Microvast Holdings, Inc.
MVST Nasdaq Miscellaneous Electrical Machinery, Equipment & Supplies Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$428M
12.6%
vs prior year
Operating margin
Operating income as a share of revenue.
1.6%
32.2 pts
Net income
Profit after all expenses, interest and tax.
−$29.2M
Free cash flow
Cash from operations minus capital spending.
$56.1M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
1.3%
22.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.12 EPS (TTM)
What Microvast Holdings, Inc. does
No business description yet.
- Legal name
- Microvast Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 16, 2026
- Accession · CIK
- 0001628280-26-018264
0001760689
Revenue and margins
Microvast Holdings, Inc. had $428M of revenue in fiscal 2025, up 12.6% on the year before.
FY19
Revenue $76.4M
FY20
Revenue $108M
FY21
Revenue $152M
FY22
Revenue $204M
FY23
Revenue $307M
FY24
Revenue $380M
FY25
Revenue $428M
Q3 '23
Revenue $80.1M
Q4 '23
Revenue $105M
Q1 '24
Revenue $81.4M
Q2 '24
Revenue $83.7M
Q3 '24
Revenue $101M
Q4 '24
Revenue $113M
Q1 '25
Revenue $116M
Q2 '25
Revenue $91.3M
Q3 '25
Revenue $123M
Q4 '25
Revenue $96.4M
Q1 '26
Revenue $60.6M
Q2 '26
Revenue $87.3M
FY19
Gross −0.3%
Operating −70.5%
Net 4.4%
FCF −9.0%
FY20
Gross 15.9%
Operating −27.1%
Net −2.3%
FCF −2.9%
FY21
Gross −28.1%
Operating −127.7%
Net −135.9%
FCF −87.4%
FY22
Gross 4.4%
Operating −78.2%
Net −77.4%
FCF −100.2%
FY23
Gross 18.7%
Operating −34.8%
Net −34.7%
FCF −85.5%
FY24
Gross 31.5%
Operating −30.6%
Net −51.5%
FCF −6.6%
FY25
Gross 28.6%
Operating 1.6%
Net −6.8%
FCF 13.1%
Gross
Operating
Net
FCF
Q3 '23
Gross 22.3%
Operating −32.9%
Net −32.6%
FCF −111.4%
Q4 '23
Gross 22.0%
Operating −21.2%
Net −23.5%
FCF −36.5%
Q1 '24
Gross 21.2%
Operating −28.4%
Net −30.5%
FCF −10.1%
Q2 '24
Gross 32.5%
Operating −118.0%
Net −121.4%
FCF −3.4%
Q3 '24
Gross 33.2%
Operating 7.1%
Net 13.1%
FCF −19.3%
Q4 '24
Gross 36.6%
Operating −1.2%
Net −72.6%
FCF 5.1%
Q1 '25
Gross 36.9%
Operating 13.1%
Net 53.0%
FCF 4.1%
Q2 '25
Gross 34.7%
Operating 9.9%
Net −116.1%
FCF 37.5%
Q3 '25
Gross 37.6%
Operating 10.5%
Net −1.2%
FCF 1.0%
Q4 '25
Gross 1.0%
Operating −42.7%
Net 17.2%
FCF 16.4%
Q1 '26
Gross 31.6%
Operating −13.1%
Net 79.5%
FCF −42.3%
Q2 '26
Gross 29.5%
Operating −2.0%
Net −13.7%
FCF −25.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income $3.4M
FY20
Net income −$2.4M
FY21
Net income −$206M
FY22
Net income −$158M
FY23
Net income −$106M
FY24
Net income −$195M
FY25
Net income −$29.2M
Q3 '23
Net income −$26.1M
Q4 '23
Net income −$24.5M
Q1 '24
Net income −$24.8M
Q2 '24
Net income −$102M
Q3 '24
Net income $13.2M
Q4 '24
Net income −$82.3M
Q1 '25
Net income $61.8M
Q2 '25
Net income −$106M
Q3 '25
Net income −$1.5M
Q4 '25
Net income $16.5M
Q1 '26
Net income $48.2M
Q2 '26
Net income −$12.0M
FY19
Diluted EPS −$0.07
FY20
Diluted EPS −$0.82
FY21
Diluted EPS −$1.26
FY22
Diluted EPS −$0.52
FY23
Diluted EPS −$0.34
FY24
Diluted EPS −$0.61
FY25
Diluted EPS −$0.09
Q3 '23
Diluted EPS −$0.08
Q4 '23
