MVST · Microvast Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $60.61M | - | $123.29M | $91.34M | $116.49M | - | $101.39M | $83.67M | $81.35M | - |
| Cost of Revenue | $41.46M | - | $76.88M | $59.62M | $73.47M | - | $67.78M | $56.48M | $64.13M | - |
| Gross Profit | $19.16M | - | $46.41M | $31.72M | $43.02M | - | $33.61M | $27.20M | $17.23M | - |
| R&D | $8.81M | - | $7.76M | $7.72M | $8.25M | - | $10.69M | $10.11M | $11.49M | - |
| SG&A | $12.94M | - | $19.66M | $4.00M | $10.45M | - | $11.84M | $23.51M | $23.79M | - |
| Total Operating Expenses | $27.09M | - | $33.46M | $16.50M | $25.50M | - | $27.51M | $103.56M | $40.88M | - |
| D&A | - | - | - | - | - | - | - | - | - | - |
| Operating Income | ($7.93M) | - | $12.99M | $16.21M | $18.93M | - | $7.19M | ($75.63M) | ($23.12M) | - |
| Interest Expense | $428.0K | - | $443.0K | $266.0K | $240.0K | - | $4.29M | $487.0K | $1.73M | - |
| Income Tax | - | - | $739.0K | $220.0K | $0 | - | $0 | $0 | $0 | - |
| Net Income | $48.21M | - | ($1.49M) | ($106.06M) | $61.79M | - | $13.25M | ($78.44M) | ($24.82M) | - |
| EPS - Basic | $0.15 | - | $0.00 | ($0.33) | $0.19 | - | $0.04 | ($0.25) | ($0.08) | - |
| EPS - Diluted | ($0.04) | - | $0.00 | ($0.33) | $0.05 | - | $0.03 | ($0.25) | ($0.08) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $126.13M | $104.96M | $90.75M | $99.72M | $90.90M | $73.01M | $63.59M | $68.18M | $39.45M | $44.54M |
| Accounts Receivable | $123.59M | $155.76M | $149.27M | $125.92M | $135.65M | $120.63M | $121.54M | $104.98M | $123.54M | $138.72M |
| Inventory | $95.04M | $89.41M | $126.94M | $141.75M | $129.06M | $143.33M | $157.77M | $152.51M | $137.33M | $149.75M |
| Accounts Payable | $46.37M | $47.00M | $59.80M | $72.50M | $56.77M | $64.94M | $65.59M | $79.89M | $83.07M | $112.62M |
| Current Assets | $425.82M | $448.72M | $445.26M | $434.59M | $447.99M | $428.03M | $437.57M | $418.05M | $378.15M | $425.61M |
| Total Assets | $987.50M | $1.01B | $1.01B | $1.00B | $982.93M | $951.87M | $1.02B | $984.56M | $1.04B | $1.10B |
| Current Liabilities | $444.09M | $488.34M | $529.96M | $524.66M | $339.91M | $330.15M | $335.89M | $372.55M | $366.62M | $403.41M |
| Long-term Debt | - | $13.23M | $34.40M | $34.18M | $41.30M | $41.06M | $53.40M | $34.20M | $43.03M | $43.76M |
| Total Liabilities | $521.39M | $594.93M | $655.50M | $648.56M | $528.70M | $563.97M | $511.80M | $506.46M | $494.50M | $532.54M |
| Stockholders' Equity | $466.11M | $410.51M | $486.09M | $356.13M | $564.19M | $387.89M | $509.20M | $478.10M | $546.15M | $564.19M |
| Retained Earnings | ($1.07B) | ($1.12B) | ($1.14B) | ($1.14B) | ($1.03B) | ($1.09B) | ($987.52M) | ($1.00B) | ($922.33M) | ($897.50M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($22.80M) | - | - | - | $7.17M | - | ($5.43M) | - | $2.03M | - |
| Investing Cash Flow | ($2.80M) | - | - | - | ($2.33M) | - | - | - | ($4.53M) | - |
| Financing Cash Flow | $29.32M | - | - | - | $9.46M | - | - | - | $6.26M | - |
| CapEx | $2.85M | - | - | - | $2.35M | - | - | - | $10.24M | - |
| Free Cash Flow | ($25.65M) | - | - | - | $4.82M | - | - | - | ($8.21M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 31.6% | - | 37.6% | 34.7% | 36.9% | - | 33.2% | 32.5% | 21.2% | - |
| Operating margin | -13.1% | - | 10.5% | 17.8% | 16.3% | - | 7.1% | -90.4% | -28.4% | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | 79.5% | - | -1.2% | -116.1% | 53.0% | - | 13.1% | -93.7% | -30.5% | - |
