Kandi Technologies Group, Inc.

KNDI

Kandi Technologies Group, Inc., together with its subsidiaries, produces and sells electric off-road vehicles and associated parts in the People's Republic of China, the United States, Africa, Southeast Asia, Latin America, the Middle East, and internationally. The company offers all-terrain vehicles, utility vehicles, go-karts, golf carts, electric scooters, and electric self-balancing scooters for leisure and entertainment, agricultural operations, and site transportation applications.

About the company

Price: $3.43Market Cap: $34.6M

Investment snapshot

12%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

1 / 13

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

9 of 12 pass — Buffett, Piotroski and Marks object

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	FAIL · Rank #2709 (Top 87.5%)	PASS	FAIL	PASS	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-28 Score computed: 2026-11-14

Where It Passes

Debt & Leverage75% pass✓ 12✗ 3▾
9 of 12 pass — Buffett, Piotroski and Marks object
LT Debt vs Net Current AssetsLT Debt $6.1M vs NCA $172.7M
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.02, IC: -34.7x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.02
✓Lynch< 0.33
Cash - Long-term Debt$29.4M
✓LynchPositive preferred
LT Debt / Total Assets Change1.20% -> 1.53%
✗PiotroskiDecreased YoY
Current Assets / Current Liabilities2.34
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.02
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.02
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=-34.7x, D/EBITDA=N/A
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.02
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0226; #774/4210 (top 18.4%)
✓AsnessTop 30% of eligible cross-section

Where It Falls Short

Valuation0% pass✓ 7✗ 21▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / Book Value per Share1.1x
✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio1.1x
✓Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value-1102.4%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-1102.4%, ROC=-29.2%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)2.9x
✓Dreman< 8x
Valuation ReasonablenessOE Yield=-31.1%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF Yield
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=1.1x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / FCF per Share
✗Ackman<= 25
Price vs. Trailing Low556% of trailing low ($0.62)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-271.20%; #5758/6340 (top 90.8%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+7.8013; #217/6449 (top 3.4%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share1.15x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change-38.0%
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+2.5259; #921/5247 (top 17.6%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+321.89%; #108/6202 (top 1.7%)
✓OshaughnessyTop 10% of eligible cross-section
Growth0% pass✓ 1✗ 12▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: -48.6% vs Rev: -31.5%
✓LynchInventory growth < Revenue growth
EPS Growth Direction$-0.17 (2022) -> $-1.14 (2025)
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency1/4 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth3.2%
✗Ackman>= 5%
Positive EPS Growth Frequency1/3 years with positive EPS growth
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 33.5% -> 42.6%, operating margin -10.6% -> -65.4%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Profitability6% pass✓ 3✗ 32▾
15 of 16 flag KNDI's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)1/5 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)1/5 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-13.1%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)-65.4% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-34.8%
✗Lynch> 15%
EBIT / Enterprise Value-1102.4%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-1102.4%, ROC=-29.2%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-23.49%
✗PiotroskiROA > 0
ROA Change YoY-10.66% -> -23.49% (delta: -12.84%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=24.22%, ROA=-23.49%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY30.8% -> 42.6%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue-104.8%
✗Dreman>= 8%
Net Income / Shareholders' Equity-34.8%
✗Dreman> 12%
Margin of SafetyP/B=1.1x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity-16.5% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency1/4 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue-65.4%
✗Ackman>= 15%
Net Income / Shareholders Equity-34.8%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend-10.6% (2023) -> -65.4% (2025)
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 33.5% -> 42.6%, operating margin -10.6% -> -65.4%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-271.20%; #5758/6340 (top 90.8%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+9.33%; #2848/3702 (top 76.9%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-34.76%; #3986/5226 (top 76.3%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0960; #3422/5884 (top 58.2%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Verdicts13% pass✓ 2✗ 14▾
Split decision: 13 FAIL · 2 PASS · 1 NEUTRAL
Overall verdict
✗GrahamFAIL (3/9)✗BuffettFAIL (0/9)✗LynchFAIL (3/7)✗GreenblattRank #2709✓PiotroskiPASS (F-Score 4)✗DremanFAIL (4/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (1/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #945/2370 (Top 39.9%))✗NeffFAIL (0/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
Cash Flow20% pass✓ 3✗ 9▾
8 of 10 flag KNDI's cash flow — Buffett, Lynch, Pabrai +5 more
Free Cash Flow Proxy
✗BuffettPositive and growing
FCF Positive and Growing
✗LynchPositive and growing
Operating Cash Flow$96.8M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=24.22%, ROA=-23.49%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)2.9x
✓Dreman< 8x
P/E or FCF Yield
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Positive Operating Cash Flow frequency2/4 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Efficiency25% pass✓ 2✗ 9▾
6 of 8 flag KNDI's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio2.34
✓Graham>= 2.0
ROIC (3-5 yr avg)-12.3%
✗Buffett> 10%
ROIC - WACC-22.3%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)-29.2%
✗Greenblatt> 25%
Current Ratio Change YoY2.95 -> 2.34
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.27x -> 0.22x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities2.34
✓Dreman> 1.5
Return on Invested Capital-16.4%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=-2.4%; FY2024: ROIC=-14.0%; FY2025: ROIC=-16.4%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/3 years above 12% (latest -16.4%)
✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Automobiles and Trucks

