Microvast Holdings (MVST) AI Stock Analysis

• Market Cap: $974.70M
• Dividend Yield: N/A
• Average Volume (3M): 4.20M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.99
• 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): 0.04
• Shares Outstanding: 328,182,830
• 10 Day Avg. Volume: 4,173,043
• 30 Day Avg. Volume: 4,197,798
• PEG Ratio: -0.04
• Price to Book (P/B): 1.70
• Price to Sales (P/S): 1.74
• P/FCF Ratio: -26.47
• Enterprise Value/Market Cap: 0.00
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.16
• Revenue Forecast (FY): $544.25M

• Rating: 52 Neutral
• Price Target: $3.00 ▼(-10.18% Downside)

The score is held down primarily by weak financial performance (negative profitability and higher leverage), partly offset by improving margins/cash flow trends. Technicals are mixed with moderate momentum but negative MACD and price below key moving averages. The earnings call improves the outlook via reaffirmed revenue guidance and raised gross margin expectations, while valuation support is limited due to a negative P/E and no dividend yield provided.

Positive Factors

Revenue Growth & Margin Expansion

Sustained top-line growth and material gross margin improvement indicate improving product-market fit and scaling benefits. Over the next several quarters this supports reinvestment in R&D and capacity, enhances resilience to demand swings, and creates a clearer path to durable operating profitability.

Material Capacity Expansion

A planned 2 GWh production lift is a structural increase in supply capability that reduces unit costs and backlog risk. It enables multi-quarter OEM contract fulfillment, supports geographic diversification, and provides durable revenue and margin leverage as demand for EV batteries grows.

Strategic OEM Validation & Regional Growth

An OEM partnership in safety-critical rail/public transport is a strong commercial validation that lowers adoption barriers. Such endorsements can open high-margin institutional channels, support multi-year contracts, and accelerate durable market share gains in regulated segments.

Negative Factors

GAAP Profitability Deficit

A reported GAAP loss, even with adjusted profits, signals ongoing accounting-level deficits that erode retained earnings. Persisting GAAP losses can limit reinvestment, weaken equity cushions and complicate longer-term financing unless consistently converted into sustained GAAP profitability.

Elevated Leverage and Negative ROE

High leverage alongside a deeply negative ROE reflects shareholder capital consumption and raises refinancing and interest-rate vulnerability. This constrains financial flexibility to fund capex, support working capital or pursue M&A without dilutive or costly external financing over the medium term.

Weak Cash Conversion

Very low cash conversion implies reported earnings are not translating into free, deployable cash and points to working capital or quality issues. Over months this can stress liquidity, complicate timely debt service and force reliance on external funding to finance capacity expansion and operations.

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 generates revenue primarily through the sale of its battery systems and related components to original equipment manufacturers (OEMs) in the electric vehicle market. The company has established key partnerships with various vehicle manufacturers, which enable it to provide tailored battery solutions that meet specific performance and safety standards. Additionally, Microvast earns income from long-term contracts that ensure ongoing supply for large-scale projects. The company may also benefit from government incentives and funding for clean energy initiatives, further bolstering its revenue streams.

Microvast Holdings Financial Statement Overview

Summary

Microvast Holdings shows mixed financial performance. While revenue and cash flow are growing, profitability and leverage remain key challenges. The company needs to improve margins and reduce debt to enhance financial stability.

Income Statement

Microvast Holdings shows a mixed performance in its income statement. The company has achieved a positive revenue growth rate of 5.18% TTM, indicating some growth momentum. However, profitability remains a concern with negative net profit and EBIT margins, reflecting ongoing operational challenges. The gross profit margin has improved to 35.46% TTM, which is a positive sign, but the net profit margin is still negative at -32.29%, highlighting significant profitability issues.

Balance Sheet

The balance sheet of Microvast Holdings reveals a high debt-to-equity ratio of 1.13 TTM, indicating a leveraged position which could pose financial risks. The return on equity is negative at -31.97%, reflecting poor profitability relative to shareholder equity. The equity ratio stands at 35.32%, suggesting a moderate level of equity financing, but the high leverage remains a concern.

Cash Flow

Cash flow analysis shows some positive trends with a significant free cash flow growth rate of 140.11% TTM, indicating improved cash generation. The operating cash flow to net income ratio is low at 0.07, suggesting limited cash flow relative to net income. However, the free cash flow to net income ratio of 0.49 indicates better cash flow management compared to previous periods.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	444.50M	379.80M	306.62M	204.50M	151.98M	107.52M
Gross Profit	162.67M	119.55M	57.23M	9.07M	-42.74M	17.14M
EBITDA	-112.39M	-154.91M	-80.85M	-134.48M	-180.36M	-11.09M
Net Income	-151.19M	-195.46M	-106.34M	-158.20M	-216.01M	-49.55M
Balance Sheet
Total Assets	1.01B	951.87M	1.10B	984.96M	995.29M	404.51M
Cash, Cash Equivalents and Short-Term Investments	90.75M	73.01M	87.65M	256.49M	480.93M	41.20M
Total Debt	156.66M	328.89M	205.18M	175.00M	147.40M	151.03M
Total Liabilities	655.50M	563.97M	532.54M	371.98M	308.59M	698.29M
Stockholders Equity	358.11M	387.89M	564.19M	612.98M	686.70M	-75.47M
Cash Flow
Free Cash Flow	46.04M	-24.91M	-262.09M	-204.81M	-132.90M	-3.09M
Operating Cash Flow	65.59M	2.81M	-75.30M	-53.93M	-45.04M	15.56M
Investing Cash Flow	-15.63M	-12.15M	-165.60M	-175.94M	-87.86M	-17.67M
Financing Cash Flow	-18.59M	37.59M	33.04M	4.97M	624.95M	-507.00K

Microvast Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.34
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 3.06, below the 50-day MA of 3.48, and below the 200-day MA of 3.40, indicating a bearish trend. The MACD of -0.06 indicates Negative momentum. The RSI at 41.56 is Neutral, neither overbought nor oversold. The STOCH value of 36.06 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%
EOSE	59 Neutral	$5.61B	―	―	―	324.10%	-214.91%
TE	56 Neutral	$1.81B	-2.16	-55.98%	―	―	-394.37%
ENVX	55 Neutral	$1.69B	-10.16	-68.95%	―	45.98%	44.14%
MVST	52 Neutral	$974.70M	-6.05	-35.82%	―	19.82%	-7.14%
SLDP	51 Neutral	$1.08B	-10.45	-23.63%	―	25.24%	-12.96%
AMPX	50 Neutral	$1.32B	-42.29	-39.01%	―	234.14%	42.67%

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.

Microvast Holdings Elects New Director at Annual Meeting

At its annual meeting on October 23, 2025, Microvast Holdings, Inc. elected Wei Ying as a Class I director for a three-year term and ratified Deloitte Touche Tohmatsu as its independent auditor for 2025. These decisions reflect the company’s ongoing governance and financial oversight strategies, potentially impacting its operational stability and investor confidence.

The most recent analyst rating on (MVST) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on Microvast Holdings stock, see the MVST Stock Forecast page.