Latest Ratios: P/E Ratio -13.0x · EV/EBITDA 6.4x · ROE -7.3%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $390M | $909M | $659M | $435M | $464M | $1.1B | $5.1B | $3.0B | — |
| Enterprise Value | $471M | $990M | $915M | $558M | $408M | $719M | $5.3B | $3.1B | — |
| P/E Ratio → | -13.00 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.91 | 2.13 | 1.74 | 1.42 | 2.27 | 6.92 | 47.80 | 39.16 | — |
| P/B Ratio | 0.93 | 2.21 | 1.70 | 0.77 | 0.76 | 1.53 | — | 50.04 | — |
| P/FCF | 6.95 | 16.21 | — | — | — | — | — | — | — |
| P/OCF | 5.14 | 11.98 | 234.26 | — | — | — | 330.34 | 223.85 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 6.39 | 13.45 | — | — | — | — | — | — | — |
| EV / EBIT | 11.62 | 24.45 | — | — | — | — | — | — | — |
| EV / FCF | — | 17.66 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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 | 36.2% | 36.2% | 31.5% | 18.7% | 4.4% | -28.1% | 15.9% | -0.3% | 12.0% |
| Operating Margin | 9.5% | 9.5% | -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% |
| 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 | 5.4% | 5.4% | -13.1% | -12.9% | -26.4% | -154.1% | -246.2% | -44.4% | -52240.5% |
| ROCE | 7.1% | 7.1% | -17.7% | -15.0% | -20.6% | -37.3% | -19.1% | -127.1% | -228223.4% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 2.52 | 2.52 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.20 | 0.66 | 0.22 | -0.09 | -0.49 | — | 2.51 | 2.28 |
| Net Debt / EBITDA | 1.10 | 1.10 | — | — | — | — | — | — | — |
| Debt / FCF | — | 1.44 | — | — | — | — | — | — | — |
| Interest Coverage | 8.26 | 8.26 | -19.13 | -39.49 | -46.60 | -37.16 | -4.86 | -8.36 | — |
Short-term solvency ratios and asset-utilisation metrics
| 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 | 3.05 | 3.05 | 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 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | 14.4% | 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 |
Regulatory and Funding Uncertainty
Based on current market data, Microvast trades at a P/S ratio of 0.86, which appears to discount the company's specialized battery technology in favor of concerns regarding its ability to achieve consistent profitability and navigate the complex regulatory landscape surrounding its manufacturing footprint.
The forward P/E of 10.09 suggests that the market is pricing in a rapid transition to profitability that remains unproven by historical GAAP results. Investors should monitor whether this valuation multiple is a reflection of deep value or a value trap, given the persistent disconnect between the company's revenue potential and its inability to generate sustained positive net income.
As reported in recent financial statements, Microvast's ROIC has fluctuated significantly, reaching -1.2% in 2026Q1, which indicates that the company is currently failing to generate returns on its invested capital that exceed its cost of funding, a trend that warrants further investigation by long-term shareholders.
The erratic nature of these returns suggests that the company's heavy investment in manufacturing infrastructure has yet to reach the necessary scale to drive meaningful compounding. This lack of efficiency appears to be a structural hurdle, as the company continues to deploy capital into high-fixed-cost facilities that are not yet operating at optimal capacity.
According to quarterly data, the company's cash conversion cycle reached 306 days in 2026Q1, a significant increase from previous periods that highlights the operational strain of managing long-lead-time projects and high inventory levels within a capital-intensive industrial manufacturing model.
The elevated DSO and DIO figures suggest that Microvast faces challenges in both collecting receivables and managing inventory turnover, which directly impacts its ability to maintain a healthy cash position. This inefficiency appears to be a primary driver of the company's reliance on external financing to support its ongoing operations.
Based on the 2026Q1 balance sheet, the current ratio has compressed to 0.96, indicating that the company's short-term assets are no longer sufficient to cover its immediate obligations, a development that suggests a heightened risk profile in the event of further operational or supply chain disruptions.
The decline in the quick ratio to 0.74 further underscores the company's dependence on inventory liquidation to meet its financial commitments. This liquidity position appears increasingly vulnerable, particularly given the company's history of erratic cash flow and the recent loss of significant federal grant funding.
Market participants frequently misapply the P/S ratio to Microvast, failing to account for the high capital intensity and project-based revenue recognition that often mask the underlying lack of operational profitability and the significant cash burn associated with its manufacturing expansion.
Using P/S as a primary valuation tool obscures the reality that revenue growth in this business model does not necessarily translate into shareholder value if the cost of goods sold and operating expenses remain elevated. A more appropriate metric would be EV/FCF or a focus on the quality of the backlog, as these better reflect the company's ability to convert its technological niche into actual cash generation.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying MVST stock.
Microvast Holdings, Inc.'s current P/E ratio is -13.0x. This places it at the 50th percentile of its historical range.
Microvast Holdings, Inc.'s current EV/EBITDA is 6.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.4x.
Microvast Holdings, Inc.'s return on equity (ROE) is -7.3%. The historical average is -73.9%.
Based on historical data, Microvast Holdings, Inc. is trading at a P/E of -13.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Microvast Holdings, Inc. has 36.2% gross margin and 9.5% operating margin.
Microvast Holdings, Inc.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.