Cash flow VinFast Auto Ltd.

Equities

VFS

SGXZ55111462

Auto & Truck Manufacturers

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Mar. 16	VinFast Auto Ltd., Q4 2025 Earnings Call, Mar 16, 2026
Mar. 16	VinFast Auto Ltd. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2025	CI

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Published financial data: VINFAST AUTO LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	13,690B	16,028B	14,966B	28,712B	44,019B
Total Revenues	13,690B	16,028B	14,966B	28,712B	44,019B
Cost of Goods Sold, Total	20,385B	25,284B	27,232B	41,939B	69,297B
Gross Profit	-6,695B	-9,256B	-12,267B	-13,227B	-25,278B
Selling General & Admin Expenses, Total	2,553B	4,628B	9,224B	11,076B	16,888B
R&D Expenses	3,930B	9,255B	19,940B	14,517B	10,025B
Other Operating Expenses	120B	-77.1B	-112B	-72.62B	1,871B
Other Operating Expenses, Total	6,603B	13,807B	29,052B	25,521B	28,784B
Operating Income	-13,298B	-23,062B	-41,319B	-38,747B	-54,062B
Interest Expense, Total	-3,702B	-3,442B	-5,883B	-8,958B	-15,661B
Interest And Investment Income	474B	1,397B	83.58B	231B	621B
Net Interest Expenses	-3,228B	-2,045B	-5,799B	-8,727B	-15,040B
Income (Loss) On Equity Invest.	-41.97B	-36.79B	-	-	-48.84B
Currency Exchange Gains (Loss)	79.26B	449B	-828B	-677B	-1,036B
Other Non Operating Income (Expenses)	-2,347B	-2,860B	-846B	-8,038B	-6,628B
EBT, Excl. Unusual Items	-18,836B	-27,556B	-48,793B	-56,190B	-76,815B
Gain (Loss) On Sale Of Assets	-26.69B	-113B	-	-81.16B	-570B
Other Unusual Items	-	-4,340B	-109B	-1,111B	-
EBT, Incl. Unusual Items	-18,862B	-32,010B	-48,902B	-57,383B	-77,385B
Income Tax Expense	87.77B	209B	947B	89.13B	-29.7B
Earnings From Continuing Operations	-18,950B	-32,219B	-49,849B	-57,472B	-77,355B
Net Income to Company	-18,950B	-32,219B	-49,849B	-57,472B	-77,355B
Minority Interest	358M	35.23B	65.08B	74.81B	89.58B
Net Income - (IS)	-18,950B	-32,184B	-49,784B	-57,397B	-77,265B
Net Income to Common Incl Extra Items	-18,950B	-32,184B	-49,784B	-57,397B	-77,265B
Net Income to Common Excl. Extra Items	-18,950B	-32,184B	-49,784B	-57,397B	-77,265B
Per Share Items
Net EPS - Basic	-	-19.43K	-20.64K	-24.84K	-33.04K
Basic EPS - Continuing Operations	-	-19.43K	-20.64K	-24.84K	-33.04K
Basic Weighted Average Shares Outstanding	-	1.66B	2.41B	2.31B	2.34B
Net EPS - Diluted	-	-19.43K	-20.64K	-24.84K	-33.04K
Diluted EPS - Continuing Operations	-	-19.43K	-20.64K	-24.84K	-33.04K
Diluted Weighted Average Shares Outstanding	-	1.66B	2.41B	2.31B	2.34B
Normalized Basic EPS	-	-10.38K	-12.62K	-15.17K	-20.49K
Normalized Diluted EPS	-	-10.38K	-12.62K	-15.17K	-20.49K
Payout Ratio	-	-1.55	-	-	-
Supplemental Items
EBITDA	-8,996B	-18,171B	-35,052B	-32,432B	-44,185B
EBITA	-12,578B	-22,165B	-38,977B	-38,281B	-53,679B
EBIT	-13,298B	-23,062B	-41,319B	-38,747B	-54,062B
EBITDAR	-8,835B	-17,834B	-34,295B	-30,703B	-42,279B
Total Revenues (As Reported)	-	-	14,966B	28,712B	44,019B
Effective Tax Rate - (Ratio)	-0.47	-0.65	-1.94	-0.16	0.04
Total Current Taxes	-	-	-	111B	56.93B
Deferred Domestic Taxes	-	-	947B	-	-
Total Deferred Taxes	-	-	947B	-22.29B	-86.62B
Normalized Net Income	-11,772B	-17,187B	-30,430B	-35,044B	-47,920B
