Microvast (MVST)
Market Price (11/1/2026): $0.5688 | Market Cap: $219.5 MilSector: Consumer Discretionary | Industry: Automotive Parts & Equipment
Microvast (MVST)
Market Price (11/1/2026): $0.5688Market Cap: $219.5 MilSector: Consumer DiscretionaryIndustry: Automotive Parts & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 26%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 22% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -60% Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Battery Technology & Metals. Themes include EV Manufacturing, Show more. | Weak multi-year price returns3Y Excs Rtn is -138% | Penny stockMkt Price is 0.6 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -9.5% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg QQuarterly Revenue Change % is -4.5% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.3% Short seller reportGrizzly Reports report on 6/25/2025. Key risksMVST key risks include [1] a high probability of financial distress due to persistent net losses and weak liquidity, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 26%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 22% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -60% |
| Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Battery Technology & Metals. Themes include EV Manufacturing, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -138% |
| Penny stockMkt Price is 0.6 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -9.5% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg QQuarterly Revenue Change % is -4.5% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.3% |
| Short seller reportGrizzly Reports report on 6/25/2025. |
| Key risksMVST key risks include [1] a high probability of financial distress due to persistent net losses and weak liquidity, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/31/2026
Microvast (MVST) stock has lost about 30% since 7/31/2026 because of the following key factors:
1. Fiscal Q2 2026 Earnings Miss and Deteriorating Financial Performance.
Microvast reported its fiscal Q2 2026 results on August 10, 2026, significantly missing revenue expectations and showing a deterioration in key financial metrics. The company reported revenue of $87.3 million, falling short of the consensus estimate of $94.4 million by 7.5% and representing a 4.5% year-over-year decrease from Q2 2025. Additionally, the gross margin declined by 520 basis points to 29.5% from 34.7% in fiscal Q2 2025, and adjusted EBITDA plunged 86% to $3.6 million from $25.9 million year-over-year. Operating cash flow also turned negative, reaching -$33.3 million in the first half of fiscal 2026, compared to a positive $44.3 million in the prior year. This weaker-than-anticipated performance indicated significant operational challenges and contributed to negative investor sentiment.
2. Persistent Legal Scrutiny from Securities Class Action Lawsuits.
Throughout the period, Microvast faced continued pressure from multiple securities class action lawsuits and investigations by various law firms, with several deadlines for investors to join these actions in September 2026. These lawsuits allege that the company made materially false or misleading statements between April 1, 2025, and March 16, 2026, concerning its business operations, growth prospects, and financial stability. Key allegations include overstated gross-margin targets, delays in the Huzhou Phase 3.2 expansion (which was reportedly pushed from an initial expectation of fiscal Q4 2025 into fiscal Q1 2026), and a $32.5 million inventory impairment charge reported in fiscal Q4 2025 due to inventory management issues. The ongoing nature and specific allegations of these lawsuits created significant legal and reputational risks, further eroding investor confidence.
Show more
Microvast (MVST) stock has lost about 30% since 7/31/2026 because of the following key factors:
1. Fiscal Q2 2026 Earnings Miss and Deteriorating Financial Performance.
Microvast reported its fiscal Q2 2026 results on August 10, 2026, significantly missing revenue expectations and showing a deterioration in key financial metrics. The company reported revenue of $87.3 million, falling short of the consensus estimate of $94.4 million by 7.5% and representing a 4.5% year-over-year decrease from Q2 2025. Additionally, the gross margin declined by 520 basis points to 29.5% from 34.7% in fiscal Q2 2025, and adjusted EBITDA plunged 86% to $3.6 million from $25.9 million year-over-year. Operating cash flow also turned negative, reaching -$33.3 million in the first half of fiscal 2026, compared to a positive $44.3 million in the prior year. This weaker-than-anticipated performance indicated significant operational challenges and contributed to negative investor sentiment.
2. Persistent Legal Scrutiny from Securities Class Action Lawsuits.
Throughout the period, Microvast faced continued pressure from multiple securities class action lawsuits and investigations by various law firms, with several deadlines for investors to join these actions in September 2026. These lawsuits allege that the company made materially false or misleading statements between April 1, 2025, and March 16, 2026, concerning its business operations, growth prospects, and financial stability. Key allegations include overstated gross-margin targets, delays in the Huzhou Phase 3.2 expansion (which was reportedly pushed from an initial expectation of fiscal Q4 2025 into fiscal Q1 2026), and a $32.5 million inventory impairment charge reported in fiscal Q4 2025 due to inventory management issues. The ongoing nature and specific allegations of these lawsuits created significant legal and reputational risks, further eroding investor confidence.
