and-recovery pattern suggests scale improved the cost relationship somewhat, but production still cost substantially more than sales.
Negative equity widened from
Operating cash flow improved from a
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of VinFast Auto Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
VinFast Auto Ltd. has an operating margin of -87.6%, meaning the company loses $88 on every $100 of revenue. This results in a profitability score of 25/100. This is up from -125.8% the prior year.
VinFast Auto Ltd.'s revenue surged 86.2% year-over-year to $3.4B, reflecting rapid business expansion. This strong growth earns a score of 97/100.
Not available for VinFast Auto Ltd., and counted as zero in the overall score.
VinFast Auto Ltd.'s current ratio of 0.52 is below the typical benchmark, resulting in a score of 5/100. This tight liquidity could limit financial flexibility if cash inflows slow.
VinFast Auto Ltd.'s operations used $1.8B of cash, and capex of $914.7M added to the outflow, for a free cash flow shortfall of $2.7B. This results in a cash flow score of 3/100.
VinFast Auto Ltd. scores -3.91, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($7.1B) relative to total liabilities ($14.2B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
VinFast Auto Ltd. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
VinFast Auto Ltd. reported a net loss of $4.0B while operations used $1.8B of cash. With neither figure positive, the ratio between the two carries no quality signal.
VinFast Auto Ltd. reported an operating loss of $2.9B against $689.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q1 2026.
Cash & Balance Sheet
VinFast Auto Ltd. held $549.8M in cash against $1.7B in long-term debt as of Q1 2026.
Not reported for Q1 2026.
Not reported for Q1 2026.
Margins & Returns
None of these metrics is reported for Q1 2026.
Capital Allocation
None of these metrics is reported for Q1 2026.
VFS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
VFS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'266-K | Q3'2510-K | Q3'2410-K |
|---|---|---|---|
| Total Assets | $7.2B | $6.4B+16.2% | $5.5B |
| Current Assets | $3.4B | $2.7B+29.6% | $2.1B |
| Cash & Equivalents | $549.8M | $135.9M-19.0% | $167.7M |
| Short-Term Investments | $100.3M | $33.7M+19466.2% | $172K |
| Inventory | $1.4B | $1.1B-6.7% | $1.2B |
| Accounts Receivable | N/A | $214.5M+1451.8% | $13.8M |
| Long-Term Investments | $36.6M | $37.7M | $0 |
| Total Liabilities | $14.4B | $13.2B+14.4% | $11.5B |
| Current Liabilities | $7.4B | $7.0B+21.2% | $5.8B |
| Non-Current Liabilities | $3.9B | $3.3B+32.3% | $2.5B |
| Long-Term Debt | $1.7B | $939.5M-25.7% | $1.3B |
| Total Equity | -$7.2B | -$6.8B-12.7% | -$6.0B |
| Retained Earnings | -$12.2B | -$11.0B-42.3% | -$7.7B |
Not reported in any period shown, so not listed: Goodwill.
VFS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
VFS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Debt-to-Equity, Asset Turnover, FCF Margin.
Note: Shareholder equity is negative (-$6.9B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.52), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| VinFast Auto Ltd. VFS | FY2025 | $3.4B | -$4.0B | N/A | $7.1B | 22/100 |
| Lucid Group, Inc. LCID | FY2025 | $1.4B | -$2.7B | N/A | $1.5B | 31/100 |
| Polestar Automotive Holding UK PLC PSNYW | FY2024 | $2.0B | -$2.0B | N/A | $675.2M | 14/100 |
| Polestar Automotive Holding UK PLC PSNY | FY2025 | $3.1B | -$2.4B | -77.1% | $864.1M | 25/100 |
| NIO Inc. NIO | FY2025 | $12.5B | -$2.1B | -17.1% | $9.0B | 32/100 |
Where VinFast Auto Ltd. Ranks
Frequently Asked Questions
What is VinFast Auto Ltd.'s annual revenue?
VinFast Auto Ltd. (VFS) reported $3.4B in total revenue for fiscal year 2025. This represents a 86.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is VinFast Auto Ltd.'s revenue growing?
VinFast Auto Ltd. (VFS) revenue grew by 86.2% year-over-year, from $1.8B to $3.4B in fiscal year 2025.
Is VinFast Auto Ltd. profitable?
No, VinFast Auto Ltd. (VFS) reported a net income of -$4.0B in fiscal year 2025.
What is VinFast Auto Ltd.'s EBITDA?
VinFast Auto Ltd. (VFS) had EBITDA of -$2.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does VinFast Auto Ltd. have?
As of fiscal year 2025, VinFast Auto Ltd. (VFS) had $292.7M in cash and equivalents against $1.9B in long-term debt.
What is VinFast Auto Ltd.'s gross margin?
VinFast Auto Ltd. (VFS) had a gross margin of -48.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is VinFast Auto Ltd.'s operating margin?
VinFast Auto Ltd. (VFS) had an operating margin of -87.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is VinFast Auto Ltd.'s free cash flow?
VinFast Auto Ltd. (VFS) recorded an outflow of $2.7B in free cash flow during fiscal year 2025. This represents a -38.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is VinFast Auto Ltd.'s operating cash flow?
VinFast Auto Ltd. (VFS) recorded an outflow of $1.8B in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are VinFast Auto Ltd.'s total assets?
VinFast Auto Ltd. (VFS) had $7.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are VinFast Auto Ltd.'s capital expenditures?
VinFast Auto Ltd. (VFS) invested $914.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does VinFast Auto Ltd. spend on research and development?
VinFast Auto Ltd. (VFS) invested $395.0M in research and development during fiscal year 2025.
What is VinFast Auto Ltd.'s current ratio?
VinFast Auto Ltd. (VFS) had a current ratio of 0.52 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is VinFast Auto Ltd.'s return on assets (ROA)?
VinFast Auto Ltd. (VFS) had a return on assets of -54.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is VinFast Auto Ltd.'s P/E ratio?
VinFast Auto Ltd. (VFS) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $7.1B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is VinFast Auto Ltd.'s price-to-sales ratio?
VinFast Auto Ltd. (VFS) trades at 2.1x sales, its market capitalization divided by revenue of $3.4B revenue, FY2025. The market capitalization is $7.1B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does VinFast Auto Ltd.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, VinFast Auto Ltd. (VFS) held $292.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $1.8B over that year. Dividing the one by the other, the reported balance equals about 2 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is VinFast Auto Ltd.'s debt-to-equity ratio negative or not reported?
VinFast Auto Ltd. (VFS) has negative shareholder equity of -$6.9B as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is VinFast Auto Ltd.'s Altman Z-Score?
VinFast Auto Ltd. (VFS) has an Altman Z-Score of -3.91, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is VinFast Auto Ltd.'s Piotroski F-Score?
VinFast Auto Ltd. (VFS) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are VinFast Auto Ltd.'s earnings high quality?
VinFast Auto Ltd. (VFS) reported a net loss of $4.0B while operations used $1.8B of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can VinFast Auto Ltd. cover its interest payments?
VinFast Auto Ltd. (VFS) reported an operating loss of $2.9B against $689.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is VinFast Auto Ltd.?
VinFast Auto Ltd. (VFS) scores 22 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.