Microvast Holdings
MVST on Nasdaq. Microvast sells lithium-ion batteries to makers of electric commercial vehicles and energy storage. Market value $237m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-12.97 of spare cash in the past 12 months. A savings account pays about $4.
You pay 32.4 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -21 cents a year. Above 10 is good.
Quality score: 44 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$0.61 a share, 9% above its 1-year low
Over the past year the price has ranged from $0.56 to $7.12.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $31 million in the past 12 months, $56 million in the year to December 2025.
| Revenue | |||||
| Revenue | $152m | $204m | $307m | $380m | $428m |
| Operating margin | |||||
| Operating margin | -127.7% | -78.2% | -34.8% | -30.6% | 1.6% |
| Debt to equity | |||||
| Debt to equity | 0.02 | 0.08 | 0.14 | 0.29 | 0.26 |
| Shares outstanding | |||||
| Shares outstanding | 0.31bn | 0.32bn | 0.32bn | 0.33bn | 0.38bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.26× equity
- Revenue growth, five yearsStrong, 31.8% a year
- Buying back its own sharesNo, 24% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $87 million last quarter, down 4% on a year ago.
- A loss of $12 million, compared with a loss of $106 million a year ago.
- Over the past 12 months it spent $31 million more cash than it brought in. A year earlier it had $25 million spare.
- 8% more shares than a year ago. Each share owns a bit less of the company.
- It has $9 million more cash than debt. A year ago debt was $18 million more than cash.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $101m |
| December 2024 | $113m |
| March 2025 | $116m |
| June 2025 | $91m |
| September 2025 | $123m |
| December 2025 | $96m |
| March 2026 | $61m |
| June 2026 | $87m |
| Quarter to | Amount |
|---|---|
| September 2024 | $13m |
| December 2024 | -$82m |
| March 2025 | $62m |
| June 2025 | -$106m |
| September 2025 | -$1m |
| December 2025 | $17m |
| March 2026 | $48m |
| June 2026 | -$12m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 16 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 158 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $43,385 | <0.1% | Cut |
Largest holders overall
- BlackRock$19mAdded
- Vanguard Capital Management$10m
- Legal & General Group$10mAdded
- State Street$9mAdded
- Geode Capital Management$6mAdded
- Millennium Management$6mAdded
- Mirae Asset Global Etfs Holdings$6mAdded
- Northern Trust$2mAdded
- Vanguard Portfolio Management$2mCut
- Goldman Sachs Group$2mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- CDH Griffin Holdings Company LimitedPassive investorat least 11.3%(filed with 9 related holders)Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
CDH Griffin Holdings Company Limited Passive investor | at least 11.3% (filed with 9 related holders) | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 5 sold $178,433, $44,073 of it under preset trading plans.
- Mattis WenjuanChief Technology OfficerSold
- Date
- 10 June 2026
- Shares
- 4,705
- Price
- $1.10
- Value
- $5,176
- Tushe IsidaPres., Gen. Couns. & Corp. Sec, DirectorSold
- Date
- 9 June 2026
- Shares
- 6,403
- Price
- $1.24
- Value
- $7,940
- Wu YangChief Executive Officer, DirectorSold
- Date
- 9 June 2026
- Shares
- 46,313
- Price
- $1.24
- Value
- $57,428
- Mattis WenjuanChief Technology OfficerSold
- Date
- 18 May 2026
- Shares
- 48,346
- Price
- $1.32
- Value
- $63,817
- Pan YixinDirectorSoldunder a preset trading plan
- Date
- 31 December 2025
- Shares
- 12,596
- Price
- $2.76
- Value
- $34,778
- Worthen RodneyChief Financial OfficerSoldunder a preset trading plan
- Date
- 25 November 2025
- Shares
- 2,671
- Price
- $3.48
- Value
- $9,295
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 June 2026 | Mattis Wenjuan Chief Technology Officer | Sold | 4,705 | $1.10 | $5,176 |
| 9 June 2026 | Tushe Isida Pres., Gen. Couns. & Corp. Sec, Director | Sold | 6,403 | $1.24 | $7,940 |
| 9 June 2026 | Wu Yang Chief Executive Officer, Director | Sold | 46,313 | $1.24 | $57,428 |
| 18 May 2026 | Mattis Wenjuan Chief Technology Officer | Sold | 48,346 | $1.32 | $63,817 |
| 31 December 2025 | Pan Yixin Director | Sold under a preset trading plan | 12,596 | $2.76 | $34,778 |
| 25 November 2025 | Worthen Rodney Chief Financial Officer | Sold under a preset trading plan | 2,671 | $3.48 | $9,295 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
2 serious warning signs in Microvast Holdings’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 16 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 5 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“These conditions and events raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that these consolidated financial statements are issued.”
Show the full paragraph
Management evaluated whether conditions and events considered in the aggregate raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the consolidated financial statements are issued. Based on the Company's revised business plan, its projected cash flow may not be sufficient to fund operations and meet debt obligations over the next twelve months. Additionally, recent equity market conditions and business performance have rendered the equity funding unfavorable as a primary liquidity mechanism. These conditions and events raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that these consolidated financial statements are issued.
From the 10-Q filed 10 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
Its past accounts can't be relied on
SeriousIt told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.
8-K Item 4.02 filed 20 Mar 2025: the company said its earlier financial statements should no longer be relied on.
From an 8-K filed 20 March 2025: Previously issued accounts should no longer be relied on. Open the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 32.4× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.