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Stock research / United States / MVST · Miscellaneous Electrical Machinery, Equipment & Supplies · Nasdaq

Microvast Holdings, Inc. (MVST)

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Microvast Holdings, Inc. (MVST) reported revenue of $87 million for Q2 FY2026, the quarter ended 30 June 2026, down 4.5% on the same quarter a year earlier. Net income was -$12 million, and diluted earnings per share $-0.03. The figures are the company's own, from the 10-Q it filed with the SEC on 10 August 2026.

Revenue$87 milliondown 4.5%
Net income-$12 million
Diluted EPS$-0.03
QuarterQ2 FY2026ended 30 June 2026

Microvast Holdings (MVST) in brief

Microvast Holdings (MVST) reported revenue of $428 million for fiscal 2025, the year ended 31 December 2025, up 12.6% on the year before.
Read moreNet loss was $29 million and the diluted loss per share $0.09. Revenue was $380 million in fiscal 2024, $307 million in fiscal 2023, $204 million in fiscal 2022 and $152 million in fiscal 2021. Net income in the same years was a loss of $195 million, a loss of $106 million, a loss of $158 million and a loss of $206 million. Over the twelve months to 30 June 2026, Microvast Holdings reported revenue of $368 million and net income of $51 million. Revenue grew 31.8% a year, compounded, over the five years to fiscal 2025. Microvast Holdings had 385 million shares outstanding at the latest filed count. At 30 June 2026 it carried $176 million of debt and $128 million of cash. At the close of 30 October 2026 the market cap of Microvast Holdings was $218 million.

Ratios

From the filings

ROE9.4%
ROCE-5.3%
Operating margin-10.3%
Net margin13.9%
FCF margin-8.3%
Interest cover-7.54
Debt to equity0.32
Cash conversion-0.03
Share count, last 12 months18.8%
Sales CAGR, 3 years27.9%
Profit CAGR, 3 yearsn/a
EPS, TTM-$0.02

At the close of 30 October 2026

Price$0.57
Market cap$218 million
Stock P/En/a
Price to book0.40
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales0.59
52-week high$5.45
52-week low$0.48
Price, 1 year-89.6%
Price CAGR, 3 years-22.8%
Price CAGR, 5 years-41.8%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of Microvast Holdings, Inc.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
MVSTgreeksoup.ai
Daily prices to 30 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on MVST

Dividendsno dividend in its filings for fiscal 2019 onward
Filings15 in twelve months: 8 current reports (8-K), about 4 results of operations; 3 officer or director change; 1 delisting notice; 1 other events
Planned insider sales1 Form 144 notice in twelve months, $35,395; latest 31 December 2025
Options tapeput/call 0.15 by open interest at the 30 October 2026 close; the straddle prices a 34.8% move to 20 November 2026
13F holders157 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading7 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest19.8 million shares short, 6.31 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 20 quarters

Q3 FY2021Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue36.966.836.764.438.664.847.075.080.110581.483.710111311691.312396.460.687.3
Cost of revenue72.865.636.759.636.662.642.163.562.281.664.156.567.871.973.559.676.9n/a41.561.5
Gross profit-35.91.20.04.82.02.24.911.517.923.017.227.233.641.543.031.746.41.019.225.8
Gross margin-97%2%0%8%5%3%10%15%22%22%21%33%33%37%37%35%38%1%32%30%
R&D13.511.211.310.211.510.510.99.513.211.411.510.110.78.88.27.77.810.48.88.9
Operating income-113-47.6-43.3-45.0-37.1-34.6-31.3-26.9-26.3-22.2-23.1-75.67.2-24.518.916.213.0-41.2-7.9-1.7
Operating margin-307%-71%-118%-70%-96%-53%-67%-36%-33%-21%-28%-90%7%-22%16%18%11%-43%-13%-2%
Interest expense1.20.80.80.90.80.90.50.50.51.21.72.14.31.61.21.31.31.21.21.3
Pre-tax income-116-47.0-43.8-44.2-36.5-33.7-29.6-26.1-26.2-24.6-24.8-78.413.2-10561.8-106-0.810.3n/an/a
Tax raten/an/an/an/an/an/an/an/an/an/an/an/a0%n/a0%n/an/a-61%n/an/a
Net income-116-46.6-43.8-44.2-36.5-33.7-29.6-26.1-26.1-24.5-24.8-78.413.2-10561.8-106-1.516.548.2-12.0
Net margin-316%-70%-119%-69%-95%-52%-63%-35%-33%-23%-31%-94%13%-93%53%-116%-1%17%80%-14%
Diluted EPS-$0.49-$0.08-$0.15-$0.15-$0.12-$0.10-$0.10-$0.08-$0.08-$0.08-$0.08-$0.25$0.03-$0.26$0.05-$0.33$0.00$0.05-$0.04-$0.03
Operating cash flow-9.6-20.4-24.9-38.64.94.7-11.2-29.8-29.3-5.02.00.1-5.46.17.237.215.216.4-22.8-10.5
Capital expenditure10.947.141.126.916.866.235.957.759.933.210.22.914.20.42.32.914.00.62.911.3
Free cash flow-20.5-67.5-66.0-65.5-11.9-61.5-47.1-87.5-89.3-38.2-8.2-2.8-19.65.74.834.31.215.8-25.7-21.8
Shares outstanding299m299m299m301m308m308m308m308m315m315m316m316m322m323m324m324m324m332m333m385m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 7 fiscal years and the trailing twelve months

FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue76.4108152204307380428368
Cost of revenue76.790.4195195249260n/an/a
Gross profit-0.217.1-42.79.157.212012292.3
Gross margin-0.3%15.9%-28.1%4.4%18.7%31.5%28.6%25.1%
Research and development26.016.634.443.545.041.134.135.8
Operating income-53.9-29.1-194-160-107-1167.0-37.8
Operating margin-70.5%-27.1%-127.7%-78.2%-34.8%-30.6%1.6%-10.3%
Interest expense6.45.75.43.32.69.74.95.0
Pre-tax income-59.5-33.6-206-158-106-195-34.5n/a
Income tax0.20.00.00.00.00.0-5.3n/a
Net income-59.7-33.6-206-158-106-195-29.251.3
Net margin-78.1%-31.3%-135.9%-77.4%-34.7%-51.5%-6.8%13.9%
Diluted EPS-$1.17-$0.82-$1.26-$0.52-$0.34-$0.61-$0.09-$0.02
Filing10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Revenue by region FY2023 to FY2025

FY2023FY2024FY2025Share
of the parts, latest year
China15612713932.5%
Italy56.615192.921.7%
France7.812.878.218.3%
Other European countries19.924.140.89.5%
United States3.114.439.39.2%
India60.648.834.68.1%
Other Asia & Pacific countries2.01.82.80.6%
ChinaItalyFranceOther European countriesUnited StatesIndiaOther Asia & Pacific countries
307FY2023380FY2024428FY2025

$ million; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow13.415.6-45.0-53.9-75.32.875.9-1.7
Capital expenditure20.318.687.915118727.719.828.8
Free cash flow-6.9-3.1-133-205-262-24.956.1-30.5
Free cash flow margin-9.0%-2.9%-87.4%-100.2%-85.5%-6.6%13.1%-8.3%
Cash from investing-4.0-17.7-87.9-176-166-12.2-16.0-14.3
Cash from financing-52.2-0.56255.033.037.6-2.712.3
Share-based compensationn/a0.082.990.865.030.83.13.4
Diluted shares, weightedn/a99m186m303m311m318m325m349m
Shares outstanding at period endn/a99m299m308m315m323m332m385m
Filing10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity-320-385687613564388411543
Non-controlling interestn/an/an/a0.0n/an/an/an/a
Redeemable equityn/a90.8n/an/an/an/an/an/a
Debtn/a151147159186311367176
Operating lease liabilitiesn/an/a0.014.317.114.614.514.0
Other liabilitiesn/a547161199330238213220
Total liabilities and equityn/a4059959851,0979521,005952
Owned
Fixed assetsn/a198253335621478508526
Intangible assetsn/a2.31.91.63.12.62.22.0
Investmentsn/an/a0.025.15.60.0n/an/a
Cash and equivalents41.821.548123144.573.0105128
Receivablesn/a76.388.7119139121156121
Inventoryn/a45.053.484.315014389.493.6
Other assetsn/a61.511718813413414581.6
Total assetsn/a4059959851,0979521,005952
Filing10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a31.8%27.9%-13.0%
Profit growth, compoundedn/an/an/an/a
Return on equity, averagen/a-26.4%-25.5%-7.1%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Microvast Holdings' revenue in fiscal 2025?

Microvast Holdings (MVST) reported revenue of $428 million for fiscal 2025, the year ended 31 December 2025, up 12.6% on the year before.

How much did Microvast Holdings earn in fiscal 2025?

Net loss was $29 million for fiscal 2025, and the diluted loss per share $0.09.

What is Microvast Holdings' market cap?

The market cap of Microvast Holdings was $218 million at the close of 30 October 2026.

How much debt does Microvast Holdings have?

At 30 June 2026 Microvast Holdings carried $176 million of debt and $128 million of cash.

