Microvast Holdings, Inc. (MVST) Financial Ratios
8 years of historical data (2018–2025) · Industrials · Electrical Equipment & Parts
EV/EBITDA
102.28
↓-28% vs avg
5yr avg: 141.78
P/FCF
11.30
↓-30% vs avg
5yr avg: 16.21
30Y Low16.2·High16.2
P/B Ratio
↑
1.55
+11% vs avg
5yr avg: 1.39
30Y Low0.8·High50.0
ROE
↑
-7.3%
↓+82% vs avg
5yr avg: -40.1%
30Y Low-243%·High-7%
Debt/EBITDA
26.61
+0% vs avg
5yr avg: 26.61
30Y Low26.6·High26.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MVST Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Microvast Holdings, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 11.3x P/FCF, 30% below the 5-year average of 16.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $633M | $909M | $659M | $435M | $464M | $1.1B | $5.1B | $3.0B | — |
| Enterprise Value | $714M | $990M | $915M | $558M | $408M | $719M | $5.3B | $3.1B | — |
| P/E Ratio → | -21.78 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.48 | 2.13 | 1.74 | 1.42 | 2.27 | 6.92 | 47.80 | 39.16 | — |
| P/B Ratio | 1.55 | 2.21 | 1.70 | 0.77 | 0.76 | 1.53 | — | 50.04 | — |
| P/FCF | 11.30 | 16.21 | — | — | — | — | — | — | — |
| P/OCF | 8.34 | 11.98 | 234.26 | — | — | — | 330.34 | 223.85 | — |
P/E links to full P/E history page with 30-year chart
MVST EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Microvast Holdings, Inc.'s enterprise value stands at 102.3x EBITDA, 28% below its 5-year average of 141.8x. The Industrials sector median is 13.9x, placing the stock at a 636% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.32 | 2.41 | 1.82 | 1.99 | 4.73 | 49.00 | 41.12 | — |
| EV / EBITDA | 102.28 | 141.78 | — | — | — | — | — | — | — |
| EV / EBIT | 102.28 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 17.66 | — | — | — | — | — | — | — |
MVST Profitability
Margins and return-on-capital ratios measuring operating efficiency
Microvast Holdings, Inc. earns an operating margin of 1.6%, below the Industrials sector average of 4.9%. Operating margins have expanded from -34.8% to 1.6% over the past 3 years, signaling improving operational efficiency. A negative ROE of -7.3% indicates the company is currently destroying shareholder equity. ROIC of 0.9% represents below-average returns on invested capital versus a sector median of 6.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.6% | 28.6% | 31.5% | 18.7% | 4.4% | -28.1% | 15.9% | -0.3% | 12.0% |
| Operating Margin | 1.6% | 1.6% | -30.6% | -34.8% | -78.2% | -127.7% | -27.1% | -70.5% | -33.3% |
| Net Profit Margin | -6.8% | -6.8% | -51.5% | -34.7% | -77.4% | -142.1% | -46.1% | -95.0% | -57.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.3% | -7.3% | -41.1% | -18.1% | -24.3% | -110.0% | — | -242.6% | -393706.7% |
| ROA | -3.0% | -3.0% | -19.1% | -10.2% | -16.0% | -30.9% | -14.5% | -51.7% | -98846.8% |
| ROIC | 0.9% | 0.9% | -13.1% | -12.9% | -26.4% | -154.1% | -246.2% | -44.4% | -52240.5% |
| ROCE | 1.2% | 1.2% | -17.7% | -15.0% | -20.6% | -37.3% | -19.1% | -127.1% | -228223.4% |
MVST Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Microvast Holdings, Inc. carries a Debt/EBITDA ratio of 26.6x, which is highly leveraged (741% above the sector average of 3.2x). Net debt stands at $81M ($186M total debt minus $105M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.45 | 0.45 | 0.85 | 0.36 | 0.29 | 0.21 | — | 2.51 | 2.97 |
| Debt / EBITDA | 26.61 | 26.61 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.20 | 0.66 | 0.22 | -0.09 | -0.49 | — | 2.51 | 2.28 |
| Net Debt / EBITDA | 11.58 | 11.58 | — | — | — | — | — | — | — |
| Debt / FCF | — | 1.44 | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -11.95 | -40.61 | -48.13 | -35.86 | -5.07 | -8.48 | — |
MVST Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.92x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 1.06x to 0.92x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.92 | 0.92 | 1.30 | 1.06 | 2.16 | 4.02 | 1.03 | 0.00 | 0.23 |
| Quick Ratio | 0.74 | 0.74 | 0.86 | 0.67 | 1.83 | 3.72 | 0.79 | -0.30 | 0.23 |
| Cash Ratio | 0.21 | 0.21 | 0.22 | 0.22 | 1.02 | 2.74 | 1.65 | 0.15 | 0.23 |
| Asset Turnover | — | 0.43 | 0.40 | 0.28 | 0.21 | 0.15 | 0.27 | 0.27 | 1721.69 |
| Inventory Turnover | 3.42 | 3.42 | 1.82 | 1.60 | 2.32 | 3.64 | 2.01 | 1.30 | — |
| Days Sales Outstanding | — | 132.99 | 140.32 | 211.28 | 221.72 | 250.39 | 339.78 | 323.01 | — |
MVST Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Microvast Holdings, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | 8.9% | 6.2% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $325M | $318M | $311M | $303M | $186M | $301M | $301M | $617880 |
Peer Comparison
Compare MVST with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MVSTYou | $633M | -21.8 | 102.3 | 11.3 | 28.6% | 1.6% | -7.3% | 0.9% | 26.6 |
 SES | $317M | -4.5 | — | — | 53.8% | -393.4% | -29.6% | -35.1% | — |
 SLDP | $726865 | -6.6 | — | — | 5.0% | -463.7% | -22.6% | -19.6% | — |
 QS | $5B | -10.5 | — | — | — | — | -37.4% | -33.4% | — |
 CBAT | $71M | 6.1 | 5.2 | 3.1 | 23.7% | 5.0% | 10.1% | 4.6% | 1.7 |
 NRGV | $728M | -6.5 | — | — | 23.6% | -36.5% | -96.4% | -49.5% | — |
 FLUX | $28M | -3.3 | — | — | 32.7% | -7.6% | — | -30.1% | — |
 ALB | $23B | -33.5 | 32.3 | 32.8 | 13.1% | 1.8% | -5.1% | 0.6% | 4.4 |
 LAC | $1B | -28.5 | — | — | — | — | -6.1% | -7.1% | — |
 MP | $13B | -145.3 | — | — | -2.4% | -44.6% | -5.0% | -4.7% | — |
 PCRX | $932M | 148.1 | 9.9 | 6.8 | 79.4% | 4.6% | 1.0% | 2.3% | 3.7 |
| Industrials Median | — | 25.9 | 13.9 | 20.6 | 32.8% | 4.9% | 8.2% | 6.3% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonMVST — Frequently Asked Questions
Quick answers to the most common questions about buying MVST stock.
What is Microvast Holdings, Inc.'s P/E ratio?
Microvast Holdings, Inc.'s current P/E ratio is -21.8x. This places it at the 50th percentile of its historical range.
What is Microvast Holdings, Inc.'s EV/EBITDA?
Microvast Holdings, Inc.'s current EV/EBITDA is 102.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
What is Microvast Holdings, Inc.'s ROE?
Microvast Holdings, Inc.'s return on equity (ROE) is -7.3%. The historical average is -73.9%.
Is MVST stock overvalued?
Based on historical data, Microvast Holdings, Inc. is trading at a P/E of -21.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Microvast Holdings, Inc.'s profit margins?
Microvast Holdings, Inc. has 28.6% gross margin and 1.6% operating margin.
How much debt does Microvast Holdings, Inc. have?
Microvast Holdings, Inc.'s Debt/EBITDA ratio is 26.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.