VinFast Auto Ltd. (VFS)
NASDAQ:VFS
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VinFast Auto
(NASDAQ:VFS)
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Rating:42Neutral
Price Target:
$3.00
▼(-28.74% Downside)
Action:Reiterated
Date:06/09/26
The score is primarily held down by very weak financial performance—deeply negative margins, widening losses, persistent cash burn, and materially negative equity indicating high funding/solvency risk. Technicals add pressure as the stock is in a clear downtrend despite being extremely oversold. Valuation provides limited support due to negative earnings and no dividend yield.
Positive Factors
Rapid revenue and delivery growth
VinFast’s very rapid top-line and volume expansion demonstrates durable demand traction and improving scale economics potential. Sustained multi-quarter delivery increases and broader model mix support capacity utilization and market access that can underpin margin recovery as unit costs fall with scale.
Negative Factors
Materially negative equity and leverage
Persistent negative equity signals cumulative losses and solvency strain, limiting financial flexibility. High leverage and negative book equity raise refinancing and covenant risk, increasing the likelihood of dilutive financing or asset sales to support operations over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue and delivery growth
VinFast’s very rapid top-line and volume expansion demonstrates durable demand traction and improving scale economics potential. Sustained multi-quarter delivery increases and broader model mix support capacity utilization and market access that can underpin margin recovery as unit costs fall with scale.
Read all positive factors
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 (VFS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.23B
Dividend YieldN/A
Average Volume (3M)561.19K
Price to Earnings (P/E)―
Beta (1Y)0.87
Revenue Growth74.15%
EPS Growth-29.12%
CountryUS
Employees17,800
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-46036.28
Shares Outstanding2,339,536,000
10 Day Avg. Volume693,749
30 Day Avg. Volume561,190
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)-1.20
Price to Sales (P/S)2.27
P/FCF Ratio-3.05
Enterprise Value/Market Cap43.18K
Enterprise Value/Revenue3.21
Enterprise Value/Gross Profit-6.28
Enterprise Value/Ebitda-4.26
Forecast
1Y Price Target
$5.50Price Target Upside30.64% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-1.4
Revenue Forecast (FY)$5.80B
VinFast Auto Business Overview & Revenue Model
Company Description
VinFast Auto Ltd. is an international company that specializes in the design, development, and production of electric vehicles (EVs), e-scooters, and e-buses. Its operations extend across Vietnam, Canada, and the United States. The company's core ...
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 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
7
Very Negative
Balance Sheet
8
Very Negative
Cash Flow
10
Very Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 97.23T | 90.43T | 44.02T | 27.88T | 13.93T | 16.03T |
| Gross Profit | -49.73T | -38.46T | -25.28T | -13.71T | -13.05T | -9.26T |
| EBITDA | -73.23T | -63.06T | -44.19T | -34.38T | -37.36T | -18.17T |
| Net Income | -10.00T> | -97.04T | -77.27T | -60.17T | -52.89T | -32.18T |
Balance Sheet | ||||||
| Total Assets | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 85.32T |
| Cash, Cash Equivalents and Short-Term Investments | 7.86T | 10.95T | 4.13T | 4.10T | 4.28T | 3.03T |
| Total Debt | 91.73T | 10.00T> | 10.00T> | 10.00T> | 68.50T | 75.75T |
| Total Liabilities | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> | 10.00T> |
| Stockholders Equity | -10.00T> | -10.00T> | -10.00T> | -10.00T> | -10.00T> | -76.93T |
Cash Flow | ||||||
| Free Cash Flow | -67.04T | -67.44T | -47.16T | -78.60T | -71.21T | -34.98T |
| Operating Cash Flow | -42.73T | -44.46T | -30.47T | -53.65T | -47.87T | -28.97T |
| Investing Cash Flow | -31.04T | -30.26T | -16.03T | -23.02T | -21.12T | 2.42T |
| Financing Cash Flow | 75.84T | 77.18T | 49.00T | 77.42T | 70.32T | 28.86T |
VinFast Auto Technical Analysis
Negative
4.21
Price Trends
3.90
Negative
3.57
Negative
3.45
Negative
Market Momentum
-0.22
Positive
29.74
Positive
29.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VFS, the sentiment is Negative. The current price of 4.21 is above the 20-day moving average (MA) of 3.41, above the 50-day MA of 3.90, and above the 200-day MA of 3.45, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 29.74 is Positive, neither overbought nor oversold. The STOCH value of 29.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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% | |
52 Neutral | $19.59B | -5.95 | -69.98% | ― | 10.43% | 21.58% | |
50 Neutral | $13.85B | -55.55 | -2.49% | ― | -23.38% | -123.25% | |
49 Neutral | $13.70B | -42.28 | -7.56% | ― | 49.73% | 54.60% | |
47 Neutral | $13.19B | -9.69 | -328.93% | ― | 51.42% | 66.12% | |
45 Neutral | $2.02B | -0.51 | -193.02% | ― | 61.03% | -5.36% | |
42 Neutral | $7.23B | -1.80 | 57.07% | ― | 74.15% | -29.12% |
* Consumer Cyclical Sector Average
VFS
VinFast Auto
3.15
-0.52
-14.17%
NIO
Nio
5.21
1.69
48.01%
LI
Li Auto
14.30
-13.90
-49.29%
XPEV
XPeng, Inc. ADR
14.49
-4.16
-22.31%
LCID
Lucid Group
5.20
-16.30
-75.81%
RIVN
Rivian Automotive
16.76
3.00
21.80%
VinFast Auto Corporate Events
VinFast Posts Q1 2026 Revenue Growth and Restructures Vietnam Operations
Jun 8, 2026
VinFast reported unaudited first-quarter 2026 results on June 8, 2026, with total revenues of VND23.1 trillion (US$920.7 million), up 41.7% year-on-year but down 41.0% from the previous quarter as vehicle sales followed a similar pattern. EV deliv...
VinFast Shareholders Approve Transfer of Key Subsidiary Shares in May 27 Extraordinary Meeting
May 27, 2026
VinFast Auto held an extraordinary general meeting of shareholders on May 27, 2026, with a quorum representing about 2.29 billion of the 2.34 billion outstanding ordinary shares as of the May 1 record date. Shareholders considered a key corporate ...
VinFast Names Pham Nhat Quan Anh Chairman to Steer Next Phase of Global EV Expansion
May 26, 2026
On May 25, 2026, VinFast Auto announced a leadership transition effective May 23, 2026, appointing Pham Nhat Quan Anh as Chairman of the Board, replacing Le Thi Thu Thuy, who steps down from the board but remains Vice Chairwoman of major sharehold...
VinFast Unveils Asset-Light Shift With $530 Million Vietnam Manufacturing Divestment
May 12, 2026
VinFast Auto announced on May 12, 2026 that it plans a major restructuring of its Vietnamese operations, splitting key non-manufacturing activities from subsidiary VinFast Trading and Production JSC into a new unit, and then selling its remaining ...
VinFast Delivers 24,774 EVs in Vietnam in April 2026, Extending Market Lead
May 12, 2026
VinFast reported that in April 2026 it delivered a preliminary 24,774 electric vehicles in Vietnam, bringing year-to-date domestic deliveries to 78,458 units and reinforcing its leadership in the local automotive market. The company highlighted st...
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...
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.