📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

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.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding VFS

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	31.1K	$120K	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q1 2025

Confident Specific

Management expresses optimism and provides detailed quantitative progress (296% delivery growth, market share near 40% in Vietnam, gross margin improvement from -59% to -35% YoY). Language like 'pleased with progress' and 'encouraging to see signs' is backed by concrete metrics and clear strategic milestones (new platform, CKD factories opening).

Q2 2025

Confident Specific

Management led with strong delivery growth (172% YoY) and revenue growth (92% YoY), reiterated the 2025 target to double deliveries, and described the financial position as strengthened via the R&D asset spin-off and founder backing. Forward-looking language like 'on track' and 'remain firmly intact' reinforces confidence, though they acknowledge 'macroeconomic headwinds' and 'strategic choices' driving near-term investment.

Q3 2025

Mixed

Management leads with confident milestones (100,000 sales, 74% YoY growth) but becomes defensive when addressing the sharp gross margin deterioration (-56.2%), attributing it to revenue recognition timing and warranty costs; CFO admits adjusted margin improvement but does not give a clear path to profitability.

Q4 2025 latest

Confident Specific

Management used language like 'landmark year,' 'strongest quarter to date,' and 'exceeded guidance,' while repeatedly providing precise delivery numbers, revenue figures, and cost reduction percentages (e.g., BOM cost reduction of 13% for VF6, 23% for VF7). They also acknowledged impairments and negative margins but framed improvements clearly.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call: VinFast exceeded its 2025 delivery guidance, achieved record quarterly revenue, and demonstrated improving gross margins and operating leverage. The explicit 2026 volume targets of at least 300,000 EVs and 2.5x e-scooter growth provide a clear near-term catalyst. However, profitability remains distant—management did not promise positive gross margin in 2026, and cash burn will remain high with $1.6bn CapEx and $1.4bn R&D. Key watch items for next quarter: the pace of overseas market share gains, BOM cost reduction execution, and any updates on the U.S. factory and REEV program.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED VinFast delivered 196,919 EVs in FY2025; revenue $3.6B; targeting 300,000 EVs in 2026.

Revenue & Profitability

Q4 2025 revenue $1.6 billion (+139% YoY), full-year $3.6 billion (+105% YoY). Gross margin -40% in Q4 (improved from -79% YoY) and -43% full year. Net loss Q4 -$1.4 billion (margin -89%). Adjusted EBITDA Q4 -$1 billion (margin -65%). Full-year 2025 net loss margin -108%, adjusted EBITDA margin -66%. EPS Q4 -$0.6, full-year -$1.65. Total liquidity $3.1 billion as of December 31, 2025, including cash, founder grants ($1.1B disbursed), and ELOC facility.

Outlook

Management believes higher oil prices can accelerate EV adoption, reinforcing VinFast's total-cost-of-ownership value proposition. Structural EV drivers remain affordability, product availability, and charging infrastructure. Macro conditions are monitored closely but no material impact on operating outlook at this stage. Expansion focuses on markets where EV adoption is early and has strong long-term growth potential.

Growth Drivers

Growth driven by scale in Vietnam (36% market share), expansion into India, Indonesia, Philippines, and other Asian markets. New models: next-gen VF6, VF7 (SOP H2 2026), Limo Green, VF MPV7, and VF8 REEV (from 2027). Two-wheeler deliveries expected at least 2.5x FY2025 driven by entry into five Asian markets and V-GREEN battery swapping (4,500 stations as of Jan 2026). GSM international growth supports fleet sales. Dealer network to double in India.

Balance Sheet & CapEx

Full-year 2025 CapEx was $922 million. For 2026, expected cash CapEx of ~$1.6 billion: ~$400 million domestic, ~$600 million international factories. Additional CapEx for machinery and equipment. Phase II of Indonesia/India factories and Phase I of North Carolina factory (SOP 2028) are planned. R&D spend expected ~$1.4 billion in 2026, focused on next-gen platforms, ADAS L2+, and EE 2.0 architecture.

Margins

Gross margin improved to -40% in Q4 2025 from -79% YoY, driven by BOM optimization and production scale. BOM cost reduced 13% for VF6, 23% for VF7; further 20-30% reduction expected across models. Next-generation platforms expected to deliver 30-40% lower BOM versus earlier models. Operating leverage improving as revenue growth outpaces fixed costs. Path to profitability increasingly visible over the medium term.

Key Risks

A $236 million impairment charge was booked for the North Carolina factory due to revised project timing; construction is expected to resume in 2026. US market uncertainties include slower EV demand and automotive tariffs. Dependence on related parties (GSM) for a significant portion of deliveries (27% in FY2025, 33% in Q4). Ongoing cost optimization, free charging program adjustments, and NRV provisions impact reported margins. Management monitors macro risks but sees no material near-term impact.

Generated by AI · Q4 2025 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q1 2026 Q1 2026 2026-06-08

Q1 2026 saw 61% year-over-year delivery growth and strong two-wheeler momentum, but gross margin was impacted by a $192 million free charging program. The Vietnam manufacturing spinoff and GSM partnership support a capital-light model and future growth.

Q4 2025 Q4 2025 2026-03-16

Record Q4 and full-year deliveries drove revenue up 105% year-over-year, with gross margin and net loss margins improving significantly. 2026 guidance targets at least 300,000 EV deliveries and major international expansion, supported by new models and manufacturing capacity.

Q3 2025 Q3 2025 2025-11-21

Q3 2025 saw record EV and e-scooter deliveries, strong revenue growth, and continued international expansion, though margins remain negative due to timing of revenue recognition and high investment. Liquidity stands at $3.7 billion, supporting growth and R&D for new platforms.

Q2 2025 Q2 2025 2025-09-04

Q2 2025 saw 172% delivery and 92% revenue growth year-over-year, led by Vietnam and supported by international expansion and new factories. Gross margin improved year-over-year but remains negative, with strong liquidity from a $1.6B R&D asset spin-off and founder support.

Q1 2025 Q1 2025 2025-06-09

Q1 2025 saw robust year-over-year growth in EV and two-wheeler deliveries, improved gross margin, and significant cost optimization. Expansion in Asia and a shift to dealer-led distribution in Europe and North America are underway, with new factories and next-gen platforms set to drive future growth.

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