The company maintains a conservative financial position with a low debt-to-equity ratio of 0.11 as of 2025Q2, though $31.6 million in goodwill may be at risk given the ongoing net loss profile.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Mar'13 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Mar'06 | Mar'05 | Mar'04 |
|---|
| Total Current Assets | 324.2M | 301.08M | 354.65M | 343.55M | 329.32M | 342.61M | 307.12M | 195.57M | 167.35M | 238.31M | 264.03M | 190.87M | 138.33M | 80.01M | 109M | 69.97M | 74.34M | 30M | 37.22M | 42.58M | 486 | 4.72K | 0 |
| Cash & Short-Term Investments | 185.73M | 211.94M | 42.79M | 67.7M | 165.25M | 184.27M | 142.08M | 5.49M | 15.66M | 4.89M | 16.7M | 18.35M | 26.38M | 12.76M | 12.14M | 2.29M | 8.05M | 218.21K | 141.38K | 1.32M | 486 | 3.9K | 0 |
| Cash Only | 32.25M | 176.41M | 37.31M | 33.76M | 84.06M | 129.22M | 142.08M | 5.49M | 15.66M | 4.89M | 12.24M | 16.74M | 26.38M | 12.76M | 12.14M | 2.29M | 7.75M | 218.21K | 141.38K | 1.32M | 486 | 3.9K | 0 |
| Short-Term Investments | 153.49M | 35.53M | 5.48M | 33.95M | 81.19M | 55.04M | 0 | 0 | 0 | 0 | 4.46M | 1.61M | 0 | 0 | 0 | 0 | 300.68K | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 10.81M | 55.47M | 171.53M | 149.9M | 50.5M | 62.12M | 94.46M | 61.18M | 35.54M | 184.77M | 179.89M | 137.95M | 76.25M | 48.08M | 43.66M | 53.33M | 42.72M | 17.5M | 21.24M | 13.25M | 0 | 0 | 0 |
| Days Sales Outstanding | 209.67 | 231.54 | 490.78 | 442.67 | 156.45 | 247.84 | 448.21 | 164.51 | 115.37 | 656.01 | 507.05 | 250.42 | 163.49 | 185.64 | 247.03 | 484.5 | 363.61 | 188.79 | 191.36 | 139.37 | - | - | - |
| Inventory | 45.22M | 31.05M | 51.27M | 61.55M | 40.48M | 33.17M | 19.7M | 27.74M | 22M | 15.98M | 11.91M | 17.77M | 15.4M | 9.19M | 7.63M | 6.67M | 5.89M | 5.38M | 3.21M | 3.29M | 0 | 0 | 0 |
| Days Inventory Outstanding | 308.25 | 226.02 | 211.93 | 273.21 | 150.3 | 160.93 | 113.34 | 91.78 | 87.09 | 65.93 | 38.91 | 37.58 | 38.29 | 46.07 | 53.96 | 78.68 | 64.6 | 76.71 | 37.86 | 44.14 | - | - | - |
| Other Current Assets | 82.44M | 0 | 83.53M | 59.87M | 66.98M | 63.05M | 442.44K | 101.16M | 23.8M | 35.48M | 55.6M | 24.34M | 20.3M | 9.98M | 15.88M | 0 | 0 | 0 | 19.8K | 16.37M | 0 | 0 | 0 |
| Total Non-Current Assets | 119.14M | 98.58M | 119.25M | 151.91M | 153.66M | 177.55M | 188.13M | 175.65M | 261.48M | 200.02M | 175.67M | 180.6M | 184.75M | 124.29M | 51.29M | 42.3M | 35.27M | 34.07M | 32.38M | 13.05M | 0 | 0 | 0 |
| Property, Plant & Equipment | 62.38M | 58.67M | 70.02M | 104.69M | 97.37M | 111.66M | 105.61M | 74.41M | 82.05M | 65.08M | 42.25M | 74.89M | 84.73M | 29.35M | 35.73M | 30.99M | 23.91M | 23.15M | 22.75M | 12.26M | 0 | 0 | 0 |
| Fixed Asset Turnover | 1.45x | 1.49x | 1.82x | 1.18x | 1.21x | 0.82x | 0.73x | 1.82x | 1.37x | 1.58x | 3.07x | 2.68x | 2.01x | 3.22x | 1.81x | 1.30x | 1.79x | 1.46x | 1.78x | 2.83x | - | - | - |
| Goodwill | 31.65M | 22.49M | 31.18M | 33.15M | 33.18M | 36.03M | 29.71M | 28.27M | 28.55M | 322.59K | 322.59K | 322.59K | 322.59K | 322.59K | 322.59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 5.88M | 318.26K | 10.02M | 12.89M | 10.9M | 16.5M | 10.81M | 19.06M | 16.08M | 13M | 12.19M | 13.43M | 16.23M | 15.11M | 15.08M | 10.99M | 10.83M | 17.5M | 21.24M | 385.54K | 0 | 0 | 0 |
