What is VinFast Auto's earnings per share (EPS)?

VinFast Auto (VFS) reported diluted earnings per share of $-1.70 for fiscal year 2025. This represents a -21.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

VinFast Auto Financials

VFS

Source SEC Filings (10-K/10-Q) Updated Apr 30, 2026 Currency USD FYE April

This page shows VinFast Auto (VFS) financial statements, including the 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).

Rhea AI VFS FY2024 2026-04-30

Growth is still loss-amplifying: higher sales are not yet covering build costs, so external funding remains central.

FY2024 revenue rose 54.7%, but gross margin fell to -57.4%, so added volume still increased the loss at the product level. Free cash burn improved to -$1.94B from -$3.29B, but that easing came from lower investment and a smaller cash outflow, not from self-funding operations.

Liquidity is externally supplied, not internally generated: FY2024 brought in $2.01B of financing cash, yet year-end cash was only $136M because operations and investment absorbed most of that support. That sits beside a current ratio of 0.4x and -$6.77B of equity, meaning near-term obligations are being managed through continued capital backing rather than balance-sheet surplus.

Working capital is inventory-heavy: inventory of $1.15B was far larger than receivables of $215M, so cash is tied up in product before collection rather than being financed by customers. At the same time, R&D spending was still $412M on $1.81B of revenue, showing the company is still funding development while absorbing heavy manufacturing losses.

Financial Health Signals

Financial Profile 17/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of VinFast Auto'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.

Profitability

VinFast Auto has an operating margin of -87.6%, meaning the company retains $-88 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -125.8% the prior year.

Growth

100

VinFast Auto's revenue surged 86.2% year-over-year to $3.4B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Liquidity

VinFast Auto'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.

Cash Flow

While VinFast Auto generated -$1.8B in operating cash flow, capex of $914.7M consumed most of it, leaving -$2.7B in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

5/9

VinFast Auto passes 5 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.45x

For every $1 of reported earnings, VinFast Auto generates $0.45 in operating cash flow (-$1.8B OCF vs -$4.0B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-4.3x

VinFast Auto earns $-4.3 in operating income for every $1 of interest expense (-$2.9B vs $689.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.4B

YoY+86.2%

VinFast Auto generated $3.4B in revenue in fiscal year 2025. This represents an increase of 86.2% from the prior year.

EBITDA

-$2.5B

YoY-33.3%

VinFast Auto's EBITDA was -$2.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 33.3% from the prior year.

Net Income

-$4.0B

YoY-24.6%

VinFast Auto reported -$4.0B in net income in fiscal year 2025. This represents a decrease of 24.6% from the prior year.

EPS (Diluted)

$-1.70

YoY-21.4%

VinFast Auto earned $-1.70 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 21.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$2.7B

YoY-38.5%

VinFast Auto generated -$2.7B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 38.5% from the prior year.

Cash & Debt

$292.7M

YoY+115.4%

VinFast Auto held $292.7M in cash against $1.9B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

2.34B

YoY+0.0%

VinFast Auto had 2.34B shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

-48.4%

YoY+9.1pp

VinFast Auto's gross margin was -48.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 9.1 percentage points from the prior year.

Operating Margin

-87.6%

YoY+38.3pp

VinFast Auto's operating margin was -87.6% in fiscal year 2025, reflecting core business profitability. This is up 38.3 percentage points from the prior year.

Net Margin

-117.5%

YoY+58.1pp

VinFast Auto's net profit margin was -117.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 58.1 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$395.0M

YoY-4.1%

VinFast Auto invested $395.0M in research and development in fiscal year 2025. This represents a decrease of 4.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$914.7M

YoY+33.4%

VinFast Auto invested $914.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 33.4% from the prior year.

VFS Income Statement

Metric	FY25	FY24	FY23
Revenue	$3.4B+86.2%	$1.8B+54.7%	$1.2B
Cost of Revenue	$5.1B+78.4%	$2.8B+64.8%	$1.7B
Gross Profit	-$1.6B-56.8%	-$1.0B-86.0%	-$558.5M
R&D Expenses	$395.0M-4.1%	$412.0M-32.3%	$608.3M
SG&A Expenses	$568.0M+55.4%	$365.4M+65.5%	$220.8M
Operating Income	-$2.9B-29.6%	-$2.3B-34.4%	-$1.7B
Interest Expense	$689.8M+7.2%	$643.6M+71.5%	$375.4M
Income Tax	$14.2M+1265.5%	-$1.2M-132.7%	$3.7M
Net Income	-$4.0B-24.6%	-$3.2B-32.1%	-$2.4B
EPS (Diluted)	$-1.70-21.4%	$-1.40-34.6%	$-1.04

Metric	Q1'26	Q3'25	Q3'24
Revenue	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A
Net Income	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A

VFS Balance Sheet

Metric	FY25	FY24	FY23
Total Assets	$7.3B+13.4%	$6.4B+16.2%	$5.5B
Current Assets	$3.4B+27.8%	$2.7B+29.6%	$2.1B
Cash & Equivalents	$292.7M+115.4%	$135.9M-19.0%	$167.7M
Inventory	$1.4B+21.1%	$1.1B-6.7%	$1.2B
Accounts Receivable	$161.8M-24.6%	$214.5M+1451.8%	$13.8M
Goodwill	N/A	N/A	N/A
Total Liabilities	$14.2B+7.7%	$13.2B+14.4%	$11.5B
Current Liabilities	$6.6B-6.9%	$7.0B+21.2%	$5.8B
Long-Term Debt	$1.9B+101.5%	$939.5M-25.7%	$1.3B
Total Equity	-$6.9B-2.3%	-$6.8B-12.7%	-$6.0B
Retained Earnings	-$14.6B-32.8%	-$11.0B-42.3%	-$7.7B

Metric	Q1'26	Q3'25	Q3'24
Total Assets	$7.2B+13.0%	$6.4B+16.2%	$5.5B
Current Assets	$3.4B+29.0%	$2.7B+29.6%	$2.1B
Cash & Equivalents	$549.8M+304.6%	$135.9M-19.0%	$167.7M
Inventory	$1.4B+21.7%	$1.1B-6.7%	$1.2B
Accounts Receivable	N/A	$214.5M+1451.8%	$13.8M
Goodwill	N/A	N/A	N/A
Total Liabilities	$14.4B+9.5%	$13.2B+14.4%	$11.5B
Current Liabilities	$7.4B+4.5%	$7.0B+21.2%	$5.8B
Long-Term Debt	$1.7B+84.6%	$939.5M-25.7%	$1.3B
Total Equity	-$7.2B-6.1%	-$6.8B-12.7%	-$6.0B
Retained Earnings	-$12.2B-10.9%	-$11.0B-42.3%	-$7.7B

VFS Cash Flow Statement

Metric	FY25	FY24	FY23
Operating Cash Flow	-$1.8B-41.4%	-$1.3B+44.3%	-$2.2B
Capital Expenditures	$914.7M+33.4%	$685.8M-34.4%	$1.0B
Free Cash Flow	-$2.7B-38.5%	-$1.9B+41.2%	-$3.3B
Investing Cash Flow	-$1.2B-82.9%	-$658.6M+31.7%	-$964.4M
Financing Cash Flow	$3.1B+52.6%	$2.0B-37.9%	$3.2B
Dividends Paid	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A

Metric	Q1'26	Q3'25	Q3'24
Operating Cash Flow	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A

VFS Financial Ratios

Metric	FY25	FY24	FY23
Gross Margin	-48.4%+9.1pp	-57.4%-9.7pp	-47.8%
Operating Margin	-87.6%+38.3pp	-125.8%+19.0pp	-144.8%
Net Margin	-117.5%+58.1pp	-175.5%+30.0pp	-205.5%
Return on Equity	N/A	N/A	N/A
Return on Assets	-54.4%-4.9pp	-49.5%-6.0pp	-43.6%
Current Ratio	0.52+0.1	0.38+0.0	0.35
Debt-to-Equity	-0.27-0.1	-0.14+0.1	-0.21
FCF Margin	-79.7%+27.4pp	-107.1%+174.6pp	-281.7%

Metric	Q1'26	Q3'25	Q3'24
Gross Margin	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A
Current Ratio	0.47+0.1	0.38+0.0	0.35
Debt-to-Equity	-0.24-0.1	-0.14+0.1	-0.21
FCF Margin	N/A	N/A	N/A

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.

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Frequently Asked Questions

What is VinFast Auto's annual revenue?

VinFast Auto (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's revenue growing?

VinFast Auto (VFS) revenue grew by 86.2% year-over-year, from $1.8B to $3.4B in fiscal year 2025.

Is VinFast Auto profitable?

No, VinFast Auto (VFS) reported a net income of -$4.0B in fiscal year 2025, with a net profit margin of -117.5%.

What is VinFast Auto's EBITDA?

VinFast Auto (VFS) had EBITDA of -$2.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does VinFast Auto have?

As of fiscal year 2025, VinFast Auto (VFS) had $292.7M in cash and equivalents against $1.9B in long-term debt.

What is VinFast Auto's gross margin?

VinFast Auto (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's operating margin?

VinFast Auto (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's net profit margin?

VinFast Auto (VFS) had a net profit margin of -117.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is VinFast Auto's free cash flow?

VinFast Auto (VFS) generated -$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's operating cash flow?

VinFast Auto (VFS) generated -$1.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are VinFast Auto's total assets?

VinFast Auto (VFS) had $7.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are VinFast Auto's capital expenditures?

VinFast Auto (VFS) invested $914.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does VinFast Auto spend on research and development?

VinFast Auto (VFS) invested $395.0M in research and development during fiscal year 2025.

How many shares does VinFast Auto have outstanding?

VinFast Auto (VFS) had 2.34B shares outstanding as of fiscal year 2025.

What is VinFast Auto's current ratio?

VinFast Auto (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's debt-to-equity ratio?

VinFast Auto (VFS) had a debt-to-equity ratio of -0.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is VinFast Auto's return on assets (ROA)?

VinFast Auto (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's cash runway?

Based on fiscal year 2025 data, VinFast Auto (VFS) had $292.7M in cash against an annual operating cash burn of $1.8B. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is VinFast Auto's debt-to-equity ratio negative or unusual?

VinFast Auto (VFS) has negative shareholder equity of -$6.9B as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. 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's Piotroski F-Score?

VinFast Auto (VFS) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. 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's earnings high quality?

VinFast Auto (VFS) has an earnings quality ratio of 0.45x, considered low quality (accrual-driven). 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 cover its interest payments?

VinFast Auto (VFS) has an interest coverage ratio of -4.3x, meaning it can struggle to cover its interest obligations. 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?

VinFast Auto (VFS) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.