Estados financieros detallados de Kandi Technologies Group, Inc. (KNDI): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Kandi Technologies Group, Inc. registró ingresos de $87.4M en el último ejercicio fiscal, con un CAGR de 5 años del 2.6%.
Márgenes de los últimos 12 meses: margen bruto 42.6%, margen operativo -65.4%, margen neto -107.4%.
Al precio actual de $0.58, KNDI presenta beneficios negativos (P/E no significativo) y un ROE del -30.09%. La capitalización bursátil es de $49M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $129.5M | $102.8M | $112.4M | $135.7M | $76.9M | $91.5M | $117.8M | $123.6M | $127.6M | $87.4M |
| Coste de Ventas | $111.8M | $88.5M | $92.2M | $110.3M | $63.4M | $75.2M | $98.3M | $82.2M | $88.3M | $50.1M |
| Beneficio Bruto | $17.7M | $14.3M | $20.2M | $25.4M | $13.5M | $16.2M | $19.5M | $41.4M | $39.3M | $37.3M |
| I+D | $26.5M | $27.6M | $10.1M | $6.2M | $7.2M | $39.0M | $6.0M | $4.3M | $5.0M | $7.6M |
| Generales y Administrativos | $22.2M | $12.8M | $11.8M | $18.3M | $19.7M | $24.3M | $37.8M | $48.7M | $78.9M | $71.1M |
| Gastos Operativos | $48.7M | $40.4M | $21.9M | $24.5M | $12.7M | $14.9M | $47.2M | $54.4M | $108.1M | $78.7M |
| Beneficio Operativo | -$31.0M | -$26.1M | -$1.6M | $909536 | $754396 | $1.3M | -$27.7M | -$13.1M | -$68.8M | -$41.4M |
| EBITDA | -$26.2M | -$21.3M | $2.7M | $9.0M | -$5.3M | -$37.2M | -$12.1M | $102648 | -$32.8M | -$35.7M |
| Gastos por Intereses | $1.8M | $2.3M | $1.9M | $4.8M | $3.8M | $407620 | $707488 | $1.3M | $2.2M | $1.9M |
| Beneficio Antes de Impuestos | -$5.8M | -$31.6M | $2.1M | -$7.9M | -$15.4M | $29.2M | -$13.3M | $3.5M | -$56.1M | -$91.6M |
| Impuestos | $681546 | $3.3M | $7.8M | $692259 | -$5.0M | $6.3M | -$487510 | $1.8M | -$5.1M | $3.9M |
| Beneficio Neto | -$6.5M | -$28.3M | -$5.7M | -$7.2M | -$10.4M | $22.9M | -$12.1M | $7132 | -$50.5M | -$93.9M |
| BPA | $-0.14 | $-0.59 | $-0.11 | $-0.14 | $-0.19 | $0.30 | $-0.16 | $0.00 | $-0.59 | $-1.12 |
| BPA Diluido | $-0.14 | $-0.59 | $-0.11 | $-0.14 | $-0.19 | $0.30 | $-0.16 | $0.00 | $-0.59 | $-1.12 |
| Acciones en Circulación (Diluidas) | $46.9M | $47.9M | $51.2M | $52.3M | $56.0M | $76.1M | $75.6M | $79.9M | $86.1M | $83.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Ingresos | $18.1M | $18.1M | $25.6M | $25.6M |
| Beneficio Bruto | $8.2M | $8.2M | $10.5M | $10.5M |
| Beneficio Operativo | -$966000 | -$966000 | -$27.6M | -$27.6M |
| EBITDA | $2.0M | $2.0M | -$16.8M | -$18.4M |
| Beneficio Neto | $862000 | $862000 | -$47.8M | -$47.8M |
| BPA | $0.01 | $0.01 | $-0.58 | $-0.58 |
| BPA Diluido | $0.01 | $0.01 | $-0.58 | $-0.58 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $12.2M | $4.9M | $15.7M | $5.5M | $142.1M | $129.2M | $84.1M | $33.8M | $37.3M | $176.4M |
| Inversiones a Corto | $4.5M | 0 | 0 | 0 | 0 | $55.0M | $81.2M | $33.9M | $5.5M | $35.5M |
| Cuentas por Cobrar | $179.9M | $184.8M | $35.5M | $61.2M | $94.5M | $62.1M | $50.5M | $149.9M | $171.5M | $55.5M |
| Inventario | $11.9M | $16.0M | $22.0M | $27.7M | $19.7M | $33.2M | $40.5M | $61.6M | $51.3M | $26.4M |
| Activos Corrientes | $264.0M | $238.3M | $167.3M | $195.6M | $307.1M | $342.6M | $329.3M | $343.5M | $354.6M | $301.1M |
