MeritValue

Kandi Technologies Group, Inc.

KNDIdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'

The thesis, from the filings

Kandi Technologies Group, Inc. earns about -11% on invested capital, but has diluted owners by 11% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$117.8M1$123.6M2$127.6M2$87.4M2
Net income−$12.1M3$7,1324−$50.5M4−$93.9M4
Operating cash flow$31.5M5−$101.2M6−$17.8M6$96.8M6
Capital expenditure————
Free cash flow (derived)————
Total debt—$17.5M7$49.3M8$36.9M9
Cash & equivalents$84.1M10$33.8M11$37.3M11$35.5M11
Diluted shares75.6M79.9M86.3M83.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$32.3
your share of equity
Profit it earned you last year
−$11.23
Free cash flow it threw off
—
Debt you’d be carrying
$4.41

10 shares is a claim on $32.3 of net worth that earned you −$11.23 last year, against $4.41 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-11% avg · 4y
FY22 -3%FY23 0%FY24 -12%FY25 -27%

It earned an average -11% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+11% shares · 4y

Share count is up 11% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 111% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-12-31 · accession 0001213900-25-036190 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-048312 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-036190 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-048312 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-036190 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-048312 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-12-31 · accession 0001213900-25-036190 (LongTermDebtNoncurrent)
  8. 20-F · period ending 2024-12-31 · accession 0001213900-26-048312 (LongTermDebtNoncurrent)
  9. 20-F · period ending 2025-12-31 · accession 0001213900-26-048312 (LongTermDebt)
  10. 20-F · period ending 2022-12-31 · accession 0001213900-25-036190 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2023-12-31 · accession 0001213900-26-048312 (CashAndCashEquivalentsAtCarryingValue)