Microvast Holdings (MVST) Gross Margin (2020 - 2026)
Microvast Holdings' Gross Margin was 5.24% in Q3 2026, down 32.40 percentage points from 37.64% a year earlier and down 24.30 percentage points from the prior quarter.
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Analysis
Microvast Holdings (MVST) Gross Margin (2020 - 2026) Analysis & Trends
On a trailing twelve-month basis, Microvast Holdings' Gross Margin was 16.65% through Sep 30, 2026, down 19.95 percentage points year-over-year; for FY2025, it was 28.56%, down 2.91 percentage points from FY2024.
- Gross Margin shows a five-year change of +12.62 percentage points (FY2020 to FY2025).
- In earlier years, Gross Margin was 31.48% in FY2024 (+12.81 pp), 18.66% in FY2023 (+14.23 pp), 4.44% in FY2022 (+32.56 pp) and -28.12% in FY2021 (-44.07 pp).
- Quarterly Gross Margin has moved between 0.04% (Q1 2022) and 37.64% (Q3 2025) over five years.
- Compared with a year earlier, Gross Margin has declined for four straight quarters, with an average year-over-year change of -5.18 percentage points over the last eight quarters.
- The best year-over-year quarter for Gross Margin over five years was Q3 2022 (a gain of 102.43 percentage points); the worst was Q4 2025 (a drop of 35.62 percentage points).
- Per Business Quant data, MVST's Gross Margin in the three quarters before Q3 2026 was 29.54% (Q2 2026), 31.60% (Q1 2026) and 0.99% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 212.47 Bn | 164.72 Bn | 3.11 Bn | 24.58% |
| 2 | Bloom Energy | 56.73 Bn | 46.66 Bn | 417.10 Mn | 33.75% |
| 3 | First Solar | 18.42 Bn | 9.79 Bn | 713.06 Mn | 57.93% |
| 4 | Nextpower | 14.32 Bn | 10.03 Bn | 345.32 Mn | 31.13% |
| 5 | BWX Technologies | 11.27 Bn | 9.04 Bn | 227.14 Mn | 23.84% |
| 6 | Generac Holdings | 11.25 Bn | 9.99 Bn | 516.04 Mn | 39.86% |
| 7 | Innio | 10.93 Bn | 7.17 Bn | 367.70 Mn | 31.48% |
| 8 | EnerSys | 5.13 Bn | 3.44 Bn | 284.35 Mn | 29.93% |
| 9 | Mirion Technologies | 4.30 Bn | 2.71 Bn | 131.50 Mn | 47.34% |
| 10 | Microvast Holdings | 84.60 Mn | -359.15 Mn | 2.40 Mn | 5.24% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 5.24% |
| Jun 30, 2026 | 29.54% |
| Mar 31, 2026 | 31.60% |
| Dec 31, 2025 | 0.99% |
| Sep 30, 2025 | 37.64% |
| Jun 30, 2025 | 34.73% |
| Mar 31, 2025 | 36.93% |
| Dec 31, 2024 | 36.62% |
| Sep 30, 2024 | 33.15% |
| Jun 30, 2024 | 32.50% |
| Mar 31, 2024 | 21.17% |
| Dec 31, 2023 | 22.02% |
| Sep 30, 2023 | 22.32% |
| Jun 30, 2023 | 15.29% |
| Mar 31, 2023 | 10.34% |
| Dec 31, 2022 | 3.44% |
| Sep 30, 2022 | 5.16% |
| Jun 30, 2022 | 7.52% |
| Mar 31, 2022 | 0.04% |
| Dec 31, 2021 | 1.73% |
API Access
Microvast Holdings Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=MVST&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "MVST", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=MVST&period=max&api_key=YOUR_API_KEY");
const data = await res.json();