Microvast Holdings Inc (MVST) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MVST SEC filings page.
Microvast Holdings Inc (MVST) reported $367.6M in revenue over the twelve months to Jun 30, 2026, down 13.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Microvast’s dominant shift is from heavy investment and operating losses toward positive cash generation, but liquidity remains tight.
Operating cash flow moved from$2.8M in FY2024 to$75.9M in FY2025 while net income remained negative, so cash conversion improved without a matching accounting profit. Free cash flow reached$56.1M , yet the 0.9x current ratio points to short-term balance-sheet pressure: internally generated cash improved, but near-term obligations still exceed current resources.
Gross margin rose from
Inventory fell from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Microvast Holdings Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Microvast Holdings Inc has an operating margin of 1.6%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 23/100, suggesting thin profitability after operating expenses. This is up from -30.6% the prior year.
Microvast Holdings Inc's revenue grew 12.6% year-over-year to $427.5M, a solid pace of expansion. This earns a growth score of 80/100.
Microvast Holdings Inc carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.
Microvast Holdings Inc's current ratio of 0.92 is below the typical benchmark, resulting in a score of 16/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Microvast Holdings Inc's free cash flow margin of 13.1% results in a low score of 10/100. Capital expenditures of $19.8M absorb a large share of operating cash flow.
Microvast Holdings Inc posts a -7.1% return on equity (ROE), meaning it loses $7 for every $100 of shareholders' equity. This results in a returns score of 29/100. This is up from -50.4% the prior year.
Microvast Holdings Inc scores -0.89, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($265.4M) relative to total liabilities ($594.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Microvast Holdings Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Microvast Holdings Inc reported a net loss of $29.2M while generating $75.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Microvast Holdings Inc earns $4.29 in operating income for every $1 of interest expense ($7.0M vs $1.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Microvast Holdings Inc generated $87.3M in revenue in Q2 2026. This represents a decrease of 4.5% from the same quarter a year earlier. Against the prior quarter it is up 44.0%.
Microvast Holdings Inc reported -$12.0M in net income in Q2 2026. This represents an increase of 88.7% from the same quarter a year earlier. Against the prior quarter it is down 124.9%.
Microvast Holdings Inc earned -$0.03 per diluted share (EPS) in Q2 2026. This represents an increase of 90.9% from the same quarter a year earlier. Against the prior quarter it is up 25.0%.
Not reported for Q2 2026.
Cash & Balance Sheet
Microvast Holdings Inc recorded an outflow of $21.8M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 163.7% from the same quarter a year earlier. Against the prior quarter it is up 14.9%.
Microvast Holdings Inc held $127.8M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Microvast Holdings Inc's gross margin was 29.5% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 5.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.1 percentage points.
Microvast Holdings Inc's operating margin was -2.0% in Q2 2026, reflecting core business profitability. This is down 11.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 11.1 percentage points.
Microvast Holdings Inc's net profit margin was -13.7% in Q2 2026, showing the share of revenue converted to profit. Against the prior quarter it is down 93.3 percentage points. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Microvast Holdings Inc's ROE was -2.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 27.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 12.6 percentage points.
Capital Allocation
Microvast Holdings Inc invested $8.9M in research and development in Q2 2026. This represents an increase of 14.8% from the same quarter a year earlier. Against the prior quarter it is up 0.6%.
Microvast Holdings Inc invested $11.3M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 295.5% from the same quarter a year earlier. Against the prior quarter it is up 296.3%.
Not reported for Q2 2026.