Show more
Updated on 10/31/2026
Microvast (MVST) stock has lost about 30% since 7/31/2026 because of the following key factors:
1. Fiscal Q2 2026 Earnings Miss and Deteriorating Financial Performance.
Microvast reported its fiscal Q2 2026 results on August 10, 2026, significantly missing revenue expectations and showing a deterioration in key financial metrics. The company reported revenue of $87.3 million, falling short of the consensus estimate of $94.4 million by 7.5% and representing a 4.5% year-over-year decrease from Q2 2025. Additionally, the gross margin declined by 520 basis points to 29.5% from 34.7% in fiscal Q2 2025, and adjusted EBITDA plunged 86% to $3.6 million from $25.9 million year-over-year. Operating cash flow also turned negative, reaching -$33.3 million in the first half of fiscal 2026, compared to a positive $44.3 million in the prior year. This weaker-than-anticipated performance indicated significant operational challenges and contributed to negative investor sentiment.
2. Persistent Legal Scrutiny from Securities Class Action Lawsuits.
Throughout the period, Microvast faced continued pressure from multiple securities class action lawsuits and investigations by various law firms, with several deadlines for investors to join these actions in September 2026. These lawsuits allege that the company made materially false or misleading statements between April 1, 2025, and March 16, 2026, concerning its business operations, growth prospects, and financial stability. Key allegations include overstated gross-margin targets, delays in the Huzhou Phase 3.2 expansion (which was reportedly pushed from an initial expectation of fiscal Q4 2025 into fiscal Q1 2026), and a $32.5 million inventory impairment charge reported in fiscal Q4 2025 due to inventory management issues. The ongoing nature and specific allegations of these lawsuits created significant legal and reputational risks, further eroding investor confidence.
3. Negative Revisions in Analyst Price Targets and Consensus Ratings.
Following the Q2 2026 earnings report, analysts adjusted their outlook for Microvast, reflecting a less optimistic view of the company's future performance. On August 13, 2026, HC Wainwright & Co. maintained a "Buy" rating but significantly reduced its price target for MVST from $6.00 to $4.00. The average 12-month price target from analysts ranged from $4.00 to $4.50, a substantial reduction from previous levels, despite remaining higher than the stock's current trading price. The consensus analyst rating for Microvast in the trailing 12 months shifted to a "Hold," comprising one sell, one hold, and one buy rating from three analysts, indicating a mixed and cautious sentiment regarding the stock's prospects.
Show less
Microvast (MVST) stock has lost about 30% since 7/31/2026 because of the following key factors:
1. Fiscal Q2 2026 Earnings Miss and Deteriorating Financial Performance.
Microvast reported its fiscal Q2 2026 results on August 10, 2026, significantly missing revenue expectations and showing a deterioration in key financial metrics. The company reported revenue of $87.3 million, falling short of the consensus estimate of $94.4 million by 7.5% and representing a 4.5% year-over-year decrease from Q2 2025. Additionally, the gross margin declined by 520 basis points to 29.5% from 34.7% in fiscal Q2 2025, and adjusted EBITDA plunged 86% to $3.6 million from $25.9 million year-over-year. Operating cash flow also turned negative, reaching -$33.3 million in the first half of fiscal 2026, compared to a positive $44.3 million in the prior year. This weaker-than-anticipated performance indicated significant operational challenges and contributed to negative investor sentiment.
2. Persistent Legal Scrutiny from Securities Class Action Lawsuits.
Throughout the period, Microvast faced continued pressure from multiple securities class action lawsuits and investigations by various law firms, with several deadlines for investors to join these actions in September 2026. These lawsuits allege that the company made materially false or misleading statements between April 1, 2025, and March 16, 2026, concerning its business operations, growth prospects, and financial stability. Key allegations include overstated gross-margin targets, delays in the Huzhou Phase 3.2 expansion (which was reportedly pushed from an initial expectation of fiscal Q4 2025 into fiscal Q1 2026), and a $32.5 million inventory impairment charge reported in fiscal Q4 2025 due to inventory management issues. The ongoing nature and specific allegations of these lawsuits created significant legal and reputational risks, further eroding investor confidence.
