Kandi Technologies Group, Inc. key statistics and ratios

In fiscal 2025, Kandi Technologies Group, Inc. had return on equity of -30.5%, an operating margin of -65.4%, debt equal to 13.6% of equity and a current ratio of 2.34. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Kandi Technologies Group, Inc.: financial ratios, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	16.6%	33.5%	30.8%	42.6%
Operating margin	−23.5%	−10.6%	−53.9%	−65.4%
Net margin	−10.3%	0.0%	−39.6%	−107.4%
Free-cash-flow margin	23.6%	−92.5%	−14.7%	110.2%
Return on equity	−3.0%	0.0%	−13.5%	−30.5%
Return on assets	—	0.0%	−10.4%	−21.5%
Asset turnover	—	0.25	0.26	0.20
Current ratio	—	4.48	2.95	2.34
Debt to equity	0.0%	8.0%	13.8%	13.6%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m
Effective tax rate	—	51.9%	—	—
R&D as % of revenue	5.1%	3.5%	3.9%	8.7%
Capital spending as % of revenue	3.1%	10.7%	0.7%	0.5%
Free cash flow ÷ net income	—	<−999%	—	—
Dividends and buybacks ÷ free cash flow	27.0%	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · December 31, 2025

What it owns · $400m

Short-term assets $301mLonger-term assets $99m

What it owes, and who funded it · $400m

Short-term liabilities $128mLonger-term liabilities $1mShareholders' equity $270m

Short-term assets cover short-term liabilities $301m of assets due within a year against $128m of liabilities due within a year.
Short-term assets cover long-term liabilities $301m short-term assets against $1m of longer-dated liabilities.
More cash than debt $36m of cash against $37m of debt.
Debt below 40% of shareholders' equity Debt is 14% of equity.
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 $97m of operating cash flow against $37m of debt.
Operating profit covers interest at least five times over Operating income of −$57m against $2m of interest.

From Kandi Technologies Group, Inc.'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.

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.

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Figures from Kandi Technologies Group, Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Kandi Technologies Group, Inc.