VFSWW - VinFast Auto Ltd.
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| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| Revenue | 90,427,611 | 44,019,015 | 27,883,821 | 13,927,746 | 16,028,182 | 13,690,348 |
| Cost of Revenue | 128,888,540 | 69,296,654 | 41,594,732 | 26,974,525 | 25,283,958 | 20,385,478 |
| Gross Profit | (38,460,929) | (25,277,639) | (13,710,911) | (13,046,779) | (9,255,776) | (6,695,130) |
| Operating Expenses | ||||||
| R&D Expenses | 9,899,177 | 10,025,329 | 14,516,962 | 19,939,898 | 9,255,376 | 3,929,797 |
| SG&A Expenses | 21,295,135 | 16,888,031 | 11,273,285 | 9,333,182 | 4,628,399 | 2,553,102 |
| Other Expenses | 1,954,531 | 3,208,159 | 2,469,495 | 2,236,388 | 3,927,850 | 67,487 |
| Operating Expenses | 33,148,843 | 30,121,519 | 28,259,742 | 31,509,468 | 17,811,625 | 6,550,386 |
| Operating Income | ||||||
| Operating Income | (71,609,773) | (55,399,158) | (41,970,653) | (44,556,247) | (27,067,401) | (13,245,516) |
| Interest Expense | 22,314,539 | 15,661,165 | 12,073,433 | 6,527,870 | 3,442,117 | 3,701,736 |
| Interest Income | 306,292 | 621,345 | 187,640 | 158,641 | 440,284 | (603,467) |
| Profitability | ||||||
| EBITDA | (63,063,929) | (44,185,295) | (34,376,273) | (37,362,069) | (18,171,081) | (10,858,532) |
| EBIT | (74,558,624) | (54,096,664.3) | (41,358,192) | (43,751,824) | (23,062,453) | (15,160,741) |
| Income Before Tax | (96,873,163) | (77,384,644) | (60,173,423) | (51,896,362) | (32,009,724) | (18,862,477) |
| Income Tax Expense | 372,571 | (29,695) | 76,925 | 1,062,335 | 209,237 | 87,766 |
| Net Income | (97,041,887) | (77,265,364) | (60,168,126) | (52,887,812) | (32,183,727) | (18,949,885) |
| Per Share Data | ||||||
| EPS (Basic) | -41486.00 | -33042.00 | -24710.00 | -21438.09 | -13859.08 | -8160.27 |
| EPS (Diluted) | -41486.00 | -33042.00 | -24838.00 | -21438.09 | -13859.08 | -8160.27 |
| Shares Outstanding | 2,339.1 | 2,338.4 | 2,310.8 | 2,322.2 | 2,322.2 | 2,322.2 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Current Assets | ||||||
| Cash & Cash Equivalents | 7,351,998 | 3,306,793 | 4,095,472 | 4,271,442 | 3,024,916 | 827,742 |
| Short-Term Investments | 3,051,790 | 818,975 | 4,105 | 3,902 | 169 | 1,012 |
| Net Receivables | 25,192,632 | 19,407,112 | 566,715 | 671,067 | 599,987 | 405,989 |
| Inventory | 34,882,649 | 27,907,030 | 30,141,381 | 21,607,277 | 6,683,685 | 5,352,180 |
| Other Current Assets | 1,936,172 | 3,802,631 | 10,675,510 | 8,982,692 | 9,316,273 | 13,522,648 |
| Total Current Assets | 85,439,748 | 64,781,629 | 50,583,489 | 44,838,620 | 26,692,502 | 20,449,461 |
| Non-Current Assets | ||||||
| Property, Plant & Equipment | 85,570,592 | 83,829,740 | 74,753,759 | 61,747,650 | 54,120,096 | 52,815,201 |
| Goodwill | 0 | 0 | 0 | 272,203 | 272,203 | 235,105 |
| Intangible Assets | 1,206,618 | 1,164,635 | 1,291,720 | 1,461,071 | 3,163,588 | 4,296,221 |
| Long-Term Investments | 6,877,009 | 2,084,142 | 2,199,102 | 696,332 | 182,304 | 11,652,307 |
| Other Non-Current Assets | 3,528,075 | 4,106,350 | 18,122,565 | 3,811,865 | 840,544 | 3,404,179 |
| Total Non-Current Assets | 97,182,294 | 91,184,867 | 96,274,232 | 68,766,679 | 58,628,954 | 72,456,389 |
| Total Assets | 182,622,042 | 155,966,496 | 146,857,721 | 113,605,299 | 85,321,456 | 92,905,850 |
| Current Liabilities | ||||||
| Account Payables | 32,630,360 | 20,791,192 | 12,146,588 | 16,636,820 | 3,188,756 | 2,733,700 |
| Short-Term Debt | 63,492,767 | 94,005,176 | 87,238,771 | 15,299,473 | 16,121,651 | 7,357,172 |
| Deferred Revenue | 2,086,064 | 3,689,414 | 1,343,859 | 1,679,985 | 1,334,809 | 564,275 |
| Other Current Liabilities | 34,332,281 | 28,058,556 | 21,204,421 | 8,264,368 | 61,292,861 | 2,408,047 |
| Total Current Liabilities | 164,758,965 | 171,508,908 | 152,036,022 | 66,225,202 | 87,305,265 | 20,040,756 |
| Non-Current Liabilities | ||||||
| Long-Term Debt | 59,601,532 | 46,816,171 | 32,555,846 | 49,172,305 | 57,954,741 | 46,352,841 |
| Deferred Tax Liabilities | 1,296,783 | 938,643 | 1,025,264 | 947,981 | 51,462 | 2,163,885 |
| Other Non-Current Liabilities | 39,647,177 | 24,808,165 | 19,752,227 | 30,174,524 | 15,626,887 | 17,804,865 |
| Total Non-Current Liabilities | 110,258,855 | 79,362,331 | 60,233,414 | 84,050,556 | 74,957,389 | 66,685,002 |