3. Negative Revisions in Analyst Price Targets and Consensus Ratings.
Following the Q2 2026 earnings report, analysts adjusted their outlook for Microvast, reflecting a less optimistic view of the company's future performance. On August 13, 2026, HC Wainwright & Co. maintained a "Buy" rating but significantly reduced its price target for MVST from $6.00 to $4.00. The average 12-month price target from analysts ranged from $4.00 to $4.50, a substantial reduction from previous levels, despite remaining higher than the stock's current trading price. The consensus analyst rating for Microvast in the trailing 12 months shifted to a "Hold," comprising one sell, one hold, and one buy rating from three analysts, indicating a mixed and cautious sentiment regarding the stock's prospects.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -29.5% change in MVST stock from 7/31/2026 to 10/31/2026 was primarily driven by a -25.2% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.81 | 0.57 | -29.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 372 | 368 | -1.1% |
| P/S Multiple | 0.7 | 0.5 | -25.2% |
| Shares Outstanding (Mil) | 332 | 349 | -4.8% |
| Cumulative Contribution | -29.5% |
Market Drivers
7/31/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| MVST | -29.5% | |
| Market (SPY) | 1.2% | 45.4% |
| Sector (XLY) | -0.6% | 35.6% |
Fundamental Drivers
The -70.5% change in MVST stock from 4/30/2026 to 10/31/2026 was primarily driven by a -63.5% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.93 | 0.57 | -70.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 428 | 368 | -14.0% |
| P/S Multiple | 1.5 | 0.5 | -63.5% |
| Shares Outstanding (Mil) | 328 | 349 | -6.0% |
| Cumulative Contribution | -70.5% |
Market Drivers
4/30/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| MVST | -70.5% | |
| Market (SPY) | 5.4% | 46.6% |
| Sector (XLY) | -2.3% | 35.3% |
Fundamental Drivers
The -89.6% change in MVST stock from 10/31/2025 to 10/31/2026 was primarily driven by a -87.1% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.45 | 0.57 | -89.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 423 | 368 | -13.0% |
| P/S Multiple | 4.2 | 0.5 | -87.1% |
| Shares Outstanding (Mil) | 324 | 349 | -7.3% |
| Cumulative Contribution | -89.6% |
Market Drivers
10/31/2025 to 10/31/2026| Return | Correlation | |
|---|---|---|
| MVST | -89.6% | |
| Market (SPY) | 11.7% | 41.5% |
| Sector (XLY) | -3.2% | 34.3% |
Fundamental Drivers
The -53.8% change in MVST stock from 10/31/2023 to 10/31/2026 was primarily driven by a -67.9% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.23 | 0.57 | -53.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 225 | 368 | 63.1% |
| P/S Multiple | 1.7 | 0.5 | -67.9% |
| Shares Outstanding (Mil) | 308 | 349 | -11.8% |
| Cumulative Contribution | -53.8% |
Market Drivers
10/31/2023 to 10/31/2026| Return | Correlation | |
|---|---|---|
| MVST | -53.8% | |
| Market (SPY) | 86.9% | 11.2% |
| Sector (XLY) | 55.2% | 13.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MVST Return | -67% | -73% | -8% | 48% | 35% | -80% | -97% |
| Peers Return | -24% | -44% | 15% | 54% | 73% | -38% | -20% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| MVST Win Rate | 33% | 33% | 42% | 25% | 50% | 10% | |
| Peers Win Rate | 53% | 33% | 47% | 43% | 58% | 38% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MVST Max Drawdown | -77% | -85% | -67% | -89% | -57% | -86% | |
| Peers Max Drawdown | -51% | -63% | -49% | -35% | -44% | -61% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BWA, ENS, FLNC, EOSE, QS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)
How Low Can It Go
| Event | MVST | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -50.0% | -18.8% |
| % Gain to Breakeven | 100.0% | 23.1% |
| Time to Breakeven | 26 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -27.3% | -7.8% |
| % Gain to Breakeven | 37.5% | 8.5% |
| Time to Breakeven | 89 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -58.0% | -9.5% |
| % Gain to Breakeven | 137.9% | 10.5% |
| Time to Breakeven | 400 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.3% | -6.7% |
| % Gain to Breakeven | 62.1% | 7.1% |
| Time to Breakeven | 9 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -73.7% | -24.5% |
| % Gain to Breakeven | 280.9% | 32.4% |
| Time to Breakeven | 1097 days | 427 days |
In The Past
Microvast's stock fell -50.0% during the 2025 US Tariff Shock. Such a loss loss requires a 100.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | MVST | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -50.0% | -18.8% |
| % Gain to Breakeven | 100.0% | 23.1% |
| Time to Breakeven | 26 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -27.3% | -7.8% |
| % Gain to Breakeven | 37.5% | 8.5% |
| Time to Breakeven | 89 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -58.0% | -9.5% |
| % Gain to Breakeven | 137.9% | 10.5% |
| Time to Breakeven | 400 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.3% | -6.7% |
| % Gain to Breakeven | 62.1% | 7.1% |
| Time to Breakeven | 9 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -73.7% | -24.5% |
| % Gain to Breakeven | 280.9% | 32.4% |
| Time to Breakeven | 1097 days | 427 days |
In The Past
Microvast's stock fell -50.0% during the 2025 US Tariff Shock. Such a loss loss requires a 100.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Microvast (MVST)
Microvast Holdings, Inc. specializes in the design, development, and manufacturing of advanced battery systems tailored for electric vehicles and energy storage applications. The company develops a range of cell chemistries, including lithium titanate oxide (LTO), lithium iron phosphate (LFP), and both version 1 and version 2 of nickel manganese cobalt (NMC). In addition to complete battery systems, Microvast also manufactures key battery components such as cathodes, anodes, electrolytes, and separators.