| Long-Term Investments | 5.33M | 1.86M | 1.41M | -39.54T | 144.98K | 157.26K | 28.94M | 47.23M | 128.93M | 72.14M | 78.82M | 91.8M | 83.31M | 79.43M | 161.51K | 229.21K | 272.24K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 17.28M | 12.49M | 112.65K | 39.54T | 10.63M | 10.99M | 4.1M | 5.95M | 5.87M | 45.09M | 42.09M | 154.02K | 162.51K | 0 | 0 | 90K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 443.35M | 399.66M | 473.9M | 495.46M | 482.98M | 520.16M | 495.25M | 371.22M | 428.83M | 438.33M | 439.7M | 371.47M | 323.07M | 204.31M | 160.28M | 112.27M | 109.61M | 64.07M | 69.6M | 55.63M | 486 | 4.72K | 0 |
| Asset Turnover | 0.22x | 0.22x | 0.27x | 0.25x | 0.24x | 0.18x | 0.16x | 0.37x | 0.26x | 0.23x | 0.29x | 0.54x | 0.53x | 0.46x | 0.40x | 0.36x | 0.39x | 0.53x | 0.58x | 0.62x | - | - | - |
| Asset Growth % | -2.16% | -15.66% | -4.35% | 2.58% | -7.15% | 5.03% | 33.41% | -13.43% | -2.17% | -0.31% | 18.37% | 14.98% | 58.13% | 27.46% | 42.76% | 2.43% | 71.08% | -7.94% | 25.11% | 11446475.1% | -89.71% | - | - |
| Total Current Liabilities | 86.39M | 128.42M | 120.39M | 76.67M | 81.51M | 64.16M | 83.8M | 131.87M | 164.82M | 184.6M | 177.68M | 130.95M | 99.12M | 86.64M | 73.1M | 52.51M | 55.82M | 42.1M | 51.17M | 42.29M | 6.2K | 4.3K | 500 |
| Accounts Payable | 37.92M | 22.11M | 25.48M | 28.74M | 35.32M | 36.68M | 34.26M | 72.09M | 112.31M | 111.6M | 115.87M | 73.96M | 45.77M | 22.84M | 8.67M | 5.06M | 6.45M | 4.74M | 9.37M | 6.43M | 0 | 0 | 0 |
| Days Payables Outstanding | 179.35 | 160.9 | 105.31 | 127.59 | 131.16 | 177.93 | 197.13 | 238.55 | 444.65 | 460.45 | 378.39 | 156.35 | 113.79 | 114.54 | 61.29 | 59.66 | 70.82 | 67.53 | 110.62 | 86.11 | - | - | - |
| Short-Term Debt | 37.38M | 47.23M | 79.15M | 33.14M | 24.69M | 9.15M | 92.44K | 50.53M | 43.33M | 61.12M | 49.06M | 40.51M | 41.29M | 50.7M | 57.95M | 42.22M | 47.47M | 34.26M | 39.2M | 34.7M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 11.3M | 38.23M | 7.87M | 1.44M | 2.4M | 6.41M | 107.75K | 2.63M | 44.4K | 292.39K | 1.03M | 82.13K | 39.37K | 676.55K | 17.68K | 0 | 0 | 0 |
| Other Current Liabilities | 11.09M | 57.98M | 5.79M | 12.65M | 20.22M | 5.42M | 2.19M | -416.79K | 7.82M | 9.66M | 6.36M | 16.46M | 9.43M | 11.69M | 5.74M | 66.03K | 1.65M | 3.06M | 1.93M | 424.34K | -1.9K | -1.9K | -3.8K |
| Current Ratio | 3.75x | 2.34x | 2.95x | 4.48x | 4.04x | 5.34x | 3.66x | 1.48x | 1.02x | 1.29x | 1.49x | 1.46x | 1.40x | 0.92x | 1.49x | 1.33x | 1.33x | 0.71x | 0.73x | 1.01x | 0.08x | 1.10x | - |
| Quick Ratio | 3.23x | 2.10x | 2.52x | 3.68x | 3.54x | 4.82x | 3.43x | 1.27x | 0.88x | 1.20x | 1.42x | 1.32x | 1.24x | 0.82x | 1.39x | 1.21x | 1.23x | 0.58x | 0.66x | 0.93x | 0.08x | 1.10x | - |
| Cash Conversion Cycle | 338.57 | 296.66 | 597.4 | 588.29 | 175.59 | 230.83 | 364.43 | 17.74 | -242.19 | 261.49 | 167.57 | 131.64 | 87.99 | 117.17 | 239.69 | 503.52 | 357.39 | 197.97 | 118.6 | 97.4 | - | - | - |
