Rankings Autos & parts Microvast

Microvast

Autos & parts · United StatesRank 740 of 829Prices 2 Nov 2026Model 1.4

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.

100Start
35Score

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
  • Margin
    The 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.
    −7
  • ROIC
    ROIC 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.
    −4
  • Quality of growth
    Revenue 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.
    −7
  • Capital allocation
    SPAC 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.
    −6
  • Moat
    Competes 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.
    −4

Price

Today's multiples against the company's own history and its peers. · 2 findings
−2 of −35
  • Multiples vs own history
    EV/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.
    −1
  • Peers and absolute level
    EV/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.
    −1

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings
−31 of −35
  • Going concern
    10-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'.
    −10
  • Debt maturity
    USD 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.
    −6
  • Lawsuits
    The 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.
    −4
  • Nasdaq listing
    Nasdaq 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.
    −4
  • Governance and China exposure
    Founder 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.
    −4
  • Customer concentration
    Italy accounted for 48% of revenue in H1 2026 (71.1m), France 16% and China 33%; dependence on a few European vehicle manufacturers.
    −3

Plus

Only documented strengths. · 2 findings
+2 of +15
  • Debt reduction
    The 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.
    +1
  • Real business
    Revenue 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).
    +1

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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