The primary markets Microvast serves are the commercial vehicle sector and large-scale energy storage systems. For commercial vehicles, its battery solutions are used in a diverse array of applications globally, including buses, trains, mining trucks, marine and port applications, automated guided vehicles (AGVs), specialty vehicles, and light, medium, and heavy-duty trucks.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Microvast Holdings (MVST):
Imagine CATL or LG Energy Solution, but specialized in batteries for heavy-duty commercial electric vehicles like buses, trucks, and trains.
Think of them as the "Intel Inside" for electrified commercial fleets and industrial equipment.
AI Analysis | Feedback
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- Battery Systems: Microvast designs, develops, and manufactures complete battery systems for electric vehicles and energy storage applications.
- Battery Components: The company also designs, develops, and manufactures individual battery components, including cathodes, anodes, electrolytes, and separators.
AI Analysis | Feedback
Microvast (MVST) primarily sells its battery systems and components to other companies (B2B) for integration into their electric vehicles and energy storage systems. Its major customers operate in commercial vehicle markets, industrial equipment, and powertrain manufacturing.
Major Customer Companies:
- Oshkosh Corporation (NYSE: OSK) - A leading manufacturer of specialty vehicles and vehicle bodies, including defense vehicles, fire & emergency vehicles, and commercial vehicles. Microvast has been involved in providing battery solutions for their electric vehicle programs.
- REE Automotive (NASDAQ: REE) - An electric vehicle technology company developing modular EV platforms. Microvast has a strategic partnership to supply battery solutions for REE's commercial electric vehicles.
- Kion Group AG (XTRA: KGX) - A global leader in industrial trucks, warehouse technology, and supply chain solutions. Microvast has a long-term supply agreement to provide lithium-ion battery solutions for Kion's industrial trucks and warehouse applications.
- FPT Industrial (part of CNH Industrial N.V.) (NYSE: CNHI) - A global brand of CNH Industrial N.V. that designs, produces, and sells powertrains for on-road and off-road vehicles, marine and power generation applications. Microvast supplies battery systems for FPT Industrial's electric powertrain solutions.
AI Analysis | Feedback
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AI Analysis | Feedback
Yang Wu, Chairman, President, and Chief Executive Officer
Mr. Wu is the founder of Microvast, establishing the company in 2006. He has served as Chairman, Chief Executive Officer, and director since Microvast's inception. Prior to Microvast, he founded Omex Environmental Engineering Co., Ltd. in 2000, serving as its chief executive officer until it was acquired by Dow Chemical Company in 2006. Mr. Wu is recognized as a visionary serial entrepreneur.
Rodney Worthen, Chief Financial Officer
Mr. Worthen was appointed Chief Financial Officer of Microvast, effective January 7, 2026. He previously served as Interim Chief Financial Officer, appointed in August 2025. In addition to his CFO role, Mr. Worthen also serves as the Vice President of Corporate Strategy for the company.
Isida Tushe, President, General Counsel, and Corporate Secretary
Ms. Tushe was appointed President of Microvast in April 2024. As President, General Counsel, and Corporate Secretary, she contributes critical legal and governance oversight to the executive team.
Shengxian Wu, Chief Operating Officer and President of Microvast China
Dr. Wu was appointed Chief Operating Officer of Microvast Holdings in April 2024. He has also served as President of Microvast Power Systems Co. Ltd. ("Microvast China") since January 2021. Before joining Microvast China in March 2016, Dr. Wu managed the Commercial Vehicle Research Institute at Zhejiang Geely Holding Group and held management roles at Beiqi Foton Motor Company for over six years.
Wenjuan Mattis, Chief Technology Officer
Ms. Mattis has served as Microvast's Chief Technology Officer since 2018. She is responsible for leading the core battery technology development efforts for the company and holds 97 patents.
