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VinFast Auto
(NASDAQ:VFS)
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Rating:46Neutral
Price Target:
$3.00
▲(5.26% Upside)
Action:Reiterated
Date:08/19/26
The score is driven primarily by very weak financial performance (deeply negative margins, widening losses, heavy cash burn, and negative equity). Earnings-call positives (delivery growth and an asset-light plan with liquidity backstops) partially offset this but do not remove near-term funding and profitability risks. Technicals are broadly neutral, and valuation remains challenged due to ongoing losses and no dividend.
Positive Factors
EV volume growth and domestic leadership
Rapid delivery growth and a leading Vietnamese EV position support scale, brand recognition and distribution leverage. A broadening model range, including the VF 2 and Limo Green, can sustain adoption and reinforce VinFast’s home-market advantage.
Negative Factors
Severely negative margins and widening losses
VinFast is growing revenue without demonstrating sustainable unit economics: gross profit remains negative across periods and losses widened despite higher sales. Persistent negative margins limit the benefits of scale and leave profitability dependent on substantial future execution improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
EV volume growth and domestic leadership
Rapid delivery growth and a leading Vietnamese EV position support scale, brand recognition and distribution leverage. A broadening model range, including the VF 2 and Limo Green, can sustain adoption and reinforce VinFast’s home-market advantage.
Read all positive factors
VinFast Auto Key Performance Indicators (KPIs)
Any
Gross Profit by Segment
Reveals profitability across different business areas, highlighting which segments drive earnings and where there might be challenges or opportunities for improvement.
Reveals profitability across different business areas, highlighting which segments drive earnings and where there might be challenges or opportunities for improvement.
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)436.76K
Price to Earnings (P/E)―
Beta (1Y)0.86
Revenue Growth74.15%
EPS Growth-29.12%
CountryUS
Employees29,878
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-46036.28
Shares Outstanding2,339,536,000
10 Day Avg. Volume470,070
30 Day Avg. Volume436,760
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)-1.18
Price to Sales (P/S)2.27
P/FCF Ratio-3.05
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$5.50Price Target Upside92.98% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-1.53
Revenue Forecast (FY)$5.50B
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 electric vehicles to customers and recognized channels (e.g., retail buyers and, where applicable, fleet or distributor-type arrangements). Revenue is mainly generated from the sale of completed EVs (includ...
VinFast Auto Earnings Call Summary
Earnings Call Date:Jun 08, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Sep 18, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: strong commercial momentum (robust YoY delivery growth, expanding 2‑wheeler leadership, regional market share gains, GSM partnership, autonomy and tech partnerships, and an asset‑light reorganization) alongside significant near‑term financial headwinds (very negative GAAP gross margin driven by a large USD 192M free‑charging revenue deduction, substantial adjusted EBITDA and net losses, heavy CapEx and dependence on financing commitments, and litigation uncertainty in the U.S.). Management emphasized improved adjusted operating trends when excluding one‑time items and clear strategic plans to improve capital efficiency, but reported GAAP figures remain materially negative in the near term.Positive Updates
Strong Vehicle Deliveries and Volume Growth
Q1 2026 deliveries of 58,577 units, up 61% year-over-year; EV automotive deliveries up 61% YoY. International deliveries represented 8% of volumes and non-related parties 87% of deliveries.
Negative Updates
Severely Negative GAAP Gross Margin
Q1 2026 gross margin was negative 73.6%, deteriorating from negative 46.4% in Q4 2025 and negative 35.2% in Q1 2025. The quarter was materially impacted by a USD 192M revenue deduction (~20% of revenue) related to the extended free charging program.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Vehicle Deliveries and Volume Growth
Q1 2026 deliveries of 58,577 units, up 61% year-over-year; EV automotive deliveries up 61% YoY. International deliveries represented 8% of volumes and non-related parties 87% of deliveries.
