A Business at a Glance
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Microvast Holdings, Inc. is an advanced battery technology company, headquartered in Stafford, Texas, and publicly traded on the NASDAQ under the ticker symbol MVST. We specialize in the design, development, and manufacturing of battery components and systems primarily for electric commercial vehicles and utility-scale energy storage systems ("ESS"). Founded in 2006, Microvast was built on a guiding principle that remains central to our mission today: to innovate lithium-ion battery designs without relying on past technologies. We call this true innovation. We started without preconceived notions of lithium-ion battery creation, unlike many companies that repurposed legacy technologies for new markets like electric vehicles – a process we consider product development rather than true innovation. To understand this difference is to understand what we have set out to achieve.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | 445M | 380M | 307M | 204M | 152M |
| Net Income | -151M | -195M | -106M | -158M | -206M |
| EPS | $-0.47 | $-0.61 | $-0.34 | $-0.52 | $-1.26 |
| Free Cash Flow | 46M | -25M | -262M | -205M | -133M |
| ROIC | 5.3% | -45.6% | -17.5% | -24.6% | -30.1% |
| Gross Margin | 36.6% | 31.5% | 18.7% | 4.4% | -28.1% |
| Debt/Equity | 0.24 | 0.29 | 0.14 | 0.08 | 0.02 |
| Dividends/Share | $0.00 | - | - | - | - |
| Operating Income | 24M | -116M | -107M | -160M | -194M |
| Operating Margin | 5.3% | -30.6% | -34.8% | -78.2% | -127.7% |
| ROE | -42.2% | -26.3% | -18.8% | -25.8% | -30.1% |
| Shares Outstanding | 328M | 320M | 313M | 304M | 164M |
| Metric | 2021 | 2022 | |||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 152M | 204M | 307M | 380M | 445M |
| Gross Margin | -28.1% | 4.4% | 18.7% | 31.5% | 36.6% |
| R&D | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A |
| EBIT | -194M | -160M | -107M | -116M | 24M |
| Op. Margin | -127.7% | -78.2% | -34.8% | -30.6% | 5.3% |
| Net Income | -206M | -158M | -106M | -195M | -151M |
| Net Margin | -135.9% | -77.4% | -34.7% | -51.5% | -34.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||
| ROIC | -30.1% | -24.6% | -17.5% | -45.6% | 5.3% |
| ROE | -30.1% | -25.8% | -18.8% | -26.3% | -42.2% |
| ROA | -20.7% | -16.1% | -9.7% | -19.1% | -14.9% |
| Cash Flow | |||||
| Op. Cash Flow | -45M | -54M | -75M | 2.8M | 66M |
| Free Cash Flow | -133M | -205M | -262M | -25M | 46M |
| Owner Earnings | -148M | -165M | -162M | -58M | 4.7M |
| CapEx | 88M | 151M | 187M | 28M | 20M |
| Maint. CapEx | 20M | 20M | 22M | 30M | 30M |
| Growth CapEx | 68M | 131M | 165M | 0 | 0 |
| D&A | 20M | 20M | 22M | 30M | 30M |
| CapEx/OCF | N/A | N/A | N/A | 985.1% | 29.8% |
| Capital Allocation | |||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 83M | 91M | 65M | 31M | 31M |
| Debt Repayment | 0 | 0 | 0 | 525K | 525K |
| Balance Sheet | |||||
| Net Debt | -468M | -210M | 29M | 39M | -6.4M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | 91M |
| Long-Term Debt | 0 | 29M | 44M | 41M | 41M |
| Debt/Equity | 0.02 | 0.08 | 0.14 | 0.29 | 0.24 |
| Interest Coverage | -35.9 | -48.1 | -40.6 | -12.0 | -12.0 |
| Equity | 687M | 613M | 564M | 388M | 358M |
| Total Assets | 995M | 985M | 1.1B | 952M | 1.0B |
| Total Liabilities | 309M | 372M | 533M | 564M | 287K |
| Intangibles | 3.8M | 3.3M | 6.3M | 5.2M | 5.2M |
| Retained Earnings | -632M | -791M | -898M | -1.1B | -1.1B |
| Working Capital | 531M | 293M | 22M | 98M | 98M |
| Current Assets | 707M | 545M | 426M | 428M | 428M |
| Current Liabilities | 176M | 252M | 403M | 330M | 330M |
| Per Share Data | |||||
| EPS | -1.26 | -0.52 | -0.34 | -0.61 | -0.47 |
| Owner EPS | -0.90 | -0.54 | -0.52 | -0.18 | 0.01 |
| Book Value | 4.19 | 2.01 | 1.80 | 1.21 | 1.09 |
| Cash Flow/Share | -0.27 | -0.18 | -0.24 | 0.01 | -0.37 |
| Dividends/Share | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 163.9M | 304.2M | 312.8M | 320.4M | 328.2M |
| Valuation | |||||
| P/E Ratio | N/A | N/A | N/A | N/A | -3.7 |
| P/FCF | N/A | N/A | N/A | N/A | 12.3 |
| EV/EBIT | N/A | N/A | N/A | N/A | 23.8 |
| Price/Book | 1.4 | 0.7 | 0.8 | 2.0 | 1.6 |
| Price/Sales | 12.7 | 5.7 | 1.6 | 0.5 | 1.3 |
| FCF Yield | -13.4% | -47.7% | -57.4% | -3.2% | 8.1% |
| Market Cap | 995M | 429M | 457M | 785M | 568M |
| Avg. Price | 11.73 | 3.84 | 1.59 | 0.59 | 1.73 |
| Year-End Price | 6.07 | 1.41 | 1.46 | 2.45 | 1.73 |
Microvast Holdings, Inc. passes 0 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 6.6%.
Microvast Holdings, Inc. (MVST) has a 5-year average return on invested capital (ROIC) of -29.4%. This is below average and may indicate limited pricing power.
Microvast Holdings, Inc. (MVST) has a market capitalization of $568M. It is classified as a small-cap stock.
Microvast Holdings, Inc. (MVST) does not currently pay a regular dividend.
Microvast Holdings, Inc. (MVST) operates in the Miscellaneous Electrical Machinery, Equipment & Supplies industry, within the Technology sector.
Microvast Holdings, Inc. (MVST) reported annual revenue of $380 million in its most recent fiscal year, based on SEC EDGAR filings.
Microvast Holdings, Inc. (MVST) has a net profit margin of -51.5%. The company is currently unprofitable.
Microvast Holdings, Inc. (MVST) generated $-25 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Microvast Holdings, Inc. (MVST) has a debt-to-equity ratio of 0.29. This indicates a conservatively financed balance sheet.
Microvast Holdings, Inc. (MVST) reported earnings per share (EPS) of $-0.61 in its most recent fiscal year.
Microvast Holdings, Inc. (MVST) has a return on equity (ROE) of -26.3%. A negative ROE may indicate losses or negative equity.
Microvast Holdings, Inc. (MVST) has a 5-year average gross margin of 6.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 4 years of financial data for Microvast Holdings, Inc. (MVST), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Microvast Holdings, Inc. (MVST) has a book value per share of $1.21, based on its most recent annual SEC filing.