Kandi Technologies Group, Inc.
KNDI Consumer Cyclical Recreational Vehicles
Kandi Technologies Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $87.4 million, down 31.5% from fiscal 2024.
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Kandi Technologies Group, Inc. (KNDI) Altman Z-score
Kandi Technologies Group, Inc.'s Altman Z-score for fiscal 2025 is 0.01, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.01 | (0.67) |
| FY2024 | 0.67 | (1.58) |
| FY2023 | 2.25 | 0.40 |
| FY2022 | 1.85 | (0.88) |
| FY2021 | 2.72 | (0.44) |
| FY2020 | 3.16 | 1.67 |
| FY2019 | 1.49 | 0.71 |
| FY2018 | 0.77 | (0.31) |
| FY2017 | 1.08 | 0.03 |
| FY2016 | 1.05 | (2.10) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.43 | — | 0.52 | |
| Retained earnings / total assets | (0.40) | — | −0.56 | |
| EBIT / total assets | (0.14) | — | −0.47 | |
| Market value of equity / total liabilities | 0.51 | — | 0.31 | |
| Sales / total assets | 0.22 | — | 0.22 | |
| Altman Z-score | Distress zone | 0.01 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.75 | ||
Z and Z″ put Kandi Technologies Group, Inc. in different zones: distress zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MAMO Massimo Group compare | 6.0× |
| MCFT MASTERCRAFT BOAT HOLDINGS, INC. compare | 3.4× |
| WGO Winnebago Industries, Inc. compare | 3.4× |
| MBUU Malibu Boats, Inc. compare | 2.4× |
| KNDI Kandi Technologies Group, Inc. | 0.0× |
| EZGO EZGO Technologies Ltd. compare | 0.0× |
| VMAR Vision Marine Technologies Inc. compare | −1.6× |
| VEEE Twin Vee PowerCats, Co. compare | −2.9× |
| FUVV Arcimoto, Inc. compare | −7.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets