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MP Materials Corp.（MP）与VinFast Auto Ltd.（VFS）财务数据对比。点击上方公司名可切换其他公司
VinFast Auto Ltd.的季度营收约是MP Materials Corp.的13.6倍（$718.6M vs $52.7M），MP Materials Corp.净利率更高（17.9% vs -2.8%，领先20.7%）
MP Materials Corp.是总部位于美国的稀土材料生产商，拥有并运营加利福尼亚州芒廷帕斯矿，这是西半球唯一在产的稀土开采及加工设施，所产核心材料可广泛应用于电动汽车、风力发电机、国防工业等多个关键领域。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
MP vs VFS — 直观对比
营收规模更大
VFS
是对方的13.6倍
$52.7M
净利率更高
MP
高出20.7%
-2.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $52.7M | $718.6M |
| 净利润 | $9.4M | $-20.0M |
| 毛利率 | — | — |
| 营业利润率 | -7.0% | -96.1% |
| 净利率 | 17.9% | -2.8% |
| 营收同比 | -13.6% | — |
| 净利润同比 | 142.2% | — |
| 每股收益（稀释后） | $0.07 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收MPVFS
| Q4 25 | $52.7M | — | ||
| Q3 25 | $53.6M | $718.6M | ||
| Q2 25 | $57.4M | $663.0M | ||
| Q1 25 | $60.8M | $656.5M | ||
| Q4 24 | $61.0M | — | ||
| Q3 24 | $62.9M | $511.6M | ||
| Q2 24 | $31.3M | — | ||
| Q1 24 | $48.7M | $302.6M |
净利润MPVFS
| Q4 25 | $9.4M | — | ||
| Q3 25 | $-41.8M | $-20.0M | ||
| Q2 25 | $-30.9M | $-51.8M | ||
| Q1 25 | $-22.6M | $-26.1M | ||
| Q4 24 | $-22.3M | — | ||
| Q3 24 | $-25.5M | $-10.4M | ||
| Q2 24 | $-34.1M | — | ||
| Q1 24 | $16.5M | $-618.3M |
营业利润率MPVFS
| Q4 25 | -7.0% | — | ||
| Q3 25 | -125.2% | -96.1% | ||
| Q2 25 | -76.5% | -79.0% | ||
| Q1 25 | -57.2% | -74.0% | ||
| Q4 24 | -72.1% | — | ||
| Q3 24 | -62.8% | -65.9% | ||
| Q2 24 | -171.1% | — | ||
| Q1 24 | -66.6% | -139.4% |
净利率MPVFS
| Q4 25 | 17.9% | — | ||
| Q3 25 | -78.0% | -2.8% | ||
| Q2 25 | -53.8% | -7.8% | ||
| Q1 25 | -37.2% | -4.0% | ||
| Q4 24 | -36.6% | — | ||
| Q3 24 | -40.5% | -2.0% | ||
| Q2 24 | -108.9% | — | ||
| Q1 24 | 33.9% | -204.3% |
每股收益（稀释后）MPVFS
| Q4 25 | $0.07 | — | ||
| Q3 25 | $-0.24 | — | ||
| Q2 25 | $-0.19 | — | ||
| Q1 25 | $-0.14 | — | ||
| Q4 24 | $-0.12 | — | ||
| Q3 24 | $-0.16 | — | ||
| Q2 24 | $-0.21 | — | ||
| Q1 24 | $-0.08 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.2B | $8.8M |
| 总债务越低越好 | $998.7M | — |
| 股东权益账面价值 | $2.0B | — |
| 总资产 | $3.9B | $183.2M |
| 负债/权益比越低杠杆越低 | 0.50× | — |
8季度趋势，按日历期对齐
现金及短期投资MPVFS
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.1B | $8.8M | ||
| Q2 25 | $261.5M | $650.0M | ||
| Q1 25 | $198.3M | $2.4M | ||
| Q4 24 | $282.4M | — | ||
| Q3 24 | $284.4M | $1.9M | ||
| Q2 24 | $295.6M | — | ||
| Q1 24 | $296.5M | $3.0M |
总债务MPVFS
| Q4 25 | $998.7M | — | ||
| Q3 25 | $997.3M | — | ||
| Q2 25 | $910.8M | — | ||
| Q1 25 | $909.8M | — | ||
| Q4 24 | $908.7M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MPVFS
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $1.0B | $-7.2B | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
总资产MPVFS
| Q4 25 | $3.9B | — | ||
| Q3 25 | $3.8B | $183.2M | ||
| Q2 25 | $2.3B | $7.2B | ||
| Q1 25 | $2.4B | $158.2M | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | $151.8M | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.4B | $145.6M |
负债/权益比MPVFS
| Q4 25 | 0.50× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.88× | — | ||
| Q4 24 | 0.86× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-46.9M | — |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | — |
| 自由现金流率自由现金流/营收 | -207.4% | — |
| 资本支出强度资本支出/营收 | 118.5% | — |
| 现金转化率经营现金流/净利润 | -4.97× | — |
| 过去12个月自由现金流最近4个季度 | $-328.1M | — |
8季度趋势，按日历期对齐
经营现金流MPVFS
| Q4 25 | $-46.9M | — | ||
| Q3 25 | $-42.0M | — | ||
| Q2 25 | $-3.7M | — | ||
| Q1 25 | $-63.2M | — | ||
| Q4 24 | $30.5M | — | ||
| Q3 24 | $-6.8M | — | ||
| Q2 24 | $30.8M | — | ||
| Q1 24 | $-41.1M | — |
自由现金流MPVFS
| Q4 25 | $-109.3M | — | ||
| Q3 25 | $-92.5M | — | ||
| Q2 25 | $-32.7M | — | ||
| Q1 25 | $-93.7M | — | ||
| Q4 24 | $-11.2M | — | ||
| Q3 24 | $-53.3M | — | ||
| Q2 24 | $-15.6M | — | ||
| Q1 24 | $-93.0M | — |
自由现金流率MPVFS
| Q4 25 | -207.4% | — | ||
| Q3 25 | -172.8% | — | ||
| Q2 25 | -56.9% | — | ||
| Q1 25 | -154.0% | — | ||
| Q4 24 | -18.3% | — | ||
| Q3 24 | -84.7% | — | ||
| Q2 24 | -50.1% | — | ||
| Q1 24 | -191.0% | — |
资本支出强度MPVFS
| Q4 25 | 118.5% | — | ||
| Q3 25 | 94.3% | — | ||
| Q2 25 | 50.5% | — | ||
| Q1 25 | 50.1% | — | ||
| Q4 24 | 68.3% | — | ||
| Q3 24 | 73.8% | — | ||
| Q2 24 | 148.7% | — | ||
| Q1 24 | 106.5% | — |
现金转化率MPVFS
| Q4 25 | -4.97× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -2.49× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
MP
| Materials Segment | $35.6M | 68% |
| Other | $17.1M | 32% |
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% |
