Kandi Technologies Group

KNDI

Auto - Manufacturers · Consumer Cyclical

Price

$0.64

+0.00 (+0.73%)

Market Cap

$53.3M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+9.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 76.1M (2021) → 83.6M (2025)

Winston Score History

The full picture

Kandi Technologies Group is a Chinese company that makes electric vehicles (EVs) and EV-related parts. Its main products include small electric cars, off-road EVs, and EV components sold to consumers and other manufacturers. The company also sells EVs in the United States through its subsidiary, targeting budget-conscious buyers looking for affordable electric transportation.

Kandi earns money by selling vehicles and parts directly to customers and through distribution partners in both China and the US. It is a small company with a market cap around $100 million, which puts it far behind larger EV rivals like BYD or Tesla. The company has struggled to turn a profit, with a deeply negative operating margin, meaning it spends far more than it earns. The biggest risk Kandi faces is its ability to scale sales fast enough to cover its costs, especially as competition in the affordable EV market intensifies on both sides of the Pacific.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-32.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-1.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$8M/ year

↑ Rising (+53% vs prior year)

8.7% of revenue

2.2x the sector average (4%)

R&D investment increasing — building for the future

Insider Activity

18.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$120M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Kandi Technologies Group's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

40.9%

Healthy — 40.9% gross margin

Profit after running costs

Operating Margin

-108.0%

Losing money on operations — -108.0%

Return on the money invested

ROCE

-18.0%

Weak — -18.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-36.1%

Shrinking sales (-36.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.17

Conservative — low debt load (0.17)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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