Income statement, balance sheet and cash flow statement for the last 2 fiscal years, taken from the XBRL data VinFast Auto Ltd. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2024
Revenue
1,169
1,809
Cost of revenue
1,728
2,848
Gross profit
-559
-1,039
Research and development
608
412
Selling and marketing
237
329
General and administrative
221
365
Operating expenses
1,135
Operating income
-1,693
-2,277
Interest expense
375
644
Interest income
3.51
14.6
Pre-tax income
-2,403
-3,180
Income tax
3.73
-1.22
Net income to minority interests
-3.13
-3.68
Net income
-2,403
-3,175
EBITDA
-1,448
-1,886
EPS, basic
-1.04
-1.40
EPS, diluted
-1.04
-1.40
Shares, basic (weighted)
2,311
2,338
Shares, diluted (weighted)
2,311
2,338
Balance sheet
FY2023
FY2024
Cash and equivalents
168
136
Short-term investments
0.17
33.7
Receivables
13.8
215
Inventory
1,229
1,147
Other current assets
307
472
Total current assets
2,054
2,662
Property, plant and equipment
2,836
3,234
Lease right-of-use assets
296
207
Intangible assets
54.1
47.9
Other non-current assets
232
7.04
Total assets
5,515
6,409
Accounts payable
464
854
Accrued liabilities
467
455
Deferred revenue
49.8
147
Short-term debt
1,672
1,608
Total current liabilities
5,815
7,048
Long-term debt
1,264
940
Lease liabilities
223
164
Total liabilities
8,279
10,309
Total debt
1,264
940
Paid-in capital
1,330
3,849
Retained earnings
-7,733
-11,004
Other comprehensive income
-16.2
-18.9
Shareholders' equity
-6,006
-6,769
Minority interests
3,242
2,869
Total equity
-2,764
-3,900
Total liabilities and equity
5,515
6,409
Shares outstanding
2,338
2,339
Cash flow statement
FY2023
FY2024
Net income
-2,406
-3,179
Depreciation and amortization
245
390
Stock-based compensation
6.29
3.36
Deferred income tax
-0.93
-3.56
Change in inventory
-555
-277
Cash from operations
-2,248
-1,252
Capital expenditures
-1,046
-686
Acquisitions
-0.29
-0.42
Cash from investing
-964
-659
Debt repaid
-2,125
-2,954
Cash from financing
3,244
2,014
Net change in cash
31.6
103
Free cash flow
-3,293
-1,938
Interest paid
314
389
Income taxes paid
4.18
0.48
Key metrics
Worked out from the statements above. Latest values use fiscal 2024. Valuation uses the share price of $3.18 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-57.4%
Gross profit / revenue.
Operating margin
-125.9%
Operating income / revenue.
EBITDA margin
-104.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-175.8%
Pre-tax income / revenue.
Net margin
-175.5%
Net income / revenue.
FCF margin
-107.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-69.2%
Cash from operations / revenue.
Return on assets (ROA)
-53.3%
Net income / average total assets.
R&D / revenue
22.8%
Research and development expense / revenue.
Stock-based pay / revenue
0.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
37.9%
Capital expenditures / revenue.
D&A / revenue
21.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
54.7%
Revenue vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
16.2%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
1.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.38x
Current assets / current liabilities.
Quick ratio
0.05x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.02x
(Cash + short-term investments) / current liabilities.
Debt / assets
14.7%
Total debt / total assets.
Liabilities / assets
160.8%
Total liabilities / total assets.
Net debt
$770.0M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.40
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$1.40
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.77
Revenue / diluted weighted shares.
FCF per share
-$0.83
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.54
Cash from operations / diluted weighted shares.
Book value per share
-$2.89
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
4.11x
Market cap / revenue.
EV/Sales
4.54x
Enterprise value / revenue.
FCF yield
-26.0%
Free cash flow / market cap.
Earnings yield
-42.7%
Net income / market cap (the inverse of P/E).
What was VinFast Auto Ltd.'s revenue in fiscal 2024?
VinFast Auto Ltd. reported revenue of $1.81B for fiscal 2024, 54.7% higher than the year before.
Was VinFast Auto Ltd. profitable in fiscal 2024?
No. It reported a net loss of $3.18B.
How much free cash flow did VinFast Auto Ltd. generate in fiscal 2024?
Cash from operations of $1.25B minus capital expenditures of $685.8M left free cash flow of -$1.94B.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.