Interest Capitalized	214B	323B	357B	669B	409B
Supplemental Operating Expense Items
Advertising Expense	-	-	-	1,266B	2,237B
Selling and Marketing Expenses	1,347B	2,204B	5,214B	5,807B	7,996B
General and Administrative Expenses	1,207B	2,425B	4,010B	5,270B	8,892B
Research And Development Expense From Footnotes	3,930B	9,255B	19,940B	14,517B	10,025B
Net Rental Expense, Total	161B	337B	758B	1,729B	1,906B
Imputed Operating Lease Interest Expense	-	152B	517B	1,429B	1,795B
Imputed Operating Lease Depreciation	-	185B	240B	300B	111B
Stock-Based Comp., Other (Total)	-	-	-	150B	81.69B
Total Stock-Based Compensation	-	-	-	150B	81.69B

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	828B	3,025B	4,271B	4,002B	3,307B
Short Term Investments	-	-	3.9B	4.1B	819B
Trading Asset Securities, Total	-	-	533B	548B	186B
Total Cash And Short Term Investments	828B	3,025B	4,808B	4,554B	4,312B
Accounts Receivable, Total	300B	429B	658B	552B	5,740B
Other Receivables	714B	1,267B	1,868B	3,572B	1,566B
Notes Receivable	8,468B	1,563B	545B	-	-
Total Receivables	9,483B	3,259B	3,071B	4,124B	7,306B
Inventory	5,417B	6,684B	21,607B	28,666B	27,907B
Prepaid Expenses	340B	196B	333B	364B	844B
Restricted Cash	116B	349B	809B	455B	3,617B
Other Current Assets, Total	4,267B	13,181B	14,210B	10,563B	20,796B
Total Current Assets	20,449B	26,693B	44,839B	48,727B	64,782B
Gross Property Plant And Equipment	58,190B	62,951B	70,686B	89,197B	107,744B
Accumulated Depreciation	-5,374B	-8,831B	-8,939B	-14,444B	-23,915B
Net Property Plant And Equipment	52,815B	54,120B	61,748B	74,754B	83,830B
Long-term Investments	11,578B	5.29B	696B	66.12B	2,084B
Goodwill	235B	272B	272B	-	-
Other Intangibles, Total	4,296B	3,164B	1,461B	1,292B	1,165B
Accounts Receivable Long-Term	384B	182B	82.06B	731B	1,640B
Loans Receivable Long-Term	947B	16.75B	-	-	-
Deferred Tax Assets Long-Term	53.38B	50.22B	-	-	-
Other Long-Term Assets, Total	2,148B	819B	4,507B	5,767B	2,466B
Total Assets	92,906B	85,321B	113,605B	131,337B	155,966B
Liabilities
Accounts Payable, Total	3,094B	3,724B	27,491B	12,080B	21,029B
Accrued Expenses, Total	4,716B	4,457B	12,721B	13,954B	19,718B
Short-term Borrowings	2,060B	1,270B	6,988B	59,926B	79,121B
Current Portion of Long-Term Debt	6,137B	15,964B	8,311B	18,587B	14,885B
Current Portion of Leases	216B	375B	769B	1,520B	1,498B
Current Income Taxes Payable	884B	626B	1,757B	609B	2,042B
Unearned Revenue Current, Total	564B	1,335B	1,680B	1,038B	1,165B
Other Current Liabilities	2,368B	59,555B	6,508B	30,768B	32,052B
Total Current Liabilities	20,041B	87,305B	66,225B	138,481B	171,509B
Long-Term Debt	47,157B	58,846B	49,172B	32,556B	46,816B
Long-Term Leases	363B	1,298B	3,256B	5,327B	4,077B
Unearned Revenue Non Current	-	25.94B	499B	1,810B	2,723B
Deferred Tax Liability Non Current	2,164B	51.46B	948B	926B	939B
Other Non Current Liabilities	17,001B	14,735B	30,175B	18,247B	24,808B
Total Liabilities	86,726B	162,263B	150,276B	197,347B	250,871B
Common Stock, Total	-	554B	871B	9,848B	9,867B
Additional Paid In Capital	38,707B	-	12,312B	31,748B	93,674B
Retained Earnings	-44,356B	-77,417B	-127,188B	-184,588B	-267,792B
Comprehensive Income and Other	11,799B	-63.49B	-104B	-386B	-461B
Total Common Equity	6,150B	-76,927B	-114,110B	-143,378B	-164,712B