| Free cash flow margin | -42.3% | - | - | - | 4.1% | - | - | - | -10.1% | - |
| FCF / Net income | -0.53 | - | - | - | 0.08 | - | - | - | 0.33 | - |
| R&D / Revenue | 14.5% | - | 6.3% | 8.5% | 7.1% | - | 10.5% | 12.1% | 14.1% | - |
| SG&A / Revenue | 21.4% | - | 15.9% | 4.4% | 9.0% | - | 11.7% | 28.1% | 29.2% | - |
| Effective tax rate | - | - | - | - | 0.0% | - | 0.0% | - | - | - |
| Return on assets | 4.9% | - | -0.1% | -10.6% | 6.3% | - | 1.3% | -8.0% | -2.4% | - |
| Return on equity | 10.3% | - | -0.3% | -29.8% | 11.0% | - | 2.6% | -16.4% | -4.5% | - |
| Return on invested capital | - | - | 2.0% | 3.3% | 3.1% | - | 1.3% | -11.7% | -3.1% | - |
| Liquidity | ||||||||||
| Current ratio | 0.96 | 0.92 | 0.84 | 0.83 | 1.32 | 1.30 | 1.30 | 1.12 | 1.03 | 1.06 |
| Quick ratio | 0.74 | 0.74 | 0.60 | 0.56 | 0.94 | 0.86 | 0.83 | 0.71 | 0.66 | 0.68 |
| Cash ratio | 0.28 | 0.21 | 0.17 | 0.19 | 0.27 | 0.22 | 0.19 | 0.18 | 0.11 | 0.11 |
| Leverage | ||||||||||
| Debt / Equity | - | 0.03 | 0.07 | 0.10 | 0.07 | 0.11 | 0.10 | 0.07 | 0.08 | 0.08 |
| Debt / Assets | - | 0.01 | 0.03 | 0.03 | 0.04 | 0.04 | 0.05 | 0.03 | 0.04 | 0.04 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -18.5x | - | 29.3x | 61.0x | 78.9x | - | 1.7x | -155.3x | -13.3x | - |
| Equity multiplier | 2.12 | 2.45 | 2.09 | 2.82 | 1.74 | 2.45 | 2.01 | 2.06 | 1.91 | 1.94 |
| Liabilities / Assets | 0.53 | 0.59 | 0.65 | 0.65 | 0.54 | 0.59 | 0.50 | 0.51 | 0.48 | 0.49 |
| Efficiency | ||||||||||
| Asset turnover | 0.06 | - | 0.12 | 0.09 | 0.12 | - | 0.10 | 0.08 | 0.08 | - |
| Inventory turnover | 0.44 | - | 0.61 | 0.42 | 0.57 | - | 0.43 | 0.37 | 0.47 | - |
| Days sales outstanding | 744d | - | 442d | 503d | 425d | - | 438d | 458d | 554d | - |
| Days inventory outstanding | 837d | - | 603d | 868d | 641d | - | 850d | 986d | 782d | - |
| Days payable outstanding | 408d | - | 284d | 444d | 282d | - | 353d | 516d | 473d | - |
| Cash conversion cycle | 1173d | - | 761d | 927d | 784d | - | 934d | 927d | 863d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | 23.4x | - | 8.3x | - | - | - |
| P / B | 1.2x | - | 2.6x | 3.3x | 0.8x | - | 0.2x | 0.3x | 0.5x | - |
| P / S | 9.5x | - | 10.1x | 12.9x | 3.8x | - | 0.9x | 1.7x | 3.2x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -48.0% | - | 21.6% | 9.2% | 43.2% | - | 26.6% | 11.6% | 73.2% | - |
| Revenue CAGR (3y) | 8.9% | - | 49.5% | 39.9% | 98.3% | - | 40.1% | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | -55.5% | - | 38.1% | 16.7% | 149.7% | - | 87.9% | 137.3% | 254.6% | - |
| Operating income growth (YoY) | - | - | 80.8% | - | - | - | - | -181.5% | 26.1% | - |
| Net income growth (YoY) | -22.0% | - | - | -35.2% | - | - | - | -77.5% | 43.3% | - |
| EPS growth (YoY) | - | - | - | -32.0% | - | - | - | -212.5% | 20.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | 82.6% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -17.4% | 5.8% | -4.5% | -25.5% | 3.3% | -31.2% | -9.9% | -17.2% | -9.5% | -8.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Geographic
$815.73M totalEurope$211.94M · 26.0%
Asia Pacific$176.27M · 21.6%
CN$138.94M · 17.0%
IT$92.94M · 11.4%
FR$78.19M · 9.6%
Other European Countries$40.81M · 5.0%
US$39.30M · 4.8%
IN$34.57M · 4.2%
Other Asia And Pacific Countries$2.75M · 0.3%
Peer comparison
Same SIC group: Miscellaneous Electrical Machinery, Equipment & Supplies
Comparing Microvast Holdings against the 5 most active filers in the same SIC group.