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VinFast Auto Ltd.

VinFast Auto Ltd.

NASDAQ•VFS
CEO: Mr. Vuong Nhat Pham
Sector: Consumer Cyclical
Industry: Auto - Manufacturers
Listing Date: 2021-09-07
VinFast Auto Ltd. engages in the design and manufacture of electric vehicles (EV), e-scooters, and e-buses in Vietnam, Canada, and the United States. The company operates through three segments: Automobiles, E-scooter, and Spare Parts & Aftermarket Services. The Automobiles segment offers design, development, manufacturing, and sale of cars and electric buses, and related battery lease and battery charging services for electric cars and buses. The E-scooter segment provides design, development, manufacturing, and sales of e-scooters, and related battery lease and battery charging service for e-scooters. The Spare Parts, and Aftermarket Services segment engages in sale of spare parts and aftermarket services for automobiles and e-scooters. VinFast Auto Ltd. is based in Hai Phong City, Vietnam. VinFast Auto Ltd. is a subsidiary of Vingroup Joint Stock Company.
Contact Information
Dinh Vu – Cat Hai Economic Zone, Cat Hai Islands, Cat Hai Town Cat Hai District, Hai Phong City, Vietnam
84-2-2539-69999
www.vinfastauto.us
Market Cap
$7.71B
P/E (TTM)
-2.2
227.1
Dividend Yield
--
52W High
$4.65
52W Low
$2.56
52W Range
35%
Rank59Top 76.7%
2.6
F-Score
Modified Piotroski Analysis
Based on 5-year fundamentals
Weak • 2.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2020-2024

Financial Dashboard

Q3 2025 Data

Revenue

$686.61M+46.14%
4-Quarter Trend

EPS

-$0.00-99.99%
4-Quarter Trend

FCF

-$677.37M+23.74%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Total Revenue Reached $1.81B Total revenues reached $1.81 B in 2024, driven by vehicle sales revenue of $1.65 B, up 58.1% in VND terms.
Vehicle Sales Revenue Up Vehicle sales revenue was $1.65 B in 2024, reflecting a 58.1% increase in VND terms due to higher EV delivery volumes.
R&D Spending Decreased R&D costs fell 35.0% to $412.0 M in 2024, following completion of majority product development work on existing models.
Financing Provided $2.01B Net cash flows from financing activities generated $2.01 B in 2024, primarily supporting working capital and capital expenditures.

Risk Factors

Gross Margin Worsened Significantly Gross loss widened to $(1.04) B in 2024; margin fell to negative 57.4% due to one-time free charging program expense.
Recurring Losses Continue Recurring net losses reached $(3.18) B in 2024; operating cash flows remain negative, raising going concern doubts.
Material Internal Control Weaknesses Material weaknesses identified in ICFR related to closing process, personnel skills, and ineffective IT general controls.
High Affiliate Dependence Noted Controlling shareholders hold 97.9% voting power; liquidity heavily relies on ongoing financial support from Vingroup affiliates.

Outlook

Global Expansion Phase Two Strategy focuses on Phase II expansion into Asia and Middle East markets, introducing dealer sales models globally.
Manufacturing Capacity Expansion Proceeding with US, India, and new Vietnam CKD factory construction to enhance global manufacturing footprint.
Focus on Ancillary Revenue Streams Future growth includes broadening ancillary revenue via licensing high-tech autonomy features and subscription services.
Capital Access Critical Near Term Expecting negative cash flows near term, requiring continued access to capital, including shareholder support and potential equity issuances.

Peer Comparison

Revenue (TTM)

Lithia Motors, Inc.LAD
$37.61B
+8.4%
AutoNation, Inc.AN
$27.92B
+6.1%
CarMax, Inc.KMX
$26.37B
+1.8%

Gross Margin (Latest Quarter)

Allison Transmission Holdings, Inc.ALSN
47.5%
-0.6pp
Floor & Decor Holdings, Inc.FND
43.4%
-0.1pp
The Gap, Inc.GAP
42.4%
-0.3pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
GAP$9.78B11.524.9%44.6%
LAD$8.93B10.113.2%60.0%
ALSN$8.31B12.040.5%43.5%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
1.7%
Moderate Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
25%
Cash Flow Needs Attention

Research & Insights

Next earnings:Feb 24, 2026
|
EPS:-$0.00
|
Revenue:$1.12B
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 28, 2025|
    Revenue: $1.76B+57.9%
    |
    EPS: $-1.32-33.7%
    Miss

  • Form 20-F/A - FY 2023

    Period End: Dec 31, 2023|Filed: Sep 10, 2024|
    Revenue: $1.15B+86.3%
    |
    EPS: $-1.07-21.5%
    Miss

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 25, 2024|Refer to amended data

  • Form 20-F - FY 2023

    Period End: Aug 14, 2023|Filed: Aug 18, 2023|Refer to amended data