VinFast Auto Ltd. (VFS) Key Metrics
VFS key metrics, 2020–2025
Fiscal year ended December 31, 2025 · VNDVFS returns How much profit the business earns on the capital it uses.
VFS financial health Debt, liquidity and how easily interest is covered.
VFS efficiency & capital use Working capital cycle and where the cash goes.
VFS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VFS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VFS cash returned to shareholders
VFS key metrics in VND
2020–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Returns & profitability | ||||||
| Return on equity (ROE) | — | — | — | — | — | −308.1% |
| Return on invested capital (ROIC) | — | — | — | — | — | −17.6% |
| Return on assets (ROA) | −57.3% | −51.0% | −46.2% | −53.2% | −36.1% | −20.4% |
| Return on tangible assets | −53.5% | −49.9% | −41.3% | −47.3% | −39.3% | −21.4% |
| Free cash flow margin | −74.6% | −107.1% | −281.9% | −511.2% | −218.2% | −138.9% |
| Financial health | ||||||
| Total debt | ₫129.97T | ₫146.40T | ₫126.65T | ₫68.50T | ₫75.75T | ₫54.29T |
| Cash & short-term investments | ₫10.40T | ₫4.13T | ₫4.10T | ₫4.28T | ₫3.03T | ₫828.75B |
| Net debt | ₫119.56T | ₫142.27T | ₫122.55T | ₫64.22T | ₫72.72T | ₫53.46T |
| Debt / equity | — | — | — | — | — | 8.83 |
| Debt / assets | 0.71 | 0.94 | 0.86 | 0.60 | 0.89 | 0.58 |
| Current ratio | 0.52 | 0.38 | 0.33 | 0.68 | 0.31 | 1.02 |
| Quick ratio | 0.31 | 0.22 | 0.13 | 0.35 | 0.23 | 0.75 |
| Interest coverage | -3.2 | -3.5 | -3.5 | -6.8 | -7.9 | -3.6 |
| Working capital | −₫79.32T | −₫106.73T | −₫101.45T | −₫21.39T | −₫60.61T | ₫408.70B |
| Invested capital | −₫54.37T | −₫22.44T | −₫20.23T | −₫49.89T | −₫4.20T | ₫59.61T |
| Tangible asset value | −₫93.60T | −₫96.07T | −₫66.70T | −₫38.40T | −₫80.38T | ₫1.65T |
| Net current asset value | −₫189.58T | −₫186.09T | −₫161.69T | −₫105.44T | −₫135.57T | −₫66.28T |
| Capital allocation | ||||||
| Dividends paid | — | — | — | — | ₫498.96B | ₫498.96B |
| Capex / revenue | 25.4% | 37.9% | 89.5% | 167.6% | 37.5% | 70.6% |
| Capex / depreciation | 2.01 | 1.69 | 3.57 | 3.65 | 1.23 | 2.25 |
| Stock-based compensation / revenue | 0.1% | 0.2% | 0.5% | 60.2% | 51.3% | 33.1% |
| R&D / revenue | 10.9% | 22.8% | 52.1% | 143.2% | 57.7% | 28.7% |
| SG&A / revenue | 23.5% | 38.4% | 40.4% | 67.0% | 28.9% | 18.6% |
| Efficiency | ||||||
| Days sales outstanding | 90.0 | 82.8 | 8.1 | 16.7 | 11.5 | 10.8 |
| Days of inventory on hand | 88.9 | 152.9 | 227.1 | 191.4 | 86.9 | 95.8 |
| Days payables outstanding | 75.6 | 86.7 | 126.3 | 134.1 | 42.7 | 48.9 |
| Cash conversion cycle (days) | 103.3 | 148.9 | 108.9 | 73.9 | 55.6 | 57.7 |
| Receivables turnover | 4.06 | 4.41 | 45.05 | 21.92 | 31.87 | 33.72 |
| Payables turnover | 4.83 | 4.21 | 2.89 | 2.72 | 8.54 | 7.46 |
| Inventory turnover | 4.11 | 2.39 | 1.61 | 1.91 | 4.20 | 3.81 |
| Asset turnover | 0.53 | 0.29 | 0.21 | 0.14 | 0.18 | 0.15 |
| Average receivables | ₫22.30T | ₫9.99T | ₫618.89B | ₫635.53B | ₫502.99B | ₫405.99B |
| Average payables | ₫26.71T | ₫16.47T | ₫14.39T | ₫9.91T | ₫2.96T | ₫2.73T |
| Average inventory | ₫31.39T | ₫29.02T | ₫25.87T | ₫14.15T | ₫6.02T | ₫5.35T |
| Intangibles / total assets | 0.7% | 0.7% | 0.9% | 1.5% | 4.0% | 4.9% |
Computed from VFS's annual financial statements (latest annual report filed April 30, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in VND; data from EODHD. Averages use the opening and closing balance of each year.
VFS valuation and financial ratios
It ended the year with ₫129.97 trillion of debt and ₫10.40 trillion in cash and short-term investments, net debt of ₫119.56 trillion.
See the VFS income statement, the VFS chart for price history, or the VFS stock overview for the latest quote and news.
VFS key metrics FAQ
How much debt does VinFast Auto have?
VinFast Auto had total debt of ₫129.97 trillion at the end of fiscal 2025.
What is VinFast Auto's current ratio?
VinFast Auto's current ratio was 0.52 at the end of fiscal 2025: current assets were 0.52 times current liabilities.