| Total Non-Current Liabilities | 1M | 1.19M | 6.87M | 12.27M | 3.78M | 12.8M | 7.69M | 21.49M | 38.38M | 30.74M | 29.67M | 1.59M | 12.36M | 29.14M | 12.67M | 3.92M | 9.32M | 39M | 48.57M | 299.16K | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 5.71M | 8.39M | 0 | 2.21M | 0 | 14.35M | 28.79M | 30.74M | 28.79M | 0 | 0 | 13.08M | 12.67M | 0 | 270 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 906K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.38M | 857.37K | 524.9K | 963.69K | 1.38M | 2.46M | 3.48M | 1.36M | 1.71M | 0 | 878.64K | 1.59M | 2.27M | 1.01M | 0 | 0 | 0 | 0 | 0 | 299.16K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 547K | 328.37K | 640.84K | 2.92M | 2.41M | 8.13M | 4.2M | 5.77M | 7.88M | 0 | 0 | 0 | 10.1M | 15.04M | 0 | 3.92M | 9.32M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 87.39M | 129.6M | 127.27M | 88.95M | 85.29M | 76.96M | 91.48M | 153.36M | 203.21M | 215.34M | 207.35M | 132.54M | 111.49M | 115.78M | 85.76M | 56.42M | 65.14M | 42.1M | 51.17M | 42.59M | 6.2K | 4.3K | 500 |
| Total Debt | 37.84M | 47.23M | 84.86M | 41.53M | 24.69M | 11.36M | 92.44K | 64.88M | 72.12M | 91.86M | 77.86M | 40.51M | 41.29M | 63.79M | 70.61M | 36.37M | 47.47M | 34.26M | 39.2M | 34.7M | 0 | 0 | 0 |
| Net Debt | 5.59M | -129.18M | 47.55M | 7.78M | -59.37M | -117.86M | -141.99M | 59.39M | 56.46M | 86.96M | 65.62M | 23.77M | 14.91M | 51.03M | 58.48M | 34.08M | 39.72M | 34.04M | 39.06M | 33.38M | -486 | -3.9K | 0 |
| Debt / Equity | 0.11x | 0.17x | 0.24x | 0.10x | 0.06x | 0.03x | 0.00x | 0.30x | 0.32x | 0.41x | 0.34x | 0.17x | 0.20x | 0.72x | 0.95x | 0.65x | 1.07x | 1.56x | 2.13x | 2.66x | - | - | - |
| Debt / EBITDA | -0.69x | - | - | - | - | 1.01x | 0.01x | 7.19x | 26.83x | - | - | 22.06x | 3.82x | 6.88x | 6.86x | 4.70x | 5.98x | 6.00x | 4.66x | 5.22x | - | - | - |
| Net Debt / EBITDA | -0.10x | - | - | - | - | -10.52x | -15.97x | 6.58x | 21.00x | - | - | 12.94x | 1.38x | 5.51x | 5.68x | 4.41x | 5.01x | 5.96x | 4.64x | 5.02x | -0.00x | - | - |
| Interest Coverage | -34.31x | -21.95x | -20.33x | -8.75x | -34.40x | -115.46x | -3.58x | 0.19x | -0.88x | -11.44x | -16.93x | -1.78x | 1.51x | 0.35x | 1.91x | 5.97x | 0.81x | 1.71x | 3.44x | 5.26x | - | - | - |
| Total Equity | 355.95M | 270.06M | 346.63M | 406.51M | 397.69M | 443.2M | 403.77M | 217.86M | 225.62M | 222.99M | 232.35M | 238.93M | 211.58M | 88.53M | 74.52M | 55.85M | 44.47M | 21.97M | 18.43M | 13.04M | -5.71K | 424 | -500 |
| Equity Growth % | -33.24% | -22.09% | -14.73% | 2.22% | -10.27% | 9.77% | 85.34% | -3.44% | 1.18% | -4.03% | -2.75% | 12.92% | 139.01% | 18.79% | 33.44% | 25.58% | 102.42% | 19.21% | 41.32% | 228338.38% | -1447.64% | 184.8% | - |
| Book Value per Share | 4.20 | 3.23 | 4.03 | 5.09 | 5.26 | 5.82 | 7.22 | 4.16 | 4.41 | 4.65 | 4.95 | 5.09 | 4.95 | 2.55 | 2.51 | 1.94 | 2.01 | 1.02 | 0.92 | 0.81 | -0.00 | 0.00 | -0.00 |
| Total Shareholders' Equity | 354.05M | 270.06M | 344.7M | 404.12M | 396.97M | 443.2M | 403.77M | 217.86M | 225.62M | 222.99M | 232.35M | 238.93M | 211.58M | 88.53M | 74.52M | 55.85M | 44.47M | 21.97M | 18.43M | 13.04M | -5.71K | 424 | -500 |
| Common Stock | 354.05M | 84.78K | 87.55K | 87.53K | 77.67K | 77.39K | 75.38K | 52.84K | 51.48K | 48.04K | 47.7K | 46.97K | 46.27K | 37.01K | 31.7K | 27.45K | 27.4K | 19.96K | 19.96K | 19.96K | 27.96K | 27.96K | 23K |
| Retained Earnings | 0 | -160.71M | -66.83M | -16.33M | -16.34M | -4.22M | -27.08M | -16.69M | -9.5M | -3.8M | 24.55M | 31.06M | 16.39M | 4.12M | 25.26M | 19.21M | 10.1M | 11.05M | 10.05M | 5.13M | -116.96K | -110.83K | -23.5K |
| Treasury Stock | 0 | -4.39M | -4.39M | -507.01K | -9.81M | -2.39M | 0 | -2.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8K | -8K | 0 |
| Accumulated OCI | 0 | -35.74M | -48.1M | -36.97M | -28.33M | 251.79K | -8.78M | -22.72M | -19.92M | -6.31M | -20.16M | -4.74M | 4.89M | 7.62M | 5.5M | 5.08M | 3.26M | 1.94M | 1.23M | 758.36K | 0 | 0 | 0 |