MVST Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $87.3M-4.5% | $60.6M-48.0% | $96.4M-15.0% | $123.3M+21.6% | $91.3M+9.2% | $116.5M+43.2% | $113.4M+8.4% | $101.4M+26.6% |
| Cost of Revenue | $61.5M+3.1% | $41.5M-43.6% | N/A | $76.9M+13.4% | $59.6M+5.6% | $73.5M+14.6% | $71.9M-11.9% | $67.8M+8.9% |
| Gross Profit | $25.8M-18.7% | $19.2M-55.5% | $959K-97.7% | $46.4M+38.1% | $31.7M+16.7% | $43.0M+149.7% | $41.5M+80.3% | $33.6M+87.9% |
| R&D Expenses | $8.9M+14.8% | $8.8M+6.8% | $10.4M+18.4% | $7.8M-27.5% | $7.7M-23.6% | $8.2M-28.2% | $8.8M-23.0% | $10.7M-19.3% |
| SG&A Expenses | $13.9M+24.2% | $12.9M-8.3% | $12.9M-42.5% | $19.7M+66.1% | $11.2M-52.4% | $14.1M-40.7% | $22.3M-20.0% | $11.8M-52.6% |
| Operating Income | -$1.7M-119.1% | -$7.9M-152.0% | -$30.3M-2038.5% | $13.0M+80.8% | $9.0M+109.1% | $15.3M+166.0% | -$1.4M+93.6% | $7.2M+127.3% |
| Interest Expense | $498K+5.7% | $428K+9.7% | $403K+138.9% | $364K-17.8% | $471K+77.1% | $390K-77.5% | -$1.0M-187.0% | $443K-9.8% |
| Income Tax | $0-100.0% | N/A | -$6.3M | $739K | $220K | $0 | $0-100.0% | $0 |
| Net Income | -$12.0M+88.7% | $48.2M-22.0% | $16.5M+120.1% | -$1.5M-111.2% | -$106.1M-4.4% | $61.8M+348.9% | -$82.3M-235.5% | $13.2M+150.7% |
| EPS (Basic) | -$0.03+90.9% | $0.15-21.1% | $0.05+120.0% | $0.00-100.0% | -$0.33-3.1% | $0.19+337.5% | -$0.25-212.5% | $0.04+150.0% |
| EPS (Diluted) | -$0.03+90.9% | -$0.04-180.0% | $0.05+120.0% | $0.00-100.0% | -$0.33-3.1% | $0.05 | -$0.25-212.5% | $0.03+137.5% |
| Diluted Shares (Avg) | 349M+7.8% | 385M+2.9% | N/A | 324M-11.8% | 324M+2.6% | 374M | N/A | 367M+17.2% |
Not reported in any period shown, so not listed: EBITDA.
MVST Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $952.2M-5.2% | $987.5M+0.5% | $1.0B+5.6% | $1.0B+1.6% | $1.0B+4.5% | $982.9M-5.5% | $951.9M-13.2% | $997.9M-1.8% |
| Current Assets | $374.9M-13.7% | $425.8M-4.9% | $448.7M+4.8% | $445.3M+1.8% | $434.6M+4.0% | $448.0M+18.5% | $428.0M+0.6% | $437.6M+8.3% |
| Cash & Equivalents | $127.8M+28.2% | $126.1M+38.8% | $105.0M+43.8% | $90.7M+42.7% | $99.7M+46.3% | $90.9M+130.4% | $73.0M+63.9% | $63.6M-5.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $0-100.0% |
| Inventory | $93.6M-34.0% | $95.0M-26.4% | $89.4M-37.6% | $126.9M-19.5% | $141.7M-7.1% | $129.1M-6.0% | $143.3M-4.3% | $157.8M+24.3% |
| Accounts Receivable | $121.2M-3.8% | $123.6M-8.9% | $155.8M+29.1% | $149.3M+22.8% | $125.9M+20.0% | $135.7M+9.8% | $120.6M-13.0% | $121.5M+4.5% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $409.1M-36.9% | $521.4M-1.4% | $594.9M+5.5% | $655.5M+28.1% | $648.6M+28.1% | $528.7M+6.9% | $564.0M+5.9% | $511.8M+13.9% |
| Current Liabilities | $343.7M-34.5% | $444.1M+30.6% | $488.3M+47.9% | $530.0M+57.8% | $524.7M+40.8% | $339.9M-7.3% | $330.2M-18.2% | $335.9M-0.1% |
| Non-Current Liabilities | $65.4M-47.3% | $77.3M-59.1% | $106.6M-54.4% | $125.5M-28.6% | $123.9M-7.5% | $188.8M+47.6% | $233.8M+81.1% | $175.9M+55.9% |
| Long-Term Debt | N/A | N/A | $13.2M-67.8% | $34.4M-35.6% | $34.2M-0.1% | $41.3M-4.0% | $41.1M-6.2% | $53.4M+73.1% |
| Total Equity | $543.1M+52.5% | $466.1M+2.6% | $410.5M+5.8% | $358.1M-26.3% | $356.1M-21.7% | $454.2M-16.8% | $387.9M-31.2% | $486.1M-14.0% |
| Retained Earnings | -$1.1B+4.5% | -$1.1B-4.2% | -$1.1B-2.7% | -$1.1B-12.7% | -$1.1B-11.1% | -$1.0B-11.8% | -$1.1B-21.8% | -$1.0B-15.8% |
Not reported in any period shown, so not listed: Goodwill.
