VinFast Auto Ltd.
- Open
- 3.19
- Day high
- 3.24
- Day low
- 3.14
- Prev close
- 3.19
- Volume
- 189K
- Mkt cap
- $7.5B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -1.0
- P/S
- 2.0
- Yield
- —
- Per share
- —
VinFast Auto Ltd. (VFS) is a Consumer Cyclical company listed on NASDAQ. The stock is down 11% over the past year. Drillr has 1 published research article covering VFS.
VinFast Auto Ltd. (VFS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VFS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 8, 2026 | $-0.35 | $-0.48 | -35.2% | $921M | -8.9% |
| Mar 16, 2026 | $-0.51 | $-0.60 | -17.6% | $1.5B | +67.9% |
| Nov 21, 2025 | $-0.29 | $-0.41 | -42.6% | $685M | -12.5% |
| Sep 4, 2025 | $-0.26 | $-0.35 | -35.9% | $635M | -4.7% |
| Jun 9, 2025 | $-0.28 | $-0.30 | -9.1% | $633M | +21.7% |
| Dec 31, 2024 | — | $-0.51 | — | $643M | — |
| Sep 20, 2024 | $-0.21 | $-0.33 | -57.1% | $338M | -19.3% |
| Apr 17, 2024 | $-0.23 | $-0.26 | -13.0% | $261M | -31.4% |
| Feb 22, 2024 | $-0.22 | $-0.28 | -27.3% | $399M | -24.3% |
| Oct 5, 2023 | — | $-0.27 | — | $338M | — |
| Aug 18, 2023 | — | $-0.25 | — | $334M | — |
| Mar 31, 2023 | — | $-0.26 | — | $84M | — |
VFS research & analysis
VinFast Auto Ltd. company profile
Overview
VinFast Auto Ltd. (NASDAQ:VFS) is a Vietnamese electric vehicle manufacturer that went public in August 2023, making it one of the most prominent Southeast Asian automotive companies to list on a major U.S. exchange. Founded as part of the Vingroup conglomerate, VinFast began operations in 2017 with the ambitious goal of establishing Vietnam as a significant player in the global automotive industry. The company initially focused on internal combustion engine vehicles before pivoting entirely to electric vehicles, positioning itself as a key participant in the global transition to sustainable transportation. Based in Hai Phong City, Vietnam, VinFast operates as a subsidiary of Vingroup Joint Stock Company, one of Vietnam's largest private conglomerates.
Business
VinFast operates in the electric vehicle manufacturing industry, developing, producing, and selling battery-powered cars, SUVs, and electric scooters primarily for the Vietnamese market and expanding internationally. The company's core business revolves around electric vehicle manufacturing, where it designs and assembles various models of electric cars ranging from compact city vehicles to full-size SUVs. The company operates through four main business segments. The Automobiles segment represents the largest portion of revenue, focusing on the design, development, manufacturing, and sale of electric cars and buses. This includes popular models like the VF 3 (a mini e-SUV), VF 5 (A-segment compact SUV), VF 6, VF 7, VF 8, and VF 9, covering various price points and market segments. The E-scooter segment involves manufacturing and selling electric two-wheelers, which are particularly popular in Southeast Asian markets for urban transportation. The Spare Parts segment provides replacement components for both automobiles and e-scooters, while the Aftermarket Services segment offers maintenance, repair, and customer support services. VinFast's electric vehicles are built on proprietary platforms and feature integrated technology systems, including advanced driver assistance features and connectivity solutions. The company has developed what it calls a "green mobility ecosystem," which includes not only vehicle manufacturing but also charging infrastructure through its V-Green network, ride-hailing services through GSM taxi, and energy solutions. Unlike traditional automakers that gradually transitioned to electric vehicles, VinFast made a complete pivot to electric-only production, positioning itself as a pure-play EV manufacturer in emerging markets where electric vehicle adoption is still in early stages.
Revenue model
VinFast generates revenue primarily through direct vehicle sales to consumers and businesses, operating on a traditional manufacturing business model where it produces electric vehicles and sells them through company-owned showrooms and an expanding network of third-party dealers. The company initially employed a unique battery leasing program where customers could purchase the vehicle but lease the battery separately, though this program was discontinued in 2024 in favor of a free charging program to simplify the customer experience. The company's revenue streams include vehicle sales (representing the majority of income), e-scooter sales, spare parts sales, and aftermarket services including maintenance and repairs. VinFast targets both individual consumers (B2C) and fleet customers (B2B), with recent expansion into transportation services through partnerships with ride-hailing and taxi companies. The company has also begun establishing Completely Knocked Down (CKD) assembly plants in various international markets, which allows for local assembly while reducing import costs and tariffs. Several factors significantly impact VinFast's margins and profitability. Scale and volume production represent the most critical factor, as the company is still in early stages of ramping production and has yet to achieve the economies of scale necessary for positive gross margins. Bill of materials (BOM) costs directly affect profitability, with the company actively working to optimize component costs and supply chain efficiency. Battery costs, which represent a significant portion of electric vehicle expenses, fluctuate based on lithium and other raw material prices. Manufacturing efficiency improvements at the company's facilities can reduce per-unit production costs. Currency fluctuations affect the company since it operates internationally but reports in U.S. dollars, while many costs are incurred in Vietnamese dong. Government incentives and policies supporting electric vehicle adoption in target markets can boost demand, while changes in trade policies or tariffs could impact international expansion costs. Competition from established automakers entering the EV space could pressure pricing and market share, particularly as global automotive giants increase their electric vehicle offerings in Southeast Asian markets.