Minority Interest	29.97B	-14.68B	77,439B	77,367B	69,807B
Total Equity	6,180B	-76,941B	-36,670B	-66,011B	-94,905B
Total Liabilities And Equity	92,906B	85,321B	113,605B	131,337B	155,966B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	-	2.41B	2.41B	2.34B	2.34B
ECS Total Common Shares Outstanding	-	2.41B	2.41B	2.34B	2.34B
Book Value / Share	-	-31.9K	-47.29K	-61.33K	-70.43K
Tangible Book Value	1,619B	-80,362B	-115,843B	-144,670B	-165,876B
Tangible Book Value Per Share	-	-33.32K	-48.01K	-61.88K	-70.92K
Total Debt	55,933B	77,753B	68,497B	117,916B	146,396B
Net Debt	55,105B	74,728B	63,689B	113,362B	142,085B
Debt Equivalent Oper. Leases	1,290B	2,693B	6,062B	13,834B	15,247B
Minority Interest, Total (Incl. Fin. Div)	29.97B	-14.68B	77,439B	77,367B	69,807B
Equity Method Investments, Total	237B	-	-	-	1,166B
Account Code - Inventory Valuation	-	6	6	6	-
Inventories - Raw Materials, Total	2,350B	3,681B	12,096B	14,558B	12,078B
Inventories - Work In Process, Total	673B	730B	2,977B	3,420B	3,339B
Inventories - Finished Goods, Total	2,184B	2,118B	6,337B	10,466B	12,251B
Inventories - Others	145B	155B	197B	222B	240B
Land - (BS)	105B	-	1,854B	2,014B	2,048B
Buildings, Total	15,308B	14,436B	18,213B	20,731B	26,304B
Machinery, Total	41,964B	46,071B	44,639B	56,570B	74,131B
Full Time Employees	-	7.16K	15.88K	14K	17.8K
Assets on Operating Lease - Gross	-	-	2,383B	4,783B	5,896B

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-18,950B	-32,184B	-49,784B	-57,397B	-77,265B
Depreciation & Amortization - CF	3,582B	3,994B	3,925B	5,849B	9,494B
Amortization of Goodwill and Intangible Assets - (CF)	721B	898B	2,342B	466B	383B
Depreciation & Amortization, Total	4,302B	4,891B	6,267B	6,316B	9,876B
(Gain) Loss From Sale Of Asset	-	113B	-	81.16B	570B
(Gain) Loss on Sale of Investments - (CF)	1,270B	753B	-1,207B	4,880B	3,183B
Asset Writedown & Restructuring Costs	-	165B	1,134B	1,304B	3,933B
(Income) Loss On Equity Investments - (CF)	41.97B	36.79B	-	-	48.84B
Stock-Based Compensation (CF)	-	-	-	150B	81.69B
Provision and Write-off of Bad Debts	-	206B	173B	-	-
Other Operating Activities, Total	3,420B	7,610B	10,064B	13,365B	26,146B
Change In Accounts Receivable	-169B	-7,406B	623B	1,314B	-7,931B
Change In Inventories	4,075B	-3,858B	-20,242B	-12,542B	-6,750B
Change In Accounts Payable	-2,940B	760B	17,793B	-9,661B	19,540B
Change in Other Net Operating Assets	-399B	-57.83B	-448B	-1,459B	-1,900B
Cash from Operations	-9,349B	-28,969B	-35,628B	-53,649B	-30,468B
Capital Expenditure	-9,672B	-6,008B	-17,682B	-24,953B	-16,689B
Sale of Property, Plant, and Equipment	33.11B	48.8B	1,413B	1,004B	54.83B
Cash Acquisitions	-35.52B	-77.1B	-	-6.9B	-10.25B
Divestitures	-	424B	-	-	-
Investment in Marketable and Equity Securities, Total	17,010B	196B	-801B	-	-20B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-9,174B	7,835B	1,031B	545B	-839B
Other Investing Activities, Total	-	-	-	394B	1,478B
Cash from Investing	-1,839B	2,420B	-16,039B	-23,017B	-16,026B
Long-Term Debt Issued, Total	19,905B	38,043B	87,660B	101,315B	98,881B
Total Debt Issued	19,905B	38,043B	87,660B	101,315B	98,881B
Long-Term Debt Repaid, Total	-19,313B	-18,677B	-41,637B	-50,723B	-71,877B
