VFS

MKT CAP:$10B

VinFast Auto Ltd.

Market Cap

$10B

Consumer Cyclical·Auto - Manufacturers· VN·NASDAQ

Consumer Cyc.·Auto·NASDAQ

Stock Price

$4.36+$0.98 (+28.99%)

Apr 24, 2026

Company Details

VinFast Auto Ltd. engages in the design and manufacture of electric vehicles (EV), e-scooters, and e-buses in Vietnam, Canada, and the United States. The company operates through three segments: namely Car, E-scooters and Ebus. It offers th...

CEO

Vuong Nhat Pham

IPO Date

Sep 7, 2021

Website

www.vinfastauto.us

Key Metrics TTM

Revenue

$3.5B

+105.4% YoY

Net Income

-$3.7B

EPS (Diluted)

-$1.58

Free Cash Flow

-$2.6B

Revenue / Share

$1.48

Gross Margin

-42.5%

Operating Margin

-79.2%

Net Margin

-107.3%

FCF Margin

-75.1%

P/S

3.0x

P/E

—

Earnings Reports

Q4 2025

Mar 16, 2026

$1.5B+138.9%EPS -$0.57

Q3 2025

Nov 21, 2025

$691M+46.8%EPS -$0.39

Q2 2025

Sep 30, 2025

$634M+91.6%EPS -$0.33

Q1 2025

Apr 24, 2025

$623M+149.9%EPS -$0.29

FY 2024

Apr 28, 2025

$1.7B+57.9%EPS -$1.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$185M	-$106M	-$498M
Q1 22	$148M	-$100M	-$308M
Q2 22	$131M	-$96M	-$441M
Q3 22	$122M	-$132M	-$375M
Q4 22	$170M	-$141M	-$489M
Q3 23	$315M	-$94M	-$341M
Q1 24	$249M	-$146M	-$383M
Q2 24	$331M	-$208M	-$512M
Q3 24	$471M	-$113M	-$310M
Q4 24	$630M	-$498M	-$911M
Q1 25	$623M	-$219M	-$460M
Q2 25	$634M	-$261M	-$501M
Q3 25	$691M	-$388M	-$664M
Q4 25	$1.5B	-$601M	-$1.1B

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	41.2x	—
Q4 22	42.2x	—
Q3 23	31.0x	—
Q1 24	13.2x	—
Q2 24	9.1x	—
Q3 24	6.5x	—
Q4 24	5.7x	—
Q1 25	3.6x	—
Q2 25	3.5x	—
Q3 25	2.9x	—
Q4 25	2.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$241M	-$312M
Q1 22	-$350M	-$442M
Q2 22	-$245M	-$364M
Q3 22	-$380M	-$653M
Q4 22	-$386M	-$577M
Q3 23	-$934M	-$1.1B
Q1 24	-$474M	-$657M
Q2 24	-$300M	-$400M
Q3 24	-$427M	-$548M
Q4 24	$39M	-$195M
Q1 25	-$576M	-$715M
Q2 25	-$443M	-$645M
Q3 25	-$427M	-$679M
Q4 25	-$260M	-$555M

Capital Expenditures

Quarter	CapEx
Q4 21	$71M
Q1 22	$92M
Q2 22	$119M
Q3 22	$273M
Q4 22	$191M
Q3 23	$164M
Q1 24	$184M
Q2 24	$100M
Q3 24	$121M
Q4 24	$233M
Q1 25	$139M
Q2 25	$202M
Q3 25	$251M
Q4 25	$295M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	-7.9%	-3.5%
Q3 23	+112.8%	+43.8%
Q1 24	+89.7%	+10.5%
Q2 24	+172.4%	+69.6%
Q3 24	+176.1%	+18.3%
Q4 24	+99.9%	+134.9%
Q1 25	+149.9%	+71.3%
Q2 25	+91.6%	+34.7%
Q3 25	+46.8%	+73.5%
Q4 25	+138.9%	+69.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$57M	38.5%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q3 23	$0	0.0%
Q1 24	$2M	0.7%
Q2 24	$919.2K	0.3%
Q3 24	-$40.2K	-0.0%
Q4 24	$412.1K	0.1%
Q1 25	-$519.4K	-0.1%
Q2 25	$364.1K	0.1%
Q3 25	$3M	0.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$152M	$28M	$36M
Q1 22	$137M	$20M	$50M
Q2 22	$262M	$22M	$37M
Q3 22	$137M	$33M	$41M
Q4 22	$225M	$77M	$71M
Q3 23	$140M	$50M	$56M
Q1 24	$100M	$51M	$65M
Q2 24	$102M	$88M	$58M
Q3 24	$80M	$54M	$78M
Q4 24	$102M	$146M	$103M
Q1 25	$77M	$83M	$60M
Q2 25	$89M	$49M	$81M
Q3 25	$102M	$95M	$70M
Q4 25	$110M	$319M	$56M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$71M	$0	$71M
Q4 22	$163M	$149.0K	$163M
Q1 23	$143M	$148.3K	$143M
Q2 23	$61M	$152.3K	$61M
Q3 23	$120M	$154.8K	$121M
Q4 23	$156M	$156.7K	$157M
Q1 24	$113M	$156.8K	$113M
Q2 24	$91M	$158.9K	$91M
Q3 24	$72M	$155.7K	$72M
Q4 24	$126M	$31M	$158M
Q1 25	$92M	$80M	$172M
Q2 25	$526M	$96M	$622M
Q3 25	$336M	$107M	$443M
Q4 25	$417M	$1M	$418M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	2.32B	—	—
Q1 22	2.32B	0.0%	—
Q2 22	2.32B	0.0%	—
Q3 22	2.32B	0.0%	—
Q4 22	2.32B	0.0%	0.0%
Q3 23	2.31B	-0.6%	-0.6%
Q1 24	2.34B	+1.3%	+0.7%
Q2 24	2.34B	+0.0%	+0.7%
Q3 24	2.34B	+0.0%	+0.7%
Q4 24	2.34B	0.0%	+1.3%
Q1 25	2.34B	+0.0%	+0.0%
Q2 25	2.34B	0.0%	+0.0%
Q3 25	2.34B	+0.0%	+0.0%
Q4 25	2.34B	-0.0%	+0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q3 23	—	—
Q1 24	$17.8K	14K
Q2 24	$23.6K	14K
Q3 24	$33.6K	14K
Q4 24	$35.4K	18K
Q1 25	$35.0K	18K
Q2 25	$35.6K	18K
Q3 25	$38.8K	18K
Q4 25	$84.5K	18K

Revenue / Employee