VinFast Auto (VFS)
NASDAQ:VFS
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VinFast Auto
(NASDAQ:VFS)
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Rating:47Neutral
Price Target:
$4.00
▼(-4.99% Downside)
Action:ReiteratedDate:04/22/26
The score is constrained primarily by very weak financial performance (negative gross profit, deep losses, negative equity, and ongoing cash burn). Technicals are comparatively supportive with the stock trading above key moving averages and positive MACD, but elevated RSI suggests near-term overextension. Valuation offers limited support due to losses (negative P/E) and no dividend, while the earnings call shows credible scale and cost-reduction ambitions but significant ongoing profitability and funding/capex risks.
Positive Factors
Rapid revenue and delivery growth
Sustained double‑digit revenue growth and large volume scale indicate meaningful market traction and product-market fit. Higher volumes support operating leverage, supplier bargaining power, and more predictable factory throughput, underpinning a path to improved unit economics if cost controls persist.
Negative Factors
Persistently negative gross margins and large losses
Deep negative gross margins show core product economics remain unprofitable despite scale. Large absolute losses erode retained capital and require continued external funding; unless structural BOM, platform and mix improvements materialize, profitability timelines remain uncertain and execution risk stays elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue and delivery growth
Sustained double‑digit revenue growth and large volume scale indicate meaningful market traction and product-market fit. Higher volumes support operating leverage, supplier bargaining power, and more predictable factory throughput, underpinning a path to improved unit economics if cost controls persist.
Read all positive factors
VinFast Auto (VFS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.94B
Dividend YieldN/A
Average Volume (3M)851.36K
Price to Earnings (P/E)―
Beta (1Y)0.99
Revenue Growth97.73%
EPS Growth-20.91%
CountryUS
Employees17,800
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)N/A
Shares Outstanding2,339,512,700
10 Day Avg. Volume1,130,122
30 Day Avg. Volume851,358
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)-1.20
Price to Sales (P/S)2.27
P/FCF Ratio-3.00
Enterprise Value/Market Cap36.31K
Enterprise Value/Revenue3.99
Enterprise Value/Gross Profit-9.39
Enterprise Value/Ebitda-5.72
Forecast
1Y Price Target
$5.83Price Target Upside38.56% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-1.31
Revenue Forecast (FY)$5.81B
VinFast Auto Business Overview & Revenue Model
Company Description
VinFast Auto Ltd. engages in the design and manufacture of electric vehicles (EV), e-scooters, and e-buses in Vietnam, Canada, and the United States. The company operates through three segments: namely Car, E-scooters and Ebus. It offers the desig...
How the Company Makes Money
VinFast primarily makes money by selling battery-electric vehicles (EVs) to customers through direct and/or dealer-based distribution, with revenue recognized from vehicle sales. The company’s additional revenue streams generally include (a) sales...
VinFast Auto Key Performance Indicators (KPIs)
Any
Electric Vehicles Delivered
Tracks the number of electric vehicles sold, reflecting market demand, production capacity, and the company's competitive position in the EV market.
Tracks the number of electric vehicles sold, reflecting market demand, production capacity, and the company's competitive position in the EV market.
Data provided by:
The Fly
The FlyVinFast Auto Earnings Call Summary
Earnings Call Date:Mar 16, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 18, 2026
Earnings Call Sentiment Neutral
The call presents a mix of material operational and commercial progress alongside continued sizable financial challenges. Highlights include record deliveries, strong top-line growth (+105% FY revenue), improving unit economics and manufacturing scale (combined capacity ~600k EVs), meaningful BOM reduction targets (double-digit to up to ~30–40% on next‑gen platforms), expanding international footprint, and growing 2-wheeler momentum with supporting infrastructure. Lowlights are substantial: persistent negative gross margins and large absolute losses (Q4 net loss USD 1.4B; adjusted EBITDA negative USD 1.0B), a one-off USD 236M impairment for the U.S. factory, elevated SG&A and major ongoing CapEx commitments that imply continued cash burn despite a reported USD 3.1B liquidity balance. Management communicated a clear strategy toward scale-driven margin improvement and multiple technology/partnership initiatives, but timelines to sustained profitability remain uncertain. Overall the call shows meaningful operational momentum and improving unit metrics but balanced by significant near-term financial pressure and execution/timing risks.Positive Updates
Record Quarterly and Annual Deliveries
Full-year EV deliveries of 196,919 in 2025 (exceeding guidance to at least double 2024); Q4 2025 deliveries reached a company record of 86,557 vehicles; 2026 guidance targets at least 300,000 EV deliveries.
