Microvast Holdings, Inc.
MVST Consumer Cyclical Auto Parts
Microvast Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $427.5 million, up 12.6% from fiscal 2024. Revenue growth for five consecutive years.
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Microvast Holdings, Inc. (MVST) Altman Z-score
Microvast Holdings, Inc.'s Altman Z-score for fiscal 2025 is −0.24, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.24 | 0.54 |
| FY2024 | −0.79 | (0.11) |
| FY2023 | −0.67 | (0.32) |
| FY2022 | −0.35 | (1.65) |
| FY2021 | 1.31 | 1.35 |
| FY2020 | −0.04 | (1.85) |
| FY2019 | 1.80 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.04) | — | −0.05 | |
| Retained earnings / total assets | (1.12) | — | −1.56 | |
| EBIT / total assets | 0.01 | — | 0.02 | |
| Market value of equity / total liabilities | 1.53 | — | 0.92 | |
| Sales / total assets | 0.43 | — | 0.43 | |
| Altman Z-score | Distress zone | −0.24 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.13 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| STRT Strattec Security Corporation compare | 5.0× |
| SES SES AI Corporation compare | 4.2× |
| SRI Stoneridge, Inc. compare | 2.2× |
| CAAS China Automotive Systems, Inc. compare | 1.8× |
| CPS Cooper-Standard Holdings Inc. compare | 1.6× |
| HLLY Holley Inc. compare | 1.5× |
| MPAA Motorcar Parts of America, Inc. compare | 1.4× |
| MVST Microvast Holdings, Inc. | −0.2× |
| ECX ECARX Holdings, Inc. compare | −1.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets