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EnerSys vs Microvast: revenue, profit, margins and growth compared

EnerSys brought in $3.8B of revenue in fiscal 2026, Microvast $427.5M in fiscal 2025. Revenue changed by +3.7% at EnerSys and +12.6% at Microvast on the year before, so Microvast grew faster. EnerSys kept 7.8% of its revenue as net profit, Microvast -6.8%. Free cash flow was $467.5M at EnerSys and $56.1M at Microvast.

Side by side, latest fiscal year

ENSMVST
Fiscal year endedFY2026 (March 31, 2026)FY2025 (December 31, 2025)
Revenue$3.8B$427.5M
Revenue growth+3.7%+12.6%
Net income$293.6M-$29.2M
Net margin7.8%-6.8%
Free cash flow$467.5M$56.1M
Free cash flow margin12.5%13.1%
Earnings per share (diluted)$7.70-$0.09
Cash$438.7M$105M
Debt$1.1B$13.2M
Price to earnings23.2n/a
Market value$6.5B$264.6M
Dividend yield0.58%n/a
Rank by revenue in sector#4 of 34 · Other#16 of 34 · Other

Over the years

Revenue
ENS FY2019: $2.8BENS FY2020: $3.1BENS FY2021: $3BENS FY2022: $3.4BENS FY2023: $3.7BENS FY2024: $3.6BENS FY2025: $3.6BENS FY2026: $3.8BMVST FY2019: $76.4MMVST FY2020: $107.5MMVST FY2021: $152MMVST FY2022: $204.5MMVST FY2023: $306.6MMVST FY2024: $379.8MMVST FY2025: $427.5MFY19FY20FY21FY22FY23FY24FY25FY26
ENS $3.8BMVST $427.5M
Net income
ENS FY2019: $160.2MENS FY2020: $137.1MENS FY2021: $143.4MENS FY2022: $143.9MENS FY2023: $175.8MENS FY2024: $269.1MENS FY2025: $363.7MENS FY2026: $293.6MMVST FY2019: $3.4MMVST FY2020: -$2.4MMVST FY2021: -$206.5MMVST FY2022: -$158.2MMVST FY2023: -$106.3MMVST FY2024: -$195.5MMVST FY2025: -$29.2MFY19FY20FY21FY22FY23FY24FY25FY26
ENS $293.6MMVST -$29.2M
Net margin
ENS FY2019: 5.7%ENS FY2020: 4.4%ENS FY2021: 4.8%ENS FY2022: 4.3%ENS FY2023: 4.7%ENS FY2024: 7.5%ENS FY2025: 10.1%ENS FY2026: 7.8%MVST FY2019: 4.4%MVST FY2020: -2.3%MVST FY2021: -135.9%MVST FY2022: -77.4%MVST FY2023: -34.7%MVST FY2024: -51.5%MVST FY2025: -6.8%FY19FY20FY21FY22FY23FY24FY25FY26
ENS 7.8%MVST -6.8%
Revenue growth
ENS FY2020: +10.0%ENS FY2021: -3.6%ENS FY2022: +12.7%ENS FY2023: +10.5%ENS FY2024: -3.4%ENS FY2025: +1.0%ENS FY2026: +3.7%MVST FY2020: +40.7%MVST FY2021: +41.3%MVST FY2022: +34.6%MVST FY2023: +49.9%MVST FY2024: +23.9%MVST FY2025: +12.6%FY20FY21FY22FY23FY24FY25FY26
ENS +3.7%MVST +12.6%
Free cash flow
ENS FY2019: $127.5MENS FY2020: $152MENS FY2021: $288.4MENS FY2022: -$139.6MENS FY2023: $191.2MENS FY2024: $370.6MENS FY2025: $139.3MENS FY2026: $467.5MMVST FY2019: -$6.9MMVST FY2020: -$3.1MMVST FY2021: -$132.9MMVST FY2022: -$204.8MMVST FY2023: -$262.1MMVST FY2024: -$24.9MMVST FY2025: $56.1MFY19FY20FY21FY22FY23FY24FY25FY26
ENS $467.5MMVST $56.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about EnerSys and Microvast

Which is bigger by revenue, EnerSys or Microvast?

EnerSys is bigger by revenue: $3.8B in fiscal 2026, against $427.5M for Microvast in fiscal 2025.

Which keeps more of its revenue as profit, EnerSys or Microvast?

EnerSys had a net margin of 7.8% in fiscal 2026; Microvast had -6.8% in fiscal 2025.

Which grew revenue faster, EnerSys or Microvast?

In their latest fiscal years revenue changed by +3.7% at EnerSys and +12.6% at Microvast.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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