Competitive moat
VinFast's competitive moat appears relatively narrow in the current market environment, though the company has established some early-mover advantages in specific geographic markets. The company's primary competitive advantage lies in its strong position in the Vietnamese market, where it has achieved approximately 20% market share in electric vehicles, benefiting from local brand recognition, government support, and integration with the broader Vingroup ecosystem including retail, real estate, and technology services. The company's integrated approach to electric mobility provides some differentiation, as VinFast has developed charging infrastructure, ride-hailing partnerships, and energy solutions beyond just vehicle manufacturing. This ecosystem approach could create customer stickiness and higher switching costs. Additionally, VinFast's focus on emerging markets in Southeast Asia, where established global automakers have less presence, provides some protection from immediate competitive pressure. However, VinFast faces significant competitive threats that limit the durability of its moat. Global automotive giants like Tesla, BYD, and traditional automakers are rapidly expanding their electric vehicle offerings and have substantially greater resources, manufacturing expertise, and established supply chains. These competitors benefit from economies of scale that VinFast has yet to achieve. Technology differentiation in the electric vehicle space is becoming increasingly difficult to maintain, as battery technology, autonomous driving features, and manufacturing processes become more standardized. The company's high capital requirements for manufacturing facilities, research and development, and market expansion create barriers to sustainable competitive advantage, especially when competing against well-funded multinational corporations. The electric vehicle industry's rapid evolution means that early-mover advantages can quickly erode, and VinFast's success will largely depend on its ability to achieve scale, reduce costs, and maintain technological relevance in an increasingly crowded market. The company's long-term competitive position remains uncertain given the substantial resources and expertise of established automotive manufacturers entering the electric vehicle space.
Risks & safety
VinFast presents significant financial risk with limited margin of safety for investors, characterized by substantial cash burn, negative profitability, and high leverage. • Cash burn and solvency risk: Free cash flow of -$1.8 billion for 2024, with management projecting continued cash burn of approximately $2.5 billion in 2025. Current cash position of $127 million is critically low relative to burn rate, though company claims access to approximately $3 billion in liquidity including shareholder support. • Debt and leverage: Total liabilities of $9.7 billion against total assets of $6.0 billion, resulting in negative shareholders' equity of -$3.7 billion. Current ratio of 0.38 indicates potential short-term liquidity challenges. • Valuation metrics: Negative earnings make traditional valuation metrics less meaningful. Trading at negative P/E ratio due to losses, with enterprise value-to-EBITDA of -3.7x reflecting negative EBITDA of -$2.0 billion. • Other considerations: Company remains pre-profitability with negative gross margins of -32% in 2024, though improving from -40% in 2023. Heavy dependence on continued capital injections from parent company Vingroup creates concentration risk. Rapid cash burn combined with early-stage market position in competitive EV industry suggests high execution risk.
Recent development
Over the past few years, VinFast has undergone significant strategic transformation and expansion, evolving from a startup electric vehicle manufacturer to a globally ambitious EV company. The company's most notable strategic pivot occurred with its complete transition to electric-only vehicle production, abandoning internal combustion engines entirely to focus on the growing EV market. A major development has been VinFast's aggressive international expansion strategy, moving beyond its home market of Vietnam to establish operations in North America, Southeast Asia, and other regions. The company has entered new markets including Indonesia, Philippines, India, and Thailand, with plans to establish local assembly facilities through CKD (Completely Knocked Down) plants. This expansion includes the development of manufacturing facilities in North Carolina, India, and Indonesia, though the North Carolina plant construction has faced delays. VinFast has significantly expanded its product portfolio, launching multiple new electric vehicle models including the VF 3 mini e-SUV, VF 5, VF 6, VF 7, VF 8, and VF 9, creating a comprehensive lineup spanning different market segments from compact city vehicles to full-size SUVs. The company also introduced its "Green Series" specifically designed for commercial and transportation use cases, targeting fleet customers and ride-hailing services. The company has made strategic changes to its business model and customer approach, notably discontinuing its battery leasing program in favor of a simplified ownership model combined with free charging benefits. VinFast has also shifted from a direct-sales model to incorporating third-party dealer networks, establishing partnerships with dealers across multiple countries to expand market reach more efficiently. Infrastructure development has been another key focus, with VinFast building its charging ecosystem through V-Green charging stations and partnerships providing access to over one million charging points globally. The company has also integrated vertically by merging with VinES Energy Solutions and developing partnerships for ride-hailing services through GSM taxi, creating what it calls a "green mobility ecosystem" beyond just vehicle manufacturing.
VFS company profile · for informational purposes only — not investment advice.
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