VinFast Auto Ltd. (VFS) Cash Flow Statement
Where VFS’s cash came from and went, 2025
December 31, 2025 · VND- Cash from operations
- −₫44.46T
- Capital expenditures
- ₫22.98T 25.4% of revenue
- Free cash flow
- −₫67.44T −74.6% margin
- Returned to shareholders
- —
- Change in cash
- ₫2.67T cash at year-end ₫9.96T
Drawn to scale: where the cash came from and how it was used. Hover for values.
VFS operating cash flow, capex and free cash flow
VFS cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −₫9.35T2020 | −₫44.46T2025 | — | |
| Capital expenditures | ₫9.67T2020 | ₫22.98T2025 | +18.9%/yr | |
| Free cash flow | −₫19.02T2020 | −₫67.44T2025 | — | |
| Free cash flow margin | −138.9%2020 | −74.6%2025 | +64.4 pts | |
| Stock-based compensation | ₫4.53T2020 | ₫111.57B2025 | −52.3%/yr | |
| Dividends paid | ₫498.96B2020 | ₫498.96B2021 | 0.0%/yr | |
| Capex / revenue | 70.6%2020 | 25.4%2025 | −45.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VFS cash flow by activity
VFS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
VFS cash flow statement in VND
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −₫99.58T | −₫77.27T | −₫60.25T | −₫52.96T | −₫32.22T | −₫18.95T |
| Depreciation & amortization | ₫11.46T | ₫9.88T | ₫6.98T | ₫6.39T | ₫4.89T | ₫4.30T |
| Stock-based compensation | ₫111.57B | ₫81.69B | ₫150.10B | ₫8.38T | ₫8.22T | ₫4.53T |
| Change in working capital | −₫157.25B | ₫2.96T | −₫17.21T | −₫2.27T | −₫10.56T | ₫567.15B |
| Other non-cash items | ₫43.71T | ₫33.88T | ₫16.68T | −₫7.41T | ₫697.08B | ₫203.52B |
| Cash from operating activities | −₫44.46T | −₫30.47T | −₫53.65T | −₫47.87T | −₫28.97T | −₫9.35T |
| Investing activities | ||||||
| Capital expenditures | −₫22.98T | −₫16.69T | −₫24.95T | −₫23.34T | −₫6.01T | −₫9.67T |
| Investments (net) | −₫10.49B | −₫16.03T | −₫23.49T | −₫16.04T | ₫2.42T | −₫1.84T |
| Acquisitions & other investing | −₫7.27T | ₫16.69T | ₫25.43T | ₫18.25T | ₫6.01T | ₫9.67T |
| Cash from investing activities | −₫30.26T | −₫16.03T | −₫23.02T | −₫21.12T | ₫2.42T | −₫1.84T |
| Financing activities | ||||||
| Dividends paid | — | — | — | — | −₫498.96B | −₫498.96B |
| Net borrowing (repayment) | ₫13.65T | ₫27.00T | ₫46.86T | ₫46.02T | ₫19.37T | ₫591.71B |
| Shares issued | ₫63.53T | ₫21.99T | ₫25.41T | ₫6.96T | ₫9.99T | ₫0 |
| Other financing | ₫54.0M | ₫0 | ₫5.15T | ₫17.33T | ₫0 | ₫10.36T |
| Cash from financing activities | ₫77.18T | ₫49.00T | ₫77.42T | ₫70.32T | ₫28.86T | ₫10.45T |
| Summary | ||||||
| Net change in cash | ₫2.67T | ₫2.43T | ₫487.64B | ₫1.34T | ₫2.20T | −₫687.70B |
| Cash at end of period | ₫9.96T | ₫7.29T | ₫4.76T | ₫4.36T | ₫3.02T | ₫827.74B |
| Free cash flow | −₫67.44T | −₫47.16T | −₫78.60T | −₫71.21T | −₫34.98T | −₫19.02T |
| Free cash flow margin | −74.6% | −107.1% | −281.9% | −511.2% | −218.2% | −138.9% |
| Capex / revenue | 25.4% | 37.9% | 89.5% | 167.6% | 37.5% | 70.6% |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −₫28.11T | −₫37.54T | −₫24.01T | −₫20.34T | −₫17.69T | −₫32.70T | −₫13.23T | −₫18.76T | −₫14.84T | −₫14.84T | −₫15.00T | −₫12.54T |
| Depreciation & amortization | ₫2.99T | ₫3.21T | ₫2.76T | ₫2.70T | ₫2.78T | ₫2.59T | ₫2.68T | ₫2.50T | ₫2.10T | ₫2.10T | ₫1.86T | ₫1.65T |
| Stock-based compensation | — | ₫39.05B | ₫76.59B | ₫9.54B | −₫13.60B | ₫10.79B | −₫1.05B | ₫24.07B | ₫47.88B | ₫47.88B | ₫4.52T | ₫2.81B |