Read all positive updates
Company Guidance
Management guided to a capital‑light transition with a Vietnam break‑even target by 2027, 2026 CapEx/R&D run‑rate of roughly USD 300–400M per quarter, and a planned VFTP sale of ~USD 530M (shareholder approved May 27) expected to close by Q3 2026 that will reduce capital needs (≈USD 400M for Vietnam factories plus ~USD 500M for international opportunities); VFVN will source vehicles from VFTP on a cost‑plus basis targeting ~5% margin. They reiterated strong liquidity (total available up to USD 2.6B: cash USD 219.3M, undrawn Vingroup line USD 607.3M, grants USD 677.2M, standby equity commitment USD 969M, and USD 125.4M expected from the share transfer), said GSM will take ~1M EVs and 4M e‑scooters from 2026–2030 (initially compressing ASPs by ~10–15% and exceeding its historical ~15% share of VinFast sales), and described short‑term GAAP pressure from the extended free‑charging program (USD 192M ≈ 20% of revenue recognized in Q1) while adjusted metrics excluding that and other items improve (Q1 adjusted gross margin −22.5%, adjusted EBITDA margin −32%, net loss margin excluding items −62.2%, adjusted EPS −USD 0.30). They also gave technology roll‑out timing: L2+/L2++ navigation late‑2026/early‑2027 and robotaxi pilots in 2027, supported by strong Q1 operational momentum (Q1 revenue +41.7% YoY; deliveries 58,577, +61% YoY; e‑2W deliveries ~143,000, +219% YoY).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 | 10.40T | 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
Neutral
2.85
Price Trends
3.11
Positive
3.50
Negative
3.41
Negative
Market Momentum
>-0.01
Positive
49.50
Neutral
23.41
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VFS, the sentiment is Neutral. The current price of 2.85 is below the 20-day moving average (MA) of 3.15, below the 50-day MA of 3.11, and below the 200-day MA of 3.41, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 49.50 is Neutral, neither overbought nor oversold. The STOCH value of 23.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $24.03B | -6.43 | -67.49% | ― | 14.21% | 20.20% | |
50 Neutral | $11.63B | -23.08 | -7.56% | ― | 28.99% | 24.33% | |
49 Neutral | $2.01B | -0.37 | -254.84% | ― | 66.54% | -22.69% | |
47 Neutral | $11.16B | -7.37 | -328.93% | ― | 51.42% | 66.12% | |
46 Neutral | $7.23B | -1.76 | 61.71% | ― | 74.15% | -29.12% | |
42 Neutral | $12.94B | -47.81 | -2.49% | ― | -23.38% | -123.25% |
* Consumer Cyclical Sector Average
VFS
VinFast Auto
3.13
-0.33
-9.54%
NIO
Nio
4.45
-2.25
-33.58%
LI
Li Auto
12.27
-12.38
-50.22%
XPEV
XPeng, Inc. ADR
11.60
-12.73
-52.32%
LCID
Lucid Group
5.26
-15.84
-75.07%
RIVN
Rivian Automotive
16.74
3.53
26.72%
VinFast Auto Corporate Events
VinFast July EV Deliveries Jump 21% as New Models Drive Growth in Vietnam
Aug 11, 2026
VinFast reported strong domestic momentum in July 2026, delivering 21,781 electric vehicles in Vietnam, a 21% increase from June and bringing year-to-date deliveries to 137,697 units. These figures reinforce the company’s leadership in the V...
VinFast Posts Surging Q2 2026 EV Deliveries Amid Asset-Light Shift
Jul 30, 2026
VinFast Auto reported strong second-quarter 2026 delivery growth, underscoring its expanding global footprint in electric vehicles. The company said on July 30, 2026 that it delivered 70,085 EVs worldwide in 2Q26, a 96% year-on-year increase, driv...
VinFast Hits Record 115,916 EV Deliveries in Vietnam in First Half of 2026
Jul 10, 2026
VinFast reported that in June 2026 it delivered a preliminary 17,955 electric vehicles in Vietnam, bringing first-half 2026 domestic deliveries to a record 115,916 units, up 72% from a year earlier. The milestone marks the first time any automotiv...
VinFast Completes Strategic Divestiture of VinFast Trading and Production JSC
Jun 30, 2026
On June 30, 2026, VinFast Auto Ltd. completed the previously announced transfer of its equity interest in subsidiary VinFast Trading and Production JSC to a group of purchasers, after carving out certain assets and operations into a newly formed e...
VinFast Shareholders Approve Board Pay, Auditors and Share Issuance Mandate at 2026 AGM
Jun 26, 2026
VinFast Auto held its annual general meeting of shareholders on June 25, 2026, with a quorum representing roughly 2.29 billion of its 2.34 billion outstanding ordinary shares. Shareholders approved directors’ emoluments of up to $500,000 for...
VinFast Sets June 25, 2026 Date for Annual General Meeting and Distributes 2025 Financials
Jun 10, 2026
VinFast Auto’s board has scheduled the company’s 2026 Annual General Meeting of Shareholders for June 25, 2026 at 8:30 p.m. Eastern Time, corresponding to June 26, 2026 at 8:30 a.m. Singapore Time. The record date to determine sharehol...
VinFast Nears 100,000 EV Deliveries in Vietnam in First Five Months of 2026
Jun 10, 2026
On June 10, 2026, VinFast reported that it delivered 19,503 electric vehicles in Vietnam in May 2026, taking year-to-date domestic deliveries to a preliminary 97,961 units. These figures reinforce VinFast’s dominant position in its home mark...
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...
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.