Total Debt Repaid	-19,313B	-18,677B	-41,637B	-50,723B	-71,877B
Issuance of Common Stock	9,862B	9,989B	6,964B	26,829B	21,995B
Common Dividends Paid	-	-499B	-	-	-
Common & Preferred Stock Dividends Paid	-	-499B	-	-	-
Other Financing Activities, Total	-	-	-41.65B	-	-
Cash from Financing	10,454B	28,855B	52,945B	77,421B	48,999B
Foreign Exchange Rate Adjustments	46.67B	-109B	-31.22B	-266B	-74.77B
Net Change in Cash	-688B	2,197B	1,247B	488B	2,430B
Supplemental Items
Cash Interest Paid	3,681B	2,874B	4,379B	7,488B	9,474B
Cash Income Tax Paid (Refund)	2.42B	51.41B	22.62B	99.79B	11.64B
Levered Free Cash Flow	-	36,341B	-76,819B	-44,154B	-52,110B
Unlevered Free Cash Flow	-	38,493B	-73,142B	-38,555B	-42,322B
Change In Net Working Capital	-	-54,023B	35,903B	-4,149B	1,802B
Net Debt Issued / Repaid	592B	19,366B	46,023B	50,592B	27,004B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-	-16.17	-25.96	-19.77	-22.32
Return on Total Capital	-	-45.81	-158.24	-57.84	-59.95
Return On Equity %	-	91.06	87.75	111.94	96.5
Return on Common Equity	-	90.94	52.12	44.58	50.25
Margin Analysis
Gross Profit Margin %	-48.9	-57.75	-81.97	-46.07	-57.42
SG&A Margin	18.65	28.88	61.63	38.58	38.37
EBITDA Margin %	-65.71	-113.37	-234.22	-112.96	-100.38
EBITA Margin %	-91.87	-138.29	-260.44	-133.33	-121.94
EBIT Margin %	-97.13	-143.89	-276.09	-134.95	-122.81
Income From Continuing Operations Margin %	-138.42	-201.01	-333.09	-200.17	-175.73
Net Income Margin %	-138.42	-200.79	-332.66	-199.91	-175.53
Net Avail. For Common Margin %	-138.42	-200.79	-332.66	-199.91	-175.53
Normalized Net Income Margin	-85.99	-107.23	-203.34	-122.05	-108.86
Levered Free Cash Flow Margin	-	226.73	-513.31	-153.78	-118.38
Unlevered Free Cash Flow Margin	-	240.16	-488.74	-134.28	-96.14
Asset Turnover
Asset Turnover	-	0.18	0.15	0.23	0.29
Fixed Assets Turnover	-	0.3	0.26	0.42	0.52
Receivables Turnover (Average Receivables)	-	43.99	27.53	47.44	13.98
Inventory Turnover (Average Inventory)	-	4.18	1.93	1.67	2.39
Short Term Liquidity
Current Ratio	1.02	0.31	0.68	0.35	0.38
Quick Ratio	0.09	0.05	0.11	0.06	0.07
Operating Cash Flow to Current Liabilities	-0.47	-0.33	-0.54	-0.39	-0.18
Days Sales Outstanding (Average Receivables)	-	8.3	13.26	7.69	26.18
Days Outstanding Inventory (Average Inventory)	-	87.34	189.59	218.77	153.3
Average Days Payable Outstanding	-	46.86	135.13	147.39	90.84
Cash Conversion Cycle (Average Days)	-	48.77	67.72	79.07	88.63
Long Term Solvency
Total Debt/Equity	905.05	-101.06	-186.79	-178.63	-154.26
Total Debt / Total Capital	90.05	9.58K	215.22	227.17	284.31
LT Debt/Equity	768.92	-78.17	-142.97	-57.39	-53.63
Long-Term Debt / Total Capital	76.51	7.41K	164.73	72.99	98.84
Total Liabilities / Total Assets	93.35	190.18	132.28	150.26	160.85
EBIT / Interest Expense	-3.59	-6.7	-7.02	-4.33	-3.45
EBITDA / Interest Expense	-2.39	-5.18	-5.83	-3.43	-2.7
(EBITDA - Capex) / Interest Expense	-5	-6.93	-8.83	-6.21	-3.77
Total Debt / EBITDA	-6.33	-4.36	-2	-3.84	-3.46
Net Debt / EBITDA	-6.24	-4.19	-1.86	-3.69	-3.36
Total Debt / (EBITDA - Capex)	-3.02	-3.26	-1.32	-2.12	-2.48
Net Debt / (EBITDA - Capex)	-2.98	-3.13	-1.23	-2.04	-2.41
