One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
VinFast Auto Ltd.
VFS · NMS · Consumer Cyclical · Auto Manufacturers
Current price
$3.21
52-week range
$2.78 - $5.29
Market cap
$7.51B
Balance sheet
Distressed
-4.24x Concerning
Net cash $0.00. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
1 Risk
1 rewards · 1 risks
View details ↓What this company does
VinFast Auto Ltd.
VinFast is a Vietnamese company that designs and builds electric vehicles, including cars, scooters, and buses for sale in several countries, including the United States. The company makes most of its money from selling these vehicles but also offers related services like battery leasing. This matters because VinFast is trying to grow and compete against established players in the popular but crowded global market for electric transportation.
How the company got here
VinFast was started in 2017 by Vietnam's first billionaire, Phạm Nhật Vượng, as part of his large company, Vingroup. The goal was to create Vietnam's first major car brand that could compete around the world. Initially, VinFast made gasoline-powered cars, but it quickly shifted its focus entirely to electric vehicles (EVs) to keep up with global trends. The company grew very fast, building a large, modern factory in Vietnam and showing its first cars at the Paris Motor Show in 2018. It has since expanded into North America, Europe, and other parts of Asia.
What it actually does
VinFast designs and builds a range of electric vehicles. Think of them as a new competitor to brands like Tesla or Rivian, but from Vietnam. They sell electric cars and SUVs of various sizes, from small city cars to large family SUVs. In addition to cars, the company also manufactures electric scooters and electric buses, aiming to provide electric transportation for different needs. A key part of their business is not just selling the vehicle, but also providing services like battery leasing and charging stations to support their electric products.
Automobiles
This is VinFast's largest and most important business, making up the vast majority of its sales. The company produces a wide variety of electric cars and SUVs, such as the small VF 3 and the larger VF 8 and VF 9 SUVs, which are sold in Vietnam, North America, and Europe. Customers for these vehicles are everyday people and families looking to switch to electric transportation. The company has recently organized its car offerings into a mass-market 'VF' line for general consumers and an ultra-luxury 'Lac Hong' line for high-end buyers.
E-scooters
Alongside cars, VinFast has a significant business making and selling electric scooters. This is a smaller part of the company compared to cars but is very popular in its home market of Vietnam, where scooters are a common way to get around. The customers are individual commuters looking for an affordable and environmentally friendly way to travel in cities. VinFast offers several models of e-scooters and, like with its cars, provides battery leasing and charging services for them.
E-buses
This is a newer and smaller, but growing, part of VinFast's business. The company designs and manufactures all-electric buses for public transportation and commercial use. The main customers for this segment are governments, cities, and private transportation companies that want to make their public transit fleets greener. VinFast is expanding this business, including building new production lines in places like India to serve growing demand for electric public transport.
What management is betting on now
Management's main focus is on rapid global expansion and becoming a major player in the worldwide electric vehicle market. They are investing heavily in building factories in other countries, like the United States and India, to produce vehicles closer to their customers. The company is also moving to a dealership model (where independent dealers sell their cars) to grow its sales network more quickly across North America and Europe. Another key bet is on creating a complete ecosystem around their vehicles, which includes everything from after-sales service and parts to a large network of charging stations, to make owning a VinFast EV convenient.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2023 Q4
$-3.29B
FY2024 Q4
$-1.94B
Revenue
$1.81B
Net income
$-3.18B
Diluted EPS
-1.40
Operating cash flow
$-1.25B
Free cash flow
$-1.94B
Fetching…
Sources
Revenue
$1.20B
Net income
$-2.40B
Diluted EPS
-1.04
Operating cash flow
$-2.25B
Free cash flow
$-3.29B
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $3.21
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net cash $0 - more cash than debt. Interest coverage -4.2x.
Net debt
$0.00
Interest coverage
-4.24x
Distressed
Worse cushion
Baseline
Better cushion
VFS
BASELINE
VinFast Auto Ltd.
Total debt — Interest coverage -4.24x This is the baseline the peer rows are being compared against.
What you should know
The case for and against VFS
1 Reward
1 Risk
Rewards
-
Revenue grew 54.7% last year.
Risks
-
Net debt grew 86.2% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-3.16x
P/B
-0.00x
P/S
—
EV/EBITDA
—
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
-53.8%
Operating margin
0.0%
Net margin
-113.2%
ROE
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ROA
-30.7%
Health
Liquidity and balance-sheet strength
Debt / equity
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Current ratio
0.48x
Quick ratio
0.08x
Total debt
—
Total cash
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Growth
How the business has been compounding
Revenue TTM
$1.81B
Revenue 5Y CAGR
54.7%
EPS TTM
-1.81
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-1.25B
Free CF TTM
$-2.60B
FCF margin
-143.7%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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