Microvast Holdings, Inc. — Earnings Quality Grade F
MVST · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 17 days (116 → 133)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 29.1% exceeds revenue growth 12.6%
Revenue 12.6%, CFFO 2597.5%. Cash follows revenue
Expense Quality
Inventory -37.6% vs COGS 17.4%. Normal
CapEx growth -28.5% vs revenue 12.6%. Normal
SG&A/Gross Profit = 65.5%. Normal
Gross margin 28.6%, change -2.9pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.1B, FCF/NI = -1.92
Accruals ratio = -10.5%. Low accruals
Cash $0.1B covers only 27% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 3% of equity. Manageable
Debt/EBITDA = 110.1x (>4x). Financial stress
Other assets -13.5% vs revenue 12.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.59 (< -2.22). Unlikely manipulator
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Beneish M-Score
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Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25