VinFast Auto Ltd. (VFS)

Price$3.09Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Price checkThe shares look expensive because buyers are paying heavily for growth before profits exist.

At the observed quote, VinFast’s roughly 2.34 billion shares imply an equity value near $7.2 billion, about two times the $3.68 billion trailing revenue shown by the market-price source. That is a demanding price for a company whose 2024 gross loss was VND25.3 trillion and whose first-quarter 2026 gross margin—sales left after direct production costs—was negative 73.6%. With no earnings or positive free cash flow to anchor value, the market is pricing in a major, sustained turnaround in production economics and cash burn.

Big pictureSales are growing fast, but each expansion phase has still consumed large amounts of cash.

Revenue rose 58% in 2024 to VND44.0 trillion, yet operating cash flow was negative VND30.5 trillion and capital spending was VND16.7 trillion. That implies free cash flow—cash left after running and investing in the business—of about negative VND47.2 trillion. First-quarter 2026 revenue still grew 42% year over year, but operating cash use plus capital spending remained about VND18.3 trillion. Demand also has seasonality: first-quarter vehicle deliveries fell 32% from the prior quarter despite rising 61% from a year earlier.

Business strengthHome-market demand is strong, but the balance sheet and funding model still offer little protection.

VinFast’s strongest asset is demand in Vietnam: global deliveries reached 70,085 vehicles in the second quarter of 2026, up 96% year over year, after 58,577 in the first quarter. But first-quarter international markets were only about 8% of deliveries, so the story remains concentrated. Before the June restructuring, March cash was VND5.5 trillion against roughly VND84.7 trillion of interest-bearing borrowings, while total equity remained deeply negative. Founder grants and Vingroup credit improve liquidity, but they are support, not internally generated financial strength.

What could change the storyThe thesis improves only if outsourcing turns rapid delivery growth into durable cash generation.

The June sale of VinFast’s Vietnam manufacturing subsidiary is the clearest bull case because it removes a capital-heavy operation, brings roughly $530 million of consideration, and should reduce future factory spending. The bear case is that the remaining company still buys vehicles from that operation, so better economics must show up in reported gross profit and cash flow. Another watchpoint is dilution: VinFast had about 2.34 billion shares outstanding, while a nearly $1 billion standby equity facility and preference-share exchange arrangements can add shares, reducing each existing share’s ownership.

AI: News

Quarterly loss widensRevenue jumped, but much larger losses showed that faster vehicle sales still were not economically sustainable.

On June 8, VinFast reported first-quarter revenue of VND23.1 trillion, up 42% year over year, but net loss widened 59% to VND28.1 trillion. Gross margin fell to negative 73.6%, partly because of a free-charging program and inventory write-downs. Reuters reported the shares fell about 5% in premarket trading. The result mattered because it showed that faster deliveries were still making losses larger, raising the amount of future margin improvement needed to justify the equity value.

Factory business transferredVinFast shed its Vietnam manufacturing operation, potentially lowering debt and future spending but changing its economics.

VinFast completed the transfer of its Vietnam manufacturing subsidiary on June 30 after a May agreement valued the transaction at about VND13.3 trillion, or roughly $530 million. The sold business retained Vietnam manufacturing assets and unrelated third-party financial debt, while VinFast kept research, technology, brand, sales and certain international operations. This can materially reduce capital needs and reported leverage, but future value depends on the pricing of the new manufacturing supply relationship and whether the asset-light structure actually improves gross profit and cash burn.

Deliveries accelerate sharplySecond-quarter vehicle growth strengthened the bull case, although the annual target still requires faster second-half output.

On July 30, VinFast reported 70,085 global vehicle deliveries for the second quarter, up 96% from a year earlier. Combined with first-quarter deliveries, first-half volume reached 128,662 vehicles, about 43% of the company’s stated 300,000 full-year target. Hitting that target would require roughly 171,000 more vehicles in the second half, a higher quarterly pace than the second quarter. Shares closed about 3% higher that day, but timing alone does not prove the delivery news caused the move.

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Revenue

2023

2024

Net income

2023

2024

Free cash flow

2023

2024

Total cash / debt

CashTotal debt

2022

2023

2024

Financial statements

	2025	2024	2023	2022	2021
Revenue	—	$1.81B	$1.17B	—	—
Gross profit	—	−$1.04B	−$558.5M	—	—
Gross margin	—	−57.42%	−47.77%	—	—
Research & development	—	$412.0M	$608.3M	—	—
Operating expenses	—	$1.24B	$1.13B	—	—
Operating income	—	−$2.28B	−$1.69B	—	—
Operating margin	—	−125.85%	−144.82%	—	—
EBITDA	—	−$1.87B	−$1.43B	—	—
EBITDA margin	—	−103.42%	−122.19%	—	—
Net income	—	−$3.18B	−$2.40B	—	—
Net profit margin	—	−175.53%	−205.54%	—	—
Basic EPSper basic share	—	-$1.40	-$1.04	—	—
Diluted EPSper diluted share	—	-$1.40	-$1.04	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of VFS
Holder	Shares held
Vuong Pham Nhat	2.29B
GEODE CAPITAL MANAGEMENT, LLC	2.08M
Le Thuy Thi Thu	1.2M
Tidal Investments LLC	433.99K
LAZARD ASSET MANAGEMENT LLC	187.49K
RENAISSANCE TECHNOLOGIES LLC	130.3K
SUSQUEHANNA INTERNATIONAL GROUP, LLP	110.55K
Mitsubishi UFJ Asset Management Co., Ltd.	102.8K
Vident Advisory, LLC	79.04K
MILLENNIUM MANAGEMENT LLC	79.02K
UBS Group AG	71.58K
GOLDMAN SACHS GROUP INC	58.81K
JANE STREET GROUP, LLC	54.7K
STATE STREET CORP	54.13K
BANK OF AMERICA CORP /DE/	50.53K
Pham Anh Nhat Quan	50K
SBI Securities Co., Ltd.	44.58K
NATIONAL BANK OF CANADA /FI/	40.66K
Blue Trust, Inc.	38.83K
SIMPLEX TRADING, LLC	28.9K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3/A ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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VinFast Auto Ltd. (VFS)

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