| Inmovilizado Material | $42.2M | $65.1M | $82.0M | $74.4M | $105.6M | $111.7M | $97.4M | $104.7M | $70.0M | $58.7M |
| Fondo de Comercio | $322591 | $322591 | $28.6M | $28.3M | $29.7M | $36.0M | $33.2M | $33.1M | $31.2M | $22.5M |
| Activos Intangibles | $12.2M | $13.0M | $16.1M | $19.1M | $10.8M | $16.5M | $10.9M | $12.9M | $10.0M | $318262 |
| Activos Totales | $439.7M | $438.3M | $428.8M | $371.2M | $495.2M | $520.2M | $483.0M | $495.5M | $473.9M | $399.7M |
| Cuentas por Pagar | $115.9M | $111.6M | $112.3M | $72.1M | $34.3M | $36.7M | $35.3M | $28.7M | $25.5M | $22.1M |
| Deuda a Corto | $49.1M | $61.1M | $43.3M | $50.5M | $92445 | $9.1M | $24.7M | $33.1M | $79.1M | $47.2M |
| Pasivos Corrientes | $177.7M | $184.6M | $164.8M | $131.9M | $83.8M | $64.2M | $81.5M | $76.7M | $120.4M | $128.4M |
| Deuda a Largo | $28.8M | $30.7M | $28.8M | $14.4M | 0 | $2.2M | 0 | $8.4M | $5.7M | 0 |
| Pasivos Totales | $207.4M | $215.3M | $203.2M | $153.4M | $91.5M | $77.0M | $85.3M | $88.9M | $127.3M | $129.6M |
| Reservas | $24.5M | -$3.8M | -$9.5M | -$16.7M | -$27.1M | -$4.2M | -$16.3M | -$16.3M | -$66.8M | -$160.7M |
| Patrimonio Neto | $232.3M | $223.0M | $225.6M | $217.9M | $403.8M | $443.2M | $397.0M | $404.1M | $344.7M | $270.1M |
| Deuda Total | $77.9M | $91.9M | $72.1M | $64.9M | $92445 | $11.4M | $24.7M | $41.5M | $84.9M | $47.2M |
| Deuda Neta | $61.2M | $87.0M | $56.5M | $59.4M | -$142.0M | -$172.9M | -$140.6M | -$26.2M | $42.1M | -$164.7M |
| Capital Circulante | $86.3M | $53.7M | $2.5M | $63.7M | $223.3M | $278.4M | $247.8M | $266.9M | $234.3M | $172.7M |
Balance (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Caja y Equivalentes | $32.2M | $32.2M | $35.5M | $35.5M |
| Activos Totales | $443.3M | $443.3M | $399.7M | $399.7M |
| Pasivos Totales | $87.4M | $87.4M | $129.6M | $129.6M |
| Patrimonio Neto | $354.1M | $354.1M | $270.1M | $270.1M |
| Deuda Total | $37.8M | $37.8M | $31.5M | $47.2M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$6.5M | -$28.3M | -$5.7M | -$7.2M | -$10.4M | $22.9M | -$12.9M | $1.7M | -$51.0M | -$93.9M |
| Amortizaciones | $4.9M | $4.8M | $4.3M | $8.2M | $8.2M | $10.0M | $12.4M | $11.9M | $12.0M | $5.7M |
| Compensación en Acciones | $14.9M | $5.2M | $285609 | $1.4M | $902666 | $1.5M | $1.9M | $11.1M | $7.1M | $7.1M |
| Cambio en Capital Circulante | -$69.9M | $8.3M | -$4.6M | -$38.9M | -$47.8M | $27.4M | $31.8M | -$126.4M | -$26.0M | $239.2M |
| Flujo de Caja Operativo | -$49.5M | -$3.2M | $13.6M | -$29.9M | -$50.9M | $241689 | $31.5M | -$101.2M | -$17.8M | $176.6M |
| Inversiones (CapEx) | -$6.3M | -$1.9M | -$1.1M | -$598198 | -$18.2M | -$19.1M | -$3.8M | -$13.2M | -$935000 | -$470722 |
| Adquisiciones | 0 | 0 | -$3.1M | $31.9M | $42.9M | $40.6M | $757981 | $282135 | -$157000 | -$709644 |
| Recompra de Acciones | 0 | 0 | 0 | -$2.5M | 0 | -$2.4M | -$7.5M | -$510745 | -$3.9M | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$55.8M | -$5.1M | $12.5M | -$30.5M | -$69.1M | -$18.9M | $27.7M | -$114.4M | -$18.8M | $176.1M |
