VinFast Auto Ltd. (VFS) intrinsic value & 10-year financials
VinFast Auto Ltd. (VFS) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 4 fiscal years revenue grew 50.4% a year to $1.8B, with an average return on invested capital of 48.8%.
- Graham intrinsic value
- —
- Revenue (FY2024)
- $1.8B
- Revenue growth (4-yr CAGR)
- 50.4%
- ROIC (10-yr avg)
- 48.8%
- Free cash flow (FY2024)
- -$1.9B
VFS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2024 | $1.8B | -$3.2B | -$1.40 | -$1.9B | -125.9% | 52.9% |
| FY2023 | $1.2B | -$2.4B | -$1.04 | -$3.3B | -140.9% | 44.7% |
| FY2022 | — | — | — | — | — | — |
| FY2021 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
VinFast Auto Ltd. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
VinFast Auto Ltd. has earned high returns on invested capital, averaging 48.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
VinFast Auto Ltd. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, VinFast Auto Ltd. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-46.50 per share.