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Side-by-side financial comparison of VinFast Auto Ltd. (VFS) and WESTERN ALLIANCE BANCORPORATION (WAL). Click either name above to swap in a different company.
WESTERN ALLIANCE BANCORPORATION is the larger business by last-quarter revenue ($1.0B vs $718.6M, roughly 1.4× VinFast Auto Ltd.). WESTERN ALLIANCE BANCORPORATION runs the higher net margin — 18.6% vs -2.8%, a 21.4% gap on every dollar of revenue.
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.
Western Alliance Bancorporation is a regional bank holding company headquartered in Phoenix. It is on the list of largest banks in the United States and is ranked 97th on the Forbes list of America's Best Banks.
VFS vs WAL — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $718.6M | $1.0B |
| Net Profit | $-20.0M | $189.2M |
| Gross Margin | — | — |
| Operating Margin | -96.1% | — |
| Net Margin | -2.8% | 18.6% |
| Revenue YoY | — | 31.0% |
| Net Profit YoY | — | -5.0% |
| EPS (diluted) | — | $1.65 |
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.
| Q1 26 | — | $1.0B | ||
| Q4 25 | — | $980.9M | ||
| Q3 25 | $718.6M | $938.2M | ||
| Q2 25 | $663.0M | $845.9M | ||
| Q1 25 | $656.5M | $778.0M | ||
| Q4 24 | — | $838.4M | ||
| Q3 24 | $511.6M | $823.1M | ||
| Q2 24 | — | $771.8M |
| Q1 26 | — | $189.2M | ||
| Q4 25 | — | $286.1M | ||
| Q3 25 | $-20.0M | $253.4M | ||
| Q2 25 | $-51.8M | $230.4M | ||
| Q1 25 | $-26.1M | $199.1M | ||
| Q4 24 | — | $216.9M | ||
| Q3 24 | $-10.4M | $199.8M | ||
| Q2 24 | — | $193.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 36.3% | ||
| Q3 25 | -96.1% | 33.4% | ||
| Q2 25 | -79.0% | 34.4% | ||
| Q1 25 | -74.0% | 31.7% | ||
| Q4 24 | — | 30.9% | ||
| Q3 24 | -65.9% | 30.6% | ||
| Q2 24 | — | 32.1% |
| Q1 26 | — | 18.6% | ||
| Q4 25 | — | 29.2% | ||
| Q3 25 | -2.8% | 27.0% | ||
| Q2 25 | -7.8% | 27.2% | ||
| Q1 25 | -4.0% | 25.6% | ||
| Q4 24 | — | 25.9% | ||
| Q3 24 | -2.0% | 24.3% | ||
| Q2 24 | — | 25.1% |
| Q1 26 | — | $1.65 | ||
| Q4 25 | — | $2.59 | ||
| Q3 25 | — | $2.28 | ||
| Q2 25 | — | $2.07 | ||
| Q1 25 | — | $1.79 | ||
| Q4 24 | — | $1.94 | ||
| Q3 24 | — | $1.80 | ||
| Q2 24 | — | $1.75 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $8.8M | — |
| Total DebtLower is stronger | — | $4.3B |
| Stockholders' EquityBook value | — | $7.9B |
| Total Assets | $183.2M | $98.9B |
| Debt / EquityLower = less leverage | — | 0.54× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $8.8M | — | ||
| Q2 25 | $650.0M | — | ||
| Q1 25 | $2.4M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.9M | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $4.3B | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $436.0M |
| Q1 26 | — | $7.9B | ||
| Q4 25 | — | $7.7B | ||
| Q3 25 | — | $7.4B | ||
| Q2 25 | $-7.2B | $7.1B | ||
| Q1 25 | — | $6.9B | ||
| Q4 24 | — | $6.7B | ||
| Q3 24 | — | $6.7B | ||
| Q2 24 | — | $6.3B |
| Q1 26 | — | $98.9B | ||
| Q4 25 | — | $92.8B | ||
| Q3 25 | $183.2M | $91.0B | ||
| Q2 25 | $7.2B | $86.7B | ||
| Q1 25 | $158.2M | $83.0B | ||
| Q4 24 | — | $80.9B | ||
| Q3 24 | $151.8M | $80.1B | ||
| Q2 24 | — | $80.6B |
| Q1 26 | — | 0.54× | ||
| Q4 25 | — | 0.18× | ||
| Q3 25 | — | 0.39× | ||
| Q2 25 | — | 0.41× | ||
| Q1 25 | — | 0.23× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
WAL
Segment breakdown not available.