MVST Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.5M-128.3% | -$22.8M-418.0% | $16.4M+169.2% | $15.2M+379.3% | $37.2M+33372.1% | $7.2M+253.0% | $6.1M+223.2% | -$5.4M+81.5% |
| Stock-Based Compensation | N/A | $1.0M+43.4% | N/A | N/A | N/A | $703K-94.1% | N/A | N/A |
| Capital Expenditures | $11.3M+295.5% | $2.9M+21.7% | $643K+81.1% | $14.0M-1.4% | $2.9M-2.9% | $2.3M-77.1% | $355K-98.9% | $14.2M-76.3% |
| Free Cash Flow | -$21.8M-163.7% | -$25.7M-631.8% | $15.8M+174.6% | $1.2M+106.0% | $34.3M+1310.1% | $4.8M+158.7% | $5.7M+115.1% | -$19.6M+78.0% |
| Investing Cash Flow | -$502K+81.7% | -$2.8M-20.2% | -$590K-227.8% | -$10.4M-129.1% | -$2.7M+5.9% | -$2.3M+48.5% | -$180K+98.6% | -$4.5M+92.4% |
| Financing Cash Flow | -$21.1M-30.0% | $29.3M+209.9% | $6.9M+175.8% | -$2.7M-115.1% | -$16.3M-173.2% | $9.5M+51.2% | -$9.0M-143.3% | $18.1M+164.5% |
Not reported in any period shown, so not listed: Depreciation & Amortization, Dividends Paid, Share Buybacks.
MVST Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.5%-5.2pp | 31.6%-5.3pp | 1.0%-35.6pp | 37.6%+4.5pp | 34.7%+2.2pp | 36.9%+15.8pp | 36.6%+14.6pp | 33.1%+10.8pp |
| Operating Margin | -2.0%-11.8pp | -13.1%-26.2pp | -31.4%-30.2pp | 10.5%+3.4pp | 9.9% | 13.1%+41.5pp | -1.3%+20.0pp | 7.1%+40.0pp |
| Net Margin | -13.7% | 79.5%+26.5pp | 17.2%+89.8pp | -1.2%-14.3pp | -116.1% | 53.0%+83.6pp | -72.6%-49.1pp | 13.1%+45.7pp |
| Return on Equity | -2.2%+27.6pp | 10.3%-3.3pp | 4.0%+25.3pp | -0.4%-3.1pp | -29.8%-7.5pp | 13.6%+18.1pp | -21.2%-16.9pp | 2.7%+7.3pp |
| Return on Assets | -1.3%+9.3pp | 4.9%-1.4pp | 1.6%+10.3pp | -0.1%-1.5pp | -10.6%0.0pp | 6.3%+8.7pp | -8.6%-6.4pp | 1.3%+3.9pp |
| Current Ratio | 1.09+0.3x | 0.96-0.4x | 0.92-0.4x | 0.84-0.5x | 0.83-0.3x | 1.32+0.3x | 1.30+0.2x | 1.30+0.1x |
| Debt-to-Equity | 0.75+0.7x | 1.12+1.0x | 0.03-0.1x | 0.100.0x | 0.100.0x | 0.090.0x | 0.110.0x | 0.11+0.1x |
| Asset Turnover | 0.090.0x | 0.06-0.1x | 0.100.0x | 0.120.0x | 0.090.0x | 0.120.0x | 0.120.0x | 0.100.0x |
| FCF Margin | -25.0%-62.5pp | -42.3%-46.5pp | 16.4%+11.3pp | 1.0%+20.3pp | 37.5%+40.9pp | 4.1%+14.2pp | 5.1%+41.6pp | -19.3% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Note: The current ratio is below 1.0 (0.92), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Microvast Holdings Inc MVST | FY2025 | $427.5M | -$29.2M | -6.8% | $265.4M | 41/100 |
| Standard Motor Products SMP | FY2025 | $1.8B | $42.2M | 2.4% | $842.5M | 55/100 |
| Xpel Inc XPEL | FY2025 | $476.2M | $51.2M | 10.8% | $1.3B | 80/100 |
| Gentherm THRM | FY2025 | $1.5B | $18.3M | 1.2% | $1.2B | 55/100 |
| Douglas Dynamics Inc PLOW | FY2025 | $656.1M | $46.9M | 7.1% | $939.2M | 62/100 |
| Fox Factory Hldg Corp FOXF | FY2025 | $1.5B | -$544.6M | -37.1% | $842.3M | 38/100 |
Where Microvast Holdings Inc Ranks
Frequently Asked Questions
What is Microvast Holdings Inc's annual revenue?
