VFS Consumer Cyclical

VinFast Auto Ltd.

$3.21+1.90%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Consumer Cyclical
Industry: Auto Manufacturers
Country: Vietnam
Market cap: 7.5B USD
Enterprise value: 10.1B USD
Full-time employees: 29,878

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.92 vs a peer median of 0.63), though less than the overall market and less short-term liquidity (current ratio 0.52 vs a peer median of 1.48)higher risk: bigger price swings (beta 0.92 vs peers 0.63) and less liquidity (current ratio 0.52 vs peers 1.48)

Ranks #1,349 of 1,502 consumer cyclical companies (bottom 11%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
VinFast Auto's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Operating margin improving. Operating margin -82% in 2025, the best of the last 5 years, but the dollar loss grew to VND 74.1T from VND 55.4T.
VinFast Auto still lost money on operations in 2025. Revenue grew faster than costs, so the margin (-82%) was its best in the 5 years of filings we have, but the operating loss itself grew to VND 74.1T from VND 55.4T.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -82%).
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

StockQuotient Score

25/ 100

Oct 5 25 → Nov 4 25

Valuation

Is the price right?

6/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-51.1%

SEC filings · 12 months to Dec 2025 · VND→USD at the current rateNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.34Sector median: 0.0439 · MAD: 0.0329

EBITDA yield-23.3%

SEC filings · 12 months to Dec 2025 · VND→USD at the current rateNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.90Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield-34.7%

SEC filings · 12 months to Dec 2025 · VND→USD at the current rate · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.13Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield-89.5%

SEC filings · latest balance sheet · VND→USD at the current rateOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

92/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 46.1%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.22Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth86.4%

SEC filings · 3 years to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.38Sector median: 0.0425 · MAD: 0.0636

Revenue growth104.9%

SEC filings · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.60Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

0/100

Weak

2/3 inputs reported · Partial data

Since last quarter: ▲ Stronger

Operating margin rose 10.4 points to -82.2%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-82.2%

SEC filings · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.25Sector median: 0.0638 · MAD: 0.0461

Return on assets-54.4%

SEC filings · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.27Sector median: 0.0331 · MAD: 0.0254

Return on invested capitalUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin-45.4%

SEC filings · 12 months to Dec 2025Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Debt up 89%, now more than its cash and investments

Why it changed since the Oct 27, 2026 close: Safety percentile 3 → 4

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.92

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.94Sector median: 0.6345 · MAD: 0.2980

Current ratio0.52×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.73Sector median: 1.4800 · MAD: 0.5570

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -9.02Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about VinFast Auto

Is VinFast Auto getting weaker?: Its latest SEC filing (Apr 30, 2026) was mixed: some things better, some worse: operating margin rose 10.4 points to -82.2%; debt up 89%, now more than its cash and investments. Its overall score is unchanged at 25/100 since Oct 28, 2026.
How is VinFast Auto valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 6/100 against 1,612 consumer cyclical peers. Earnings yield -51.1% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -51.1% vs peers 4.4% (weaker than 100% of peers).
Is VinFast Auto growing?: Yes, faster than most of its peers. Growth scores 92/100 against 1,612 consumer cyclical peers. 3-year revenue growth 86.4% vs a peer median of 4.3% (stronger than 95% of peers).3-year revenue growth 86.4% vs peers 4.3% (stronger than 95% of peers).
How profitable is VinFast Auto?: Less profitable than most of its peers. Profitability scores 0/100 against 1,612 consumer cyclical peers. Operating margin -82.2% vs a peer median of 6.4% (weaker than 100% of peers).Operating margin -82.2% vs peers 6.4% (weaker than 100% of peers).
How risky is VinFast Auto?: Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 0.52× vs a peer median of 1.48× (weaker than 94% of peers).Current ratio 0.52× vs peers 1.48× (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Apr 30, 2026 · compared with the quarter ended Jun 30, 2025

Mixed: some things better, some worse

Operating margin rose 10.4 points to -82.2%
Debt up 89%, now more than its cash and investments

