Kandi Technologies Group, Inc.

KNDI

Consumer CyclicalAuto - PartsNASDAQ

$0.70

Market Cap: $59.40M

Kandi Technologies Group, Inc. (KNDI) Valuation Summary

Updated May 11, 2026 03:29

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.41 – $3.07	$0.82	+17.5%
Revenue DCF 10Y	$0.39 – $1.62	$0.67	-3.7%
▸ Trading Multiples
EV/Revenue	$2.01 – $2.09	$2.01	+186.8%

Valuation History

DCF Analysis

Kandi Technologies Group, Inc. (KNDI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.67

Market Price

$0.70

Upside / Downside

-3.7%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -47.3% to a target of 7.7% over 5 years, discounted at a WACC of 6.8%, Kandi Technologies Group, Inc. (KNDI) has an intrinsic value of $0.67 per share (range: $0.39 – $1.62).

Key Assumptions

Current Operating Margin

-47.3%

Target Operating Margin

7.7%

WACC

6.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

7.2%

Target CapEx/Rev

14.1%

D&A/Revenue

9.4%

Tax Rate

36.8%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	86	-1.1%	-36.3%	-31	-31	8	(7)	20	-50	-48
2027	85	-1.1%	-25.3%	-22	-22	8	(7)	-1	-20	-18
2028	85	-1.1%	-14.3%	-12	-12	8	(8)	-1	-11	-9
2029	84	-1.1%	-3.3%	-3	-3	8	(8)	-1	-2	-2
2030	83	-1.1%	7.7%	6	4	8	(9)	-1	4	3
2031	82	-0.4%	7.7%	6	4	8	(9)	-0	3	2
2032	82	0.3%	7.7%	6	4	8	(10)	0	2	1
2033	83	0.9%	7.7%	6	4	8	(11)	1	1	0
2034	85	1.6%	7.7%	7	4	8	(11)	1	-1	-0
2035	87	2.3%	7.7%	7	4	8	(12)	2	-2	-1

Enterprise Value Bridge

Sum of PV(FCFF)-73

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value-73

(–) Net Debt-129

Equity Value56

(÷) Shares Outstanding84

Fair Value per Share$0.67

Note:Terminal value is $0 because Year 5 FCFF is negative. The company's operating margin convergence does not fully offset reinvestment needs within 5 years. See the sensitivity matrix for scenarios where the model produces a positive terminal value (higher target margin or lower WACC).

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
4.8%	$0	$1	$1	$1	$2
5.8%	$0	$1	$1	$1	$1
6.8%	$0	$1	$1	$1	$1
7.8%	$0	$1	$1	$1	$1
8.8%	$0	$1	$1	$1	$1

Current price: $0.70. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 97.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Kandi Technologies Group, Inc. (KNDI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.82

Market Price

$0.70

Upside / Downside

+17.5%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-47.3%

Target Operating Margin

7.7%

WACC

6.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

7.2%

Target CapEx/Rev

14.1%

D&A/Revenue

9.4%

Tax Rate

36.8%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	86	-1.1%	-36.3%	-31	-31	8	(7)	20	-51	-49
2027	85	-1.1%	-25.3%	-22	-22	8	(9)	-1	-21	-19
2028	85	-1.1%	-14.3%	-12	-12	8	(10)	-1	-13	-11
2029	84	-1.1%	-3.3%	-3	-3	8	(11)	-1	-5	-4
2030	83	-1.1%	7.7%	6	4	8	(12)	-1	1	1

Enterprise Value Bridge

Sum of PV(FCFF)-82

Terminal Value (Gordon Growth at 3.0%)29

PV of Terminal Value22

Enterprise Value-60

(–) Net Debt-129

Equity Value69

(÷) Shares Outstanding84

Fair Value per Share$0.82

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
4.8%	$0	$0	$1	$2	$3
5.8%	$0	$0	$1	$2	$2
6.8%	$0	$1	$1	$1	$2
7.8%	$0	$1	$1	$1	$1
8.8%	$0	$1	$1	$1	$1

Current price: $0.70. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 97.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$2.01

Market Price

$0.70

Upside / Downside

+186.8%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Kandi Technologies Group, Inc. (KNDI) has a fair value of $2.01 based on 5 comparable companies in the Auto - Parts industry.

