Microvast Holdings (MVST) Operating Margin (2020 - 2026)
Microvast Holdings' Operating Margin was -1.97% in Q2 2026, down 11.85 percentage points from 9.88% a year earlier but up 11.12 percentage points from the prior quarter.
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Analysis
Microvast Holdings (MVST) Operating Margin (2020 - 2026) Analysis & Trends
On a trailing twelve-month basis, Microvast Holdings' Operating Margin was -10.29% through Jun 30, 2026, down 17.40 percentage points year-over-year; for FY2025, it was 1.63%, up 32.20 percentage points from FY2024.
- Operating Margin has now increased for four consecutive years, with a five-year change of +28.71 percentage points (FY2020 to FY2025).
- In earlier years, Operating Margin was -30.57% in FY2024 (+4.24 pp), -34.81% in FY2023 (+43.41 pp), -78.22% in FY2022 (+49.48 pp) and -127.69% in FY2021 (-100.62 pp).
- Quarterly Operating Margin has moved between -307.09% (Q3 2021) and 13.10% (Q1 2025) over five years.
- Compared with a year earlier, Operating Margin has declined for three straight quarters, with an average year-over-year change of +19.17 percentage points over the last eight quarters.
- The best year-over-year quarter for Operating Margin over five years was Q3 2022 (a gain of 211.04 percentage points); the worst was Q3 2021 (a drop of 277.51 percentage points).
- Per Business Quant data, MVST's Operating Margin in the three quarters before Q2 2026 was -13.09% (Q1 2026), -42.69% (Q4 2025) and 10.54% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 252.99 Bn | 214.06 Bn | 2.36 Bn | 5.88% |
| 2 | Bloom Energy | 81.25 Bn | 73.07 Bn | 355.57 Mn | 17.11% |
| 3 | First Solar | 18.82 Bn | 9.78 Bn | 605.00 Mn | 42.64% |
| 4 | BWX Technologies | 12.55 Bn | 10.85 Bn | 202.31 Mn | 12.66% |
| 5 | Generac Holdings | 12.21 Bn | 11.04 Bn | 521.81 Mn | 17.93% |
| 6 | Nextpower | 11.82 Bn | 7.71 Bn | 335.85 Mn | 20.41% |
| 7 | EnerSys | 6.67 Bn | 4.86 Bn | 313.36 Mn | 16.18% |
| 8 | Enphase Energy | 4.36 Bn | -500.13 Mn | 175.01 Mn | 17.65% |
| 9 | Mirion Technologies | 3.45 Bn | 1.34 Bn | 133.10 Mn | 6.71% |
| 10 | Microvast Holdings | 246.10 Mn | -203.57 Mn | 25.78 Mn | -1.97% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -1.97% |
| Mar 31, 2026 | -13.09% |
| Dec 31, 2025 | -42.69% |
| Sep 30, 2025 | 10.54% |
| Jun 30, 2025 | 9.88% |
| Mar 31, 2025 | 13.10% |
| Dec 31, 2024 | -1.25% |
| Sep 30, 2024 | 7.09% |
| Jun 30, 2024 | -118.01% |
| Mar 31, 2024 | -28.42% |
| Dec 31, 2023 | -21.24% |
| Sep 30, 2023 | -32.89% |
| Jun 30, 2023 | -35.84% |
| Mar 31, 2023 | -66.63% |
| Dec 31, 2022 | -53.44% |
| Sep 30, 2022 | -96.05% |
| Jun 30, 2022 | -69.82% |
| Mar 31, 2022 | -117.97% |
| Dec 31, 2021 | -71.28% |
| Sep 30, 2021 | -307.09% |
API Access
Microvast Holdings Operating 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=operating-margin&ticker=MVST&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=MVST&period=max&api_key=YOUR_API_KEY");
const data = await res.json();