MVSTNasdaqMiscellaneous Electrical Machinery, Equipment & SuppliesFiscal year ends December 31
Microvast Holdings, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 10, 2026
$0.51−0.01 (-2.20%)
Close on Oct 19, 2026
- Market cap
- $176.85M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
28.6%+12.6 pts over 5 years
Operating margin
1.6%+28.7 pts over 5 years
Net margin
-6.8%−4.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +12.6% | +27.9% | +31.8% | – | |
| Gross profit | +2.1% | +137.9% | +48.1% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 1.5% | -7.3% | |
| Return on assets | – | -0.7% | -3.0% | |
| Current ratio | 0.23 | 1.03 | 0.92 | |
| Interest coverage | – | -5.1× | 1.4× | |
| Inventory turnover | – | – | 2.6× | |
| Capex to revenue | – | 17.3% | 4.6% | |
| Diluted shares | – | 99M | 325M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Microvast generated $252.99M from operations and spent $473.09M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$252.99M
Used
$473.09M
Capital expenditure$473.09M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-6.8%
×Asset turnover0.44×
×Equity multiplier2.45×
=Return on equity, FY2025-7.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -6.8% | 0.44× | 2.45× | -7.3% |
| FY2024 | -51.5% | 0.37× | 2.15× | -41.1% |
| FY2023 | -34.7% | 0.29× | 1.77× | -18.1% |
| FY2020 | -2.3% | 0.31× | -2.17× | 1.5% |
| FY2019 | 4.4% | 0.54× | -0.48× | -1.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$29.22M
- Cash generatingOperating cash flow above zero$75.91M
- Return on assets improvedROA up on the prior year-17.8% → -3.1%
- Earnings backed by cashOperating cash flow above net income$75.91M vs -$29.22M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.30 → 0.92
- No dilutionShare count did not rise318M → 325M
- Gross margin improvedGross margin up on the prior year31.48% → 28.56%
- More efficientAsset turnover rose0.35 → 0.45