Microvast - Public Comps and Valuation Multiples

Microvast Overview

About Microvast

Microvast Holdings Inc is a technology innovator that designs, develops, and manufactures lithium-ion battery solutions. It is renowned for its cutting-edge cell technology and its vertical integration capabilities which extends from core battery chemistry to battery packs.

Founded

2006

HQ

Employees

2.3K+

Website

microvast.com

Sectors

Electric Vehicles
Electrical Parts & Equipment
Energy Storage
DeepTech
ClimateTech
EnergyTech
AutomotiveTech

Financials

LTM Revenue $446M

LTM EBITDA $92.6M

EV

$2.2B

Valuation Multiples

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Microvast Financials

As of September 2025, Microvast reported last 12-month revenue of $446M and EBITDA of $92.6M.

In the same period, Microvast generated $144M in LTM gross profit and -$62.8M in net income.

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Microvast P&L

In the most recent fiscal year, Microvast reported revenue of $380M and EBITDA of -$155M.

Microvast expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$446M	XXX	$380M	XXX	XXX	XXX
Gross Profit	$144M	XXX	$120M	XXX	XXX	XXX
Gross Margin	32%	XXX	31%	XXX	XXX	XXX
EBITDA	$92.6M	XXX	-$155M	XXX	XXX	XXX
EBITDA Margin	21%	XXX	-41%	XXX	XXX	XXX
EBIT	$31.4M	XXX	-$22.9M	XXX	XXX	XXX
EBIT Margin	7%	XXX	-6%	XXX	XXX	XXX
Net Profit	-$62.8M	XXX	-$195M	XXX	XXX	XXX
Net Margin	-14%	XXX	-51%	XXX	XXX	XXX
Net Debt	XXX	XXX	$238M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Microvast including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $446M. EBITDA for the last twelve months was $92.6M. In the most recent fiscal year, Microvast achieved $380M in revenue and -$155M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$446M	Analyst estimates available to subscribers	$380M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$144M	Analyst estimates available to subscribers	$120M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	32.2% gross margin	Analyst estimates available to subscribers	31.5% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$92.6M	Analyst estimates available to subscribers	-$155M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	20.8% EBITDA margin	Analyst estimates available to subscribers	-40.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$31.4M	Analyst estimates available to subscribers	-$22.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	7.0% EBIT margin	Analyst estimates available to subscribers	-6.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$62.8M	Analyst estimates available to subscribers	-$195M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-14.1% net profit margin	Analyst estimates available to subscribers	-51.5% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$238M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Microvast

This financial data table provides comprehensive performance metrics for Microvast, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Microvast generated $446M in revenue over the last twelve months.
The company achieved $92.6M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $144M.
Net income over the last twelve months reached -$62.8M.

Fiscal Year Performance

In the most recent fiscal year, Microvast reported $380M in total revenue.
Fiscal year EBITDA was -$155M.
The company maintained a gross profit margin of 31.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was -40.8%.
Net profit margin reached -51.5% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Microvast. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Microvast Stock Performance

Microvast has current market cap of $1.9B, and EV of $2.2B.

Market Cap Evolution

Microvast Stock Data

As of October 17, 2025, Microvast's stock price is $6.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.2B	$1.9B	XXX	XXX	XXX	XXX	$-0.07

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Microvast Valuation Multiples

Microvast's trades at 5.8x EV/Revenue multiple, and -14.2x EV/EBITDA.

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Microvast Financial Valuation Multiples

As of October 17, 2025, Microvast has market cap of $1.9B and EV of $2.2B.

Equity research analysts estimate Microvast's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Microvast has a P/E ratio of -30.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.9B	XXX	$1.9B	XXX	XXX	XXX
EV (current)	$2.2B	XXX	$2.2B	XXX	XXX	XXX
EV/Revenue	4.9x	XXX	5.8x	XXX	XXX	XXX
EV/EBITDA	23.7x	XXX	-14.2x	XXX	XXX	XXX
EV/EBIT	70.1x	XXX	-95.9x	XXX	XXX	XXX
EV/Gross Profit	15.3x	XXX	n/a	XXX	XXX	XXX
P/E	-30.2x	XXX	-9.7x	XXX	XXX	XXX
EV/FCF	58.0x	XXX	-88.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Microvast Margins & Growth Rates

Microvast's last 12 month revenue growth is 27%

Microvast's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Microvast's rule of 40 is 1% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Microvast's rule of X is 89% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Microvast Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	27%	XXX	25%	XXX	XXX	XXX
EBITDA Margin	21%	XXX	-41%	XXX	XXX	XXX
EBITDA Growth	53%	XXX	n/a	XXX	XXX	XXX
Rule of 40	1%	XXX	-13%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	89%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	6%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	11%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	38%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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