SIC Sector: Transportation Equipment

Size: Micro Cap($34.6M)

Revenue: $87.4M-31.5% YoY

Net Income: $93.9M-85.9% YoY

Financial Snapshot

Operating Margin-65.4%

Return on Equity-34.8%

Debt / Equity0.02

Current Ratio2.34

EPS (Diluted)$-1.14

Shares Retired3.2% / 5.1% 2y

Similar Companies

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Shareholder Return

Fiscal 2025

Retired 3.2% of shares last year, 5.1% over two.

Buybacks: —
Dividends: —

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 20-F · 2026-04-28	FY 2024 Sources 20-F · 2025-04-28	FY 2023 Sources 20-F · 2025-04-28	FY 2022 Sources 20-F · 2025-04-28	FY 2021 Sources 20-F · 2025-04-28
Market Cap	$34.6Mcurrent	$94.9Mest.	$235.3Mest.	$203.3Mest.	--
Revenue	$87.4M↓31%	$127.6M↑3%	$123.6M↑5%	$117.8M	--
Operating Income	-$57.2M↑17%	-$68.8M↓427%	-$13.1M↑53%	-$27.7M	--
Net Income	-$93.9M↓86%	-$50.5M↓708115%	$7.1K↑100%	-$12.1M	--
EPS (Diluted)	$-1.14↓93%	$-0.59↓3050%	$0.02↑112%	$-0.17	--
Gross Margin	42.6%↑39%	30.8%↓8%	33.5%↑102%	16.6%	—
Operating Margin	-65.4%↓21%	-53.9%↓411%	-10.6%↑55%	-23.5%	—
ROE	-34.8%↓137%	-14.6%↓830177%	0.0%↑100%	-3.0%	—
Total Debt	$6.1M↓86%	$43.2M↑148%	$17.5M	--	--
Shareholders' Equity	$270.1M↓22%	$344.7M↓15%	$404.1M↑2%	$397.7M↓10%	$443.2M
Current Ratio	2.34↓20%	2.95↓34%	4.48	—	—
Debt / Equity	0.02↓82%	0.13↑190%	0.04	—	—
Operating Cash Flow	$96.8M↑643%	-$17.8M↑82%	-$101.2M↓421%	$31.5M	--
Free Cash Flow	--	--	--	--	--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Automobiles and Trucks

KNDI vs Peers — Financial Grading

Revenue$87.4MBottom 25%

Net Income$93.9MBottom 25%

ROE-34.8%Bottom 25%

D/E0.02Median

Op. Margin-65.4%Bottom 25%

Curr. Ratio2.34Top 25%

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