Microvast Holdings, Inc. (MVST)
NASDAQ:MVST
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Microvast Holdings
(NASDAQ:MVST)
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Rating:57Neutral
Price Target:
$2.00
▼(-40.12% Downside)
Action:ReiteratedDate:04/01/26
The score is driven primarily by improving fundamentals—stronger margins, positive EBIT/EBITDA, better leverage, and a major swing to positive operating/free cash flow. This is tempered by weak technical momentum (below key moving averages with negative MACD), loss-driven valuation signals (negative P/E and no dividend), and execution/regulatory risks noted on the earnings call despite constructive 2026 growth and capacity ramp guidance.
Positive Factors
Cash flow improvement
Sustained positive operating and free cash flow provides durable funding for capex, capacity ramps and working capital without heavy external financing. This improves financial flexibility, reduces refinancing risk, and supports incremental investment in product commercialization over the next 2–6 months.
Negative Factors
Inventory impairment volatility
Large one-time impairments show exposure to specialized component obsolescence and project-specific write‑downs, creating persistent GAAP earnings volatility. Such impairments can recur if product qualification or customer timing slips, complicating sustainable profitability tracking.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash flow improvement
Sustained positive operating and free cash flow provides durable funding for capex, capacity ramps and working capital without heavy external financing. This improves financial flexibility, reduces refinancing risk, and supports incremental investment in product commercialization over the next 2–6 months.
Read all positive factors
Microvast Holdings (MVST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$544.53M
Dividend YieldN/A
Average Volume (3M)4.61M
Price to Earnings (P/E)―
Beta (1Y)-0.79
Revenue Growth19.82%
EPS Growth-7.14%
CountryUS
Employees1,921
SectorConsumer Cyclical
Sector Strength84
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.11
Shares Outstanding332,032,960
10 Day Avg. Volume2,791,416
30 Day Avg. Volume4,614,456
Financial Highlights & Ratios
PEG Ratio0.37
Price to Book (P/B)2.21
Price to Sales (P/S)2.13
P/FCF Ratio16.21
Enterprise Value/Market Cap1.20
Enterprise Value/Revenue1.53
Enterprise Value/Gross Profit4.24
Enterprise Value/Ebitda8.90
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.2
Revenue Forecast (FY)$525.00M
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 manga...
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 specif...
Microvast Holdings Earnings Call Summary
Earnings Call Date:Mar 16, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
Earnings Call Sentiment Positive
The call presents a largely positive operational and financial transformation: Microvast achieved record revenue, strong regional growth (notably U.S. and EMEA), returned to non-GAAP profitability, posted positive adjusted EBITDA, and generated substantial operating cash flow. These positives are tempered by a significant $32.5M inventory impairment that materially reduced GAAP margins, a GAAP net loss of $29.2M, regulatory headwinds in South Korea, and timing/ramp risks for Phase 3.2 and customer platform integrations. Overall, the improvements in cash flow, adjusted profitability and clear product/technology milestones outweigh the near-term one-time and regional/regulatory challenges.Positive Updates
Record Annual Revenue
Delivered record 2025 revenue of $427.5 million, a 12.6% year-over-year increase from $379.8 million in 2024, driven by ~16.5% growth in sales volume (~266 MWh).
Negative Updates
Significant Inventory Impairment
Recorded a $32.5 million inventory impairment related to specialized ESS components, which reduced full-year gross margin by 7.6 percentage points and contributed to lower GAAP results.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue
Delivered record 2025 revenue of $427.5 million, a 12.6% year-over-year increase from $379.8 million in 2024, driven by ~16.5% growth in sales volume (~266 MWh).
Read all positive updates
Company Guidance
Microvast guided that in 2026 it expects continued revenue growth while bringing Huzhou Phase 3.2 to serial production (on track for 2026) to add up to 2 GWh of annual capacity and beginning customer pack deliveries from its Clarksville pack line, and it aims to protect its industry‑leading margins and accelerate to a cash‑flow positive state amid evolving tariff and geopolitical headwinds; management framed this plan around synchronizing production ramps with customer demand and absorbing planned ramp costs (2025 Huzhou CapEx $19.8M), building on 2025 results of $427.5M revenue (+12.6% YoY; ~16.5% volume growth / 266 MWh), 28.6% gross margin (impacted by a $32.5M inventory impairment that reduced margin by 7.6 ppt), $75.9M operating cash flow, $169.2M cash on hand, 2025 non‑GAAP adjusted net profit $13M and adjusted EBITDA of $44.7M.Microvast Holdings Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
63
Positive
Cash Flow
72
Positive
| 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 | 154.62M | 119.55M | 57.23M | 9.07M | -42.74M |
| EBITDA | 73.62M | -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 | 21.36M | 37.59M | 33.04M | 4.97M | 624.95M |
Microvast Holdings Technical Analysis
Negative
3.34
Price Trends
2.01
Negative
2.58
Negative
3.18
Negative
Market Momentum
-0.12
Negative
49.50
Neutral
95.65
Negative
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 1.56, above the 50-day MA of 2.01, and above the 200-day MA of 3.18, indicating a neutral trend. The MACD of -0.12 indicates Negative momentum. The RSI at 49.50 is Neutral, neither overbought nor oversold. The STOCH value of 95.65 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MVST.
Microvast Holdings Risk Analysis
Microvast Holdings disclosed 81 risk factors in its most recent earnings report. Microvast Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Microvast Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | $2.52B | -10.68 | -49.74% | ― | 234.14% | 42.67% | |
57 Neutral | $544.53M | -31.12 | -7.40% | ― | 19.82% | -7.14% | |
52 Neutral | $1.30B | -10.09 | -0.23% | ― | 45.98% | 44.14% | |
48 Neutral | $1.43B | -3.15 | -153.56% | ― | ― | -394.37% | |
48 Neutral | $650.71M | ― | -23.87% | ― | 25.24% | -12.96% | |
46 Neutral | $2.09B | -3.08 | 73.98% | ― | 324.10% | -214.91% |
* Consumer Cyclical Sector Average
MVST
Microvast Holdings
1.73
0.05
2.98%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.