AI Analysis | Feedback
Microvast (MVST) faces several key risks to its business:
1. Financial Instability and Lack of Profitability
Microvast has demonstrated ongoing challenges in achieving and sustaining profitability, marked by persistent losses and negative net margins. The company's financial health indicators, such as a negative Altman Z-Score, suggest potential financial instability and a heightened risk of bankruptcy. Furthermore, Microvast faces liquidity constraints and a high cash burn rate, indicating a reliance on additional financing to support its operations and expansion plans. Recent financial results have shown disappointing revenue performance and a decline in backlog, casting uncertainty over future revenue growth.2. Intense Competition and Market Share Erosion
The electric vehicle (EV) battery market is characterized by intense competition from larger, well-established, and better-capitalized rivals. These competitors often possess significant cost advantages and greater resources for research and development, posing a continuous threat to Microvast's market share and profit margins. Microvast's ability to differentiate its technology and execute its strategy flawlessly is crucial to avoid being outmaneuvered by rivals or leapfrogged by rapidly advancing technologies.3. Regulatory, Geopolitical, and Reputational Risks
Microvast faces risks associated with its manufacturing presence and reliance on operations in China, which exposes it to geopolitical tensions and potential regulatory hurdles. A notable instance of this risk materialized when the company was denied a significant $200 million U.S. government grant due to suspected ties with the Chinese government. Additionally, the company has been subject to allegations of fabricating a substantial portion of its business and capabilities, including overstating sales and backlog, which has led to legal investigations and a securities class action lawsuit. These issues can severely impact Microvast's access to funding, market opportunities, and overall public and investor trust.AI Analysis | Feedback
The clear emerging threat to Microvast (MVST) is the increasing adoption and technological advancement of **hydrogen fuel cell technology for heavy-duty commercial vehicles and other long-range applications.** As Microvast primarily focuses on battery systems for commercial vehicles (buses, trains, mining trucks, marine, port applications, and heavy-duty trucks), the rapid development and deployment of hydrogen fuel cell electric vehicles (FCEVs) and infrastructure by competitors or alternative energy providers present a direct challenge. Hydrogen fuel cells offer advantages in terms of faster refueling times and potentially lighter weight for long-haul and heavy-duty applications, which could displace the market share for battery-electric solutions in segments crucial to Microvast's business.
AI Analysis | Feedback
Microvast Holdings, Inc. (MVST) operates in significant addressable markets related to battery systems for electric vehicles and energy storage systems.
For Electric Vehicle (EV) Battery Systems:
- The global electric vehicle battery market size was estimated at USD 61.31 billion in 2024 and is projected to grow to USD 198.86 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 22.2% from 2025 to 2030.
- More broadly, the global lithium-ion battery market, which includes EV batteries, was valued at USD 115.89 billion in 2025 and is predicted to increase to approximately USD 555.15 billion by 2035, growing at a CAGR of 16.96% from 2026 to 2035.
- In terms of regional markets for EV batteries, North America accounted for 14.6% of the overall market in 2024. The Asia-Pacific region dominated the global lithium-ion battery market with the largest market share of 53% in 2025.
For Energy Storage Systems:
- The global energy storage systems market was estimated at USD 668.7 billion in 2024 and is expected to reach USD 5.12 trillion by 2034, growing at a CAGR of 21.7% from 2025 to 2034.
- Another estimate indicates the global energy storage system market was valued at USD 241.47 billion in 2025 and is likely to surpass USD 763.47 billion by 2035, expanding at a CAGR of more than 12.2% during the forecast period from 2026 to 2035.
- The global stationary energy storage market size specifically was valued at USD 120.69 billion in 2025 and is projected to grow to USD 262.15 billion by 2034, with a CAGR of 10.18% during the forecast period.
- The Asia Pacific region is expected to lead the energy storage system market with a 48% share in 2025, while North America is anticipated to be the fastest-growing region.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Microvast (MVST) over the next 2-3 years:
- Capacity Expansion and Production Localization: Microvast is significantly expanding its manufacturing capabilities. The Huzhou Phase 3.2 expansion in China is expected to add up to 2 gigawatt-hours (GWh) of annual production capacity for its high-energy nickel manganese cobalt (NMC) 53.5 Ah cell technology, with serial production anticipated to commence in 2026. Additionally, the company plans to initiate pack line operations at its Clarksville, Tennessee facility by the end of 2026, aiming to support growth and penetrate high-barrier market segments in North America. This localization effort may also be bolstered by a potential joint venture with Oshkosh Corporation.
- Expansion into New Markets and Customer Growth: Microvast is actively pursuing expansion into new geographic regions and growing its customer base. The company is focusing on high-barrier segments across the EMEA (Europe, Middle East, and Africa), North America, and APAC (Asia-Pacific) regions. EMEA, in particular, has been identified as a strong growth engine, with positive momentum expected in 2026 as previously experienced vehicle platform delays are resolved. The company also reported a substantial 173% year-over-year increase in U.S. revenue in 2025, driven by increased customer deliveries and engagement in new markets.
