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Kandal M Venture Ltd (FMFC) stock

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NASDAQ: FMFC Nasdaq Footwear

E Fundamentals grade

Kandal M Venture Ltd is a US-listed company in the footwear industry. Its financial year ends in March.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: share count (18m) is 36x the market-data count (0m).

Price vs value

Under review: share count (18m) is 36x the market-data count (0m). We'll show the comparison once resolved.

Kandal M Venture Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds5 adding, 1 cuttingOf 1 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Kandal M Venture files

Where Kandal M Venture stands after its latest Filing

Revenue for the twelve months was $17m. That puts it 10 of 10 for growth among the footwear companies we cover. Free-cash-flow margin held at -11.2%. The diluted share count is up 10.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 3 financial-health checks.

Our model value for Kandal M Venture is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Kandal M Venture Ltd's trailing-twelve-month revenue fell 0.3% year on year, with a free-cash-flow margin of -11.2%. Where it lags: revenue growth of -0.3% ranks 10 of 10 footwear companies we cover.

Our discounted-cash-flow model values the business at ~$1.8 per share in the base case (~$1.4–$2.3 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -0.3% (-23.4pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 0.3% over the last 12 months.
  • Growth slowing. The growth rate is 23.4 points lower than a quarter earlier.
  • Burning cash. Free cash flow was -11.2% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 10.8% in a year.
  • Weak cash conversion. Free cash flow was -815% of net income over the last 12 months.
  • Below peers: gross margin. Gross margin of 18.9% ranks 10 of 10 footwear companies we cover (median 49.1%).

Price chart

  • 1 day+2.7%
  • 1 week-11.0%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$17.1M
Operating margin
1.9%
Net margin
1.4%
EPS (TTM, diluted)
$0.01

Growth

Revenue growth
−0.3%
Change in growth rate
−23.4 pts
Share count change
+10.8%

Cash

Free cash flow (TTM)
-$1.9M
FCF margin
-11.2%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for FMFC from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Kandal M Venture Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: share count (18m) is 36x the market-data count (0m): held for review.

Our value per share comes from a discounted-cash-flow model of Kandal M Venture Ltd's free cash flow after stock-based pay ( $1.5M, FY2026 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Kandal M Venture Ltd: too few analysts cover it.

Positioning

Short interest
8.4%
of tradable shares
Days to cover
0.13
at average volume
Short interest, 1 month
−9%
to October 15, 2026
Held by institutions
2%
of shares
Held by insiders
41.8%
of shares
Employees
1,264
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Kandal M Venture Ltd in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Kandal M Venture Ltd
$13M $14M $15M $16M $17M $18M FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Revenue (TTM), FY23 Q4: $13.5M Revenue (TTM), FY24 Q4: $14M Revenue (TTM), FY25 Q4: $17.2M Revenue (TTM), FY26 Q4: $17.1M $17.1M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $13.5M
FY24 Q4 $14M
FY25 Q4 $17.2M
FY26 Q4 $17.1M
Operating margin (TTM) Kandal M Venture Ltd
0% 5% 10% 15% FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Operating margin (TTM), FY23 Q4: 7.3% Operating margin (TTM), FY24 Q4: 10.6% Operating margin (TTM), FY25 Q4: 2.2% Operating margin (TTM), FY26 Q4: 1.9% 1.9%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 7.3%
FY24 Q4 10.6%
FY25 Q4 2.2%
FY26 Q4 1.9%
FCF margin (TTM) Kandal M Venture Ltd
-20% -10% 0% 10% 20% 30% FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 FCF margin (TTM), FY23 Q4: 16.1% FCF margin (TTM), FY24 Q4: 22.3% FCF margin (TTM), FY25 Q4: 12.3% FCF margin (TTM), FY26 Q4: -11.2% -11.2%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 16.1%
FY24 Q4 22.3%
FY25 Q4 12.3%
FY26 Q4 -11.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Kandal M Venture took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $17.1M
  2. Other income $108,185 · 0.6%
  3. Cost of revenue $13.9M · 81.1%
  4. Gross profit $3.2M · 18.9%
  5. Other operating costs $2.9M · 17.1%
  6. Operating income $322,220 · 1.9%
  7. Income tax $194,780 · 1.1%
  8. Net income $235,625 · 1.4%