EV/Revenue Valuation — Auto - Parts

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Kandi Technologies Group, Inc.KNDI	59	-0.8x	-0.7x
Fossil Group, Inc.FOSL	259	0.4x	0.3x
Duluth Holdings Inc.DLTH	124	0.5x	0.4x
Full House Resorts, Inc.FLL	107	2.0x	2.1x
GrowGeneration Corp.GRWG	85	0.5x	0.4x
Sportsman's Warehouse Holdings, Inc.SPWH	55	0.4x	0.4x
Industry Median		0.5x	0.4x
(*) Revenue		87	95
= Enterprise Value		40	38
(-) Net Debt		-129	-129
Equity Value		169	167
(/) Outstanding shares		84	84
Fair Price		$2	$2

Selected Fair Value (avg of trailing + forward)

$2.01

+186.8%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.41 – $3.07

$0.82

+17.5%

Revenue DCF 10Y

$0.39 – $1.62

$0.67

-3.7%

▸ Trading Multiples

EV/Revenue

$2.01 – $2.09

$2.01

+186.8%

DCF Analysis

Kandi Technologies Group, Inc. (KNDI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.67

Market Price

$0.70

Upside / Downside

-3.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-47.3%

Target Operating Margin

7.7%

WACC

6.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

7.2%

Target CapEx/Rev

14.1%

D&A/Revenue

9.4%

Tax Rate

36.8%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	86	-1.1%	-36.3%	-31	-31	8	(7)	20	-50	-48
2027	85	-1.1%	-25.3%	-22	-22	8	(7)	-1	-20	-18
2028	85	-1.1%	-14.3%	-12	-12	8	(8)	-1	-11	-9
2029	84	-1.1%	-3.3%	-3	-3	8	(8)	-1	-2	-2
2030	83	-1.1%	7.7%	6	4	8	(9)	-1	4	3
2031	82	-0.4%	7.7%	6	4	8	(9)	-0	3	2
2032	82	0.3%	7.7%	6	4	8	(10)	0	2	1
2033	83	0.9%	7.7%	6	4	8	(11)	1	1	0
2034	85	1.6%	7.7%	7	4	8	(11)	1	-1	-0
2035	87	2.3%	7.7%	7	4	8	(12)	2	-2	-1

Enterprise Value Bridge

Sum of PV(FCFF)-73

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value-73

(–) Net Debt-129

Equity Value56

(÷) Shares Outstanding84

Fair Value per Share$0.67

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
4.8%	$0	$1	$1	$1	$2
5.8%	$0	$1	$1	$1	$1
6.8%	$0	$1	$1	$1	$1
7.8%	$0	$1	$1	$1	$1
8.8%	$0	$1	$1	$1	$1

Current price: $0.70. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 97.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$2.01

Market Price

$0.70

Upside / Downside

+186.8%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Kandi Technologies Group, Inc. (KNDI) has a fair value of $2.01 based on 5 comparable companies in the Auto - Parts industry.

EV/Revenue Valuation — Auto - Parts

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Kandi Technologies Group, Inc.KNDI	59	-0.8x	-0.7x
Fossil Group, Inc.FOSL	259	0.4x	0.3x
Duluth Holdings Inc.DLTH	124	0.5x	0.4x
Full House Resorts, Inc.FLL	107	2.0x	2.1x
GrowGeneration Corp.GRWG	85	0.5x	0.4x
Sportsman's Warehouse Holdings, Inc.SPWH	55	0.4x	0.4x
Industry Median		0.5x	0.4x
(*) Revenue		87	95
= Enterprise Value		40	38
(-) Net Debt		-129	-129
Equity Value		169	167
(/) Outstanding shares		84	84
Fair Price		$2	$2

Selected Fair Value (avg of trailing + forward)

$2.01

+186.8%