VinFast Auto (VFS) is back in focus after reporting preliminary 2025 delivery figures, including 175,099 electric vehicles in Vietnam and a sharp jump in domestic electric scooter volumes, giving investors fresh data on its core market traction.

Despite the upbeat 2025 delivery update, VinFast Auto's recent share price return has been mixed. The stock shows a 2.61% 1-day decline and a 14.72% 1-year total shareholder return loss, while the 90-day share price return of 2.44% hints at only modest positive momentum.

If this kind of EV story has your attention, it could be a good moment to widen your search among auto manufacturers and see how other automakers compare on growth and execution.

With VinFast trading at US$3.36, sitting at a discount to both one estimate of intrinsic value and the current analyst price target, you have to ask: is the market missing something here or already pricing in future growth?

Most Popular Narrative: 47.2% Undervalued

With VinFast Auto last closing at $3.36 against a widely followed fair value estimate of $6.36, the current gap reflects a narrative built on ambitious volume and margin assumptions that push well beyond today's loss-making position.

The rollout of dedicated VinFast charging infrastructure and ecosystem partnerships (GSM and V-GREEN) in Southeast Asia and beyond directly addresses the primary consumer barrier to EV adoption, supporting higher demand, increased deliveries, and ultimately greater revenue scale.

Curious what justifies a near doubling between today’s price and that fair value line? Revenue compounding, margin repair, and a rich future earnings multiple sit at the heart of this storyline, with detailed assumptions that could surprise you.

Result: Fair Value of $6.36 (UNDERVALUED)

However, you still need to weigh significant cash burn and an uncertain path to profitability, along with intense EV competition, which could quickly challenge this upbeat valuation story.

Another View: Rich On Sales, Even If Cash Flows Say Otherwise

Those fair value models suggesting VinFast is undervalued sit alongside a very different message from its P/S ratio. At 3.1x sales, VinFast trades well above the US Auto industry average of 0.8x, the peer average of 1.8x, and a fair ratio estimate of just 0.1x.

In simple terms, the market is already paying a premium for each dollar of current revenue, even though the company is unprofitable and forecast to stay that way over the next 3 years. This raises the question of whether you are being compensated enough for that valuation risk.

Build Your Own VinFast Auto Narrative

If you see the numbers playing out differently or prefer to work from your own assumptions, you can build a personalized VinFast thesis in minutes: Do it your way.

A great starting point for your VinFast Auto research is our analysis highlighting 3 key rewards and 3 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.