Loading financials from SEC filings…
Auto manufacturers · Consumer Cyclical · Fiscal year ends Dec 31
VinFast Auto reported revenue of $3.6B in the fiscal year ended Dec 2025, up 98.5% from the year before. Operating income was −$2.9B, an operating margin of −82.2%, and net income was −$4B. Operating cash flow of −$1.8B less capital expenditure of $915M left free cash flow of −$2.7B. Net debt was $3B.
Ranks among the 15 auto manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 1,169 | 1,809 | 3,590 |
| Cost of revenue | 1,728 | 2,848 | 5,218 |
| Gross profit | −559 | −1,039 | −1,629 |
| Research & development | 608 | 412 | 395 |
| Selling, general & admin | 458 | 694 | 844 |
| Operating income | −1,693 | −2,277 | −2,949 |
| Interest expense | 375 | 644 | 690 |
| Pre-tax income | −2,403 | −3,180 | −3,950 |
| Income tax | 3.7 | −1.2 | 14.2 |
| Net income | −2,403 | −3,175 | −3,956 |
| Diluted EPS | −1.04 | −1.40 | −1.70 |
| Diluted shares | 2,311 | 2,338 | 2,339 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 168 | 136 | 293 |
| Receivables | 13.8 | 215 | 162 |
| Inventory | 1,229 | 1,147 | 1,389 |
| Current assets | 2,054 | 2,662 | 3,401 |
| Net PP&E | 2,836 | 3,234 | 3,154 |
| Total assets | 5,515 | 6,409 | 7,270 |
| Payables | 464 | 854 | 1,299 |
| Deferred revenue | 49.8 | 147 | 79.1 |
| Current liabilities | 5,815 | 7,048 | 6,559 |
| Short-term debt | 1,672 | 1,608 | 1,378 |
| Long-term debt | 1,264 | 940 | 1,893 |
| Total liabilities | 8,279 | 10,309 | 10,948 |
| Shareholders' equity | −6,006 | −6,769 | −6,924 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | −2,248 | −1,252 | −1,770 |
| Capital expenditure | 1,046 | 686 | 915 |
| Free cash flow | −3,293 | −1,938 | −2,685 |
| Depreciation & amortisation | 245 | 390 | 456 |
| Stock-based compensation | 6.3 | 3.4 | – |
| Acquisitions | 0.3 | 0.4 | – |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 54.7% | 98.5% |
| Gross margin | −47.8% | −57.4% | −45.4% |
| Operating margin | −144.8% | −125.9% | −82.2% |
| Net margin | −205.5% | −175.5% | −110.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 564.4% | 356.4% | −414.8% |
| Free cash flow margin | −281.7% | −107.1% | −74.8% |
| Cash conversion (CFO ÷ net income) | 0.94x | 0.39x | 0.45x |
| Receivable days | 4 | 43 | 16 |
| Inventory days | 260 | 147 | 97 |
| Payable days | 98 | 110 | 91 |
| Interest cover | −4.51x | −3.54x | −4.28x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,768 | 2,411 | 2,978 |
| Current ratio | 0.35x | 0.38x | 0.52x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.