Microvast Holdings (MVST) Operating Margin (2020 - 2026)
Microvast Holdings' Operating Margin was -145.55% in Q3 2026, down 157.63 percentage points from 12.08% a year earlier and down 143.57 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 -37.41% through Sep 30, 2026, down 45.91 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).
- The Q3 2026 figure marks the lowest quarterly Operating Margin since Q3 2021.
- Compared with a year earlier, Operating Margin has declined for four straight quarters, with an average year-over-year change of -4.18 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 2026 (a drop of 157.63 percentage points).
- Per Business Quant data, MVST's Operating Margin in the three quarters before Q3 2026 was -1.97% (Q2 2026), -13.09% (Q1 2026) and -33.41% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 212.47 Bn | 164.72 Bn | 3.11 Bn | 11.03% |
| 2 | Bloom Energy | 56.73 Bn | 46.66 Bn | 417.10 Mn | 18.24% |
| 3 | First Solar | 18.42 Bn | 9.79 Bn | 713.06 Mn | 44.37% |
| 4 | Nextpower | 14.32 Bn | 10.03 Bn | 345.32 Mn | 18.71% |
| 5 | BWX Technologies | 11.27 Bn | 9.04 Bn | 227.14 Mn | 13.86% |
| 6 | Generac Holdings | 11.25 Bn | 9.99 Bn | 516.04 Mn | 12.40% |
| 7 | Innio | 10.93 Bn | 7.17 Bn | 367.70 Mn | 16.58% |
| 8 | EnerSys | 5.13 Bn | 3.44 Bn | 284.35 Mn | 12.15% |
| 9 | Mirion Technologies | 4.30 Bn | 2.71 Bn | 131.50 Mn | 6.19% |
| 10 | Microvast Holdings | 84.60 Mn | -359.15 Mn | 2.40 Mn | -145.55% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | -145.55% |
| Jun 30, 2026 | -1.97% |
| Mar 31, 2026 | -13.09% |
| Dec 31, 2025 | -33.41% |
| Sep 30, 2025 | 12.08% |
| 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% |
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();