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Side-by-side financial comparison of Fortrea Holdings Inc. (FTRE) and VinFast Auto Ltd. (VFS). Click either name above to swap in a different company.
VinFast Auto Ltd. is the larger business by last-quarter revenue ($718.6M vs $660.5M, roughly 1.1× Fortrea Holdings Inc.). VinFast Auto Ltd. runs the higher net margin — -2.8% vs -4.9%, a 2.1% gap on every dollar of revenue.
Fortrea Holdings Inc. is an American contract research organization organized in Delaware and headquartered in Durham, North Carolina with operations in 90 countries. Its customers are primarily in the pharmaceutical, biotechnology, and medical device industries.
VinFast Auto Ltd. is a Vietnamese multinational automotive company founded by Vingroup, one of the largest private conglomerates in Vietnam that was founded by Phạm Nhật Vượng.
FTRE vs VFS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $660.5M | $718.6M |
| Net Profit | $-32.5M | $-20.0M |
| Gross Margin | — | — |
| Operating Margin | -2.1% | -96.1% |
| Net Margin | -4.9% | -2.8% |
| Revenue YoY | -5.2% | — |
| Net Profit YoY | 46.9% | — |
| EPS (diluted) | $-0.25 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $660.5M | — | ||
| Q3 25 | $701.3M | $718.6M | ||
| Q2 25 | $710.3M | $663.0M | ||
| Q1 25 | $651.3M | $656.5M | ||
| Q4 24 | $697.0M | — | ||
| Q3 24 | $674.9M | $511.6M | ||
| Q2 24 | $662.4M | — | ||
| Q1 24 | $662.1M | $302.6M |
| Q4 25 | $-32.5M | — | ||
| Q3 25 | $-15.9M | $-20.0M | ||
| Q2 25 | $-374.9M | $-51.8M | ||
| Q1 25 | $-562.9M | $-26.1M | ||
| Q4 24 | $-61.2M | — | ||
| Q3 24 | $-27.9M | $-10.4M | ||
| Q2 24 | $-138.4M | — | ||
| Q1 24 | $-101.0M | $-618.3M |
| Q4 25 | -2.1% | — | ||
| Q3 25 | -1.2% | -96.1% | ||
| Q2 25 | -46.5% | -79.0% | ||
| Q1 25 | -79.9% | -74.0% | ||
| Q4 24 | -8.0% | — | ||
| Q3 24 | -2.7% | -65.9% | ||
| Q2 24 | -7.7% | — | ||
| Q1 24 | -5.6% | -139.4% |
| Q4 25 | -4.9% | — | ||
| Q3 25 | -2.3% | -2.8% | ||
| Q2 25 | -52.8% | -7.8% | ||
| Q1 25 | -86.4% | -4.0% | ||
| Q4 24 | -8.8% | — | ||
| Q3 24 | -4.1% | -2.0% | ||
| Q2 24 | -20.9% | — | ||
| Q1 24 | -15.3% | -204.3% |
| Q4 25 | $-0.25 | — | ||
| Q3 25 | $-0.17 | — | ||
| Q2 25 | $-4.14 | — | ||
| Q1 25 | $-6.25 | — | ||
| Q4 24 | $-0.68 | — | ||
| Q3 24 | $-0.31 | — | ||
| Q2 24 | $-1.55 | — | ||
| Q1 24 | $-1.13 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $174.6M | $8.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $563.5M | — |
| Total Assets | $2.7B | $183.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.6M | — | ||
| Q3 25 | $131.3M | $8.8M | ||
| Q2 25 | $81.2M | $650.0M | ||
| Q1 25 | $101.6M | $2.4M | ||
| Q4 24 | $118.5M | — | ||
| Q3 24 | $105.3M | $1.9M | ||
| Q2 24 | $126.2M | — | ||
| Q1 24 | $92.8M | $3.0M |
| Q4 25 | $563.5M | — | ||
| Q3 25 | $580.8M | — | ||
| Q2 25 | $589.2M | $-7.2B | ||
| Q1 25 | $858.8M | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.6B | — |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.7B | $183.2M | ||
| Q2 25 | $2.8B | $7.2B | ||
| Q1 25 | $3.1B | $158.2M | ||
| Q4 24 | $3.6B | — | ||
| Q3 24 | $3.7B | $151.8M | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $4.2B | $145.6M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $129.1M | — |
| Free Cash FlowOCF − Capex | $121.6M | — |
| FCF MarginFCF / Revenue | 18.4% | — |
| Capex IntensityCapex / Revenue | 1.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $88.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $129.1M | — | ||
| Q3 25 | $86.8M | — | ||
| Q2 25 | $21.8M | — | ||
| Q1 25 | $-124.2M | — | ||
| Q4 24 | $17.1M | — | ||
| Q3 24 | $-2.4M | — | ||
| Q2 24 | $273.7M | — | ||
| Q1 24 | $-25.6M | — |
| Q4 25 | $121.6M | — | ||
| Q3 25 | $79.5M | — | ||
| Q2 25 | $14.3M | — | ||
| Q1 25 | $-127.1M | — | ||
| Q4 24 | $13.9M | — | ||
| Q3 24 | $-10.6M | — | ||
| Q2 24 | $262.5M | — | ||
| Q1 24 | $-34.9M | — |
| Q4 25 | 18.4% | — | ||
| Q3 25 | 11.3% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | -19.5% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | -1.6% | — | ||
| Q2 24 | 39.6% | — | ||
| Q1 24 | -5.3% | — |
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.0% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 1.2% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | 1.4% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FTRE
Segment breakdown not available.
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
