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Vietnam Airlines JSC (HVN) Fair Value & Analysis

Industrials · VN · Market cap 65.8T VND

VA Vietnam Airlines JSC HVN · VN
Price22,550 VND
Fair Value49,860 VND
Upside+121.1%
Quality94/100
Evidence: High Range 36,645 VND – 89,306 VND

Fair value as of: Jun 25, 2026

From 24 valuation models · updated 4 days ago

Share price +10.3% over the past month.

Price vs Fair Value (12 months)

37,169 VND 18,441 VND Fair Value 49,860 VND Jun 2025 Jun 2026

12‑month range 18,441 VND – 37,169 VND · fair‑value band 36,645 VND – 89,306 VND · the 22,550 VND price screens below the 49,860 VND fair value. As of Jun 25, 2026.

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Analysis

Vietnam Airlines JSC (HVN) currently trades at 22,550 VND, while our model-based Fair Value estimate is 49,860 VND — implying the stock looks roughly 121.1% undervalued today. We read business quality at 94/100 (high quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high) — always confirm before acting.

Over the trailing twelve months, Vietnam Airlines JSC generated revenue of 121T VND at a net margin of 5.9%. Revenue grew 19.8% year over year. Net debt stands at 9.3T VND. The stock trades on a trailing P/E of 7.5. Fundamentals as of Jun 25, 2026

Key figures & financial health

Revenue (TTM) 121T VND
Revenue growth (YoY) +19.8%
Net margin 5.9%
Free cash flow 10.7T VND FY2025
P/E ratio 7.5
Operating margin 0.8%
More key figures
EPS (TTM) 2,824 VND
EPS growth (YoY) -85.3%
Net debt 9.3T VND FY2024

Figures from reported company fundamentals (EODHD) · as of Jun 25, 2026. TTM = trailing twelve months.

About the company

Vietnam Airlines JSC provides air transport services in Vietnam and internationally. The company engages in the transportation of passengers, cargo, luggage, parcels, postal items, and mail. It is also involved in the maintenance and repair of aircraft, engines, and spare parts. In addition, the company provides airline fuel supply and catering, ground, technical, commercial, forwarding, logistics, warehousing, support, IT and telecommunications, labor supply services, aviation transportation, and pilot training services, as well as distribution of the sabre system and call system. Vietnam Airlines JSC was founded in 1956 and is based in Hanoi, Vietnam.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Vietnam Airlines JSC reported revenue of 121T VND in FY2025 versus 27.9T VND in FY2021, a compound +44.4%/yr. Reported net income was 7.2T VND in FY2025.

Revenue +44.4%/yr
FY21 27.9T VND
FY22 70.4T VND
FY23 91.5T VND
FY24 107T VND
FY25 121T VND
Net income
FY21 −12.9T VND
FY22 −11.3T VND
FY23 −5.9T VND
FY24 7.6T VND
FY25 7.2T VND

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Similar stocks

6 more Airlines stocks, each showing price versus our Fair Value estimate (as of Jun 25, 2026).

Stock Price Fair Value vs Fair Value
Ryanair Holdings R1YA34 R$36.60 R$6.66 -82%
Delta Air Lines, Inc DAL $79.51 $73.33 -8%
United Airlines Holdings UAL1 €90.00 €79.11 -12%
International Consolidated Airlines Group ICAGY $12.26 $28.04 +129%
Southwest Airlines Co LUV $48.57 $14.76 -70%
InterGlobe Aviation Limited INDIGO ₹5,021 ₹3,704 -26%

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Frequently asked questions

Is Vietnam Airlines JSC (HVN) undervalued?
As of Jun 25, 2026, our model estimates a fair value of 49,860 VND versus a price of 22,550 VND — about +121% (undervalued). Model-based estimate, not financial advice.
What is the fair value of HVN?
Our 21-model fair value for Vietnam Airlines JSC is 49,860 VND (as of Jun 25, 2026), built from audited fundamentals. The current price is 22,550 VND.
What is the quality score of HVN?
Vietnam Airlines JSC has a Quality Score of 94/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Vietnam Airlines JSC (HVN)?
Vietnam Airlines JSC reported trailing-twelve-month revenue of about 121T VND (latest available figure, as of Jun 25, 2026).
What is the net profit margin of HVN?
The net profit margin of Vietnam Airlines JSC is about 5.9%, meaning it keeps roughly 5.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.