Negative Updates
Large Absolute Losses and Negative Profitability
Net loss for Q4 2025 was USD 1.4 billion; adjusted EBITDA for Q4 was negative USD 1.0 billion. Despite margin improvements, core profitability remains deeply negative across GAAP and adjusted measures.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly and Annual Deliveries
Full-year EV deliveries of 196,919 in 2025 (exceeding guidance to at least double 2024); Q4 2025 deliveries reached a company record of 86,557 vehicles; 2026 guidance targets at least 300,000 EV deliveries.
Read all positive updates
Company Guidance
Management guided 2026 around scale-driven growth and efficiency: they are targeting at least 300,000 EV deliveries (up from 196,919 EVs in 2025 and a Q4 record of 86,557), and expect 2‑wheeler deliveries to be at least 2.5x 2025 volume (2025 e‑scooters were 406,496 units, a 5.7x increase). Capacity and timing targets include four global plants with combined annual capacity of ~600,000 EVs and 500,000 e‑scooters, SOP for next‑gen VF‑6 and VF‑7 in H2 2026, VF‑8 REEV launch in Vietnam in 2027, and resumption of U.S. factory construction in 2026 with SOP targeted in 2028. They expect BOM cost reductions (VF‑6 ~13%, VF‑7 ~23%), next‑gen platforms to cut BOM by ~20–30% with ongoing ~5% annual BOM optimization, and factory build CapEx described as roughly $400M domestic + $600M international (with management also referencing ~$1.6B total CapEx/R&D and ~$1.4B R&D in Q&A); liquidity stood at $3.1B as of 31 Dec 2025. Additional operational notes: international deliveries were 11% of FY2025 (18% in Q4), Vietnam market share rose to ~36% (from 22% in 2024), commercial Green models were nearly half of Q4 deliveries, and related‑party sales were ~27% of 2025 (≈33% in Q4).VinFast Auto Financial Statement Overview
Summary
Income Statement
9
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
15
Very Negative
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 90.43T | 44.02T | 27.88T | 13.93T | 16.03T |
| Gross Profit | -38.46T | -25.28T | -13.71T | -13.05T | -9.26T |
| EBITDA | -63.06T | -44.19T | -34.38T | -37.36T | -18.17T |
| Net Income | -97.04T | -77.27T | -60.17T | -52.89T | -32.18T |
Balance Sheet | |||||
| Total Assets | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 85.32T |
| Cash, Cash Equivalents and Short-Term Investments | 10.95T | 4.13T | 4.10T | 4.28T | 3.03T |
| Total Debt | 10.00T> | 10.00T> | 10.00T> | 68.50T | 75.75T |
| Total Liabilities | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> |
| Stockholders Equity | -10.00T> | -10.00T> | -10.00T> | -10.00T> | -76.93T |
Cash Flow | |||||
| Free Cash Flow | -68.47T | -47.16T | -78.60T | -71.21T | -34.98T |
| Operating Cash Flow | -45.06T | -30.47T | -53.65T | -47.87T | -28.97T |
| Investing Cash Flow | -27.33T | -16.03T | -23.02T | -21.12T | 2.42T |
| Financing Cash Flow | 78.64T | 49.00T | 77.42T | 70.32T | 28.86T |
VinFast Auto Technical Analysis
Positive
4.21
Price Trends
3.44
Positive
3.40
Positive
3.40
Positive
Market Momentum
0.27
Negative
65.58
Neutral
47.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VFS, the sentiment is Positive. The current price of 4.21 is above the 20-day moving average (MA) of 3.81, above the 50-day MA of 3.44, and above the 200-day MA of 3.40, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 65.58 is Neutral, neither overbought nor oversold. The STOCH value of 47.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VFS.
VinFast Auto Risk Analysis
VinFast Auto disclosed 100 risk factors in its most recent earnings report. VinFast Auto reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
VinFast Auto Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | $15.54B | 79.91 | -984.82% | ― | 33.72% | 36.29% | |
56 Neutral | $17.61B | 109.05 | 1.55% | ― | -22.18% | -86.28% | |
55 Neutral | $18.64B | -11.30 | -66.53% | ― | 10.43% | 21.58% | |
53 Neutral | $14.88B | -60.90 | -3.77% | ― | 88.10% | 80.63% | |
47 Neutral | $9.94B | -2.12 | 57.07% | ― | 97.73% | -20.91% | |
46 Neutral | $2.16B | -1.22 | -133.09% | ― | 67.58% | 7.56% |
* Consumer Cyclical Sector Average
VFS
VinFast Auto
4.25
0.76
21.78%
NIO
Nio
5.91
1.93
48.49%
LI
Li Auto
17.57
-7.68
-30.42%
XPEV
XPeng, Inc. ADR
15.83
-4.11
-20.61%
LCID
Lucid Group
6.54
-17.06
-72.29%
RIVN
Rivian Automotive
15.02
1.47
10.85%
VinFast Auto Corporate Events
VinFast Posts 61% Jump in Q1 2026 EV Deliveries and Sets Date for Earnings Release
Apr 22, 2026
On April 22, 2026, VinFast reported that it delivered 58,577 electric vehicles globally in the first quarter of 2026, a 61% increase year-on-year, led by its Limo Green and VF 3 models. The company also delivered 143,136 e-scooters and e-bikes in ...
VinFast March EV Deliveries in Vietnam Surge 127%, Q1 2026 Totals 53,684 Units
Apr 10, 2026
On April 10, 2026, VinFast Auto reported that it had delivered a preliminary 27,609 electric vehicles in Vietnam in March 2026, a 127% year-on-year jump that underscored its growing dominance in the domestic EV market. For the first quarter of 202...
VinFast Sets Record March 2026 Dealer Orders and Shipments for E‑Scooters in Vietnam
Apr 6, 2026
In March 2026, VinFast reported a surge in Vietnam’s electric scooter market, receiving more than 135,000 e‑scooter orders from dealers and shipping over 93,000 units, underscoring its strengthening grip on the country’s motorbik...
VinFast’s Preliminary Q4 2025 Results Show Surging EV Sales and Revenue Growth
Mar 16, 2026
On March 16, 2026, VinFast reported preliminary, unaudited results showing a sharp acceleration in its electric vehicle business for the fourth quarter and full year ended December 31, 2025. Quarterly EV deliveries jumped to 86,557 units, more tha...
VinFast Posts Strong Lunar New Year EV Deliveries in Vietnam for February 2026
Mar 11, 2026
On March 11, 2026, VinFast reported that it had delivered a preliminary 9,903 electric vehicles in Vietnam in February 2026, a robust performance given the Lunar New Year holiday period. Over the first two months of 2026, domestic deliveries reach...
VinFast Posts Record January EV Deliveries in Vietnam and Launches New Charging Incentives
Feb 12, 2026
In January 2026, VinFast Auto reported preliminary domestic deliveries of 16,172 electric vehicles in Vietnam, a 55% increase from a year earlier, underscoring rapid growth in its home market. The Limo Green led sales with 3,868 units, reinforcing...
VinFast Sets 2026 EV Delivery Target at 300,000 Units and Schedules March Release of 2025 Results
Feb 9, 2026
VinFast Auto Ltd. said on February 9, 2026 that it has set an ambitious global delivery target of 300,000 electric vehicles for 2026, building on its achievement of surpassing its 2025 delivery goal. The company expects continued strong momentum i...
VinFast Surpasses 2025 Delivery Targets With Record EV and E-Scooter Growth
Jan 30, 2026
On January 29, 2026, VinFast reported preliminary global deliveries for the fourth quarter and full year 2025, showing a sharp acceleration in its electric vehicle and two-wheeler business. The company delivered 86,557 electric vehicles in 4Q25, u...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.