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VietJet Aviation Joint Stock Company (VJC) Fair Value & Analysis

Industrials · VN · Market cap 101T VND

VA VietJet Aviation Joint Stock Company VJC · VN
Price125,500 VND
Fair Value46,916 VND
Upside-62.6%
Quality18/100
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Expensive Growth
Thin margins · 2.9% net margin
High debt · negative free cash flow
Trails peers (2/12)
Narrow moat 38/100
Evidence: High Range 35,187 VND – 62,886 VND Share as image

Fair value as of: Jul 18, 2026

From 16 valuation models · updated 22 days ago

Fair value updated Jul 18, 2026, revised from 60,991 VND to 46,916 VND (−23.1%) since Jun 24, 2026. Share price −9.6% over the past month.

Below-average quality, and screening another 63% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (62,886 VND). The favourable scenario is already priced in.
  • Weak quality (18/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

168,539 VND 60,846 VND Fair Value 46,916 VND Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 60,846 VND – 168,539 VND · fair‑value band 35,187 VND – 62,886 VND · the 125,500 VND price screens above the 46,916 VND fair value. Dashed = 300-day average. As of Jul 18, 2026.

Full chart & analysis →

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Analysis

VietJet Aviation Joint Stock Company (VJC) currently trades at 125,500 VND, while our model-based Fair Value estimate is 46,916 VND, implying the stock looks roughly 62.6% overvalued today. The Quality Score stands at 18/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, VietJet Aviation Joint Stock Company generated revenue of 85.2T VND at a net margin of 2.9%. Revenue grew 17.1% year over year. It earns a return on equity of 11.4%. Net debt stands at 54.6T VND. Fundamentals as of Jul 18, 2026

Our scenario range runs from 35,187 VND (bear case) to 62,886 VND (bull case); at 125,500 VND, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 43% below its 52-week high and 45% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 40% fair-value upside, at -63%, VJC screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income 27,570 VND 30,071 VND 45,113 VND 76
ROIC Compounder 7,686 VND 15,673 VND 22,773 VND 72
Gordon GGM 722.77 VND 1,578 VND 2,655 VND 70
All 16 models by family
Earnings-Based
Graham-Dodd 18,767 VND 130,875 VND 183,664 VND 54
Lynch FV 60,003 VND 85,719 VND 111,434 VND 50
PEG = 1.0 60,003 VND 85,719 VND 111,434 VND 46
EPV 7,686 VND 15,673 VND 22,773 VND 59
Dividend Discount
Gordon GGM 722.77 VND 1,578 VND 2,655 VND 70
DDM Multi-Stage 722.77 VND 1,293 VND 1,644 VND 61
Multiples
P/E Multiple 43,467 VND 57,955 VND 72,444 VND 63
P/S Multiple 35,187 VND 46,916 VND 58,645 VND 58
P/B Multiple 35,187 VND 46,916 VND 58,645 VND 55
EV/EBIT 26,544 VND 47,917 VND 69,289 VND 53
EV/EBITDA 25,114 VND 46,010 VND 66,906 VND 54
EV/Revenue 8,189 VND 27,801 VND 47,414 VND 43
Asset-Based
NCAV (Graham) 16,127 VND 21,610 VND 32,253 VND 50
Economic Profit
Residual Income 27,570 VND 30,071 VND 45,113 VND 76
ROIC Compounder 7,686 VND 15,673 VND 22,773 VND 72
Growth Earnings
Growth-Adj P/E 80,311 VND 114,730 VND 149,149 VND 68

Widest divergence: Growth Earnings (114,730 VND) versus Dividend Discount (1,293 VND). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 85.2T VND
Revenue growth (YoY) +17.1%
Net margin 2.9%
Return on equity 11.4%
Free cash flow −29.4T VND FY2025
P/E ratio 41.9
More key figures
Operating margin 8.3%
EPS (TTM) 4,332 VND
EPS growth (YoY) +50.5%
Net debt 54.6T VND FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 18/100

Of which business quality 20 · Market factors (momentum, volatility) 61

Profitability 27
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 11
Earnings quality: real cash, not paper profit
Fin. Strength 13
Balance sheet, leverage, solvency risk
Investment 2
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 54
Price trend over the last 3–12 months (market factor)
52W Momentum 63
Distance to the 52-week high (market factor)
Net Issuance 26
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

VietJet Aviation Joint Stock Company provides passenger and cargo air transportation services to domestic and international air routes. The company also offers airline-related support services; in-flight advertising services; and payment services, as well as trades in and leases aircraft and aircraft components.

