VinFast Auto Ltd. Warrant (VFSWW) Financials
Newest figures come from the 20-F 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 VFSWW SEC filings page.
VinFast Auto Ltd. Warrant (VFSWW) reported $3.6B in revenue for fiscal year 2025, up 98.5% 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 (20-F and 6-K reports).
Revenue grew 54.7% , but faster costs, persistent cash losses, and negative equity show a financing-dependent operating model.
Growth worsened the core economics: revenue increased54.7% , while cost of revenue rose64.8% and gross margin fell9.7 percentage points . That combination points to more activity generating larger losses per sales dollar, rather than scale improving profitability.
FY2024 operating cash flow was
The balance sheet is structurally strained: liabilities equaled
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. 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. Warrant'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. Warrant has an operating margin of -82.2%, meaning the company loses $82 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. Warrant's revenue surged 98.5% year-over-year to $3.6B, reflecting rapid business expansion. This strong growth earns a score of 97/100.
Not available for VinFast Auto Ltd. Warrant, so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
VinFast Auto Ltd. Warrant'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. Warrant'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. Warrant 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. Warrant 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. Warrant 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
VinFast Auto Ltd. Warrant generated $3.6B in revenue in fiscal year 2025. This represents an increase of 98.5% from the prior year.
VinFast Auto Ltd. Warrant's EBITDA was -$2.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior year is not meaningful, because that figure was zero or negative.
VinFast Auto Ltd. Warrant reported a net loss of $4.0B in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
VinFast Auto Ltd. Warrant earned -$1.69 per diluted share (EPS) in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
VinFast Auto Ltd. Warrant recorded an outflow of $2.7B in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
VinFast Auto Ltd. Warrant held $292.7M in cash against $1.9B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
VinFast Auto Ltd. Warrant's gross margin was -45.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 12.1 percentage points from the prior year.
VinFast Auto Ltd. Warrant's operating margin was -82.2% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
VinFast Auto Ltd. Warrant invested $395.0M in research and development in fiscal year 2025. This represents a decrease of 4.1% from the prior year.
VinFast Auto Ltd. Warrant 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.
Not reported for fiscal year 2025.
VFSWW 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.
| Metric | FY2520-F | FY2420-F | FY2320-F |
|---|---|---|---|
| Revenue | $3.6B+98.5% | $1.8B+54.7% | $1.2B |
| Cost of Revenue | $5.2B+83.3% | $2.8B+64.8% | $1.7B |
| Gross Profit | -$1.6Bn/m | -$1.0Bn/m | -$558.5M |
| R&D Expenses | $395.0M-4.1% | $412.0M-32.3% | $608.3M |
| SG&A Expenses | $843.7M+130.9% | $365.4M+65.5% | $220.8M |
| Operating Income | -$2.9Bn/m | -$2.3Bn/m | -$1.7B |
| EBITDA | -$2.5Bn/m | -$1.9Bn/m | -$1.4B |
| Interest Expense | $689.8M+7.2% | $643.6M+71.5% | $375.4M |
| Income Tax | $14.2Mn/m | -$1.2M-132.7% | $3.7M |
| Net Income | -$4.0Bn/m | -$3.2Bn/m | -$2.4B |
| EPS (Basic) | -$1.69n/m | -$1.40n/m | -$1.04 |
| EPS (Diluted) | -$1.69n/m | -$1.40n/m | -$1.04 |
| Diluted Shares (Avg) | 2.34B | N/A | N/A |
VFSWW 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 | FY2520-F | FY2420-F | FY2320-F |
|---|---|---|---|
| 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 |
| Short-Term Investments | $121.5M+261.0% | $33.7M+19466.2% | $172K |
| Inventory | $1.4B+21.1% | $1.1B-6.7% | $1.2B |
| Accounts Receivable | $161.8M-24.6% | $214.5M+1451.8% | $13.8M |
| Long-Term Investments | $231.6M+513.8% | $37.7Mn/m | $0 |
| Total Liabilities | $14.2B+7.7% | $13.2B+14.4% | $11.5B |
| Current Liabilities | $6.6B-6.9% | $7.0B+21.2% | $5.8B |
| Non-Current Liabilities | $4.4B+34.6% | $3.3B+32.3% | $2.5B |
| Long-Term Debt | $1.9B+101.5% | $939.5M-25.7% | $1.3B |
| Total Equity | -$6.9Bn/m | -$6.8Bn/m | -$6.0B |
| Retained Earnings | -$14.6Bn/m | -$11.0Bn/m | -$7.7B |
Not reported in any period shown, so not listed: Goodwill.