Worth watching: VinFast Auto is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	61.74T VND	90.18T VND	+46.1%
Net income (12 months)	−81.79T VND	−99.38T VND	+21.5%
Operating margin	-92.6%	-82.2%	+10.4 pts
Free cash flow (12 months)	−55.09T VND	−67.44T VND	+22.4%
Debt	43.44T VND	82.16T VND	+89.1%
Cash	13.77T VND	7.35T VND	−46.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in VND, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	-57.7%	-93.7%	-49.2%	-57.4%	-45.4%	▲ 12 pts
Operating margin	-168.9%	-319.9%	-150.5%	-125.9%	-82.2%	▲ 44 pts
Net margin	-200.8%	-379.7%	-215.8%	-175.5%	-110.2%	▲ 65 pts
Return on assets (ROA)	—	-46.6%	-41.0%	-49.5%	-54.4%	▼ 4.9 pts
Free cash flow margin	-218.2%	-511.2%	-268.3%	-107.1%	-74.8%	▲ 32 pts
Current ratio	—	0.68×	0.33×	0.38×	0.52×	▲ 37%
Quick ratio	—	0.35×	0.13×	0.22×	0.31×	▲ 43%
Interest coverage	-7.86×	-6.83×	-4.14×	-3.54×	-4.28×	▼ 21%

VFS price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.92 vs a peer median of 0.63), though less than the overall market and less short-term liquidity (current ratio 0.52 vs a peer median of 1.48)higher risk: bigger price swings (beta 0.92 vs peers 0.63) and less liquidity (current ratio 0.52 vs peers 1.48)

Ranks #1,349 of 1,502 consumer cyclical companies (bottom 11%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

VinFast Auto's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Operating margin improving. Operating margin -82% in 2025, the best of the last 5 years, but the dollar loss grew to VND 74.1T from VND 55.4T.

VinFast Auto still lost money on operations in 2025. Revenue grew faster than costs, so the margin (-82%) was its best in the 5 years of filings we have, but the operating loss itself grew to VND 74.1T from VND 55.4T.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -82%).

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Questions investors ask about VinFast Auto

Is VinFast Auto getting weaker?

Its latest SEC filing (Apr 30, 2026) was mixed: some things better, some worse: operating margin rose 10.4 points to -82.2%; debt up 89%, now more than its cash and investments. Its overall score is unchanged at 25/100 since Oct 28, 2026.

How is VinFast Auto valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 6/100 against 1,612 consumer cyclical peers. Earnings yield -51.1% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -51.1% vs peers 4.4% (weaker than 100% of peers).

Is VinFast Auto growing?

Yes, faster than most of its peers. Growth scores 92/100 against 1,612 consumer cyclical peers. 3-year revenue growth 86.4% vs a peer median of 4.3% (stronger than 95% of peers).3-year revenue growth 86.4% vs peers 4.3% (stronger than 95% of peers).

How profitable is VinFast Auto?

Less profitable than most of its peers. Profitability scores 0/100 against 1,612 consumer cyclical peers. Operating margin -82.2% vs a peer median of 6.4% (weaker than 100% of peers).Operating margin -82.2% vs peers 6.4% (weaker than 100% of peers).

How risky is VinFast Auto?

Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 0.52× vs a peer median of 1.48× (weaker than 94% of peers).Current ratio 0.52× vs peers 1.48× (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

61.74T VND

90.18T VND

+46.1%

Net income (12 months)

−81.79T VND

−99.38T VND

+21.5%

Operating margin

-92.6%

-82.2%

+10.4 pts

Free cash flow (12 months)

−55.09T VND

−67.44T VND

+22.4%

Debt

43.44T VND

82.16T VND

+89.1%

Cash

13.77T VND

7.35T VND

−46.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

-57.7%

-93.7%

-49.2%

-57.4%

-45.4%

▲ 12 pts

Operating margin

-168.9%

-319.9%

-150.5%

-125.9%

-82.2%

▲ 44 pts

Net margin

-200.8%

-379.7%

-215.8%

-175.5%

-110.2%

▲ 65 pts

Return on assets (ROA)

—

-46.6%

-41.0%

-49.5%

-54.4%

▼ 4.9 pts

Free cash flow margin

-218.2%

-511.2%

-268.3%

-107.1%

-74.8%

▲ 32 pts

Current ratio

—

0.68×

0.33×

0.38×

0.52×

▲ 37%

Quick ratio

—

0.35×

0.13×

0.22×

0.31×

▲ 43%

Interest coverage

-7.86×

-6.83×

-4.14×

-3.54×

-4.28×

▼ 21%