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	17.08	-6.63	91.85	57.87
Gross Profit, 1 Yr. Growth %	-	38.25	32.53	7.82	84.36
EBITDA, 1 Yr. Growth %	-	101.99	92.9	-7.48	28.53
EBITA, 1 Yr. Growth %	-	76.23	75.85	-1.79	31.29
EBIT, 1 Yr. Growth %	-	73.43	79.16	-6.22	30.72
Earnings From Cont. Operations, 1 Yr. Growth %	-	70.02	54.72	15.29	28.39
Net Income, 1 Yr. Growth %	-	69.84	54.69	15.29	28.42
Normalized Net Income, 1 Yr. Growth %	-	46	77.05	15.16	27.87
Diluted EPS Before Extra, 1 Yr. Growth %	-	-	6.22	14.7	26.9
Accounts Receivable, 1 Yr. Growth %	-	42.93	53.55	-16.14	929.61
Inventory, 1 Yr. Growth %	-	23.39	223.28	32.67	-7.41
Net Property, Plant and Equip., 1 Yr. Growth %	-	2.47	14.09	21.06	-2.75
Total Assets, 1 Yr. Growth %	-	-8.16	33.15	15.61	6.2
Tangible Book Value, 1 Yr. Growth %	-	-5.06K	44.15	24.88	15.09
Common Equity, 1 Yr. Growth %	-	-1.35K	48.34	25.65	15.36
Cash From Operations, 1 Yr. Growth %	-	209.86	22.99	50.58	-39.39
Capital Expenditures, 1 Yr. Growth %	-	-37.88	194.31	41.13	-31.96
Levered Free Cash Flow, 1 Yr. Growth %	-	-	-311.38	-42.52	23
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	-290.02	-47.29	17.45
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	4.55	33.84	77.78
Gross Profit, 2 Yr. CAGR %	-	-	35.36	19.54	39.19
EBITDA, 2 Yr. CAGR %	-	-	97.4	33.6	8.75
EBITA, 2 Yr. CAGR %	-	-	76.04	31.42	13.86
EBIT, 2 Yr. CAGR %	-	-	76.27	29.62	11.16
Earnings From Cont. Operations, 2 Yr. CAGR %	-	-	62.19	33.56	20.86
Net Income, 2 Yr. CAGR %	-	-	62.08	33.54	20.87
Normalized Net Income, 2 Yr. CAGR %	-	-	60.78	42.79	21.68
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	-	10.38	19.85
Accounts Receivable, 2 Yr. CAGR %	-	-	48.14	13.47	195.27
Inventory, 2 Yr. CAGR %	-	-	99.72	107.1	13.65
Net Property, Plant and Equip., 2 Yr. CAGR %	-	-	8.13	17.53	16.52
Total Assets, 2 Yr. CAGR %	-	-	10.58	24.07	17.17
Tangible Book Value, 2 Yr. CAGR %	-	-	745.94	34.17	19.66
Common Equity, 2 Yr. CAGR %	-	-	330.74	36.52	20.14
Cash From Operations, 2 Yr. CAGR %	-	-	95.21	36.09	-20.22
Capital Expenditures, 2 Yr. CAGR %	-	-	35.21	103.8	-15.44
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-	10.23	-21.37
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-	0.08	-27.36
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	-	28	40.04
Gross Profit, 3 Yr. CAGR %	-	-	-	25.48	39.78
EBITDA, 3 Yr. CAGR %	-	-	-	53.34	34.47
EBITA, 3 Yr. CAGR %	-	-	-	44.92	34.29
EBIT, 3 Yr. CAGR %	-	-	-	42.83	32.84
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	-	44.75	33.9
Net Income, 3 Yr. CAGR %	-	-	-	44.69	33.9
Normalized Net Income, 3 Yr. CAGR %	-	-	-	43.85	40.75
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-	-	17.47
Accounts Receivable, 3 Yr. CAGR %	-	-	-	22.55	137.44
Inventory, 3 Yr. CAGR %	-	-	-	74.26	61.03
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	-	12.28	15.7
Total Assets, 3 Yr. CAGR %	-	-	-	12.23	22.27
Tangible Book Value, 3 Yr. CAGR %	-	-	-	347.09	27.32
Common Equity, 3 Yr. CAGR %	-	-	-	185.67	28.89
Cash From Operations, 3 Yr. CAGR %	-	-	-	79.03	1.7
Capital Expenditures, 3 Yr. CAGR %	-	-	-	37.15	40.57
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-	12.76
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-	3.21