- Launch and Growth of New Products and Technologies: The introduction and scaling of new battery technologies are key revenue drivers. Microvast has successfully launched new products, including a 55 amp-hour cell and a next-generation Lithium Titanate Oxide (LTO) cell, which enhances its product portfolio. Furthermore, the company is advancing its all-solid-state battery platform, which demonstrates the potential for future scaling and market adoption. These innovations position Microvast to capture demand for advanced battery solutions.
- Increasing Demand for Electrification: The overarching global trend towards electrification across various commercial vehicle and energy storage markets is a fundamental driver for Microvast's revenue growth. The company's 2025 revenue growth was primarily attributed to a 16.5% year-over-year increase in sales volume, equivalent to approximately 266 megawatt hours. The global nickel manganese cobalt (NMC) battery market, central to Microvast's offerings, is projected to experience a compound annual growth rate (CAGR) of 14.8% from 2025 to 2034, indicating sustained demand for their core products.
AI Analysis | Feedback
Microvast (NASDAQ: MVST) has made the following capital allocation decisions over the last 3-5 years:
Share Issuance
- As of March 24, 2025, Microvast had 325,209,085 shares of common stock issued and outstanding.
- As of August 26, 2025, there were 325,354,111 shares of the company's common stock issued and outstanding.
- A framework agreement on February 1, 2021, resulted in the issuance of 3,255,266 shares of common stock to Hangzhou CDH New Trend Equity Investment Partnership.
Inbound Investments
- Hangzhou CDH New Trend Equity Investment Partnership (Limited Partnership) had sole voting and dispositive power over 3,255,266 shares of common stock issued in its name through a framework agreement dated February 1, 2021.
Capital Expenditures
- Capital expenditures totaled $87.9 million in fiscal year 2021, a significant increase from $18.6 million in fiscal year 2020, primarily driven by investments in manufacturing capacity expansions in Huzhou, China, and Clarksville, Tennessee.
- The company expected capital expenditures for fiscal year 2022 to be in the range of $300 to $350 million, mainly for ongoing manufacturing capacity expansions in Huzhou, China, and Clarksville, Tennessee, alongside research and development projects in Orlando, Florida.
- Capital expenditures were $31.4 million year-to-date in 2025, compared to $43.8 million year-to-date in 2024, with a strategic expansion in Huzhou expected to be completed by the fourth quarter of 2025, adding 2 gigawatt-hours of annual production capacity.
Peer Outperformance in Automotive Parts & Equipment
MVST has trailed 92% of its 38 Automotive Parts & Equipment peers over 5Y. Automotive Parts & Equipment ranks 16th of 22 industries in Consumer Discretionary by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Automotive Parts & Equipment constituents that MVST has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
5%
of 40 industry peers · -89.6% return
3Y
23%
of 40 industry peers · -53.8% return
5Y
8%
of 38 industry peers · -93.3% return
No Automotive Parts & Equipment peer with a comparable growth profile has beaten MVST by more than 20pp over 5Y.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Automotive Parts & Equipment is MVST's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -2.7% | 41.5% | 73.9% | CVSA 237% · LRN 121% · GHC 109% |
| Homebuilding | 17 | -1.9% | 37.8% | 33.8% | PHM 172% · CVCO 158% · TOL 155% |
| Hotels, Resorts & Cruise Lines | 21 | 18.1% | 47.8% | 24.3% | RCL 276% · MAR 160% · HLT 151% |
| Home Furnishings | 3 | -1.3% | 61.8% | 3.1% | SGI 51% · MHK -21% |
| Automotive Retail | 17 | -3.8% | 18.9% | 1.2% | MUSA 237% · PAG 126% · ORLY 112% |
| Home Improvement Retail | 5 | -10.8% | 16.1% | -1.2% | HD 1% · LOW -1% · FND -65% |
| Footwear | 9 | 84.3% | 72.2% | -6.8% | DECK 24% · SHOO 8% · CROX -7% |
