Latest Ratios: P/E Ratio -1.9x · EV/EBITDA N/A · ROE N/A. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $7.2B | $7.8B | $9.4B | $19.3B | — | — | — |
| Enterprise Value | $10.9B | $98.95T | $143.10T | $122.57T | — | — | — |
| P/E Ratio → | -1.95 | — | — | — | — | — | — |
| P/S Ratio | 2.09 | 0.00 | 0.00 | 0.00 | — | — | — |
| P/B Ratio | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.09 | 3.25 | 4.40 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | -42.5% | -42.5% | -57.4% | -49.2% | -93.7% | -57.7% | -48.9% |
| Operating Margin | -79.2% | -79.2% | -125.9% | -150.5% | -319.9% | -168.9% | -96.8% |
| Net Profit Margin | -107.3% | -107.3% | -175.5% | -215.8% | -379.7% | -200.8% | -138.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | -306.6% |
| ROA | -57.5% | -57.5% | -51.0% | -46.2% | -53.2% | -36.1% | -20.4% |
| ROIC | -188.2% | -188.2% | -78.9% | -74.3% | -286.4% | -73.3% | -16.7% |
| ROCE | -7091.7% | -7091.7% | — | -198.9% | -196.3% | -76.4% | -18.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | 8.78 |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | — | 8.65 |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -3.34 | -3.34 | -3.45 | -3.43 | -6.70 | -6.70 | -4.10 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.51 | 0.51 | 0.38 | 0.33 | 0.68 | 0.31 | 1.02 |
| Quick Ratio | 0.23 | 0.23 | 0.22 | 0.13 | 0.35 | 0.23 | 0.75 |
| Cash Ratio | 0.07 | 0.07 | 0.02 | 0.03 | 0.06 | 0.03 | 0.04 |
| Asset Turnover | — | 0.50 | 0.28 | 0.19 | 0.12 | 0.19 | 0.15 |
| Inventory Turnover | 2.82 | 2.82 | 2.48 | 1.38 | 1.25 | 3.78 | 3.81 |
| Days Sales Outstanding | — | 53.12 | 160.92 | 7.42 | 17.59 | 13.66 | 10.82 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $2.3B | $2.3B | $2.3B | $2.3B | $2.3B | $2.3B |
Structural capital deficiency
Based on current market data, VinFast trades at a P/S ratio of 2.07, a valuation that appears disconnected from its negative margins and suggests investors are pricing in long-term strategic value rather than the company's current inability to generate positive earnings or cash flow from its operations.
The P/S multiple of 2.07 implies a growth-oriented valuation that is difficult to justify given the persistent negative net margins. This premium likely reflects the perceived backing of the Vingroup ecosystem rather than standalone fundamental performance, warranting caution for investors expecting traditional valuation metrics to apply.
As reported in financial statements, the company's ROIC has fluctuated significantly, reaching -130.5% in 2025Q1, which indicates that the firm is currently destroying capital rather than compounding it as it attempts to scale its manufacturing footprint in a highly competitive and capital-intensive automotive market.
The extreme volatility and negative trend in ROIC suggest that the massive investments in the Hai Phong facility have yet to yield any productive return. This trend implies that the company's growth strategy is currently value-destructive, requiring a fundamental shift in unit economics to achieve long-term sustainability.
According to recent quarterly filings, the company's cash conversion cycle has been highly erratic, peaking at 268 days in 2024Q2, which reveals significant challenges in managing inventory and supplier leverage compared to more established automotive manufacturers operating with leaner, more predictable supply chain models.
The high DIO and volatile CCC suggest that the company is struggling to optimize its inventory levels, likely due to the complexities of scaling new vehicle platforms. Investors should monitor whether these metrics stabilize as the company shifts toward a hybrid dealership model, which may alleviate some of the current working capital pressure.
Based on the provided balance sheet data, the current ratio of 0.48 in 2026Q1 highlights a precarious liquidity position, suggesting that the company lacks sufficient short-term assets to cover its immediate obligations without continued reliance on external financing or support from its parent organization.
A current ratio consistently below 1.0 indicates a structural reliance on external capital injections to maintain operations. This vulnerability leaves the company with little margin for error in the event of a market downturn or a disruption in the availability of credit from its primary stakeholders.
Analysts frequently misapply top-line revenue growth as a proxy for success, yet as indicated by historical filings, this metric is heavily distorted by related-party transactions with GSM, which obscures the true level of organic retail demand and the actual scalability of the company's consumer-facing business model.
Focusing on headline revenue growth without adjusting for captive fleet sales leads to an overestimation of market penetration. A more appropriate metric for evaluating the company's progress would be third-party retail delivery volume, which provides a clearer picture of the brand's competitive standing in the global EV market.
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VinFast Auto Ltd.'s current P/E ratio is -1.9x. This places it at the 50th percentile of its historical range.
Based on historical data, VinFast Auto Ltd. is trading at a P/E of -1.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
VinFast Auto Ltd. has -42.5% gross margin and -79.2% operating margin.