VinFast Auto (NasdaqGS:VFS) opened 2026 with Q1 revenue of about ₫23.1 trillion (₫23,111,052 million) and a net loss of roughly ₫28.1 trillion (₫28,059,960 million), translating to a basic EPS loss of ₫11,993.81. The trailing 12 months show revenue of around ₫96.98 trillion and a net loss of about ₫109.77 trillion, or EPS of ₫46,924.97. Over recent quarters the company has seen revenue range from approximately ₫16.3 trillion in Q1 2025 to ₫39.16 trillion in Q4 2025, with basic EPS losses spanning from ₫7,555.88 to ₫16,005.00. This sets up a picture where scale is building but margins remain deeply negative.

See our full analysis for VinFast Auto.

With the headline numbers on the table, the next step is to weigh these results against the prevailing narratives around VinFast Auto's growth potential, risk profile, and path toward stronger margins.

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Losses Stay Heavy At TTM ₫109.8t

• Over the last twelve months, VinFast booked about ₫96.98 trillion in revenue but recorded a net loss of roughly ₫109.77 trillion, so every đồng of sales still came with more than a đồng of loss attached.
• Bulls point to the forecast 21.67% annual revenue growth as a key pillar of their thesis. However, these trailing losses and the absence of any forecast return to profitability in the next three years mean the growth story is running against:
  • Persistent negative EPS on a trailing basis, with the last twelve months showing a loss per share of about ₫46,924.97.
  • A five year trend of losses growing around 23.3% per year, which sits uncomfortably beside expectations for faster top line expansion.

Bulls argue that rapid revenue growth can eventually reshape this picture, but the current earnings profile shows just how far that journey still is. 🐂 VinFast Auto Bull Case

Cash Runway And Equity Signal Balance Sheet Strain

• Analysts flag less than one year of cash runway alongside negative shareholders’ equity, so the business is operating with both limited liquidity headroom and an accumulated deficit on the balance sheet.
• Bears focus heavily on this setup, and the recent figures give them support because:
  • Net losses over the last twelve months reached about ₫109.77 trillion, which directly feeds into the negative equity position.
  • Ongoing heavy investment and cash burn, combined with this short cash runway, increase the chance that additional funding could be needed to sustain current expansion plans.

Skeptics warn that before any revenue growth thesis can play out, the company first has to manage these balance sheet pressures. 🐻 VinFast Auto Bear Case

Rich 1.9x P/S Multiple Despite Ongoing Losses

• The stock trades on a P/S of about 1.9x, compared with roughly 0.6x for the broader US auto industry and around 1.7x for peers, even though the company remains loss making on both a quarterly and trailing basis.
• Consensus narrative suggests revenue growth expectations help explain this premium, but the numbers also highlight some tension:
  • Revenue of about ₫96.98 trillion over the last twelve months sits against the forecast 21.67% annual growth rate, which investors may be using to justify a higher sales multiple.
  • At the same time, the current share price of US$3.04 is being compared with an analyst target of US$6.05, so anyone using that target needs to be comfortable paying above industry P/S levels while the company is still unprofitable.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for VinFast Auto on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of heavy losses and growth hopes feels conflicted, take time to review the evidence and decide where you stand by checking 1 key reward and 3 important warning signs.

See What Else Is Out There

VinFast Auto is working with heavy trailing losses, balance sheet pressure, and a premium P/S multiple that sits against a still unprofitable earnings profile.

If this combination of deep losses, short cash runway, and negative equity feels uncomfortable, broaden your watchlist with companies from the solid balance sheet and fundamentals stocks screener (46 results).

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.