Revenue growth remains highly volatile, fluctuating between 2.3% and 149.9% over the last ten quarters, while operating margins have deteriorated to -95.5% as of 2026Q1.
| Sales/Revenue | 97.36T | 90.43T | 44.02T | 27.88T | 13.93T | 16.03T | 13.69T |
| Revenue Growth % | 80.97% | 105.43% | 57.87% | 100.2% | -13.1% | 17.08% | - |
| Cost of Goods Sold | 147.18T | 128.89T | 69.3T | 41.59T | 26.97T | 25.28T | 20.39T |
| COGS % of Revenue | - | 142.53% | 157.42% | 149.17% | 193.67% | 157.75% | 148.9% |
| Gross Profit | -49.82T | -38.46T | -25.28T | -13.71T | -13.05T | -9.26T | -6.7T |
| Gross Margin % | -51.17% | -42.53% | -57.42% | -49.17% | -93.67% | -57.75% | -48.9% |
| Gross Profit Growth % | - | -52.15% | -84.36% | -5.09% | -40.96% | -38.25% | - |
| Operating Expenses | 31.93T | 33.15T | 30.12T | 28.26T | 31.51T | 17.81T | 6.55T |
| OpEx % of Revenue | - | 36.66% | 68.43% | 101.35% | 226.24% | 111.13% | 47.85% |
| Selling, General & Admin | 20.1T | 21.3T | 16.89T | 11.27T | 9.33T | 4.63T | 2.55T |
| SG&A % of Revenue | - | 23.55% | 38.37% | 40.43% | 67.01% | 28.88% | 18.65% |
| Research & Development | 7.88T | 9.9T | 10.03T | 14.52T | 19.94T | 9.26T | 3.93T |
| R&D % of Revenue | - | 10.95% | 22.78% | 52.06% | 143.17% | 57.74% | 28.7% |
| Other Operating Expenses | 4M | 1.95T | 3.21T | 2.47T | 2.24T | 3.93T | 67.49B |
| Operating Income | -81.75T | -71.61T | -55.4T | -41.97T | -44.56T | -27.07T | -13.25T |
| Operating Margin % | -83.97% | -79.19% | -125.85% | -150.52% | -319.91% | -168.87% | -96.75% |
| Operating Income Growth % | - | -29.26% | -32% | 5.8% | -64.61% | -104.35% | - |
| EBITDA | -73.04T | -60.12T | -45.52T | -34.99T | -38.17T | -22.18T | -8.94T |
| EBITDA Margin % | -75.02% | -66.48% | -103.42% | -125.48% | -274.03% | -138.36% | -65.33% |
| EBITDA Growth % | -55.8% | -32.06% | -30.11% | 8.33% | -72.11% | -147.96% | - |
| D&A (Non-Cash Add-back) | 8.72T | 11.49T | 9.88T | 6.98T | 6.39T | 4.89T | 4.3T |
| EBIT | -84.11T | -74.56T | -54.1T | -41.36T | -43.75T | -23.06T | -15.16T |
| Net Interest Income | -22.13T | -22.01T | -15.04T | -11.89T | -6.37T | -3T | -4.31T |
| Interest Income | 280.71B | 306.29B | 621.35B | 187.64B | 158.64B | 440.28B | -603.47B |
| Interest Expense | 22.41T | 22.31T | 15.66T | 12.07T | 6.53T | 3.44T | 3.7T |
| Other Income/Expense | -25.72T | -25.26T | -21.99T | -18.2T | -7.34T | -4.94T | -5.62T |
| Pretax Income | -107.47T | -96.87T | -77.38T | -60.17T | -51.9T | -32.01T | -18.86T |
| Pretax Margin % | -110.39% | -107.13% | -175.8% | -215.8% | -372.61% | -199.71% | -137.78% |
| Income Tax | 344.01B | 372.57B | -29.7B | 76.92B | 1.06T | 209.24B | 87.77B |
| Effective Tax Rate % | -0.32% | -0.38% | 0.04% | -0.13% | -2.05% | -0.65% | -0.47% |
| Net Income | -107.58T | -97.04T | -77.27T | -60.17T | -52.89T | -32.18T | -18.95T |
| Net Margin % | -110.5% | -107.31% | -175.53% | -215.78% | -379.73% | -200.79% | -138.42% |
| Net Income Growth % | -34.12% | -25.6% | -28.42% | -13.77% | -64.33% | -69.84% | - |
| Net Income (Continuing) | -107.81T | -97.25T | -77.35T | -60.25T | -52.96T | -32.22T | -18.95T |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 91.41T | 81.52T | 69.81T | 77.37T | 77.44T | -14.68B | 29.97B |
| EPS (Diluted) | -45985.17 | -41486.00 | -33042.00 | -24838.00 | -21438.09 | -13859.08 | -8160.27 |
| EPS Growth % | -34.21% | -25.56% | -33.03% | -15.86% | -54.69% | -69.84% | - |
| EPS (Basic) | - | -41486.00 | -33042.00 | -24710.00 | -21438.09 | -13859.08 | -8160.27 |
| Diluted Shares Outstanding | 2.34B | 2.34B | 2.34B | 2.31B | 2.32B | 2.32B | 2.32B |