| Minority Interest | 1.9M | -744 | 1.93M | 2.39M | 722.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical and Tariff Exposure
According to recent balance sheet filings, Kandi's total assets have remained relatively stable at $443.3 million through 2025Q2, despite a significant contraction in revenue, suggesting that the company is currently maintaining its capital base rather than aggressively deploying resources to capture new market share.
The stability in total assets despite declining operational performance suggests that management is not currently liquidating the business, but rather holding onto a static asset base. Investors should monitor whether this capital remains productive or if it represents an accumulation of underutilized manufacturing capacity that may eventually require impairment.
Based on the reported 2025Q2 figures, Kandi maintains a current ratio of 3.75, which provides a substantial liquidity buffer, yet the absolute cash position has declined to $32.2 million from $75.1 million in 2023Q1, indicating a persistent erosion of liquid assets over time.
While the high current ratio suggests the company is well-positioned to meet short-term obligations, the downward trend in cash reserves warrants caution. The reliance on this liquidity buffer to fund ongoing operations may be unsustainable if the company fails to achieve a pivot toward positive cash flow generation.
As reported in financial statements, Kandi maintains a low debt-to-equity ratio of 0.11 as of 2025Q2, reflecting a conservative capital structure that avoids heavy reliance on external financing despite the company's inability to generate consistent operating profits from its core manufacturing activities.
The minimal debt load provides a degree of safety against interest rate volatility and credit market tightening. However, this low leverage also suggests that the company is not utilizing debt to fuel growth, potentially indicating a lack of confidence in the scalability of its current business model.
Based on the provided data, the presence of $31.6 million in goodwill as of 2025Q2, alongside a net loss profile, suggests that the balance sheet may be carrying intangible assets that are not currently supported by the company's ability to generate meaningful returns on invested capital.
The persistence of goodwill on the balance sheet during periods of revenue contraction may indicate a risk of future impairment charges. Investors should consider whether these intangible assets reflect actual economic value or if they are accounting artifacts that mask the true underlying performance of the company's manufacturing units.
Quick answers to the most common questions about buying KNDI stock.
As of 2025, Kandi Technologies Group, Inc. (KNDI) had total assets of $399.7M including $301.1M in current assets.
Kandi Technologies Group, Inc. (KNDI) carries total debt of $47.2M, offset by $211.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Kandi Technologies Group, Inc. (KNDI) has total shareholders' equity (book value) of $270.1M ($3.23 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Kandi Technologies Group, Inc. (KNDI) reported a current ratio of 2.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.