| Restaurants | 36 | 0.3% | 5.8% | -15.6% | EAT 406% · CAKE 212% · TXRH 125% |
| Specialized Consumer Services | 10 | -6.9% | 49.9% | -17.9% | HRB 163% · FTDR 135% · ADT 34% |
| Distributors | 4 | -11.3% | -14.4% | -25.2% | ARMK 117% · GPC 7% · POOL -57% |
| Leisure Products | 14 | -14.6% | -7.3% | -34.0% | GOLF 79% · HAS 51% · BC -10% |
| Household Appliances | 18 | 22.8% | 18.2% | -35.9% | |
| Apparel Retail | 27 | 1.0% | 13.6% | -37.9% | ANF 316% · TJX 130% · ROST 113% |
| Apparel, Accessories & Luxury Goods | 29 | 7.3% | 37.2% | -40.9% | RL 241% · TPR 239% · KTB 67% |
| Leisure Facilities | 12 | -9.1% | 2.6% | -41.5% | OSW 185% · LTH 160% · PLNT -33% |
| Automotive Parts & Equipment ← | 39 | -12.7% | -4.9% | -45.5% | MOD 1080% · GTX 220% · PATK 65% |
| Computer & Electronics Retail | 3 | 16.8% | 67.8% | -47.2% | BBY -1% · GME -47% |
| Broadline Retail | 13 | -5.9% | 28.0% | -51.7% | EBAY 73% · AMZN 43% · OLLI 33% |
| Casinos & Gaming | 21 | -23.4% | -17.0% | -55.1% | BYD 20% · RRR 14% · LVS 2% |
| Other Specialty Retail | 24 | -11.8% | -10.9% | -59.7% | ULTA 74% · ASO 45% · DKS 30% |
| Automobile Manufacturers | 8 | -15.3% | -43.2% | -70.4% | GM 68% · TSLA 8% · F -2% |
| Consumer Electronics | 11 | -32.7% | -32.9% | -79.0% | GRMN 110% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
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| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 4.88 |
| Mkt Cap | 1.7 |
| Rev LTM | 1,500 |
| Op Inc LTM | -73 |
| FCF LTM | -81 |
| FCF 3Y Avg | -100 |
| CFO LTM | -51 |
| CFO 3Y Avg | -62 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.7% |
| Rev Chg 3Y Avg | 9.9% |
| Rev Chg Q | 4.8% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | -15.0% |
| Op Inc Chg 3Y Avg | -1.0% |
| Op Mgn LTM | -4.2% |
| Op Mgn 3Y Avg | -2.2% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | -0.5% |
| CFO/Rev 3Y Avg | 0.3% |
| FCF/Rev LTM | -5.0% |
| FCF/Rev 3Y Avg | -5.9% |
Price Behavior
Price Behavior
| Market Price | $0.57 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 03/27/2019 | |
| Distance from 52W High | -89.6% | |
| 50 Days | 200 Days | |
| DMA Price | $0.63 | $1.39 |
| DMA Trend | down | down |
| Distance from DMA | -9.4% | -59.0% |
| 3M | 1YR | |
| Volatility | 81.2% | 90.6% |
| Downside Capture | 578.22 | 499.90 |
| Upside Capture | 332.18 | 175.41 |
| Correlation (S&P 500) | 41.9% | 40.7% |
MVST Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.09 | 3.03 | 3.41 | 3.56 | 2.95 | 1.67 |
| Up Beta | -17.77 | -1.61 | -0.13 | 3.19 | 3.57 | -0.20 |
| Down Beta | 3.62 | 5.05 | 3.57 | 0.99 | 1.47 | 1.12 |
| Up Capture | 323% | 251% | 398% | 423% | 215% | 4193% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 18 | 26 | 51 | 101 | 333 |
| Down Capture | 389% | 324% | 393% | 304% | 189% | 113% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 13 | 25 | 38 | 72 | 144 | 404 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MVST | |
|---|---|---|---|---|
| MVST | -89.5% | 90.6% | -2.04 | - |
| Sector ETF (XLY) | -2.9% | 19.3% | -0.29 | 33.7% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 41.1% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | 23.3% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | -11.3% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | -1.4% |
| Bitcoin (BTCUSD) | -30.0% | 43.5% | -0.70 | 29.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MVST | |
|---|---|---|---|---|
| MVST | -40.5% | 187.2% | 0.22 | - |
| Sector ETF (XLY) | 4.5% | 24.1% | 0.14 | 18.0% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 15.8% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | 4.0% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 0.8% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 11.8% |
| Bitcoin (BTCUSD) | 4.9% | 51.6% | 0.28 | 12.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MVST | |
|---|---|---|---|---|
| MVST | -24.5% | 156.9% | 0.19 | - |
