Microvast Holdings (MVST) AI Stock Analysis

• Market Cap: $571.10M
• Dividend Yield: N/A
• Average Volume (3M): 3.74M
• Price to Earnings (P/E): 13.9
• Beta (1Y): -0.87
• Revenue Growth: 19.82%
• EPS Growth: -7.14%
• Country: US
• Employees: 1,921
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.11
• Shares Outstanding: 332,032,960
• 10 Day Avg. Volume: 6,622,250
• 30 Day Avg. Volume: 3,738,698
• PEG Ratio: 0.37
• Price to Book (P/B): 2.21
• Price to Sales (P/S): 2.13
• P/FCF Ratio: 16.21
• Enterprise Value/Market Cap: 1.13
• Enterprise Value/Revenue: 1.51
• Enterprise Value/Gross Profit: 5.27
• Enterprise Value/Ebitda: 92.18
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.2
• Revenue Forecast (FY): $525.00M

• Rating: 58 Neutral
• Price Target: $2.00 ▼(-40.12% Downside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is driven primarily by improving fundamentals—stronger margins, positive EBIT/EBITDA, sharply better cash flow, and lower leverage—tempered by continued net losses and a recent revenue dip. Technicals are the main drag, with the stock in a clear downtrend and bearish momentum. Valuation appears reasonable on P/E, while earnings-call guidance and execution milestones provide supportive but secondary upside.

Positive Factors

Margin & operational profitability

Sustained gross margin recovery and positive EBIT/EBITDA in 2025 indicate the business achieved operational leverage and improved unit economics. This durability supports reinvestment, reduces reliance on financing, and makes long-term scale more feasible if margins are maintained through product mix and scale.

Free cash flow turnaround

A clear shift to positive operating and free cash flow implies the company can fund operations and some growth from internally generated cash. Durable cash generation lowers financing needs, reduces dilution risk, and improves ability to support capex and working capital as production scales.

Capacity expansion (Huzhou phase 3.2)

Near-term addition of up to 2 GWh of capacity is a structural capacity boost that supports revenue growth and better fixed-cost absorption. Increased production capability aligns with electrification demand and helps the company pursue larger commercial EV and EMEA opportunities at scale.

Negative Factors

Persistent GAAP net loss

Continued GAAP losses mean shareholder capital is still being eroded despite operating improvements. Until net income turns sustainably positive, the company faces constraints on ROE improvement, potential pressure on equity cushions, and ongoing scrutiny from investors and lenders.

Revenue inconsistency

A decline after several years of scaling suggests demand or execution volatility. Revenue consistency is key to absorbing fixed costs from recent capacity additions; uneven top-line trends can impede steady margin expansion and increase risk around utilization and contract cadence.

Rising operating expenses & one-offs

Higher opex driven by exchange losses and litigation are not structural revenue drivers and can offset margin gains. Persistent elevated SG&A or legal costs reduce the sustainability of adjusted profitability and complicate forecasting of long-term net profit conversion.

Microvast Holdings Business Overview & Revenue Model

Company Description

Microvast Holdings, Inc. designs, develops, and manufactures battery systems for electric vehicles and energy storage systems. The company offers a range of cell chemistries, such as lithium titanate oxide, lithium iron phosphate, and nickel manganese cobalt version 1 and 2.It also designs, develops, and manufactures battery components, such as cathode, anode, electrolyte, and separator. In addition, the company offers battery solutions for commercial vehicles and energy storage systems. Its commercial vehicle markets cover buses, trains, mining trucks, marine and port applications, and automated guided and specialty vehicles, as well as light, medium, heavy-duty trucks in the United States and internationally. The company was incorporated in 2006 and is based in Stafford, Texas.

How the Company Makes Money

Microvast makes money primarily by selling battery products and related systems to customers, generating revenue from (1) lithium-ion battery cells it manufactures, (2) battery modules and packs assembled from those cells (often tailored to specific vehicle or storage-system requirements), and (3) associated battery management/system components and engineering or integration services that support customer deployment. Earnings are driven by customer contracts and purchase orders for commercial vehicle electrification and energy storage projects, where Microvast supplies battery systems as a core component of the end product. null

Microvast Holdings Financial Statement Overview

Summary

Operational trends improved meaningfully: gross margin rebounded to ~28.6%, EBITDA/EBIT turned positive in 2025, debt fell sharply and leverage improved, and free cash flow turned solidly positive ($56.1M). Offsetting this, revenue dipped modestly in 2025 (-3.8%) and net income remains negative (-$29.2M), with negative ROE (~-7.1%).

