Rankings Autos & parts Microvast
Microvast
35
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Going concern−10
- Margin−7
- Quality of growth−7
Strengths
- Debt reduction+1
- Real business+1
How the score is built
From 100 to 35, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.58 USD
- Median analyst target
- 4.50 USD
- Upside to median
- +681.8%
- Analysts
- 2
- Target range
- 4.00 – 5.00 USD
- 52-week change
- −89%
- P/E (trailing)
- n/a
- Forward P/E
- 5.2
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 5 findings−28 of −30
- −7MarginThe gross margin fell from 37.7% (Q3 2025) to 29.5% in Q2 2026 due to higher raw material prices and low capacity utilisation; the operating margin was −13.1% in Q1 and −2.0% in Q2 2026 (2.1% TTM). Operating cash flow −USD 33.3m in H1 2026 vs +44.3m a year earlier.
- −4ROICROIC 0.6% and ROCE 1.3% on a capital base above USD 700m, far below WACC of 14%; the factories do not earn a return.
- −7Quality of growthRevenue fell 29% in H1 2026 (147.9m vs 207.8m), Q1 alone -48%. The order book has halved to USD 168.7m, and management gives no guidance for 2026.
- −6Capital allocationSPAC listing in 2021 at USD 10, abandoned factory in Clarksville after a lost DOE grant, large capex in 2022–2023 (over 200m), and in May 2026 the CEO's convertible loan was converted into 50m new shares at USD 0.50. Share count +16% in half a year.
- −4MoatCompetes in batteries for buses, trucks and energy storage against CATL, BYD, EVE and Gotion with far larger scale and lower costs; Microvast's technology (fast charging, long life) has not been able to defend the margin.
Price
Today's multiples against the company's own history and its peers. · 2 findings−2 of −35
- −1Multiples vs own historyEV/Sales 0.85 and P/B 0.46 are low vs PS 0.9-2.8 in 2025, but P/E 4.8 is artificial (one-off gain on the convertible loan), and EV/EBIT is 41. The discount reflects going concern and debt maturities.
- −1Peers and absolute levelEV/Sales 0.85 vs Eos Energy 7.0 and Amprius 12.3; cheap on paper, but with negative free cash flow (-30.5m TTM) and net debt of 65m there is no earnings to rest the price on.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings−31 of −35
- −10Going concern10-Q for Q2 2026: 'substantial doubt' about the ability to continue operations; management's measures (cost cuts, restructuring of Chinese bank loans, possible issue or strategic alternatives) 'cannot be deemed probable'.
- −6Debt maturityUSD 104.2m of USD 118.6m in bank debt matures within 12 months, a bond of 41.7m (Huzhou Saiyuan) matures in January 2027 and a loan of 22.1m on 10/12-2026 – in total approx. 146m vs cash of 127.8m.
- −4LawsuitsThe Schelling class action (2023, over a lost DOE grant and misleading disclosures) goes to trial in November 2027, a new class action (Graham, July 2026) against CEO Yang Wu and three former CFOs, plus derivative suits in Texas and Delaware. No provisions.
- −4Nasdaq listingNasdaq notice 26/8-2026 for price below USD 1 for 30 trading days; deadline approx. 22/2-2027 (180 days) with the option of extension. The price is USD 0.645, so a reverse split is likely.
- −4Governance and China exposureFounder and CEO Yang Wu controls about 36% and had his convertible loan converted into 50m shares at USD 0.50; many CFO changes. Production and the pledged assets (183m) are in Huzhou, China, and the debt is with Chinese banks.
- −3Customer concentrationItaly accounted for 48% of revenue in H1 2026 (71.1m), France 16% and China 33%; dependence on a few European vehicle manufacturers.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Debt reductionThe conversion of the CEO's loan in May 2026 removed USD 140.9m (fair value) from the balance sheet, and total debt fell from 326m to 193m in one quarter.
- +1Real businessRevenue of USD 368m TTM, gross margin about 30% and positive EBITDA of 40.8m TTM; order book of 168.7m and capacity expansion (Huzhou 3.2, up to 2 GWh).
Caveats
What the score does not capture, or where the data is weak.
Price USD 0.645 (2/10-2026). 384.5m shares (3/8-2026) give a market cap of about USD 248m (about DKK 1,632m), like Nordnet's DKK 1,636m. Stockanalysis' P/E of 4.8 and net income of 51m TTM are misleading: H1 2026 includes a non-cash gain of about 58m on the CEO's convertible loan; operations produced a loss. Analyst price targets (USD 4-5, +598%, only two analysts) are stale after the 85% price fall. Going concern warning in the Q2 2026 10-Q, Nasdaq notice 26/8-2026, two pending class actions. No ATM program found. Production mainly in Huzhou, China. Industry: batteries for commercial vehicles and energy storage, closest to 'Cars & auto parts'; cyclical because of cars/auto parts and commodity prices (lithium).
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