Microvast Holdings Inc (MVST) reported $427.5M in total revenue for fiscal year 2025. This represents a 12.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Microvast Holdings Inc's revenue growing?
Microvast Holdings Inc (MVST) revenue grew by 12.6% year-over-year, from $379.8M to $427.5M in fiscal year 2025.
Is Microvast Holdings Inc profitable?
No, Microvast Holdings Inc (MVST) reported a net income of -$29.2M in fiscal year 2025, with a net profit margin of -6.8%.
How much debt does Microvast Holdings Inc have?
As of fiscal year 2025, Microvast Holdings Inc (MVST) had $105.0M in cash and equivalents against $13.2M in long-term debt.
What is Microvast Holdings Inc's gross margin?
Microvast Holdings Inc (MVST) had a gross margin of 28.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Microvast Holdings Inc's operating margin?
Microvast Holdings Inc (MVST) had an operating margin of 1.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Microvast Holdings Inc's net profit margin?
Microvast Holdings Inc (MVST) had a net profit margin of -6.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Microvast Holdings Inc's return on equity (ROE)?
Microvast Holdings Inc (MVST) has a return on equity of -7.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Microvast Holdings Inc's free cash flow?
Microvast Holdings Inc (MVST) generated $56.1M in free cash flow during fiscal year 2025. This represents a 325.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Microvast Holdings Inc's operating cash flow?
Microvast Holdings Inc (MVST) generated $75.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Microvast Holdings Inc's total assets?
Microvast Holdings Inc (MVST) had $1.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Microvast Holdings Inc's capital expenditures?
Microvast Holdings Inc (MVST) invested $19.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Microvast Holdings Inc spend on research and development?
Microvast Holdings Inc (MVST) invested $34.1M in research and development during fiscal year 2025.
What is Microvast Holdings Inc's current ratio?
Microvast Holdings Inc (MVST) had a current ratio of 0.92 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Microvast Holdings Inc's debt-to-equity ratio?
Microvast Holdings Inc (MVST) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Microvast Holdings Inc's return on assets (ROA)?
Microvast Holdings Inc (MVST) had a return on assets of -2.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Microvast Holdings Inc's P/E ratio?
Microvast Holdings Inc (MVST) trades at 5.2x earnings, its market capitalization divided by net income of $51.3M net income, trailing 12 months to June 30, 2026. The market capitalization is $265.4M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Microvast Holdings Inc's price-to-sales ratio?
Microvast Holdings Inc (MVST) trades at 0.7x sales, its market capitalization divided by revenue of $367.6M revenue, trailing 12 months to June 30, 2026. The market capitalization is $265.4M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Microvast Holdings Inc's Altman Z-Score?
Microvast Holdings Inc (MVST) has an Altman Z-Score of -0.89, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Microvast Holdings Inc's Piotroski F-Score?
Microvast Holdings Inc (MVST) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Microvast Holdings Inc's earnings high quality?
Microvast Holdings Inc (MVST) reported a net loss of $29.2M while generating $75.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Microvast Holdings Inc cover its interest payments?
Microvast Holdings Inc (MVST) has an interest coverage ratio of 4.29x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Microvast Holdings Inc?
Microvast Holdings Inc (MVST) scores 41 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.