Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 2026
VinFast Auto Ltd. (VFS)
A forensic read on VinFast Auto Ltd. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-13.0
Altman Z-score
Watch
Earnings quality
4
Forensic signals
-49.5%
ROE
$7.1B
Market cap
VinFast Auto Ltd. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -13.0, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
43d DSOReceivables vs revenue.Days sales outstanding moved from 4 to 43 days FY2023→FY2024 (receivables +1452% vs revenue +55%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-216%Return on invested capital.Return on invested capital is -216% and slipping from -111% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+16.0%/yrShare-count dilution.Diluted share count changed +48% over the last 3 years to FY2024 (+16.0%/yr). The count is GROWING — existing holders are being diluted. That's ~16.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2021 has been diluted ~48%.
$11MGoodwill impairments.Took $11M of goodwill writedowns across 1 year(s) (FY2023 ($11M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-175.5%
Free Cash Flow$-1.94B
Latest Revenue$1.81B
Revenue Growth YoY+54.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on VinFast Auto Ltd.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about VFS's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown