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what it is
Microvast makes batteries and battery parts for electric trucks and utility-scale storage sites.
how it gets paid
Last year Microvast made $380M in revenue. Commercial vehicle battery systems was the main engine at $171M, or 45% of sales.
what just happened
Microvast posted $331M of revenue, but EPS was -$0.14.
At a glance
B balance sheet — gets the job done, barely
0.5% return on capital — nothing to write home about
-$0.07 fy2024 eps est
$380M fy2024 rev est
1.4% operating margin
xvary composite: 47/100 — below average
What they do
Microvast makes batteries and battery parts for electric trucks and utility-scale storage sites.
It builds the battery from cell materials to software controls. Vertical integration means fewer outside vendors can delay your pack. The company also has a 53.5Ah NMC cell built for fast charging and long life.
How they make money
$380M
annual revenue
Commercial vehicle battery systems
$171M
Utility-scale ESS
$95M
Battery cells and components
$57M
Thermal systems and controls
$38M
Other and services
$19M
The products that matter
battery systems for buses and trucks
Commercial Vehicle Systems
$256.5M · about 60% of revenue
This is the center of gravity. At $256.5M and +13% growth, it is doing most of the work for the top line. If MVST ever gets real operating leverage, this segment will probably be why.
largest segment
utility-scale energy storage
Energy Storage Systems
$128.3M · about 30% of revenue
This $128.3M segment was flat. That matters because management needs more than one growth source, and policy changes in South Korea affect a meaningful piece of the demand picture.
policy exposed
cells and battery components
Battery Components
$42.8M · about 10% of revenue
At $42.8M and +5% growth, this is small today. It still matters because it shows MVST is trying to capture more of the battery stack instead of stopping at pack assembly.
small but strategic
Key numbers
$732M
market cap
That is the price tag on a business expected to bring in $380M of revenue this year.
$380M
FY2024 revenue
Revenue is large enough to matter, but not large enough to hide a thin profit line.
1.4%
operating margin
For every $100 of sales, only $1.40 stays after operating costs.
0.5%
return on capital
The business earns 50 cents for every $100 put into it, which is a tough math problem.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $91M (11% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MVST right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Microvast posted $331M of revenue, but EPS was -$0.14.
Gross margin reached 36.6%. Sales are moving fast, but the profit line is still negative.
$95M
revenue
$0.14
eps
36.6%
gross margin
gross margin
36.6% gross margin mattered because it shows the products still have pricing power, even with negative EPS.
source: company earnings report, 2025
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What could go wrong
the risk is not abstract. MVST is trying to prove a low-margin manufacturing business can scale cleanly while trade exposure, policy shifts, and write-down risk all sit on the table at the same time.
med
china-linked manufacturing and tariff exposure
MVST is a U.S.-listed company with China-linked operations. Tariffs, trade restrictions, or procurement scrutiny can hit costs, customer appetite, or both.
Policy shifts already matter because South Korean changes affect roughly 30% of ESS revenue. Thin margins do not give you much room to absorb another policy shock.
med
persistent unprofitability
Q4 2025 EPS was -$0.11. Gross margin was 36.6%, but operating margin was only 1.4%. That gap tells you overhead, scale inefficiency, or both are still the story.
Record revenue without margin conversion does not prove the model. It just proves the company can stay busy while shareholders wait.
med
impairment and inventory write-down risk
Recent results were hit by impairment charges. When a hardware company takes write-downs, accounting is telling you asset values or demand assumptions overshot reality.
Even modest write-downs can erase a 1.4% operating margin fast. The lower the cushion, the louder the write-off.
med
execution risk on the 2026 production ramp
Management is leaning on 2026 expansion plans. In batteries, higher volume helps only when pricing, manufacturing yields, and cost discipline improve with it.
With price stability at 5 / 100, the stock usually reacts first and reads the details later. Miss the ramp and you will feel it quickly.
Between roughly 30% ESS policy exposure, a 1.4% operating margin, and q4 EPS of -$0.11, MVST does not have much room for execution mistakes. That's the whole risk case in one sentence.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
operating margin, not just revenue
1.4% is the number to watch. If revenue grows again but operating margin stays stuck near break-even, the story has not changed.
calendar
the mar 16, 2026 earnings call follow-through
Management talked up 2026 expansion. You want to see that plan show up in actual margin improvement, not just bigger capacity language.
risk
tariffs and procurement rules
A battery supplier with China-linked operations does not get to ignore politics. Watch any shift that changes customer eligibility or import cost.
trend
segment mix between commercial vehicles and ESS
Commercial Vehicle Systems is about 60% of revenue and ESS is about 30%. If ESS stays flat while policy risk rises, the diversification argument gets weaker.
Analyst rankings
coverage depth
thin
in human-speak, the street does not cover this name deeply enough for you to outsource your homework.
earnings visibility
low
Record revenue is real, but the jump from growth to durable profitability still is not modeled with much confidence.
consensus price targets
not published here
That usually means one of two things: sparse coverage or estimates too unstable to be useful. We are not going to pretend either one gives you clarity.
source: institutional data
Institutional activity
institutional ownership data for MVST is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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