Shares of revenue. Source: Kandal M Venture's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2023 Mar 2023 2024 Mar 2024 2025 Mar 2025 2026 Mar 2026
Income
Revenue 13 14 17 17
Gross profit 3 3 3 3
EBITDA — 2 0 0
Operating income 1 1 0 0
Net income 1 1 0 0
Diluted EPS $0.05 $0.07 $0.01 $0.01
Growth (year on year)
Revenue — +3.7% +23.0% −0.3%
EBITDA — — −69.4% −11.8%
Operating income — +49.8% −74.7% −14.1%
Net income — +50.4% −81.3% —
Diluted EPS — +40.0% −85.7% —
Margins
Gross margin 20.9% 24.1% 19.5% 18.9%
EBITDA margin — 11.5% 2.9% 2.5%
Operating margin 7.3% 10.6% 2.2% 1.9%
Net margin 5.5% 8.0% 1.2% 1.4%
Free-cash-flow margin 16.1% 22.3% 12.3% −11.2%
Cash flow
Cash from operations 2 3 2 −2
Capital spending 0 0 0 0
Free cash flow 2 3 2 −2
Balance sheet
Cash 0 0 0 4
Total debt 0 7 5 —
Net debt (negative = net cash) −0 7 5 −4
Diluted shares 16m 16m 16m 18m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · March 31, 2026
What it owns · $11m
Short-term assets $8mLonger-term assets $3m
What it owes, and who funded it · $11m
Short-term liabilities $3mLonger-term liabilities $0mShareholders' equity $8m
  • Short-term assets cover short-term liabilities $8m of assets due within a year against $3m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8m short-term assets against $0 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $322,220 against $134,894 of interest.

From Kandal M Venture Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+10.8%
year over year
Days sales outstanding
43 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in footwear
Last 12 months unless stated FMFC WEYS RCKY WWW BIRK SHOO Median
Revenue, last 12 months $17m $280m $505m $2.0bn $2.3bn $2.7bn $2.5bn
Revenue growth, last 12 months −0.3% −0.3% 9.2% 7.2% 18.6% 18.2% 7.2%
Revenue growth, 3-year average — −7.1% 0.6% −8.5% — 12.3% 0.6%
Revenue growth, latest quarter — 6.9% 12.0% 6.8% — 19.1% 6.8%
Gross margin 18.9% 49.1% 42.2% 47.1% 59.1% 46.1% 48.1%
Operating margin 1.9% 15.3% 8.8% 8.7% 26.2% 7.5% 10.7%
Operating margin, 3-year average — 13.3% 8.4% 3.0% — 7.9% 8.4%
Net margin 1.4% 12.4% 5.7% 5.5% 16.6% 5.4% 6.2%
Cash from operations / revenue −11.0% 17.2% 4.7% 9.4% 18.3% 9.6% 10.8%
Free-cash-flow margin −11.2% 16.2% 3.3% 9.0% 14.7% 8.2% 9.2%
Free-cash-flow margin, 3-year average — 17.1% 8.1% 6.3% — 7.8% 8.1%
Stock pay / revenue — 0.6% 0.3% 1.2% −0.2% 1.1% 0.8%
Change in share count 10.8% −1.0% 1.1% 2.0% −0.6% 0.7% −0.6%

Median of all 10 companies we cover in footwear. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

10 footwear companies
Measure Company Peer median Rank
Revenue growth Growth -0.3% 7.3% 10 of 10
Change in growth rate Growth -23.4pp +2.4pp 10 of 10
Gross margin Profitability 18.9% 49.1% 10 of 10
Operating margin Profitability 1.9% 12.5% 10 of 10
Net margin Profitability 1.4% 6.8% 10 of 10
Free-cash-flow margin Cash generation -11.2% 9.5% 10 of 10
Change in share count Balance sheet 10.8% -0.6% 9 of 9
Days sales outstanding Balance sheet 43 days 43 days 5 of 8

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$91,039
Institutions reporting
7
Shares held vs prior quarter
▲ 88.9%
Positions opened / closed
2 / 1

Top buyers and sellers, Q2 2026: 5 institutions bought and 1 sold ; the biggest buyer was HRT Financial LP (+50K shares) and the biggest seller Jane Street Group, LLC (−23K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
HRT Financial LP $33,000 119K 36.2% ▲ 72.5%
Xtx Topco Ltd $20,912 73K 23.0% ▲ 41.7%
Citadel Advisors LLC $11,277 40K 12.4% New
UBS Group AG $11,177 39K 12.3% ▲ 614.6%
Stonex Group Inc. $8,782 28K 9.6% New
Two Sigma Investments, LP $3,873 14K 4.3% 0.0%
Montag A & Associates Inc $2,018 7K 2.2% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Kandal M Venture Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Kandal M Venture Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Kandal M Venture Ltd in brief

What does Kandal M Venture Ltd do?
Kandal M Venture Ltd is a US-listed company in the footwear industry. Its financial year ends in March.
What is Kandal M Venture Ltd's stock ticker?
Kandal M Venture Ltd trades under the ticker FMFC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Kandal M Venture Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Kandal M Venture Ltd reported revenue of $17.1M, 0.3% lower than a year earlier, according to its SEC filings.
What is Kandal M Venture Ltd's free cash flow?
Kandal M Venture Ltd's free-cash-flow margin is -11.2% of revenue over the trailing twelve months, ranking 10 of the 10 footwear companies we cover.
Who are Kandal M Venture Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are HRT Financial LP, Xtx Topco Ltd and Citadel Advisors LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Kandal M Venture Ltd's competitors?
In our Footwear peer group, the companies closest to Kandal M Venture Ltd are Weyco Group Inc, Rocky Brands, Inc., Wolverine World Wide Inc, Birkenstock Holding plc and Steven Madden, LTD. The side-by-side comparison below sets their revenue, margins and growth against Kandal M Venture Ltd's.