Kandi Technologies Group Inc. Ordinary Shares (KNDI) fair value
Consumer Cyclical · Recreational Vehicles · NASDAQ · United States
$3.41+3.18%
Market cap $33MNext earnings 2026-09-28Updated Oct 23, 2026
Our verdict
Trades 79% below our fair value
Price
$3.41
Model fair valueConfidence: low
about $16.46
Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
Not used by alerts or posts.
Treated as a cyclical company. None of the usual models had enough data, so this uses Analyst consensus and Net asset value instead.
ACCE opinionKandi Technologies Group Inc. Ordinary Shares (KNDI)
Fair value
Not available
ACCE price target
$3.30
Rating
Not rated
Horizon
12 months
ACCE price target published on 18 Oct 2026, 00:00 CEST; previously $0.60 since 15 Oct 2026, 00:00 CEST.
Price used: $3.41 at the close on 23 Oct 2026, 22:00 CEST.
Models: Analyst consensus and Net asset value.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
51
out of 100
P/E
0.0x
forward 40.3x
1-year return
-72.7%
Dividend yield
0.00%
Kandi Technologies Group Inc. Ordinary Shares in four questions
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Overview
ACCE thesis
Kandi Technologies makes electric go-karts, off-road UTVs, and electric passenger vehicles, with a battery and drivetrain supply business that sells into other OEMs, mainly in China. The structural case rests on the electrification of low-speed and recreational vehicles, where Kandi has a long manufacturing footprint and a 42.2% gross margin that is high for a vehicle assembler. Revenue grew 57.4% over the last year, and the operating margin of 9.7% suggests that growth is not being bought with losses at the operating line, though return on equity of -26.5% shows the balance sheet and below-the-line items still weigh on shareholders. At a market capitalisation of about $41M and a forward P/E of 40.3, the stock is priced for continued expansion with little room for a stumble, and the company is too small to be in any index. The score of 55/100 is middling, so this is a candidate for a deeper look at the cash conversion, related-party dealings and export exposure before any position is considered.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
high
Net margin deeply negative
Net margin is -79.7% despite a +9.7% operating margin, pointing to large non-operating losses or charges. ROE of -26.5% confirms earnings are not reaching shareholders.
moderate
Revenue growth not reflected in earnings
Revenue grew 57.4% YoY, yet the 5-year revenue CAGR is only 2.6%, so the recent jump looks like a one-off rather than a durable trend. QoQ revenue shows -100.0%, which needs checking against the filings.
AI research notes
AI-assisted·How I use AIWritten Oct 13, 2026 · figures from 2025-12-31 · prices to Oct 23, 2026
Why it could do well
Revenue grew 57.4% year over year in the latest 10-K, a sharp reversal from a slow multi-year trend.
Free cash flow over the last twelve months was $176M, a sign the core business can generate real cash.
The diluted share count fell 2.9% last fiscal year, so each remaining share owns a slightly bigger slice.
Why it could disappoint
Return on invested capital of -24.3% shows the money put into the business is currently being destroyed, not compounded.
Analysts' mean target of $5.00 sits far above the $0.58 share price, a gap that reflects deep doubt about the forecasts behind it.
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Valuation
INVESTOR
Where KNDI's valuation models land
Price
$3.41
Model fair valueConfidence: low
about $16.46
Model
Fair value
Upside
Analyst consensus
Net asset value
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