| Basic Shares Outstanding | 2.34B | 2.34B | 2.34B | 2.31B | 2.32B | 2.32B | 2.32B |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Unsustainable negative unit economics
According to recent financial filings, VinFast reported a 42.5% year-over-year revenue increase in 2026Q1, yet this growth remains highly inconsistent, fluctuating significantly from 2.3% to 149.9% over the last ten quarters as the company attempts to scale its international footprint while relying on internal fleet demand.
The erratic revenue trajectory suggests that organic retail demand may be insufficient to support the company's aggressive production targets. Investors should monitor the extent to which reported growth is driven by related-party transactions with affiliates like GSM, which may mask the true market acceptance of the brand.
As reported in financial statements, the company's gross margin reached a deeply negative 73.6% in 2026Q1, highlighting a persistent inability to cover direct production costs that appears to be worsening rather than improving as the firm attempts to scale its manufacturing operations in a competitive environment.
The persistent negative gross margins indicate that the company is currently selling vehicles at a price point that fails to recover the bill-of-materials and factory overhead. This suggests that the current business model may be fundamentally unviable without a massive increase in production volume or a significant reduction in unit manufacturing costs.
Based on the provided income statement data, operating losses have consistently tracked or exceeded gross profit deficits, with 2026Q1 operating margins at -95.5%, indicating that the company has yet to achieve any meaningful operating leverage despite its rapid expansion into new international markets and vehicle platforms.
The lack of operating leverage suggests that SG&A and R&D expenses are not scaling efficiently relative to revenue growth. This implies that the company's cost structure is heavily front-loaded, and the path to profitability remains obscured by the high fixed-cost nature of its automotive manufacturing and infrastructure deployment.
As indicated by the historical income statement data, the company's reliance on massive capital injections to offset recurring net losses of over $28 trillion in 2026Q1 alone suggests that the current growth trajectory may be unsustainable without continuous, large-scale external funding from its parent entity.
Short-sellers would likely focus on the widening gap between revenue and net income, which suggests that every unit sold currently destroys shareholder value. The company's sensitivity to interest rates and commodity prices further exacerbates the risk that its liquidity runway could be shorter than market participants currently anticipate.
Quick answers to the most common questions about buying VFS stock.
For fiscal year 2025, VinFast Auto Ltd. (VFS) reported total revenue of $90.43T. This represents a 560.5% increase compared to $13.69T in 2020.
VinFast Auto Ltd. (VFS) reported a net loss of $97.04T for the fiscal year ending 2025.
VinFast Auto Ltd. (VFS) reported an operating income of $-71609773.0M, resulting in an operating profit margin of -79.2%. This margin reflects the operational efficiency of the business before interest and taxes.
VinFast Auto Ltd. (VFS) generated $-38460929.0M in gross profit for the year, representing a gross profit margin of -42.5%. This demonstrates the company's core pricing power and production efficiency.