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VFS

VinFast Auto Ltd.

VFS

VinFast Auto Ltd. • NASDAQ
$3.24 ▲ 0.31% (+0.01)
Market Cap $7.58 B
52w High $5.38
52w Low $2.56
Dividend Yield 0%
P/E -2.16
Volume 133.59K
Outstanding Shares 2.34B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $18.014T ▲ $6.978T ▲ $-23.839T ▼ -132.334% ▼ $-0.39 ▲ $-15.008T ▼
Q2-2025 $16.609T ▲ $6.295T ▼ $-20.316T ▼ -122.317% ▼ $-8.686K ▼ $-10.416T ▼
Q1-2025 $16.306T ▼ $6.324T ▼ $-17.672T ▲ -108.373% ▲ $-7.556K ▲ $-9.28T ▲
Q4-2024 $16.496T ▲ $10.798T ▲ $-30.576T ▼ -185.347% ▼ $-13.074K ▼ $-19.923T ▼
Q3-2024 $12.327T $5.163T $-13.227T -107.307% $-5.656K $-5.445T

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $16.284T ▲ $181.464T ▲ $281.696T ▲ $-179.991T ▼
Q1-2025 $4.495T ▲ $158.244T ▲ $256.118T ▲ $-177.658T ▼
Q4-2024 $4.126T ▲ $155.966T ▲ $250.871T ▲ $-164.712T ▲
Q3-2024 $1.896T ▼ $151.807T ▲ $246.811T ▲ $-172.304T ▼
Q2-2024 $2.386T $149.263T $231.215T $-159.277T

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-20.342T ▼ $-11.6T ▲ $-7.65T ▼ $31.638T ▲ $12.371T ▲ $-16.901T ▲
Q1-2025 $-17.694T ▲ $-15.086T ▼ $-4.818T ▲ $18.009T ▲ $-2.146T ▼ $-18.728T ▼
Q4-2024 $-30.595T ▼ $1.013T ▲ $-6.53T ▼ $9.715T ▲ $3.991T ▲ $-5.098T ▲
Q3-2024 $-13.227T ▲ $-11.192T ▼ $1.339T ▲ $9.257T ▼ $-384.3B ▼ $-14.362T ▼
Q2-2024 $-18.764T $-7.862T $-6.545T $14.514T $-38.384B $-10.48T

Five-Year Company Overview

Income Statement

Income Statement VinFast is still very much in the “build” phase financially. Sales have been growing steadily each year, but the company is selling its vehicles at a loss, with production and related costs outweighing the revenue they bring in. Gross margins are deeply negative, and after accounting for overhead, marketing, R&D, and expansion costs, operating losses are very large and have been widening over time. Net losses are also substantial and persistent, which signals that profitability is not yet in sight and will likely depend on achieving much greater scale, better cost control, or higher pricing power over the long run.

Balance Sheet

Balance Sheet The balance sheet shows a capital‑intensive business that has grown its asset base quickly, but it is heavily financed with debt and support capital. Cash on hand is relatively modest compared with the size of the operations and investment program. Total borrowings are very high, and shareholders’ equity has turned deeply negative, indicating that accumulated losses and leverage now dominate the capital structure. This combination makes the company financially fragile and highly dependent on continued access to funding from lenders, strategic partners, or its broader corporate group.

Cash Flow

Cash Flow VinFast is consuming a large amount of cash. The core business has consistently used cash rather than generated it, reflecting both operating losses and the working capital needs of scaling production and entering new markets. On top of that, capital spending on factories, equipment, and infrastructure is heavy, leading to very negative free cash flow year after year. This pattern is typical of an early‑stage, capital‑intensive manufacturer pushing for rapid growth, but it also means the company must keep raising fresh capital just to maintain and expand its operations.

Competitive Edge

Competitive Edge Strategically, VinFast is trying to carve out a niche as a fast‑moving EV challenger from Vietnam, backed by the broader Vingroup ecosystem. Its strengths include tight integration with related businesses for technology, real estate, energy, and services; a broad and rapidly expanding model lineup; generous warranties; and an emphasis on well‑equipped vehicles at competitive price points. However, it is competing in one of the toughest arenas in the world—electric vehicles—against established global carmakers and powerful EV specialists. Brand recognition outside Vietnam is still developing, trust in quality and reliability has to be earned market by market, and the company must execute flawlessly on manufacturing, service, and charging infrastructure in multiple regions at once. These factors make its competitive path promising but highly execution‑sensitive.

Innovation and R&D

Innovation and R&D Innovation is a clear focal point for VinFast. It benefits from in‑house AI and data science capabilities, advanced driver‑assistance systems, and a strong push into connected‑car and over‑the‑air software features. The company is investing in its own battery capabilities and exploring next‑generation technologies like solid‑state batteries, which, if successful, could enhance range, safety, and cost efficiency over time. Its product strategy spans cars, scooters, buses, and even e‑bikes, aiming to create a full electric mobility ecosystem. At the same time, these R&D efforts and rapid product launches are expensive, and the commercial payoff is uncertain, especially given intense innovation from larger, better‑funded rivals.

Summary

Overall, VinFast combines an ambitious growth and innovation story with a very stretched financial profile. It is scaling fast, building global manufacturing and distribution, and leaning heavily on technology, ecosystem advantages, and customer‑friendly features like long warranties and flexible battery options. Yet the company is still far from breakeven, carries heavy debt, runs with negative equity, and generates substantial cash outflows. The long‑term outcome hinges on whether VinFast can translate its ecosystem, speed, and product breadth into sustainable margins and strong brand loyalty before funding constraints or competitive pressures become too great. For observers, this is best viewed as a high‑risk, high‑uncertainty transformation effort in a volatile, fiercely competitive EV landscape.

NEWS

November 21, 2025 · 9:00 AM UTC

VinFast Reports Unaudited Third Quarter 2025 Financial Results

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November 20, 2025 · 6:00 AM UTC

VinFast VF 8: The Mid-Size Electric SUV That Tells VinFast's Global Journey

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November 17, 2025 · 6:00 AM UTC

VinFast's Growth Reflects Vingroup's Legacy of Putting Customers First

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November 11, 2025 · 10:59 AM UTC

VinFast VF9: The Electric SUV Making Luxury Work for Real Life

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October 30, 2025 · 11:38 AM UTC

An EV Tale of Two Nations, Told Through VinFast's VF 8

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