Financials VinFast Auto Ltd.

Equities

VFS

SGXZ55111462

Auto & Truck Manufacturers

Market Closed - Nasdaq Other stock markets 04:00:00 2026-03-05 pm EST			5-day change	1st Jan Change
3.190 ^USD	0.00%		-2.45%	-4.49%

Mar. 03	VinFast Announces Completion of Strategic Structuring and Unveils Two New Ultra-Luxury Models	CI
Mar. 03	VinFast structures its automotive portfolio into three strategic brand lines, unveils two new ultra-luxury models	RE

Projected Income Statement: VinFast Auto Ltd.

Fiscal Period: December	2022	2023	2024	2025	2026	2027
Net sales ¹	-	29,469,708	47,076,017	84,105,511	136,154,782	147,674,526
Change	-	-	59.74%	78.66%	61.89%	8.46%
EBITDA ¹	-	-34,973,557	-48,684,108	-50,093,664	-24,310,093	-
Change	-	-	-39.2%	-2.9%	51.47%	-
EBIT ¹	-	-41,459,775	-59,246,480	-61,388,842	-38,792,674	-19,979,479
Change	-	-	-42.9%	-3.62%	36.81%	48.5%
Interest Paid ¹	-	-12,442,223	-20,435,159	-23,053,773	-20,301,203	-26,570,702
Earnings before Tax (EBT) ¹	-	-58,845,690	-82,758,798	-86,028,949	-61,171,592	-46,552,820
Change	-	-	-40.64%	-3.95%	28.89%	23.9%
Net income ¹	-49,783,795	-58,845,739	-82,631,235	-86,346,634	-59,470,553	-46,552,820
Change	-	-18.2%	-40.42%	-4.5%	31.13%	21.72%
Announcement Date	3/9/23	2/22/24	4/24/25	-	-	-

¹VND in Million

Estimates

Fiscal Period: December	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	-	10,735,974	7,694,833	8,804,549	13,002,903	17,642,005	17,100,128	17,043,654	21,712,778	29,570,608	23,476,440	27,412,473	32,198,383	44,096,607
Change	-	-	-28.33%	14.42%	47.68%	35.68%	-3.07%	-0.33%	27.4%	36.19%	-20.61%	16.77%	17.46%	36.95%
EBITDA ¹	-	-9,360,523	-8,499,441	-11,043,004	-5,709,977	-22,815,208	-9,732,225	-7,173,940	-9,822,057	-14,818,843	-9,885,591	-7,901,926	-4,941,953	-3,222,237
Change	-	-	9.2%	-29.93%	48.29%	-299.57%	57.34%	26.29%	-36.91%	-50.87%	33.29%	20.07%	37.46%	34.8%
EBIT ¹	-	-11,269,788	-10,723,395	-13,603,447	-8,566,996	-25,508,576	-12,647,220	-10,809,047	-12,683,045	-18,902,257	-11,311,860	-10,838,229	-9,996,779	-10,078,549
Change	-	-	4.85%	-26.86%	37.02%	-197.75%	50.42%	14.53%	-17.34%	-49.04%	40.16%	4.19%	7.76%	-0.82%
Charge d'intérêts ¹	-	-3,580,284	-4,408,840	-4,584,342	-5,264,698	-5,814,591	-5,296,347	-4,682,880	-5,051,534	-5,360,786	-5,119,306	-4,570,851	-4,570,066	-4,394,159
Earnings before Tax (EBT) ¹	-	-15,904,451	-15,749,577	-18,982,974	-14,007,464	-32,762,494	-18,560,034	-15,707,108	-18,217,179	-24,415,078	-16,597,886	-15,580,967	-14,737,020	-14,660,160
Change	-	-	0.97%	-20.53%	26.21%	-133.89%	43.35%	15.37%	-15.98%	-34.02%	32.02%	6.13%	5.42%	0.52%
Net income ¹	-11,208,639	-15,981,864	-15,697,132	-19,030,538	-13,953,063	-32,698,975	-18,532,005	-15,694,949	-18,234,766	-24,459,054	-16,641,863	-15,627,143	-14,774,400	-14,715,131
Change	-	-42.59%	1.78%	-21.24%	26.68%	-134.35%	43.33%	15.31%	-16.18%	-34.13%	31.96%	6.1%	5.46%	0.4%
Announcement Date	10/5/23	2/22/24	4/18/24	9/20/24	11/26/24	4/24/25	6/9/25	-	-	-	-	-	-	-

¹VND in Million

Estimates

Forecast Balance Sheet: VinFast Auto Ltd.

Fiscal Period: December	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	246,676,375	277,267,875	-
Change	-	-	-	-	12.4%	-
Announcement Date	3/9/23	2/22/24	4/24/25	-	-	-

¹VND in Million

Estimates

Cash Flow Forecast: VinFast Auto Ltd.

Fiscal Period: December	2023	2024	2025	2026	2027
CAPEX ¹	25,867,654	17,848,321	24,246,297	18,607,973	27,444,079
Change	-	-31%	35.85%	-23.25%	47.49%
Free Cash Flow (FCF) ¹	-81,322,248	-	-	-33,301,771	-11,960,774
Change	-	-	-	-	64.08%
Announcement Date	2/22/24	4/24/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: VinFast Auto Ltd.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	-	-118.68%	-103.42%	-59.56%	-17.85%	-
EBIT Margin (%)	-	-	-140.69%	-125.85%	-72.99%	-28.49%	-13.53%
EBT Margin (%)	-	-	-199.68%	-175.8%	-102.29%	-44.93%	-31.52%
Net margin (%)	-	-	-199.68%	-175.53%	-102.66%	-43.68%	-31.52%
FCF margin (%)	-	-	-275.95%	-	-	-24.46%	-8.1%
FCF / Net Income (%)	-	-	138.2%	-	-	56%	25.69%
Profitability
ROA	-16.17%	-25.96%	-19.77%	-22.32%	-	-	-
ROE	91.06%	87.75%	111.94%	96.5%	-	-	-
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-4.92x	-11.41x	-
Debt / Free cash flow	-	-	-	-	-	-8.33x	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	87.78%	37.91%	28.83%	13.67%	18.58%
CAPEX / EBITDA (%)	-	-	-73.96%	-36.66%	-48.4%	-76.54%	-
CAPEX / FCF (%)	-	-	-31.81%	-	-	-55.88%	-229.45%
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
Book Value Per Share ¹	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
EPS ¹	-	-0.8715	-1.04	-1.36	-1.404	-0.928	-0.75
Change	-	-	-19.33%	-30.77%	-3.24%	33.9%	19.18%
Nbr of stocks (in thousands)	-	21,125	2,332,229	2,338,696	2,339,513	2,339,513	2,339,513
Announcement Date	-	3/9/23	2/22/24	4/24/25	-	-	-