Diluted EPS −$0.08
Q1 '24
Diluted EPS −$0.08
Q2 '24
Diluted EPS −$0.32
Q3 '24
Diluted EPS $0.03
Q4 '24
Diluted EPS −$0.24
Q1 '25
Diluted EPS $0.05
Q2 '25
Diluted EPS −$0.33
Q3 '25
Diluted EPS $0.00
Q4 '25
Diluted EPS $0.19
Q1 '26
Diluted EPS −$0.04
Q2 '26
Diluted EPS −$0.03
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets 1.2%
FY20
Return on capital —
Return on equity —
Return on assets −0.7%
FY21
Return on capital −70.0%
Return on equity −59.7%
Return on assets −29.5%
FY22
Return on capital −31.4%
Return on equity −24.3%
Return on assets −16.0%
FY23
Return on capital −14.2%
Return on equity −18.1%
Return on assets −10.2%
FY24
Return on capital −21.5%
Return on equity −41.1%
Return on assets −19.1%
FY25
Return on capital 1.3%
Return on equity −7.3%
Return on assets −3.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $56.1M in fiscal 2025, 13.1% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$6.9M
FY20
Free cash flow −$3.1M
FY21
Free cash flow −$133M
FY22
Free cash flow −$205M
FY23
Free cash flow −$262M
FY24
Free cash flow −$24.9M
FY25
Free cash flow $56.1M
Q3 '23
Free cash flow −$89.3M
Q4 '23
Free cash flow −$38.2M
Q1 '24
Free cash flow −$8.2M
Q2 '24
Free cash flow −$2.8M
Q3 '24
Free cash flow −$19.6M
Q4 '24
Free cash flow $5.7M
Q1 '25
Free cash flow $4.8M
Q2 '25
Free cash flow $34.3M
Q3 '25
Free cash flow $1.2M
Q4 '25
Free cash flow $15.8M
Q1 '26
Free cash flow −$25.7M
Q2 '26
Free cash flow −$21.8M
FY19
Cash from operations $13.4M
Capital spending $20.3M
FY20
Cash from operations $15.6M
Capital spending $18.6M
FY21
Cash from operations −$45.0M
Capital spending $87.9M
FY22
Cash from operations −$53.9M
Capital spending $151M
FY23
Cash from operations −$75.3M
Capital spending $187M
FY24
Cash from operations $2.8M
Capital spending $27.7M
FY25
Cash from operations $75.9M
Capital spending $19.8M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$29.3M
Capital spending $59.9M
Q4 '23
Cash from operations −$5.0M
Capital spending $33.2M
Q1 '24
Cash from operations $2.0M
Capital spending $10.2M
Q2 '24
Cash from operations $0.1M
Capital spending $2.9M
Q3 '24
Cash from operations −$5.4M
Capital spending $14.2M
Q4 '24
Cash from operations $6.1M
Capital spending $0.4M
Q1 '25
Cash from operations $7.2M
Capital spending $2.3M
Q2 '25
Cash from operations $37.2M
Capital spending $2.9M
Q3 '25
Cash from operations $15.2M
Capital spending $14.0M
Q4 '25
Cash from operations $16.4M
Capital spending $0.6M
Q1 '26
Cash from operations −$22.8M
Capital spending $2.9M
Q2 '26
Cash from operations −$10.5M
Capital spending $11.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
Microvast Holdings, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 2.0%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.01B
FY20
Diluted shares 0.10B
FY21
Diluted shares 0.19B
FY22
Diluted shares 0.30B
FY23
Diluted shares 0.31B
FY24
Diluted shares 0.32B
FY25
Diluted shares 0.32B
Balance sheet
Cash, debt and the ratios that show how comfortably Microvast Holdings, Inc. can carry it.
