TakeoverPE & activists

MVSTMicrovast Holdings, Inc.

Miscellaneous Electrical Machinery, Equipment & Supplies · $219M market cap · 1,908 employees

0.6×

Less likely than average to be taken private

Top 30% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • 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
  • Quiet on AINo
    0.9 per 10K words · 32nd pct
    Bottom quartile of AI mentions in 10-Ks
  • Buyout-sizedNo
    $219M market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    3 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$178K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Jul 2, 2021DEFM14A—$10.00100%
Feb 16, 2021PREM14A—$10.00100%

Key numbers

Revenue
$428MFY2021: $152MFY2022: $204MFY2023: $307MFY2024: $380MFY2025: $428M
13% YoY
Operating margin
1.6%FY2021: -127.7%FY2022: -78.2%FY2023: -34.8%FY2024: -30.6%FY2025: 1.6%
105% YoY
EBITDA
$7MFY2021: −$194MFY2022: −$160MFY2023: −$107MFY2024: −$116MFY2025: $7M
106% YoY
Net debt / EBITDA
-1.3×
−$9M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$152M$204M$307M$380M$428M 13% FY2021: $152MFY2022: $204MFY2023: $307MFY2024: $380MFY2025: $428M
Operating income−$194M−$160M−$107M−$116M$7M 106% FY2021: −$194MFY2022: −$160MFY2023: −$107MFY2024: −$116MFY2025: $7M
Net income−$206M−$158M−$106M−$195M−$29M 85% FY2021: −$206MFY2022: −$158MFY2023: −$106MFY2024: −$195MFY2025: −$29M
Operating cash flow−$45M−$54M−$75M$3M$76M 2598% FY2021: −$45MFY2022: −$54MFY2023: −$75MFY2024: $3MFY2025: $76M
Capex$88M$151M$187M$28M$20M 28% FY2021: $88MFY2022: $151MFY2023: $187MFY2024: $28MFY2025: $20M
Stock-based comp$83M$91M$65M$31M$3M 90% FY2021: $83MFY2022: $91MFY2023: $65MFY2024: $31MFY2025: $3M

13D filers

FiledFilerFormStakeIntent
Nov 21, 2024Wu YangSC 13D/A37.1%Passive
Aug 2, 2021ASHMORE INVESTMENT MANAGEMENT LTDSC 13D7.8%Passive
Jul 27, 2021Wu YangSC 13D28.3%Active

Insider trading

−$178Knet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $178K · 7 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$4M$2M183216
FY2024$1M$1M135160
FY2023$649K$554K92127