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ValueScreener company report

Microvast Holdings, Inc. (MVST)

NASDAQ / Industrials / Electrical Equipment & Parts

Share price

0.53 USD Market dataClose of Oct 14, 2026

Market capitalisation

175.4M USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2025, filed Mar 16, 2026
Ratios computed
Oct 14, 2026
Filed years
7, FY2019 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

1.4% Computed

From the FY2025 filing

Read quality

Valuation

Price to book

0.42x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

32.8% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2019 Revenue: 76.4M USDFY2019 Net income: 3.4M USDFY2020 Revenue: 107.5M USDFY2020 Net income: -2.4M USDFY2021 Revenue: 152.0M USDFY2021 Net income: -206.5M USDFY2022 Revenue: 204.5M USDFY2022 Net income: -158.2M USDFY2023 Revenue: 306.6M USDFY2023 Net income: -106.3M USDFY2024 Revenue: 379.8M USDFY2024 Net income: -195.5M USDFY2025 Revenue: 427.5M USDFY2025 Net income: -29.2M USD
Revenue Net income7 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
5 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Enterprise value to EBIT is 27.15x at the close of 2026-10-14 on FY2025 figures. No published threshold exists for enterprise value to EBIT, so its standing against peers is the reading.

Today, against the Industrials sector (298 companies), 27.15x sits at the 67th percentile; the middle half of that group runs from 14.16x to 30.95x.

Is it good

Return on invested capital was 1.4% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Industrials sector (294 companies), 1.4% sits at the 16th percentile; the middle half of that group runs from 4.0% to 15.3%.

Is it safe

Interest coverage was 1.42x in FY2025, in the band labelled "Distress territory" (below 1.50x), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit barely covers.

Year by year against peers
Whether Microvast Holdings, Inc.'s return on equity stayed above the median of the Electrical Equipment & Parts industry, year by year. (FY2021 to FY2025, 5 fiscal years of Microvast Holdings, Inc. with a comparable figure)
The direction
Which way Microvast Holdings, Inc.'s gross margin has moved, and how steadily. (FY2019 to FY2025, 7 filed years of Microvast Holdings, Inc.)
What could explain it
What in Microvast Holdings, Inc.'s filed statements could explain the movements. (7 readings drawn from the statement lines Microvast Holdings, Inc. filed)
What to check next
What to check next on Microvast Holdings, Inc., and where in its filings. (6 questions for Microvast Holdings, Inc.)
In one paragraph
One paragraph on Microvast Holdings, Inc.'s returns, cash, balance sheet and price. (12 of sixteen figures read for Microvast Holdings, Inc.)

These are MVST’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research MVSTPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Mar 16, 2026, accession 0001628280-26-018264.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Microvast Holdings, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax1.4% ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Return on equity-7.1% ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Return on capital employed, pre-tax1.4% ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Return on assets-2.9% ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Gross margin28.6% ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Operating margin1.6% ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Net margin-6.8% ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
MVST -6.8%
ELVA -3.4%SKYX -36.3%CBAT -7.4%OESX -3.7%ESP 24.2%
-36.3%24.2%
Net margin: MVST against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Microvast Holdings, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.30 ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Current ratio0.92 ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Quick ratio0.74 ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Interest coverage1.42x ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Altman Z-score-0.99 ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Net debt18.6M ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Total assets 1.01BTotal liabilities 594.9MShareholders' equity 410.5MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Microvast Holdings, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 16, 2026, 0001628280-26-018264).

Microvast Holdings, Inc: balance sheet position
Total assets1.01B FiledFY2025 10-K, filed Mar 16, 2026
Total liabilities594.9M FiledFY2025 10-K, filed Mar 16, 2026
Shareholders' equity410.5M FiledFY2025 10-K, filed Mar 16, 2026
Cash105.0M FiledFY2025 10-K, filed Mar 16, 2026
Total debt123.5M FiledFY2025 10-K, filed Mar 16, 2026
Net debt18.6M
Current ratio0.92
Debt to equity0.30

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Microvast Holdings, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
P/E on trailing twelve months4.58x ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book0.42x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Price to sales0.40x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Enterprise value to EBIT27.15x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Diluted earnings per share-0.09 USD FiledFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264