FY19
Cash $280M
Debt —
FY20
Cash $21.5M
Debt $12.2M
FY21
Cash $481M
Debt $13.3M
FY22
Cash $256M
Debt $46.4M
FY23
Cash $50.2M
Debt $79.2M
FY24
Cash $73.0M
Debt $112M
FY25
Cash $105M
Debt $106M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $481M | $256M | $50.2M | $73.0M | $105M |
| Debt incl. finance leases | $13.3M | $46.4M | $79.2M | $112M | $106M |
| Debt / equity | 0.0x | 0.1x | 0.1x | 0.3x | 0.3x |
| Interest coverage | −35.9x | −48.1x | −40.6x | −12.0x | 1.4x |
| Current ratio | 4.0x | 2.2x | 1.1x | 1.3x | 0.9x |
| Quick ratio | 3.7x | 1.8x | 0.7x | 0.9x | 0.7x |
| Total assets | $995M | $985M | $1.1B | $952M | $1.0B |
| Total liabilities | $309M | $372M | $533M | $564M | $595M |
| Shareholders' equity | $687M | $613M | $564M | $388M | $411M |
| Net debt (− = net cash) | −$468M | −$210M | $29.0M | $38.7M | $1.3M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✕ | ✕ | ✕ | ✓ |
| Current ratio rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| F-score | — / 3 | 3 / 8 | 3 / 9 | 4 / 9 | 4 / 9 | 5 / 9 | 5 / 9 |
| Accruals ratio | −3.6% | −5.2% | −23.1% | −10.5% | −3.0% | −19.4% | −10.7% |
| Altman Z'' | −480.61 | −3.59 | 2.46 | −0.03 | −2.08 | −3.17 | −3.13 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $76.4M | $108M | $152M | $204M | $307M | $380M | $428M |
| Provision for credit losses | — | — | — | — | $0.2M | $3.7M | $8.0M |
| Gross profit | −$0.2M | $17.1M | −$42.7M | $9.1M | $57.2M | $120M | $122M |
| Research and development | $26.0M | $16.6M | $34.4M | $43.5M | $45.0M | $41.1M | $34.1M |
| Operating income | −$53.9M | −$29.1M | −$194M | −$160M | −$107M | −$116M | $7.0M |
| Interest expense | $6.4M | $5.7M | $5.4M | $3.3M | $2.6M | $9.7M | $4.9M |
| Pretax income | −$59.5M | −$33.6M | −$206M | −$158M | −$106M | −$195M | −$34.5M |
| Income tax | $0.2M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | −$5.3M |
| Net income | $3.4M | −$2.4M | −$206M | −$158M | −$106M | −$195M | −$29.2M |
| Diluted EPS | −$0.07 | −$0.82 | −$1.26 | −$0.52 | −$0.34 | −$0.61 | −$0.09 |
| Diluted shares | 0.01B | 0.10B | 0.19B | 0.30B | 0.31B | 0.32B | 0.32B |
| Cash flow | |||||||
| Cash from operations | $13.4M | $15.6M | −$45.0M | −$53.9M | −$75.3M | $2.8M | $75.9M |
| Capital expenditure | $20.3M | $18.6M | $87.9M | $151M | $187M | $27.7M | $19.8M |
| Free cash flow | −$6.9M | −$3.1M | −$133M | −$205M | −$262M | −$24.9M | $56.1M |
| Stock-based compensation | — | $0.0M | $82.9M | $90.8M | $65.0M | $30.8M | $3.1M |
| Balance sheet | |||||||
| Cash and short-term investments | $280M | $21.5M | $481M | $256M | $50.2M | $73.0M | $105M |