Flujo de Caja (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Flujo de Caja Operativo | 0 | 0 | 0 | 0 |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | $3.6M | $3.6M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -20.6% | +9.4% | +20.7% | -43.3% | +18.9% | +28.8% | +4.9% | +3.2% | -31.5% |
| Crecimiento Beneficio Neto (anual) | | -335.4% | +79.9% | -26.2% | -44.6% | +320.0% | -153.0% | +100.1% | -708115.5% | -85.9% |
| Crecimiento BPA (anual) | | -321.4% | +81.4% | -27.3% | -35.7% | +257.9% | -153.3% | +100.1% | -590100.0% | -89.8% |
| Cambio en Acciones (anual) | | +2.2% | +6.8% | +2.2% | +6.9% | +36.1% | -0.8% | +5.7% | +7.7% | -2.9% |
| Crecimiento FCF (anual) | | +90.9% | +345.0% | -344.2% | -126.6% | +72.6% | +246.3% | -513.6% | +83.6% | +1039.2% |
| Margen Bruto | 13.7% | 14.0% | 18.0% | 18.7% | 17.5% | 17.8% | 16.6% | 33.5% | 30.8% | 42.6% |
| Margen Operativo | -24.0% | -25.4% | -1.5% | 0.7% | 1.0% | 1.5% | -23.5% | -10.6% | -53.9% | -47.3% |
| Margen EBITDA | -20.2% | -20.7% | 2.4% | 6.6% | -6.9% | -40.7% | -10.3% | 0.1% | -25.7% | -40.8% |
| Margen Neto | -5.0% | -27.6% | -5.1% | -5.3% | -13.5% | 25.0% | -10.3% | 0.0% | -39.6% | -107.4% |
| Margen FCF | -43.1% | -5.0% | 11.1% | -22.5% | -89.8% | -20.7% | 23.5% | -92.6% | -14.7% | 201.4% |
| Tasa Impositiva Efectiva | -11.7% | -10.3% | 374.3% | -8.8% | 32.7% | 21.7% | 3.7% | 51.9% | 9.1% | -4.3% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.19 | $-0.11 | $0.24 | $-0.58 | $-1.23 | $-0.25 | $0.37 | $-1.43 | $-0.22 | $2.11 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $46.5M | $47.9M | $51.2M | $52.3M | $56.0M | $76.1M | $75.6M | $78.8M | $82.2M | $83.6M |
Qué mirar en empresas de Consumer Cyclical
- Margen operativo medio 5a (Media del ciclo) — Mira la media del ciclo, no el año actual (pico o valle).
- Rotación de inventario (≥4x/año) — El retail sano rota inventario rápido. Una caída señala demanda débil.
- ROIC medio 5a (≥12%) — Cíclicas con ROIC medio >12% son ganadoras estructurales.
- Deuda neta / EBITDA (pico) (<3x en valle) — En cíclicas la deuda mata en recesión.
- Current Ratio (>1,5x) — Aguanta 12-18 meses sin caja operativa.
- Altman Z-Score (>2,99 seguro) — Modelo de bancarrota — clave en cíclicas sensibles a recesión.
Rentabilidad
| Rentabilidad sobre capital | -30.09% |
| Rentabilidad sobre capital invertido | -17.95% |
| Rentabilidad sobre activos | -23.49% |
| Margen bruto | 42.65% |
| Margen operativo | -65.39% |
| Margen neto | -107.37% |
Salud financiera
| Deuda / Patrimonio | 0.17 |
| Ratio corriente | 2.34 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 0.14 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -35.00 | -11.53 | -33.00 | -33.79 | -36.32 | 10.70 | -14.37 | 28000.00 | -2.03 | -0.70 |
| P/VC | 0.98 | 1.46 | 0.82 | 1.14 | 0.96 | 0.55 | 0.44 | 0.55 | 0.29 | 0.24 |
| P/V | 1.76 | 3.17 | 1.65 | 1.82 | 5.02 | 2.67 | 1.48 | 1.78 | 0.77 | 0.75 |
| Margen Bruto | 13.7% | 14.0% | 18.0% | 18.7% | 17.5% | 17.8% | 16.6% | 33.5% | 30.8% | 42.6% |
| Margen Operativo | -24.0% | -25.4% | -1.5% | 0.7% | 1.0% | 1.5% | -23.5% | -10.6% | -53.9% | -47.3% |
| Margen Neto | -5.0% | -27.6% | -5.1% | -5.3% | -13.5% | 25.0% | -10.3% | 0.0% | -39.6% | -107.4% |