Full company description

VietJet Aviation Joint Stock Company provides passenger and cargo air transportation services to domestic and international air routes. The company also offers airline-related support services; in-flight advertising services; and payment services, as well as trades in and leases aircraft and aircraft components. It covers various domestic and international routes, including Vietnam, Thailand, Singapore, South Korea, Taiwan, Myanmar, Malaysia, Hong Kong, Japan, India, Indonesia, Cambodia, China, and Australia. The company was founded in 2007 and is based in Hanoi, Vietnam.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

VietJet Aviation Joint Stock Company reported revenue of 82.1T VND in FY2025 versus 12.9T VND in FY2021, a compound +58.9%/yr. Reported net income was 2.1T VND in FY2025, compounding +131.0%/yr from FY2021.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
82.1T VND
Latest YoY
+13.9%
Avg. growth/yr (3Y)
+26.9%
Avg. growth/yr (5Y)
+35.1%
Avg. growth/yr (6Y)
+8.4%
Revenue +58.9%/yr
FY21 12.9T VND
FY22 40.1T VND
FY23 58.3T VND
FY24 72.0T VND
FY25 82.1T VND
Net income +131.0%/yr
FY21 74.6B VND
FY22 −2.3T VND
FY23 231B VND
FY24 1.4T VND
FY25 2.1T VND

VJC screens 63% overvalued. Compare with Delta Air Lines, Inc →

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Cite: Fair Value Calculator (2026). "VietJet Aviation Joint Stock Company Fair Value". https://www.fairvalue-calculator.com/stock/VJC

Peer Group

Airlines · 60 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 18 · Bottom 25%
Fair Value upside −63% · Bottom 25%
Return on equity (TTM) 11% · Below median
Return on assets 2% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 8% · Above median
Revenue growth 17% · Top 25%
Debt / equity 1.61× · Higher than 75% of peers

Valuation Multiples vs Airlines median · lower = cheaper

P/E (TTM) 39.5× · Pricier than 75% of peers
P/B 4.07× · Pricier than 75% of peers
P/S (TTM) 1.19× · Pricier than 75% of peers
EV/EBITDA 23.7× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 37
FUTURE 86 · sector 46
PAST 46 · sector 46
HEALTH 20 · sector 72
DIVIDEND 0 · sector 41

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Airlines stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Delta Air Lines, Inc DAL $84.17 $118.24 +40%
United Airlines Holdings UAL $120.97 $175.62 +45%
Ryanair Holdings RYA €25.47 €41.26 +62%
Southwest Airlines Co LUV $47.56 $14.76 -69%
InterGlobe Aviation Limited INDIGO ₹5,249 ₹3,704 -29%
Singapore Airlines Limited C6L 7.60 SGD 7.89 SGD +4%
Air China Limited 601111 ¥5.97 ¥7.16 +20%
LATAM Airlines Group LTM $54.87 $106.79 +95%
Deutsche Lufthansa AG 1LHA €8.57 €15.42 +80%
China Southern Airlines Company 600029 ¥4.99 ¥1.28 -74%

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Frequently asked questions

Is VietJet Aviation Joint Stock Company (VJC) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 46,916 VND versus a price of 125,500 VND, about −63% (overvalued).
What is the fair value of VJC?
Our model-based fair value for VietJet Aviation Joint Stock Company is 46,916 VND (as of Jul 18, 2026), built from audited fundamentals. The current price is 125,500 VND.
What is the quality score of VJC?
VietJet Aviation Joint Stock Company has a Quality Score of 18/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of VietJet Aviation Joint Stock Company (VJC)?
VietJet Aviation Joint Stock Company reported trailing-twelve-month revenue of about 85.2T VND (latest available figure, as of Jul 18, 2026).
What is the net profit margin of VJC?
The net profit margin of VietJet Aviation Joint Stock Company is about 2.9%, meaning it keeps roughly 2.9% 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.

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