Free cash flow remains deeply negative at -$18.3 trillion in 2026Q1, driven by capital expenditures that frequently exceed 20% of revenue.
| Cash from Operations | -42.73T | -44.46T | -30.47T | -53.65T | -47.87T | -28.97T | -9.35T |
| Operating CF Margin % | - | -49.17% | -69.22% | -192.4% | -343.69% | -180.74% | -68.29% |
| Operating CF Growth % | -786.42% | -45.93% | 43.21% | -12.08% | -65.24% | -209.86% | - |
| Net Income | -107.58T | -99.58T | -77.27T | -60.25T | -52.96T | -32.22T | -18.95T |
| Depreciation & Amortization | 11.84T | 11.46T | 9.88T | 6.98T | 6.39T | 4.89T | 4.3T |
| Stock-Based Compensation | 125.17B | 111.57B | 81.69B | 150.1B | 0 | 0 | 0 |
| Deferred Taxes | 329.76B | 358.14B | -86.62B | -22.29B | 946.74B | 150.54B | 73.58B |
| Other Non-Cash Items | 52.26T | 43.35T | 33.97T | 16.71T | 28.69B | 8.77T | 4.66T |
| Working Capital Changes | 2.72T | -157.25B | 2.96T | -17.21T | -2.27T | -10.56T | 567.15B |
| Change in Receivables | -2.66T | -3.42T | -7.93T | 531.27B | 622.71B | -7.41T | -168.77B |
| Change in Inventory | -13.11T | -13.49T | -6.75T | -12.33T | -20.24T | -3.86T | 4.08T |
| Change in Payables | 23.32T | 20.68T | 19.54T | -9.76T | -622.71B | 7.41T | 168.77B |
| Cash from Investing | -31.04T | -30.26T | -16.03T | -23.02T | -21.12T | 2.42T | -1.84T |
| Capital Expenditures | -24.31T | -22.98T | -16.69T | -24.53T | -23.34T | -6.01T | -9.67T |
| CapEx % of Revenue | 24.97% | 25.41% | 37.91% | 87.96% | 167.56% | 37.48% | 70.65% |
| Acquisitions | -5.39T | -5.39T | -10.25B | -6.9B | 0 | 119.31B | -31.02B |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -102.92B | -1.88T | 3.85T | 1.52T | 2.21T | 8.31T | 7.86T |
| Cash from Financing | 75.84T | 77.18T | 49T | 77.42T | 70.32T | 28.86T | 10.45T |
| Debt Issued (Net) | 12.31T | 13.65T | 27T | 50.59T | 63.4T | 19.37T | 591.71B |
| Equity Issued (Net) | 30.78T | 63.53T | 21.99T | 25.41T | 6.96T | 9.99T | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -498.96B | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 32.75T | 54M | 0 | 1.42T | -41.65B | 0 | 9.86T |
| Net Change in Cash | 3.22T | 2.67T | 2.43T | 487.64B | 1.34T | 2.2T | -687.7B |
| Free Cash Flow | -67.04T | -67.44T | -47.16T | -78.6T | -71.21T | -34.98T | -19.02T |
| FCF Margin % | -68.86% | -74.58% | -107.13% | -281.89% | -511.25% | -218.22% | -138.94% |
| FCF Growth % | -37.74% | -43.01% | 40% | -10.39% | -103.58% | -83.88% | - |
| FCF per Share | -28654.75 | -28831.25 | -20166.69 | -34015.00 | -30662.75 | -15061.93 | -8191.06 |
| FCF Conversion (FCF/Net Income) | 0.62x | 0.46x | 0.39x | 0.89x | 0.91x | 0.90x | 0.49x |
| Interest Paid | 11.91T | 0 | 0 | 8.82T | 5.01T | 2.87T | 3.68T |
| Taxes Paid | 0 | 0 | 0 | 99.79B | 22.62B | 51.41B | 2.42B |
Unsustainable cash burn rate
As reported in recent financial statements, VinFast's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating between 0.19 and 0.85, suggesting that the company's accounting earnings are not being supported by actual cash generation from its core automotive manufacturing operations.
The persistent gap between net income and operating cash flow indicates that the company is struggling to convert its revenue growth into tangible liquidity. Investors should monitor this divergence, as it suggests that the underlying business model remains heavily reliant on external financing rather than self-sustaining operational cash flows.
Based on the provided cash flow data, VinFast's free cash flow remains deeply negative, reaching -$18.3 trillion in 2026Q1, which reflects a deteriorating trend where capital expenditures continue to outpace the company's ability to generate cash from its primary vehicle sales and leasing activities.
The consistent negative FCF margins, which reached -78.9% in the most recent quarter, highlight the extreme capital intensity required to maintain the current production scale. This trajectory appears to confirm that the company is in a high-burn phase that necessitates constant capital infusions to remain solvent.
According to quarterly filings, VinFast's capital expenditure remains elevated, with CapEx/Revenue ratios frequently exceeding 20% and peaking at 73.7% in 2024Q1, indicating that the company is aggressively deploying cash into infrastructure and manufacturing capacity despite the lack of positive unit economics.
The high level of capital intensity suggests that the company is prioritizing long-term asset development over short-term cash preservation. This strategy warrants further investigation into whether these investments will eventually yield the necessary production efficiencies to justify the current level of cash outflow.
As indicated by the historical cash flow data, working capital changes have been highly erratic, swinging from a $10.1 trillion inflow in 2024Q4 to a $7.8 trillion outflow in 2025Q1, which suggests significant instability in inventory management and the timing of supplier payments.
The volatility in working capital movements may imply challenges in managing the supply chain and inventory levels during the company's rapid international expansion. Such fluctuations often signal operational friction that can further exacerbate the company's already strained liquidity position.
Quick answers to the most common questions about buying VFS stock.
VinFast Auto Ltd. (VFS) generated $-44461239.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
VinFast Auto Ltd. (VFS) reported negative free cash flow of $67.44T in 2025, indicating capital requirements exceeded cash from operations.
VinFast Auto Ltd. (VFS) spent $22.98T on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.