| Total debt | — | $12.2M | $13.3M | $46.4M | $79.2M | $112M | $106M |
| Current assets | $0.4M | $189M | $707M | $545M | $426M | $428M | $449M |
| Current liabilities | $0.3M | $184M | $176M | $252M | $403M | $330M | $488M |
| Inventory | — | $45.0M | $53.4M | $84.3M | $150M | $143M | $89.4M |
| Property and equipment, net | — | $198M | $253M | $335M | $621M | $478M | $508M |
| Intangible assets | — | $2.3M | $1.9M | $1.6M | $3.1M | $2.6M | $2.2M |
| Total assets | $280M | $405M | $995M | $985M | $1.1B | $952M | $1.0B |
| Total liabilities | $0.7M | $389M | $309M | $372M | $533M | $564M | $595M |
| Preferred stock | — | — | — | — | — | $0.0M | $0.0M |
| Shareholders' equity | −$320M | $5.0M | $687M | $613M | $564M | $388M | $411M |
| Margins | |||||||
| Gross margin | −0.3% | 15.9% | −28.1% | 4.4% | 18.7% | 31.5% | 28.6% |
| Operating margin | −70.5% | −27.1% | −127.7% | −78.2% | −34.8% | −30.6% | 1.6% |
| Net margin | 4.4% | −2.3% | −135.9% | −77.4% | −34.7% | −51.5% | −6.8% |
| FCF margin | −9.0% | −2.9% | −87.4% | −100.2% | −85.5% | −6.6% | 13.1% |
| Returns | |||||||
| Return on capital | — | — | −70.0% | −31.4% | −14.2% | −21.5% | 1.3% |
| Return on capital employed | −19.2% | −13.2% | −23.7% | −21.8% | −15.4% | −18.7% | 1.4% |
| Return on equity | — | — | −59.7% | −24.3% | −18.1% | −41.1% | −7.3% |
| Return on assets | 1.2% | −0.7% | −29.5% | −16.0% | −10.2% | −19.1% | −3.0% |
| Return on tangible equity | — | −89.1% | −30.2% | −25.9% | −19.0% | −50.7% | −7.2% |
| Growth | |||||||
| Revenue growth | — | 40.7% | 41.3% | 34.6% | 49.9% | 23.9% | 12.6% |
| Net income growth | — | −171.4% | — | — | — | — | — |
| Share count change | — | 1,142.6% | 87.7% | 63.1% | 2.5% | 2.4% | 2.0% |
| Financial health | |||||||
| Debt / equity | — | 2.4x | 0.0x | 0.1x | 0.1x | 0.3x | 0.3x |
| Interest coverage | −8.5x | −5.1x | −35.9x | −48.1x | −40.6x | −12.0x | 1.4x |
| Current ratio | 1.5x | 1.0x | 4.0x | 2.2x | 1.1x | 1.3x | 0.9x |
| Quick ratio | 1.5x | 0.8x | 3.7x | 1.8x | 0.7x | 0.9x | 0.7x |
| Capital allocation | |||||||
| Capex / revenue | 26.5% | 17.3% | 57.8% | 73.8% | 60.9% | 7.3% | 4.6% |
| Stock comp / revenue | — | 0.0% | 54.5% | 44.4% | 21.2% | 8.1% | 0.7% |
| Quality scores | |||||||
| Piotroski F-score | — | 3.0 | 3.0 | 4.0 | 4.0 | 5.0 | 5.0 |
| Altman Z'' | −480.6 | −3.6 | 2.5 | −0.0 | −2.1 | −3.2 | −3.1 |
| Accruals ratio | −3.6% | −5.2% | −23.1% | −10.5% | −3.0% | −19.4% | −10.7% |
Source: SEC EDGAR XBRL filings (CIK 0001760689). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.