We publish no fair value or price target of our own. Value MVST on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Microvast Holdings, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Microvast Holdings, Inc: valuation
Share price0.53 USD
Market capitalisation175.4M USD
Enterprise value to EBITDAn/a
Graham numbern/m
Diluted earnings per share, FY2025-0.09 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 13, 2021: low 4.58x, median 5.73x, high 7.67x, latest 4.58x. 45 trading days with a meaningful ratio, 1,251 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Microvast Holdings, Inc

  1. Electrovaya Inc. (ELVA)Market cap 258.0M USD
  2. SKYX Platforms Corp. (SKYX)Market cap 139.9M USD
  3. CBAK Energy Technology, Inc. (CBAT)Market cap 108.1M USD
  4. Orion Energy Systems, Inc. (OESX)Market cap 99.5M USD
  5. Espey Mfg. & Electronics Corp. (ESP)Market cap 169.5M USD

Same industry (Electrical Equipment & Parts) and size band (Micro, 50M to 300M), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Microvast Holdings, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield32.8% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Free cash flow56.1M USD ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Free cash flow margin13.1% ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
FY2019 Free cash flow: -6.9M USDFY2019 Net income: 3.4M USDFY2020 Free cash flow: -3.1M USDFY2020 Net income: -2.4M USDFY2021 Free cash flow: -132.9M USDFY2021 Net income: -206.5M USDFY2022 Free cash flow: -204.8M USDFY2022 Net income: -158.2M USDFY2023 Free cash flow: -262.1M USDFY2023 Net income: -106.3M USDFY2024 Free cash flow: -24.9M USDFY2024 Net income: -195.5M USDFY2025 Free cash flow: 56.1M USDFY2025 Net income: -29.2M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Microvast Holdings, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 14, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
0.42xFY2025Oct 14, 2026
27.15xFY2025Oct 14, 2026
32.8%FY2025Oct 14, 2026
1.4%FY2025Mar 16, 2026
n/aFY2025Oct 14, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.30FY2025Mar 16, 2026
0.92FY2025Mar 16, 2026
0.40xFY2025Oct 14, 2026
n/mFY2025Oct 14, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
-0.99FY2025Oct 14, 2026
-2.99FY2025Mar 16, 2026
5/9FY2025Mar 16, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 7 filed fiscal years on record, FY2019 to FY2025, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

7 filed fiscal years, FY2019 to FY2025, read from the annual reports Microvast Holdings, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Microvast Holdings, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025427.5M7.0M-29.2M-0.0956.1M1.6%-7.1%10-K, Mar 16, 20260001628280-26-018264
FY2024379.8M-116.1M-195.5M-0.61-24.9M-30.6%-50.4%10-K, Mar 31, 20250001760689-25-000010
FY2023306.6M-106.7M-106.3M-0.34-262.1M-34.8%-18.9%10-K, Apr 1, 20240001760689-24-000007
FY2022204.5M-159.9M-158.2M-0.52-204.8M-78.2%-25.8%10-K, Mar 16, 20230001760689-23-000014
FY2021152.0M-194.1M-206.5M-1.26-132.9M-127.7%-30.1%10-K, Mar 29, 20220001213900-22-015871
FY2020107.5M-29.1M-2.4M-0.82-3.1M-27.1%-48.5%10-K, Mar 25, 20210001213900-21-017601
FY201976.4M-53.9M3.4M-0.07-6.9M-70.5%n/m10-K, Mar 13, 20200001213900-20-006365
  • Revenue, compound annual growth FY2019 to FY2025: 33.2%
  • Earnings: Earnings was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Microvast Holdings, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.99 ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Piotroski F-score5/9 ComputedFY2025 10-K, filed Mar 16, 2026, 0001628280-26-018264
Named tests met5 of 30 Computed
Beta-0.36 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 5 met, 19 not met, 6 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Deep value; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cheapest quarter on P/B (David Dreman)
Does not
Defensive investor (Benjamin Graham); Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Cash-flow yield and ROIC; Clean books, high ROIC
Not measured
Low PEG, low debt (Peter Lynch); High yield, low payout; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(9)
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 9 figures could not be read on this company, among them P/E Ratio, PEG Ratio, Eps Growth 5Y. Each blank in the table above names the rest, with its reason. 6 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 7 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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