| Total Liabilities | 275,017,820 | 250,871,239 | 212,269,436 | 150,275,758 | 162,262,654 | 86,725,758 |
| Stockholders' Equity | ||||||
| Common Stock | 9,867,220 | 9,867,167 | 9,847,536 | 871,021 | 553,892 | 0 |
| Retained Earnings | (367,176,828) | (267,792,169) | (184,546,025) | (127,188,455) | (77,416,918) | (44,356,242) |
| Accumulated Other Comprehensive Income | (572,559) | (460,644) | (385,873) | (104,065) | (63,494) | 11,799,030 |
| Total Stockholders' Equity | (173,936,583) | (164,711,670) | (142,782,394) | (114,109,832) | (76,926,520) | 6,150,124 |
| Total Liabilities & Equity | 182,622,042 | 155,966,496 | 146,857,721 | 113,605,299 | 85,321,456 | 92,905,850 |
| Debt Metrics | ||||||
| Total Debt | 129,965,692 | 146,396,473 | 126,649,317 | 68,497,012 | 75,750,039 | 54,289,522 |
| Net Debt | 122,613,694 | 143,089,680 | 122,553,845 | 64,225,570 | 72,725,123 | 53,461,780 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Operating Activities | ||||||
| Net Income | (99,582,848) | (77,265,364) | (60,250,348) | (52,958,697) | (32,218,961) | (18,950,243) |
| Depreciation & Amortization | 11,457,244 | 9,876,477 | 6,981,919 | 6,389,755 | 4,891,372 | 4,302,209 |
| Stock-Based Compensation | 111,573 | 81,693 | 150,103 | 0 | 0 | 0 |
| Change in Working Capital | (157,248) | 2,958,315 | (17,214,727) | (2,274,128) | (10,561,600) | 567,153 |
| Other Non-Cash Items | 43,351,901 | 33,967,039 | 16,705,981 | 28,686 | 8,769,565 | 4,658,135 |
| Operating Cash Flow | (44,461,239) | (30,468,461) | (53,649,366) | (47,867,646) | (28,969,088) | (9,349,166) |
| Investing Activities | ||||||
| Capital Expenditure | (22,979,265) | (16,689,295) | (24,953,280) | (23,337,793) | (6,007,925) | (9,672,214) |
| Acquisitions | (5,395,000) | (10,252) | (6,900) | 0 | 119,308 | (31,020) |
| Purchases of Investments | (10,491) | (3,176,630) | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | (1,876,460) | 3,850,340 | 1,517,506 | 2,212,974 | 8,308,667 | 7,864,262 |
| Investing Cash Flow | (30,261,216) | (16,025,837) | (23,017,340) | (21,124,819) | 2,420,050 | (1,838,972) |
| Financing Activities | ||||||
| Net Debt Issuance | 13,649,395 | 27,003,913 | 50,592,143 | 63,395,334 | 19,365,646 | 591,712 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | (498,959) | 0 |
| Other Financing Activities | 54 | 0 | 1,421,444 | (41,649) | 0 | 9,862,062 |
| Financing Cash Flow | 77,179,285 | 48,998,571 | 77,420,664 | 70,317,469 | 28,855,195 | 10,453,774 |
| Cash Position | ||||||
| Net Change in Cash | 2,667,477 | 2,429,503 | 487,639 | 1,336,715 | 2,197,174 | (687,697) |
| Cash at Beginning | 7,288,270 | 4,858,767 | 4,271,442 | 3,024,916 | 827,742 | 1,515,439 |
| Cash at End | 9,955,747 | 7,288,270 | 4,759,081 | 4,361,631 | 3,024,916 | 827,742 |
| Free Cash Flow | (67,440,504) | (47,157,756) | (78,602,646) | (71,205,439) | (34,977,013) | (19,021,380) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 90,427,611 | 44,019,015 | 27,883,821 | 13,927,746 | 16,028,182 | 13,690,348 |
| Gross Profit | (38,460,929) | (25,277,639) | (13,710,911) | (13,046,779) | (9,255,776) | (6,695,130) |
| Operating Income | (71,609,773) | (55,399,158) | (41,970,653) | (44,556,247) | (27,067,401) | (13,245,516) |
| Net Income | (97,041,887) | (77,265,364) | (60,168,126) | (52,887,812) | (32,183,727) | (18,949,885) |
| EPS (Diluted) | -41486.00 | -33042.00 | -24838.00 | -21438.09 | -13859.08 | -8160.27 |
| Balance Sheet | ||||||
| Cash & Equivalents | 7,351,998 | 3,306,793 | 4,095,472 | 4,271,442 | 3,024,916 | 827,742 |
| Total Assets | 182,622,042 | 155,966,496 | 146,857,721 | 113,605,299 | 85,321,456 | 92,905,850 |
| Total Debt | 129,965,692 | 146,396,473 | 126,649,317 | 68,497,012 | 75,750,039 | 54,289,522 |
| Stockholders' Equity | (173,936,583) | (164,711,670) | (142,782,394) | (114,109,832) | (76,926,520) | 6,150,124 |
| Cash Flow | ||||||
| Operating Cash Flow | (44,461,239) | (30,468,461) | (53,649,366) | (47,867,646) | (28,969,088) | (9,349,166) |
| Capital Expenditure | (22,979,265) | (16,689,295) | (24,953,280) | (23,337,793) | (6,007,925) | (9,672,214) |
| Free Cash Flow | (67,440,504) | (47,157,756) | (78,602,646) | (71,205,439) | (34,977,013) | (19,021,380) |