Kandal M Venture Limited Class A (FMFC)
NASDAQ:FMFC
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Kandal M Venture Limited Class A
(NASDAQ:FMFC)
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Rating:43Neutral
Price Target:
$0.36
▲(5.29% Upside)
Action:Reiterated
Date:02/28/26
The score is primarily held down by weakening financial quality—steep profitability decline and very high leverage—along with falling free cash flow growth. Technicals provide only mild support with mixed momentum, and valuation appears expensive (high P/E) without dividend yield support.
Positive Factors
Revenue Growth
Sustained 23% top-line growth indicates robust demand for the company’s affordable-luxury manufacturing services and expanding client adoption. Over 2–6 months this supports higher capacity utilization, better bargaining power with suppliers, and a base for margin recovery if cost trends stabilize.
Negative Factors
High Financial Leverage
Very high leverage materially reduces financial flexibility and increases sensitivity to interest costs and cyclical demand. Over the medium term this constrains capital allocation, raises refinancing risk during stress periods, and limits the firm’s ability to invest in growth without raising costly external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained 23% top-line growth indicates robust demand for the company’s affordable-luxury manufacturing services and expanding client adoption. Over 2–6 months this supports higher capacity utilization, better bargaining power with suppliers, and a base for margin recovery if cost trends stabilize.
Read all positive factors
Kandal M Venture Limited Class A (FMFC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.28M
Dividend YieldN/A
Average Volume (3M)840.66K
Price to Earnings (P/E)―
Beta (1Y)2.83
Revenue Growth0.52%
EPS Growth-127.09%
CountryUS
Employees1,255
SectorConsumer Cyclical
Sector Strength84
IndustryLuxury Goods
Share Statistics
EPS (TTM)N/A
Shares Outstanding15,300,000
10 Day Avg. Volume550,143
30 Day Avg. Volume840,656
Financial Highlights & Ratios
PEG Ratio-4.25
Price to Book (P/B)186.20
Price to Sales (P/S)4.10
P/FCF Ratio33.24
Enterprise Value/Market Cap2.28
Enterprise Value/Revenue0.57
Enterprise Value/Gross Profit2.91
Enterprise Value/Ebitda17.19
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Kandal M Venture Limited Class A Business Overview & Revenue Model
Company Description
Kandal M Venture, operating through its subsidiary FMF, specializes in the outsourced production of high-quality, yet affordably priced, leather accessories. Their manufacturing base is located in Cambodia. The company's primary output includes a ...
Kandal M Venture Limited Class A Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
30
Negative
Cash Flow
40
Negative
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 17.19M | 13.97M | 13.47M |
| Gross Profit | 3.36M | 3.37M | 2.81M |
| EBITDA | 1.07M | 1.97M | 1.35M |
| Net Income | 209.67K | 1.12M | 744.50K |
Balance Sheet | |||
| Total Assets | 10.07M | 10.18M | 5.89M |
| Cash, Cash Equivalents and Short-Term Investments | 102.70K | 235.35K | 361.47K |
| Total Debt | 5.26M | 7.43M | 1.12M |
| Total Liabilities | 9.69M | 10.01M | 6.84M |
| Stockholders Equity | 378.10K | 168.43K | -950.79K |
Cash Flow | |||
| Free Cash Flow | 2.12M | 3.12M | 2.16M |
| Operating Cash Flow | 2.13M | 3.14M | 2.17M |
| Investing Cash Flow | -581.84K | -253.61K | -9.98K |
| Financing Cash Flow | -1.69M | -3.01M | -1.92M |
Kandal M Venture Limited Class A Risk Analysis
Kandal M Venture Limited Class A disclosed 59 risk factors in its most recent earnings report. Kandal M Venture Limited Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Kandal M Venture Limited Class A Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $606.58M | 27.38 | 6.39% | 6.79% | 4.30% | 76.21% | |
66 Neutral | $3.47B | 12.06 | 16.01% | 1.46% | 1.35% | 661.25% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
47 Neutral | $106.26M | -3.55 | -36.73% | 14.29% | 5.83% | -8491.43% | |
45 Neutral | $253.55M | ― | -52.99% | ― | -11.35% | 36.29% | |
44 Neutral | $11.95M | -1.37 | 63.94% | ― | 4.48% | -87.90% | |
43 Neutral | $4.28M | -8.47 | 76.73% | ― | 0.52% | -127.09% |
* Consumer Cyclical Sector Average
FMFC
Kandal M Venture Limited Class A
0.23
-5.14
-95.64%
BGI
Birks & Mayors
0.61
-0.30
-33.22%
FOSL
Fossil Group
4.29
2.93
215.44%
MOV
Movado Group
38.46
23.97
165.50%
SIG
Signet Jewelers
88.23
7.95
9.91%
BRLT
Brilliant Earth Group
1.05
-0.15
-12.50%
Kandal M Venture Limited Class A Corporate Events
Kandal M Venture Issues Fiscal 2026 Guidance and Expands Production to Philippines
Apr 17, 2026
On April 17, 2026, Kandal M Venture Limited issued guidance for its fiscal year ended March 31, 2026, projecting year-on-year increases in both revenue and net income from the prior year’s $17.2 million in revenue and $210,000 in net income....
Kandal M Venture Limited Subsidiary to Purchase $2.5 Million Convertible Bond from Dumaine International
Apr 6, 2026
On April 6, 2026, Kandal M Venture Limited reported that its wholly owned subsidiary Padachi M Venture Limited would enter into a $2.5 million senior unsecured convertible bond purchase with Dumaine International Ltd, bearing 6% annual interest pa...
Kandal M Venture Completes Related-Party Acquisition of 15% Stake in Dumaine International
Mar 24, 2026
Kandal M Venture Limited announced that its previously disclosed sale and purchase agreement for a 15% stake in Dumaine International Ltd, executed on March 6, 2026, was completed on March 11, 2026. The deal, conducted through its subsidiary Padac...
Kandal M Venture Limited Files Unaudited Interim 2025 Results Showing Lower Revenue but Stronger Balance Sheet
Mar 24, 2026
Kandal M Venture Limited has reported its unaudited interim condensed consolidated financial statements for the six months ended September 30, 2025, as detailed in a Form 6-K filed on March 24, 2026. The disclosure includes statements of financial...
Kandal M Venture Posts Tariff-Hit Interim Results and Expands Production to the Philippines
Mar 23, 2026
Kandal M Venture Limited, a Cambodia-based contract manufacturer of affordable luxury leather handbags and small leather goods, reported unaudited results for the first half of fiscal 2026 covering the six months ended September 30, 2025. The comp...
Kandal M Venture Makes First Overseas Move With $2.5 Million Stake in Philippine Manufacturer
Mar 9, 2026
On March 6, 2026, Kandal M Venture Limited’s wholly owned subsidiary Padachi M Venture Ltd agreed to acquire a 15% equity stake in Dumaine International Ltd for US$2.5 million in cash. Announced on March 9, 2026, the deal gives Kandal its fi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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