| Sector ETF (XLY) | 12.4% | 22.2% | 0.51 | 15.2% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 11.7% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 2.8% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 1.0% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 8.7% |
| Bitcoin (BTCUSD) | 61.8% | 66.2% | 1.02 | 7.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | -1.2% | -7.7% | -28.6% |
| 3/16/2026 | -34.2% | -31.2% | -16.9% |
| 11/10/2025 | -10.0% | -27.7% | -32.9% |
| 8/12/2025 | 10.3% | -3.1% | 8.0% |
| 5/12/2025 | 30.1% | 50.2% | 76.6% |
| 11/12/2024 | 340.0% | 245.8% | 597.3% |
| 4/2/2024 | 2.8% | -14.2% | -31.5% |
| 11/9/2023 | 11.6% | 4.4% | -6.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 4 | 4 |
| # Negative | 6 | 12 | 12 |
| Median Positive | 8.2% | 42.1% | 47.4% |
| Median Negative | -8.9% | -8.3% | -19.5% |
| Max Positive | 340.0% | 245.8% | 597.3% |
| Max Negative | -34.2% | -31.2% | -33.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | -1.2% | -7.7% | -28.6% |
| 3/16/2026 | -34.2% | -31.2% | -16.9% |
| 11/10/2025 | -10.0% | -27.7% | -32.9% |
| 8/12/2025 | 10.3% | -3.1% | 8.0% |
| 5/12/2025 | 30.1% | 50.2% | 76.6% |
| 11/12/2024 | 340.0% | 245.8% | 597.3% |
| 4/2/2024 | 2.8% | -14.2% | -31.5% |
| 11/9/2023 | 11.6% | 4.4% | -6.8% |
| 8/8/2023 | -14.4% | -15.6% | -12.3% |
| 3/16/2023 | -3.9% | -7.0% | -2.3% |
| 11/10/2022 | 0.8% | -6.1% | -19.7% |
| 8/11/2022 | 6.1% | -9.0% | -15.8% |
| 5/16/2022 | 19.0% | 33.9% | -20.8% |
| 3/29/2022 | -7.8% | -20.1% | -33.4% |
| 2/4/2022 | 4.6% | -2.5% | 18.2% |
| 11/15/2021 | 0.5% | -6.2% | -19.3% |
| SUMMARY STATS | |||
| # Positive | 10 | 4 | 4 |
| # Negative | 6 | 12 | 12 |
| Median Positive | 8.2% | 42.1% | 47.4% |
| Median Negative | -8.9% | -8.3% | -19.5% |
| Max Positive | 340.0% | 245.8% | 597.3% |
| Max Negative | -34.2% | -31.2% | -33.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/29/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
Recent Forward Guidance
Updated 10/26/2026Latest: Q2 2026 Earnings Reported 8/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Huzhou Phase 3.2 Modular Capacity | Reported | 2.00 Bil | ||||||
Prior: Q3 2025 Earnings Reported 11/10/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue Growth | Reported | 18.0% | 21.5% | 25.0% | 0 | Affirmed | Guidance: 21.5% for 2025 | |
| 2025 Revenue | Reported | 450.00 Mil | 462.50 Mil | 475.00 Mil | 0 | Affirmed | Guidance: 462.50 Mil for 2025 | |
| 2025 Gross Margin | Reported | 32.0% | 33.5% | 35.0% | 1.5% | Raised | Guidance: 32.0% for 2025 | |
Insider Activity
Updated 6/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mattis, Wenjuan | Chief Technology Officer | Direct | Sell | 6122026 | 1.10 | 4,705 | 5,176 | 1,020,770 | Form |
| 2 | Tushe, Isida | Pres., Gen. Couns. & Corp. Sec | Direct | Sell | 6122026 | 1.24 | 6,403 | 7,940 | 228,284 | Form |
| 3 | Wu, Yang | Chief Executive Officer | Direct | Sell | 6122026 | 1.24 | 46,313 | 57,428 | 166,241,144 | Form |
| 4 | Mattis, Wenjuan | Chief Technology Officer | Direct | Sell | 5202026 | 1.32 | 48,346 | 63,817 | 1,231,135 | Form |
| 5 | Worthen, Rodney | Chief Financial Officer | Direct | Sell | 1292026 | 3.48 | 2,671 | 9,295 | 110,344 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mattis, Wenjuan | Chief Technology Officer | Direct | Sell | 6122026 | 1.10 | 4,705 | 5,176 | 1,020,770 | Form |
| 2 | Tushe, Isida | Pres., Gen. Couns. & Corp. Sec | Direct | Sell | 6122026 | 1.24 | 6,403 | 7,940 | 228,284 | Form |
| 3 | Wu, Yang | Chief Executive Officer | Direct | Sell | 6122026 | 1.24 | 46,313 | 57,428 | 166,241,144 | Form |
| 4 | Mattis, Wenjuan | Chief Technology Officer | Direct | Sell | 5202026 | 1.32 | 48,346 | 63,817 | 1,231,135 | Form |
| 5 | Worthen, Rodney | Chief Financial Officer | Direct | Sell | 1292026 | 3.48 | 2,671 | 9,295 | 110,344 | Form |
| 6 | Pan, Yixin | Direct | Sell | 1162026 | 2.76 | 12,596 | 34,778 | 360,977 | Form |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Automotive Parts & Equipment Resources |
| AftermarketNews |
| Tire Review |
| Motor Age |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/31/2026