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) Beneish M-score
Kandi Technologies Group, Inc.'s Beneish M-score for fiscal 2025 is −5.74; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −5.74 | (7.81) |
| FY2024 | 2.07 | 4.35 |
| FY2023 | −2.28 | 0.88 |
| FY2022 | −3.16 | (0.80) |
| FY2021 | −2.36 | (0.02) |
| FY2020 | −2.34 | 0.09 |
| FY2019 | −2.43 | 0.17 |
| FY2018 | −2.60 | (0.01) |
| FY2017 | −2.59 | (1.20) |
| FY2016 | −1.39 | 0.35 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.47 | — | 0.43 | |
| Gross margin index | 0.72 | — | 0.38 | |
| Asset quality index | 0.85 | — | 0.34 | |
| Sales growth index | 0.69 | — | 0.61 | |
| Depreciation index | 1.80 | — | 0.21 | |
| SG&A index | 1.31 | — | −0.23 | |
| Total accruals to total assets | (0.48) | — | −2.25 | |
| Leverage index | 1.21 | — | −0.39 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −5.74 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| KNDI Kandi Technologies Group, Inc. | −5.7× |
| MBUU Malibu Boats, Inc. compare | −2.6× |
| WGO Winnebago Industries, Inc. compare | −2.5× |
| MAMO Massimo Group compare | −2.1× |
| EZGO EZGO Technologies Ltd. compare | −2.1× |
| MCFT MASTERCRAFT BOAT HOLDINGS, INC. compare | −0.9× |
| VMAR Vision Marine Technologies Inc. compare | 18.3× |
| VEEE Twin Vee PowerCats, Co. compare | — |
| FUVV Arcimoto, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI