MVST Consumer Cyclical

Microvast Holdings, Inc.

$0.60+4.86%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Consumer Cyclical
Industry: Auto Parts
Country: United States
Market cap: 232.3M USD
Enterprise value: 190.0M USD
Full-time employees: 1,908

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: less profitable than most peersless profitable than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 3.60 vs a peer median of 0.63) and less short-term liquidity (current ratio 1.09 vs a peer median of 1.48)higher risk: bigger price swings (beta 3.60 vs peers 0.63) and less liquidity (current ratio 1.09 vs peers 1.48)

Ranks #867 of 1,502 consumer cyclical companies (bottom 43%)

See how it ranks against its peers

Worth knowing

Profit looks boosted by one-off gains. Reported profit is 2.0× operating cash profit (EBITDA), lifted by income outside the core business.Reported profit is 2.0× operating cash profit, lifted by income outside the core business.
Microvast's reported profit is 2.0× its operating cash profit (EBITDA), which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.Microvast's reported profit is 2.0× its operating cash profit, which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.
Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Microvast reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Shareholders being diluted. Shares outstanding up 25% from December 2022 to August 2026.
Microvast had 25% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Microvast had 25% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
Microvast made a profit per share in its latest year after a loss the year before.

StockQuotient Score

48/ 100▼ 1 since Oct 27 close

Oct 5 48 → Nov 4 48

Valuation

Is the price right?

79/100

Moderate▼ 3 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 15.4% (existing holders diluted)

Valuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 82 → 79

Share price +13.1%-4
Company's reported figures updated+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ Earnings yield
▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield22.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile30% base weight · Z-score 3.10Sector median: 0.0439 · MAD: 0.0329

EBITDA yield13.7%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score 1.07Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield-13.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.13Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield233.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

75/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Score 74 → 75

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ EPS growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit33% base weight · Z-score 3.48Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth17.7%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 2.12Sector median: 0.0425 · MAD: 0.0636

Revenue growth-13.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.57Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

16/100

Weak

3/3 inputs reported · High confidence

Since last quarter: Mixed

Turned profitable over the last 12 months
Operating margin fell 3.0 points to -7.3%
Free cash flow turned negative over the last 12 months

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-7.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.97Sector median: 0.0638 · MAD: 0.0461

Return on assets5.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.82Sector median: 0.0331 · MAD: 0.0254

Return on invested capital-4.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.89Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin25.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity9.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta3.60

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.80Sector median: 0.6345 · MAD: 0.2980

Current ratio1.09×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.70Sector median: 1.4800 · MAD: 0.5570

Debt / equity0.22×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.69Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Microvast

Is Microvast getting weaker?: Its latest SEC filing (Oct 9, 2026) was mixed: some things better, some worse: turned profitable over the last 12 months; operating margin fell 3.0 points to -7.3%. Its overall score is 48/100, down 1 since Oct 28, 2026.
How is Microvast valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 79/100 against 1,612 consumer cyclical peers. Earnings yield 22.2% vs a peer median of 4.4% (stronger than 95% of peers).Earnings yield 22.2% vs peers 4.4% (stronger than 95% of peers). Free cash flow yield -13.1% vs a peer median of 6.1% (weaker than 100% of peers).Free cash flow yield -13.1% vs peers 6.1% (weaker than 100% of peers).
Is Microvast growing?: Yes, faster than most of its peers. Growth scores 75/100 against 1,612 consumer cyclical peers. 3-year revenue growth 17.7% vs a peer median of 4.3% (stronger than 86% of peers).3-year revenue growth 17.7% vs peers 4.3% (stronger than 86% of peers). Revenue growth -13.0% vs a peer median of 3.7% (weaker than 91% of peers).Revenue growth -13.0% vs peers 3.7% (weaker than 91% of peers).
How profitable is Microvast?: Less profitable than most of its peers. Profitability scores 16/100 against 1,612 consumer cyclical peers. Return on assets 5.4% vs a peer median of 3.3% (stronger than 72% of peers).Return on assets 5.4% vs peers 3.3% (stronger than 72% of peers). Operating margin -7.3% vs a peer median of 6.4% (weaker than 93% of peers).Operating margin -7.3% vs peers 6.4% (weaker than 93% of peers).
How risky is Microvast?: Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Debt / equity 0.22× vs a peer median of 0.46× (stronger than 72% of peers).Debt / equity 0.22× vs peers 0.46× (stronger than 72% of peers). Beta 3.60 vs a peer median of 0.63 (weaker than 100% of peers).Beta 3.60 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Oct 9, 2026 · compared with the quarter ended Mar 31, 2026

Mixed: some things better, some worse

Turned profitable over the last 12 months
Operating margin fell 3.0 points to -7.3%
Share count up 15.4% (existing holders diluted)
Free cash flow turned negative over the last 12 months

Worth watching: Microvast is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	371.6M USD	367.6M USD	−1.1%
Net income (12 months)	−42.8M USD	51.5M USD	turned positive
Operating margin	-4.4%	-7.3%	−3.0 pts
Free cash flow (12 months)	25.6M USD	−30.5M USD	turned negative
Debt	138.8M USD	118.6M USD	−14.5%
Cash	126.1M USD	127.8M USD	+1.3%
Shares outstanding	333.2M	384.5M	+15.4%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Auto Parts · 21 companies

Valuations in Auto Parts are within their usual range since 2016.

53% of months since 2016 were valued lower than now.
12% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is −62% vs the whole market, against a usual −53%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	-28.1%	4.4%	18.7%	31.5%	28.6%	▼ 2.9 pts
Operating margin	-127.7%	-78.2%	-34.8%	-30.6%	1.6%	▲ 32 pts
Net margin	-135.9%	-77.4%	-34.7%	-51.5%	-6.8%	▲ 45 pts
Return on assets (ROA)	-20.7%	-16.1%	-9.7%	-20.5%	-2.9%	▲ 18 pts
Return on equity (ROE)	-30.1%	-25.8%	-18.8%	-50.4%	-7.1%	▲ 43 pts
Free cash flow margin	-87.4%	-100.2%	-85.5%	-6.6%	13.1%	▲ 20 pts
Current ratio	4.02×	2.16×	1.06×	1.30×	0.92×	▼ 29%
Quick ratio	3.72×	1.83×	0.68×	0.86×	0.74×	▼ 15%
Debt to equity	0.10×	0.08×	0.14×	0.29×	0.26×	▼ 10%
Interest coverage	-35.86×	-48.13×	-40.61×	-11.95×	1.42×	▲ 112%

MVST price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Pop Mart International Group Limited9992.HK91/ 100

Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: less profitable than most peersless profitable than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 3.60 vs a peer median of 0.63) and less short-term liquidity (current ratio 1.09 vs a peer median of 1.48)higher risk: bigger price swings (beta 3.60 vs peers 0.63) and less liquidity (current ratio 1.09 vs peers 1.48)

Ranks #867 of 1,502 consumer cyclical companies (bottom 43%)

See how it ranks against its peers

Worth knowing

Profit looks boosted by one-off gains. Reported profit is 2.0× operating cash profit (EBITDA), lifted by income outside the core business.Reported profit is 2.0× operating cash profit, lifted by income outside the core business.

Microvast's reported profit is 2.0× its operating cash profit (EBITDA), which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.Microvast's reported profit is 2.0× its operating cash profit, which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Microvast reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Shareholders being diluted. Shares outstanding up 25% from December 2022 to August 2026.

Microvast had 25% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Microvast had 25% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

Microvast made a profit per share in its latest year after a loss the year before.

Questions investors ask about Microvast

Is Microvast getting weaker?

Its latest SEC filing (Oct 9, 2026) was mixed: some things better, some worse: turned profitable over the last 12 months; operating margin fell 3.0 points to -7.3%. Its overall score is 48/100, down 1 since Oct 28, 2026.

How is Microvast valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 79/100 against 1,612 consumer cyclical peers. Earnings yield 22.2% vs a peer median of 4.4% (stronger than 95% of peers).Earnings yield 22.2% vs peers 4.4% (stronger than 95% of peers). Free cash flow yield -13.1% vs a peer median of 6.1% (weaker than 100% of peers).Free cash flow yield -13.1% vs peers 6.1% (weaker than 100% of peers).

Is Microvast growing?

Yes, faster than most of its peers. Growth scores 75/100 against 1,612 consumer cyclical peers. 3-year revenue growth 17.7% vs a peer median of 4.3% (stronger than 86% of peers).3-year revenue growth 17.7% vs peers 4.3% (stronger than 86% of peers). Revenue growth -13.0% vs a peer median of 3.7% (weaker than 91% of peers).Revenue growth -13.0% vs peers 3.7% (weaker than 91% of peers).

How profitable is Microvast?

Less profitable than most of its peers. Profitability scores 16/100 against 1,612 consumer cyclical peers. Return on assets 5.4% vs a peer median of 3.3% (stronger than 72% of peers).Return on assets 5.4% vs peers 3.3% (stronger than 72% of peers). Operating margin -7.3% vs a peer median of 6.4% (weaker than 93% of peers).Operating margin -7.3% vs peers 6.4% (weaker than 93% of peers).

How risky is Microvast?

Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Debt / equity 0.22× vs a peer median of 0.46× (stronger than 72% of peers).Debt / equity 0.22× vs peers 0.46× (stronger than 72% of peers). Beta 3.60 vs a peer median of 0.63 (weaker than 100% of peers).Beta 3.60 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

371.6M USD

367.6M USD

−1.1%

Net income (12 months)

−42.8M USD

51.5M USD

turned positive

Operating margin

-4.4%

-7.3%

−3.0 pts

Free cash flow (12 months)

25.6M USD

−30.5M USD

turned negative

Debt

138.8M USD

118.6M USD

−14.5%

Cash

126.1M USD

127.8M USD

+1.3%

Shares outstanding

333.2M

384.5M

+15.4%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

-28.1%

4.4%

18.7%

31.5%

28.6%

▼ 2.9 pts

Operating margin

-127.7%

-78.2%

-34.8%

-30.6%

1.6%

▲ 32 pts

Net margin

-135.9%

-77.4%

-34.7%

-51.5%

-6.8%

▲ 45 pts

Return on assets (ROA)

-20.7%

-16.1%

-9.7%

-20.5%

-2.9%

▲ 18 pts

Return on equity (ROE)

-30.1%

-25.8%

-18.8%

-50.4%

-7.1%

▲ 43 pts

Free cash flow margin

-87.4%

-100.2%

-85.5%

-6.6%

13.1%

▲ 20 pts

Current ratio

4.02×

2.16×

1.06×

1.30×

0.92×

▼ 29%

Quick ratio

3.72×

1.83×

0.68×

0.86×

0.74×

▼ 15%

Debt to equity

0.10×

0.08×

0.14×

0.29×

0.26×

▼ 10%

Interest coverage

-35.86×

-48.13×

-40.61×

-11.95×

1.42×

▲ 112%