Peers: Electrical Equipment

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
EnerSys ENS$5.8 billion17.1217.9%13.0%3.7%0.530.7%
Novanta Inc. NOVT$5.5 billion93.463.8%9.0%7.6%0.14n/a
Spectrum Brands Holdings, Inc. SPB$1.9 billion25.454.3%4.0%0.8%0.332.3%
Energizer Holdings, Inc. ENR$1.6 billion19.6140.1%n/a2.2%16.415.2%
Amprius Technologies, Inc. AMPX$1.3 billionn/a-29.0%-37.7%143.6%0.00n/a
Enovix Corp. ENVX$688 millionn/a-81.0%-496.5%34.9%2.53n/a
Eos Energy Enterprises, Inc. EOSE$649 millionn/an/a-142.6%533.9%n/an/a
Energy Vault Holdings, Inc. NRGV$556 millionn/a-1,600.2%-32.8%336.8%38.53n/a
Solid Power, Inc. SLDP$448 millionn/a-17.9%-978.2%-51.5%0.00n/a
SES AI Corp. SES$295 millionn/a-36.3%-312.8%n/a0.00n/a
Ultralife Corp. ULBI$260 million1.36-4.9%-4.5%4.7%0.34n/a
ChargePoint Holdings, Inc. CHPT$256 millionn/an/a-41.2%8.8%n/an/a
All 33 in Electrical Equipment
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
General Electric Co. GE$311.9 billion35.1852.0%17.7%19.6%1.100.6%
GE Vernova Inc. GEV$226.9 billion22.5091.1%6.4%16.9%0.250.2%
Emerson Electric Co. EMR$92.0 billion36.0812.7%n/a4.8%0.641.3%
Bloom Energy Corp. BE$60.0 billion123.8726.8%14.8%110.6%1.28n/a
Otis Worldwide Corp. OTIS$28.9 billion18.86n/a15.3%5.8%n/a2.3%
Woodward, Inc. WWD$18.0 billion33.9122.3%n/a22.3%0.540.4%
Innio N.V. INIO$12.2 billionn/an/an/an/a7.72n/a
Generac Holdings Inc. GNRC$11.7 billion45.589.0%9.5%0.6%0.46n/a
Littelfuse Inc. LFUS$10.0 billion322.331.4%5.5%18.7%0.230.8%
Acuity Inc. (De) AYI$9.4 billion18.6017.9%15.4%6.8%0.230.2%
EnerSys ENS$5.8 billion17.1217.9%13.0%3.7%0.530.7%
Powell Industries Inc. POWL$5.7 billion30.0025.2%19.7%7.0%0.000.2%
Novanta Inc. NOVT$5.5 billion93.463.8%9.0%7.6%0.14n/a
Franklin Electric Co. Inc. FELE$4.2 billion21.4213.8%12.4%7.3%0.39n/a
Spectrum Brands Holdings, Inc. SPB$1.9 billion25.454.3%4.0%0.8%0.332.3%
Plug Power Inc. PLUG$1.9 billionn/a-282.1%-172.8%10.6%1.00n/a
Energizer Holdings, Inc. ENR$1.6 billion19.6140.1%n/a2.2%16.415.2%
American Superconductor Corp. AMSC$1.3 billion8.9323.9%4.9%25.9%0.00n/a
Amprius Technologies, Inc. AMPX$1.3 billionn/a-29.0%-37.7%143.6%0.00n/a
Fuelcell Energy Inc. FCEL$898 millionn/a-18.0%-116.3%1.1%0.14n/a
LSI Industries Inc. LYTS$740 million29.876.3%5.6%20.2%0.711.0%
Enovix Corp. ENVX$688 millionn/a-81.0%-496.5%34.9%2.53n/a
Eos Energy Enterprises, Inc. EOSE$649 millionn/an/a-142.6%533.9%n/an/a
Energy Vault Holdings, Inc. NRGV$556 millionn/a-1,600.2%-32.8%336.8%38.53n/a
Solid Power, Inc. SLDP$448 millionn/a-17.9%-978.2%-51.5%0.00n/a
Graftech International Ltd. EAF$320 millionn/an/a-21.0%-2.5%n/an/a
SES AI Corp. SES$295 millionn/a-36.3%-312.8%n/a0.00n/a
Ultralife Corp. ULBI$260 million1.36-4.9%-4.5%4.7%0.34n/a
ChargePoint Holdings, Inc. CHPT$256 millionn/an/a-41.2%8.8%n/an/a
Microvast Holdings, Inc. MVST$218 millionn/a9.4%-10.3%-13.0%0.32n/a
NeoVolta Inc. NEOV$127 millionn/a-54.3%-136.1%58.2%0.03n/a
Skyx Platforms Corp. SKYX$107 millionn/a-241.9%-30.3%8.1%1.27n/a
Byrna Technologies Inc. BYRN$101 millionn/a-16.0%-11.4%-13.4%0.00n/a
14 companies share its SEC industry code (Miscellaneous Electrical Machinery, Equipment & Supplies); the rest are the names nearest in size in its wider industry, Electrical Equipment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202610 August 2026EDGAR
10-Q31 March 202611 May 2026EDGAR
10-K31 December 202516 March 2026EDGAR
10-Q30 September 202510 November 2025EDGAR
10-Q30 June 202511 August 2025EDGAR
10-Q31 March 202512 May 2025EDGAR
10-K31 December 202431 March 2025EDGAR
10-Q/A30 September 202431 March 2025EDGAR
10-Q/A30 June 202431 March 2025EDGAR
10-Q30 September 202412 November 2024EDGAR