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VinFast Auto Ltd.

VFSdata completeness 100%2 fiscal years on file
i. The business — what you’d actually own
FigureFY 2023FY 2024
Revenue$1.17B1$1.81B2
Net income−$2.4B3−$3.18B4
Operating cash flow−$2.25B5−$1.25B6
Capital expenditure$1.05B7$685.8M8
Free cash flow (derived)−$3.29B5,7−$1.94B6,8
Total debt$2.94B9,10$2.55B11,12
Cash & equivalents$167.7M13$135.9M14
Diluted shares2.31B2.34B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$28.94
your share of equity
Profit it earned you last year
−$13.58
Free cash flow it threw off
−$8.29
Debt you’d be carrying
$10.89

10 shares is a claim on −$28.94 of net worth that earned you −$13.58 and generated −$8.29 of cash last year, against $10.89 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 2y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 2y

Share count is roughly flat over 2 years — little dilution, little buyback. Total debt has fallen 13% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 20-F/A filed 2024-09-10 · period ending 2023-12-31 · accession 0001410578-24-001584 (Revenues)
  2. 20-F filed 2025-04-28 · period ending 2024-12-31 · accession 0001410578-25-000943 (Revenues)
  3. 20-F/A filed 2024-09-10 · period ending 2023-12-31 · accession 0001410578-24-001584 (NetIncomeLoss)
  4. 20-F filed 2025-04-28 · period ending 2024-12-31 · accession 0001410578-25-000943 (NetIncomeLoss)
  5. 20-F/A filed 2024-09-10 · period ending 2023-12-31 · accession 0001410578-24-001584 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F filed 2025-04-28 · period ending 2024-12-31 · accession 0001410578-25-000943 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F/A filed 2024-09-10 · period ending 2023-12-31 · accession 0001410578-24-001584 (PaymentsToAcquireProductiveAssets)
  8. 20-F filed 2025-04-28 · period ending 2024-12-31 · accession 0001410578-25-000943 (PaymentsToAcquireProductiveAssets)
  9. 20-F/A filed 2024-09-10 · period ending 2023-12-31 · accession 0001410578-24-001584 (LongTermDebtNoncurrent)
  10. 20-F/A filed 2024-09-10 · period ending 2023-12-31 · accession 0001410578-24-001584 (DebtCurrent)
  11. 20-F filed 2025-04-28 · period ending 2024-12-31 · accession 0001410578-25-000943 (LongTermDebtNoncurrent)
  12. 20-F filed 2025-04-28 · period ending 2024-12-31 · accession 0001410578-25-000943 (DebtCurrent)
  13. 20-F/A filed 2024-09-10 · period ending 2023-12-31 · accession 0001410578-24-001584 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F filed 2025-04-28 · period ending 2024-12-31 · accession 0001410578-25-000943 (CashAndCashEquivalentsAtCarryingValue)