KNDI (Kandi Technologies Group) Beneish M-Score: -5.03 (As of Jun. 25, 2026)

What is Kandi Technologies Group Beneish M-Score?

Kandi Technologies Group KNDI -1.39% 55 Beneish M-Score is -5.03 as of Jun. 25, 2026. GuruFocus rates KNDI with a GF Score™ of 55/100 and a GF Value™ of $1.18 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 1,273 Vehicles & Parts companies, Kandi Technologies Group ranks better than 98.51% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -5.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Kandi Technologies Group's Beneish M-Score or its related term are showing as below:

KNDI' s Beneish M-Score Range Over the Past 10 Years
Min: -5.03 Med: -2.58 Max: -0.18
Current: -5.03

During the past 13 years, the highest Beneish M-Score of Kandi Technologies Group was -0.18. The lowest was -5.03. And the median was -2.58.

Kandi Technologies Group Beneish M-Score Related Terms

Kandi Technologies Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kandi Technologies Group's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Kandi Technologies Group Beneish M-Score Chart

Kandi Technologies Group Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-3.23

-3.19

-0.18

-2.70

-5.03

Kandi Technologies Group Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-0.18	-1.38	-2.70	-3.65	-5.03

KNDI vs MAMO, LFEV, VEEE: Beneish M-Score Comparison

For the Recreational Vehicles subindustry, Kandi Technologies Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Kandi Technologies Group Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Kandi Technologies Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Kandi Technologies Group's Beneish M-Score falls into.

Save Embed

55GF Score

Kandi Technologies Group Inc KNDI

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Kandi Technologies Group Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Kandi Technologies Group for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.4718

0.528 * 0.7218

0.404 * 0.8346

0.892 * 0.6854

0.115 * 1.7894

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3138

4.679 * -0.329721

0.327 * 1.2075

-5.03

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $55.47 Mil.
Revenue was $87.44 Mil.
Gross Profit was $37.29 Mil.
Total Current Assets was $301.08 Mil.
Total Assets was $399.66 Mil.
Property, Plant and Equipment(Net PPE) was $63.94 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.70 Mil.
Selling, General, & Admin. Expense(SGA) was $71.07 Mil.
Total Current Liabilities was $128.42 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was $-93.88 Mil.
Gross Profit was $-58.91 Mil.
Cash Flow from Operations was $96.81 Mil.

Total Receivables was $171.53 Mil.
Revenue was $127.57 Mil.
Gross Profit was $39.27 Mil.
Total Current Assets was $354.65 Mil.
Total Assets was $473.90 Mil.
Property, Plant and Equipment(Net PPE) was $70.02 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.02 Mil.
Selling, General, & Admin. Expense(SGA) was $78.92 Mil.
Total Current Liabilities was $120.40 Mil.
Long-Term Debt & Capital Lease Obligation was $5.71 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(55.468 / 87.44)	/	(171.53 / 127.57)
	=	0.634355	/	1.344595
	=	0.4718

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(39.27 / 127.57)	/	(37.292 / 87.44)
	=	0.307831	/	0.426487
	=	0.7218

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (301.078 + 63.935) / 399.662)	/	(1 - (354.648 + 70.023) / 473.897)
	=	0.086696	/	0.103875
	=	0.8346

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	87.44	/	127.57
	=	0.6854

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(12.021 / (12.021 + 70.023))	/	(5.702 / (5.702 + 63.935))
	=	0.146519	/	0.081882
	=	1.7894

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(71.067 / 87.44)	/	(78.921 / 127.57)
	=	0.812752	/	0.618649
	=	1.3138

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0 + 128.416) / 399.662)	/	((5.707 + 120.395) / 473.897)
	=	0.321312	/	0.266096
	=	1.2075

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-93.884 - -58.914	-	96.807)	/	399.662
	=	-0.329721

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Kandi Technologies Group has a M-score of -5.03 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -5.03 mean?

Kandi Technologies Group (KNDI) has a Beneish M-Score of -5.03 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kandi Technologies Group and its competitors. According to the industry distribution chart, Kandi Technologies Group ranks #19 out of 1273 companies in the Vehicles & Parts industry, placing it in the top 1.5%.

Is Kandi Technologies Group's Beneish M-Score too high?

Kandi Technologies Group's current Beneish M-Score is -5.03. Based on the distribution chart, Kandi Technologies Group ranks #19 out of 1273 companies in the Vehicles & Parts industry, which is in the top quartile — a strong position relative to peers. Overall, Kandi Technologies Group has a GF Score™ of 55/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Kandi Technologies Group's Beneish M-Score compare to MAMO and LFEV?

According to the Vehicles & Parts industry distribution chart, Kandi Technologies Group ranks #19 out of 1273 companies for Beneish M-Score. This places Kandi Technologies Group in the top 2% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Vehicles & Parts company?

A good Beneish M-Score depends on the Vehicles & Parts industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kandi Technologies Group and its competitors. Kandi Technologies Group's current Beneish M-Score is -5.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Kandi Technologies Group stock overvalued right now?

Based on GuruFocus' analysis, Kandi Technologies Group (KNDI) is currently considered Possible Value Trap. The stock's GF Value™ is $1.18, compared to a current price of $0.62 — trading 47.8% below its estimated fair value. The current Beneish M-Score is -5.03. Kandi Technologies Group's overall GF Score™ is 55/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Kandi Technologies Group (KNDI), the current Beneish M-Score is -5.03 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Kandi Technologies Group (KNDI) Overvalued in 2026?

Based on GuruFocus' analysis, Kandi Technologies Group stock appears to be undervalued. The current stock price of $0.62 is trading 47.8% below its estimated GF Value™ of $1.18. GuruFocus considers Kandi Technologies Group to be Possible Value Trap.

Key valuation signals for KNDI:

Beneish M-Score: -5.03
GF Value™: $1.18 vs. price of $0.62 (47.8% below fair value)
GF Score™: 55/100 with 7 warning signs

No single metric tells the full story. See the KNDI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Kandi Technologies Group Business Description

Industry Consumer Cyclical Vehicles & Parts

Comparable Companies MAMO LFEV VEEE EZGO VMAR MCOM BC SHSE:603129 TSX:DOO THO PII XPAR:TRI PATK LCII HOG ISX:VKTR MIL:SL MIL:YACHT WGO NZSE:THL

Address Jinhua New Energy Vehicle Town, Zhejiang Province, Jinhua, CHN, 321016

Website http://www.kandigroup.com

Kandi Technologies Group Inc is engaged in developing, manufacturing, and commercializing fully electric vehicle products and related technologies. Its products mainly consist of EV parts, EV products, and off-road vehicles, including All-Terrain Vehicles (ATVs), UTVs, go-karts, electric scooters, electric self-balancing scooters, and associated parts, and Lithium-ion cells, etc. The company generates maximum revenue from the sale of Off-road vehicles and associated parts. Geographically, it derives maximum revenue from the United States and other countries, followed by China.

55GF Score

Get the complete analysis for KNDI

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$0.62

Price

$1.18

GF Value

View KNDI Analysis

See Beneish M-Score data for all stocks →