MVSTMicrovast Holdings, Inc.

Miscellaneous Electrical Machinery, Equipment & Supplies

Revenue: $428M; 13% YoY
Operating margin: 1.6%; 105% YoY
EBITDA: $7M; 106% YoY
Market cap: $219M
Employees: 1,908; $224K revenue each
Net debt / EBITDA: -1.3×; −$9M net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 3 years
3+ of last 5 years
High CEO pay despite TSRNo
$1M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$224K · 22nd pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 32nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$219M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$178K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$152M	$204M	$307M	$380M	$428M	13%
Operating income	−$194M	−$160M	−$107M	−$116M	$7M	106%
Net income	−$206M	−$158M	−$106M	−$195M	−$29M	85%
Operating cash flow	−$45M	−$54M	−$75M	$3M	$76M	2598%
Capex	$88M	$151M	$187M	$28M	$20M	28%
Stock-based comp	$83M	$91M	$65M	$31M	$3M	90%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jul 2, 2021	DEFM14A	—	$10.00	100%
Feb 16, 2021	PREM14A	—	$10.00	100%

13D filers

Filed	Filer	Form	Stake	Intent
Nov 21, 2024	Wu Yang	SC 13D/A	37.1%	Passive
Aug 2, 2021	ASHMORE INVESTMENT MANAGEMENT LTD	SC 13D	7.8%	Passive
Jul 27, 2021	Wu Yang	SC 13D	28.3%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $178K · 7
Net: −$178K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	$2M	183	216
FY2024	$1M	$1M	135	160
FY2023	$649K	$554K	92	127