VFSWW 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.
| Metric | FY2520-F | FY2420-F | FY2320-F |
|---|---|---|---|
| Operating Cash Flow | -$1.8Bn/m | -$1.3Bn/m | -$2.2B |
| Depreciation & Amortization | $456.1M+12.4% | $405.9M+53.4% | $264.6M |
| Stock-Based Compensation | N/A | $3.4M-46.6% | $6.3M |
| Capital Expenditures | $914.7M+33.4% | $685.8M-34.4% | $1.0B |
| Free Cash Flow | -$2.7Bn/m | -$1.9Bn/m | -$3.3B |
| Investing Cash Flow | -$1.2Bn/m | -$658.6Mn/m | -$964.4M |
| Financing Cash Flow | $3.1B+52.6% | $2.0B-37.9% | $3.2B |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
VFSWW 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: Return on Equity, Debt-to-Equity, Liabilities-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$6.9B), which causes the debt-to-equity, liabilities-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.
Where VinFast Auto Ltd. Warrant Ranks
Frequently Asked Questions
VinFast Auto Ltd. Warrant (VFSWW) reported $3.6B in total revenue for fiscal year 2025. This represents a 98.5% 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.
VinFast Auto Ltd. Warrant (VFSWW) revenue grew by 98.5% year-over-year, from $1.8B to $3.6B in fiscal year 2025.
No, VinFast Auto Ltd. Warrant (VFSWW) reported a net loss of $4.0B in fiscal year 2025.
VinFast Auto Ltd. Warrant (VFSWW) had EBITDA of -$2.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, VinFast Auto Ltd. Warrant (VFSWW) had $292.7M in cash and equivalents against $1.9B in long-term debt.
VinFast Auto Ltd. Warrant (VFSWW) had a gross margin of -45.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
VinFast Auto Ltd. Warrant (VFSWW) had an operating margin of -82.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
VinFast Auto Ltd. Warrant (VFSWW) recorded an outflow of $2.7B in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
VinFast Auto Ltd. Warrant (VFSWW) recorded an outflow of $1.8B in operating cash flow during fiscal year 2025, representing cash used by core business activities.
VinFast Auto Ltd. Warrant (VFSWW) had $7.3B in total assets as of fiscal year 2025, including both current and long-term assets.
VinFast Auto Ltd. Warrant (VFSWW) invested $914.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
VinFast Auto Ltd. Warrant (VFSWW) invested $395.0M in research and development during fiscal year 2025.
VinFast Auto Ltd. Warrant (VFSWW) had a current ratio of 0.52 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
VinFast Auto Ltd. Warrant (VFSWW) had a return on assets of -54.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
VinFast Auto Ltd. Warrant (VFSWW) has negative shareholder equity of -$6.9B as of fiscal year 2025, so no debt-to-equity or liabilities-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.
VinFast Auto Ltd. Warrant (VFSWW) 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.
VinFast Auto Ltd. Warrant (VFSWW) 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.
VinFast Auto Ltd. Warrant (VFSWW) 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.
VinFast Auto Ltd. Warrant (VFSWW) scores 26 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is the average 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. For VinFast Auto Ltd. Warrant it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. 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.