| Change in working capital | −₫4.94T | ₫7.54T | ₫1.63T | −₫1.50T | −₫7.82T | ₫10.12T | −₫2.93T | ₫262.44B | −₫4.43T | −₫4.43T | −₫6.24T | ₫5.30T |
| Other non-cash items | ₫16.71T | ₫20.16T | ₫8.36T | ₫7.53T | ₫7.66T | ₫20.99T | ₫2.29T | ₫8.11T | ₫4.71T | ₫4.71T | −₫9.58T | ₫3.55T |
| Cash from operating activities | −₫13.35T | −₫6.59T | −₫11.19T | −₫11.60T | −₫15.09T | ₫1.01T | −₫11.19T | −₫7.86T | −₫12.41T | −₫12.41T | −₫24.45T | −₫2.03T |
| Investing activities | ||||||||||||
| Capital expenditures | −₫4.97T | −₫7.45T | −₫6.59T | −₫5.30T | −₫3.64T | −₫6.11T | −₫3.17T | −₫2.62T | −₫4.81T | −₫4.81T | −₫4.30T | −₫8.13T |
| Investments (net) | −₫789.91B | — | −₫6.78T | −₫7.65T | −₫4.82T | −₫6.53T | ₫1.34T | −₫6.54T | −₫4.30T | −₫4.61T | −₫4.30T | −₫8.13T |
| Acquisitions & other investing | ₫163.97B | −₫3.57T | ₫6.59T | ₫5.30T | ₫3.64T | — | ₫3.17T | ₫2.62T | ₫4.81T | — | ₫4.30T | ₫8.13T |
| Cash from investing activities | −₫5.60T | −₫11.02T | −₫6.78T | −₫7.65T | −₫4.82T | — | ₫1.34T | −₫6.54T | −₫4.30T | — | −₫4.30T | −₫8.13T |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | −₫1.0M | — | — | — | — | — |
| Net borrowing (repayment) | ₫11.66T | ₫49.47B | −₫13.05T | ₫13.64T | ₫13.01T | −₫4.91T | ₫15.13T | — | — | — | ₫16.53T | ₫7.99T |
| Shares issued | ₫5.00T | ₫0 | ₫0 | ₫0 | ₫5.00T | ₫21.99T | ₫0 | ₫0 | ₫0 | ₫0 | ₫0 | ₫0 |
| Other financing | ₫0 | ₫14.75T | ₫25.78T | ₫18.00T | ₫52.0M | −₫7.37T | −₫5.88T | ₫14.51T | ₫15.50T | ₫15.50T | ₫13.78T | ₫0 |
| Cash from financing activities | ₫16.66T | ₫14.80T | ₫12.74T | ₫31.64T | ₫18.01T | ₫9.72T | ₫9.26T | ₫14.51T | ₫15.50T | ₫15.50T | ₫30.31T | ₫7.99T |
| Summary | ||||||||||||
| Net change in cash | −₫1.59T | −₫2.08T | −₫5.48T | ₫12.37T | −₫2.15T | ₫4.20T | −₫384.30B | −₫38.38B | −₫1.14T | −₫1.14T | ₫1.55T | −₫2.12T |
| Cash at end of period | ₫8.36T | ₫9.96T | ₫12.04T | ₫17.51T | ₫5.14T | ₫7.29T | ₫3.30T | ₫3.68T | ₫3.72T | ₫3.72T | ₫3.82T | ₫2.27T |
| Free cash flow | −₫18.33T | −₫14.04T | −₫17.77T | −₫16.90T | −₫18.73T | −₫5.10T | −₫14.36T | −₫10.48T | −₫17.22T | −₫17.22T | −₫28.75T | −₫10.15T |
| Free cash flow margin | −79.3% | −35.6% | −98.2% | −101.8% | −114.9% | −30.9% | −116.5% | −120.9% | −263.8% | −237.0% | −348.3% | −127.9% |
| Capex / revenue | 21.5% | 18.9% | 36.4% | 31.9% | 22.3% | 37.0% | 25.7% | 30.2% | 73.7% | 66.2% | 52.0% | 102.3% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in VND as reported; data from EODHD.
VFS cash generation
In fiscal 2025 (ended December 31, 2025), VinFast Auto generated -₫44.46 trillion of cash from operations and spent ₫22.98 trillion on capital expenditures, leaving free cash flow of -₫67.44 trillion, −74.6% of revenue. Cash and equivalents rose by ₫2.67 trillion over the year.
Related: VFS income statement, VFS balance sheet. See the VFS stock overview for the latest quote and news.
VFS cash flow FAQ
What is VinFast Auto's free cash flow?
VinFast Auto's free cash flow was -₫67.44 trillion in fiscal 2025: -₫44.46 trillion of operating cash flow minus ₫22.98 trillion of capital expenditures It was -₫47.16 trillion a year earlier..
How much cash does VinFast Auto generate from operations?
VinFast Auto generated -₫44.46 trillion of cash from operating activities in fiscal 2025.
How much does VinFast Auto spend on capital expenditures?
VinFast Auto spent ₫22.98 trillion on capital expenditures in fiscal 2025, 25.4% of revenue, compared with ₫16.69 trillion the year before.