The company's equity base has eroded to a negative $191.3 trillion, reflecting a structural capital deficiency that necessitates ongoing reliance on $68.3 trillion in total debt.
| Total Current Assets | 83.61T | 83.99T | 64.78T | 50.58T | 44.84T | 26.69T | 20.45T |
| Cash & Short-Term Investments | 9.14T | 10.95T | 4.13T | 4.1T | 4.28T | 3.03T | 828.75B |
| Cash Only | 6.79T | 10.92T | 3.31T | 4.1T | 4.27T | 3.02T | 827.74B |
| Short-Term Investments | 2.35T | 32.23B | 818.98B | 4.11B | 3.9B | 169M | 1.01B |
| Accounts Receivable | 9.64T | 13.16T | 19.41T | 566.72B | 671.07B | 599.99B | 405.99B |
| Days Sales Outstanding | 65.94 | 53.12 | 160.92 | 7.42 | 17.59 | 13.66 | 10.82 |
| Inventory | 49.04T | 45.79T | 27.91T | 30.14T | 21.61T | 6.68T | 5.35T |
| Days Inventory Outstanding | 103.83 | 129.66 | 146.99 | 264.5 | 292.37 | 96.49 | 95.83 |
| Other Current Assets | 15.79T | 14.09T | 3.8T | 10.68T | 8.98T | 9.32T | 13.52T |
| Total Non-Current Assets | 101.4T | 97.72T | 91.18T | 96.27T | 68.77T | 58.63T | 72.46T |
| Property, Plant & Equipment | 89.2T | 86.01T | 83.83T | 74.75T | 61.75T | 54.12T | 52.82T |
| Fixed Asset Turnover | 1.10x | 1.05x | 0.53x | 0.37x | 0.23x | 0.30x | 0.26x |
| Goodwill | 0 | 0 | 0 | 0 | 272.2B | 272.2B | 235.1B |
| Intangible Assets | 1.17T | 1.21T | 1.16T | 1.29T | 1.46T | 3.16T | 4.3T |
| Long-Term Investments | 23.22T | 10.32T | 2.08T | 2.2T | 696.33B | 182.3B | 11.65T |
| Other Non-Current Assets | 2.04T | 187.03B | 4.11T | 18.12T | 3.81T | 840.54B | 3.4T |
| Total Assets | 185T | 181.71T | 155.97T | 146.86T | 113.61T | 85.32T | 92.91T |
| Asset Turnover | 0.53x | 0.50x | 0.28x | 0.19x | 0.12x | 0.19x | 0.15x |
| Asset Growth % | 75.66% | 16.51% | 6.2% | 29.27% | 33.15% | -8.16% | - |
| Total Current Liabilities | 175.19T | 164.15T | 171.51T | 152.04T | 66.23T | 87.31T | 20.04T |
| Accounts Payable | 37.19T | 32.38T | 20.79T | 12.15T | 16.64T | 3.19T | 2.73T |
| Days Payables Outstanding | 74.34 | 91.69 | 109.51 | 106.59 | 225.12 | 46.03 | 48.95 |
| Short-Term Debt | 62.6T | 60.74T | 94.01T | 87.24T | 15.3T | 16.12T | 7.36T |
| Deferred Revenue (Current) | 4.27T | 98.62B | 3.69T | 1.34T | 1.68T | 1.33T | 564.27B |
| Other Current Liabilities | 75.39T | 70.93T | 28.06T | 21.2T | 8.26T | 61.29T | 2.41T |
| Current Ratio | 0.48x | 0.51x | 0.38x | 0.33x | 0.68x | 0.31x | 1.02x |
| Quick Ratio | 0.20x | 0.23x | 0.22x | 0.13x | 0.35x | 0.23x | 0.75x |
| Cash Conversion Cycle | 95.42 | 91.09 | 198.4 | 165.33 | 84.84 | 64.12 | 57.71 |
| Total Non-Current Liabilities | 109.7T | 107.6T | 79.36T | 60.23T | 84.05T | 74.96T | 66.69T |
| Long-Term Debt | 0 | 47.07T | 46.82T | 32.56T | 49.17T | 57.95T | 46.35T |
| Capital Lease Obligations | 20.24T | 2.06T | 4.08T | 5.33T | 3.26T | 1.3T | 363.41B |
| Deferred Tax Liabilities | 5.08T | 1.31T | 938.64B | 1.03T | 947.98B | 51.46B | 2.16T |
| Other Non-Current Liabilities | 102.74T | 53.38T | 24.81T | 19.75T | 30.17T | 15.63T | 17.8T |
| Total Liabilities | 284.89T | 271.76T | 250.87T | 212.27T | 150.28T | 162.26T | 86.73T |
| Total Debt | 68.3T | 109.86T | 146.4T | 126.65T | 68.5T | 75.75T | 54.29T |
| Net Debt | 61.52T | 98.94T | 143.09T | 122.55T | 64.23T | 72.73T | 53.46T |
| Debt / Equity | -0.68x | - | - | - | - | - | 8.78x |
| Debt / EBITDA | -0.94x | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.84x | - | - | - | - | - | - |
| Interest Coverage | -3.75x | -3.34x | -3.45x | -3.43x | -6.70x | -6.70x | -4.10x |
| Total Equity | -99.89T | -90.04T | -94.9T | -65.41T | -36.67T | -76.94T | 6.18T |
| Equity Growth % | -23.74% | 5.12% | -45.09% | -78.38% | 52.34% | -1344.98% | - |
| Book Value per Share | -42695.86 | -38493.34 | -40585.37 | -28306.67 | -15791.17 | -33132.70 | 2661.29 |
