VFSNasdaqMotor Vehicles & Passenger Car BodiesFiscal year ends December 31Also trades as VFSWW
VinFast Auto Ltd.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 30, 2026
$2.90−0.22 (-7.05%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2020 to 2025
Gross margin
-45.4%
Operating margin
-82.2%
Net margin
-110.2%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +104.9% | +86.4% | – | – |
Returns and balance sheet
6 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2020 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 58.7% | |
| Return on assets | – | – | -58.7% | |
| Current ratio | – | – | 0.52 | |
| Debt to equity | – | – | -0.47 | |
| Net debt to EBITDA | – | – | -1.19× | |
| Interest coverage | – | – | -4.3× | |
| Inventory turnover | – | – | 4.2× | |
| Capex to revenue | – | – | 25.5% | |
| Diluted shares | – | – | 2.34B |
Where the cash went
Fiscal 2021 to 2025, five years combined
VinFast Auto generated 202.04T VND from operations and spent 94.04T VND on capital expenditure, dividends and share buybacks. 99% of that went back into the business.
Generated
202.04T VND
Used
94.04T VND
Capital expenditure93.54T VND99%Dividends498.96B VND1%Share buybacks0 VND0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-110.2%
×Asset turnover0.53×
×Equity multiplier-1.00×
=Return on equity, FY202558.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -110.2% | 0.53× | -1.00× | 58.7% |
| FY2024 | -175.5% | 0.29× | -0.98× | 50.3% |
| FY2023 | -215.8% | 0.21× | -1.01× | 46.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-99.38T VND
- Cash generatingOperating cash flow above zero-44.46T VND
- Return on assets improvedROA up on the prior year-52.6% → -63.7%
- Earnings backed by cashOperating cash flow above net income-44.46T VND vs -99.38T VND
- Less leverageLong-term debt to assets fell14.7% → 26.0%
- Better liquidityCurrent ratio rose0.38 → 0.52
- No dilutionShare count did not rise2.34B → 2.34B
- Gross margin improvedGross margin up on the prior year-57.42% → -45.37%
- More efficientAsset turnover rose0.30 → 0.58