Income Statement

Revenue scaled meaningfully from $107.5M (2020) to $427.5M (2025), but the latest year shows a modest revenue decline (-3.8%), suggesting growth is not yet consistent. Profitability has improved sharply versus 2021–2024: gross margin rose to ~28.6% (from negative in 2021 and ~4.4% in 2022) and the company reached positive EBIT/EBITDA in 2025 (~1.6% EBITDA margin). However, net income remains negative in 2025 (-$29.2M, ~-6.8% margin), indicating the business is not yet sustainably profitable at the bottom line.

Balance Sheet

Leverage appears manageable and improving, with debt-to-equity down to ~0.45 in 2025 from ~0.85 in 2024, supported by positive equity ($410.5M). Total debt also declined meaningfully in 2025 ($185.8M vs $328.9M in 2024), which reduces financial risk. The key weakness is ongoing losses reflected in negative return on equity in 2025 (~-7.1%), showing shareholder capital is still being eroded despite the healthier capital structure.

Cash Flow

Cash generation improved substantially in 2025, with operating cash flow of $75.9M and free cash flow of $56.1M, a strong turnaround from negative free cash flow in 2021–2024 (including deeply negative levels in 2022–2023). Free cash flow growth was strong in 2025 (+21.8%). A watch item is that cash flow strength is not fully mirrored by net earnings (net income is still negative), and operating cash flow relative to revenue remains moderate (~15.5%).

Breakdown	Dec 2025	Mar 2025	Mar 2024	Dec 2022	Dec 2021
Income Statement
Total Revenue	427.52M	379.80M	306.62M	204.50M	151.98M
Gross Profit	122.11M	119.55M	57.23M	9.07M	-42.74M
EBITDA	6.98M	-154.91M	-80.85M	-134.48M	-180.36M
Net Income	-29.22M	-195.46M	-106.34M	-158.20M	-216.01M
Balance Sheet
Total Assets	1.01B	951.87M	1.10B	984.96M	995.29M
Cash, Cash Equivalents and Short-Term Investments	104.96M	73.01M	87.65M	256.49M	480.93M
Total Debt	185.85M	328.89M	205.18M	175.00M	147.40M
Total Liabilities	594.93M	563.97M	532.54M	371.98M	308.59M
Stockholders Equity	410.51M	387.89M	564.19M	612.98M	686.70M
Cash Flow
Free Cash Flow	56.07M	-24.91M	-262.09M	-204.81M	-132.90M
Operating Cash Flow	75.91M	2.81M	-75.30M	-53.93M	-45.04M
Investing Cash Flow	-16.05M	-12.15M	-165.60M	-175.94M	-87.86M
Financing Cash Flow	-2.68M	37.59M	33.04M	4.97M	624.95M

Microvast Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.34
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MVST, the sentiment is Negative. The current price of 3.34 is above the 20-day moving average (MA) of 2.15, above the 50-day MA of 2.54, and below the 200-day MA of 3.40, indicating a bearish trend. The MACD of -0.17 indicates Positive momentum. The RSI at 35.12 is Neutral, neither overbought nor oversold. The STOCH value of 25.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MVST.

Microvast Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
AMPX	59 Neutral	$2.59B	-10.68	-49.74%	―	234.14%	42.67%
MVST	58 Neutral	$571.10M	13.88	-7.40%	―	19.82%	-7.14%
TE	56 Neutral	$1.98B	-0.66	-249.07%	―	―	-394.37%
ENVX	52 Neutral	$1.05B	―	-0.23%	―	45.98%	44.14%
SLDP	48 Neutral	$688.20M	―	-23.87%	―	25.24%	-12.96%
EOSE	45 Neutral	$1.79B	-3.08	73.98%	―	324.10%	-214.91%

Microvast Holdings Corporate Events

Microvast Holdings Promotes Rodney Worthen to Chief Financial Officer

Microvast Holdings has strengthened its senior finance team with two key appointments, signaling a focus on bolstering its accounting, financial reporting and corporate strategy capabilities. The moves place experienced leadership at the helm of its finance function, which may support tighter financial oversight and execution of the company’s strategic and capital plans.

On January 5, 2025, Microvast entered into an employment offer with veteran accountant Eric N. Garcia, appointing him as chief accounting officer with an expected start date around January 9, 2025, on a $350,000 base salary plus performance-based bonus and equity awards vesting over three years. Separately, on January 7, 2026, the company promoted interim chief financial officer and vice president of corporate strategy Rodney Worthen to permanent chief financial officer, increasing his base salary to $400,000 and granting him a cash bonus and a multi-year restricted stock package, aligning his incentives with long-term company performance and providing continuity in financial leadership. Both executives have no disclosed related-party or conflict-of-interest relationships with the company’s directors or officers.

The most recent analyst rating on (MVST) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Microvast Holdings stock, see the MVST Stock Forecast page.