| Total Shareholders' Equity | -191.3T | -171.56T | -164.71T | -142.78T | -114.11T | -76.93T | 6.15T |
| Common Stock | 0 | 9.87T | 9.87T | 9.85T | 871.02B | 553.89B | 0 |
| Retained Earnings | -394.87T | -364.76T | -267.79T | -184.55T | -127.19T | -77.42T | -44.36T |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | -572.45B | -460.64B | -385.87B | -104.06B | -63.49B | 11.8T |
| Minority Interest | 91.41T | 81.52T | 69.81T | 77.37T | 77.44T | -14.68B | 29.97B |
Structural capital deficiency
According to the latest quarterly filings, VinFast's equity position has deteriorated to a negative $191.3 trillion as of 2026Q1, reflecting a consistent trend of capital erosion driven by aggressive expansion efforts that have failed to generate positive returns on invested capital over the last ten quarters.
The persistent decline in shareholder equity suggests that the company is consuming its capital base at an unsustainable rate to fund its manufacturing footprint. This trajectory indicates that the business model remains heavily reliant on external capital injections rather than internal value creation, which warrants significant caution regarding long-term solvency.
As reported in financial statements, the company's current ratio remains critically low at 0.48 in 2026Q1, indicating that current assets are insufficient to cover short-term obligations and leaving the firm with a minimal buffer against operational shocks or sudden shifts in market demand for its vehicles.
A current ratio consistently below 0.50 suggests that the company faces a structural liquidity challenge that likely necessitates frequent and dilutive financing rounds. Investors should monitor the company's ability to maintain access to credit facilities, as the current liquidity profile provides little room for error in executing its international growth strategy.
Based on the provided balance sheet data, net property, plant, and equipment (PPE) reached $89.2 trillion in 2026Q1, representing a significant portion of total assets and highlighting the company's asset-heavy manufacturing model that requires massive, ongoing capital expenditure to maintain its production capacity.
The high concentration of assets in PPE underscores the significant fixed-cost burden that the company must amortize through high-volume sales. If production utilization rates do not improve, these assets may face future impairment risks, further pressuring the company's already strained financial position.
As indicated by the historical balance sheet data, the company's financial health is potentially masked by its reliance on internal transactions, as the $68.3 trillion in total debt as of 2026Q1 is likely supported by parent-level guarantees rather than standalone operational cash flow generation.
The headline balance sheet figures may not fully capture the underlying operational risks, as the company's survival appears tethered to the broader Vingroup ecosystem. This dependency suggests that the balance sheet's stability is more a function of parent-company support than the inherent viability of the automotive business itself.
Quick answers to the most common questions about buying VFS stock.
As of 2025, VinFast Auto Ltd. (VFS) had total assets of $181.71T including $83.99T in current assets.
VinFast Auto Ltd. (VFS) carries total debt of $109.86T, offset by $10.95T in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
VinFast Auto Ltd. (VFS) has total shareholders' equity (book value) of $-171561188.6M ($-38493.34 book value per share). Book value represents the net worth of the company belonging to common stock holders.
VinFast Auto Ltd. (VFS) reported a current ratio of 0.51x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.