Zhiyun Fiveray M40 SE Review & Lab Test – Measured CRI, R9 & Output

Zhiyun Fiveray M40 SE - Technical Analysis

The Fiveray M40 SE is a small, pocket-sized 40-watt bi-colour LED panel from Zhiyun with white light from 2,700K to 8,500K. Measurements were taken at a distance of 1 m without modifiers, plus one additional measurement with a reflector, for a total of 16 individual measurements (linear mode).

With a total score of 67.3, the M40 SE lands in the lower part of our LED database. The picture is split, however. The power score of 85.3 sits exactly at the median of the other lights (85), which is a strong result for a small 40-watt panel competing with much larger COB lights. The colour score of 65.4 and the usability score of 51.2, on the other hand, are well below the median of the other lights of 80 and 71 respectively. The analysis below shows where these values come from. How the M40 SE stacks up against our other lights on the individual measurements is summarised in the section «How It Compares» further down.

🔍 Key Measurements (White Light, 100%, 1 m)

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🔎 Performance Analysis

💡 Light Output

For such a small panel, the M40 SE delivers a lot of light. At a distance of 1 m, it reaches 4,353 lux at 5500K, 4,423 lux at 6500K and 4,501 lux at 8500K. In terms of output per watt, that is even slightly above the M60Ultra, which reaches 5,958 lux at 5500K with 60 W. Like the M60Ultra, it is a panel that already focuses its output without a modifier. These values therefore cannot be compared directly with the bare values of the COB lights in our database, which spread their output over a wide angle.

With the standard reflector, the M40 SE measures 4,358 lux, practically identical to the bare value. The values above therefore already represent the light’s usable maximum output. In absolute terms, 4,358 lux (EV 10.77) is a rather low value across all lights in our database, with the median at around EV 12.9. The high values, however, are mostly reached by COB lights with 100 W or more in their reflectors. Among lights up to 60 W, the M40 SE is right up there, close to the M60Ultra (EV 11.22) and a 45-watt COB light with its standard reflector (EV 11.09). The power score of 85.3 still sits exactly at the median of the other lights for two reasons: besides maximum brightness, it also takes lux per watt and output consistency across CCTs into account, and the M40 SE is strong on both.

Brightness distribution across the CCTs is remarkably even. Between the darkest setting, 3200K with 4,162 lux, and the brightest, 8500K with 4,501 lux, there is a difference of only around 7.5%. Even 2700K, at 4,460 lux, is almost as bright as 8500K. That is not a given. The other lights we measured at 2700K lose up to 38% there compared with 5500K, around a fifth at the median. The M40 SE is actually slightly brighter at 2700K than at 5500K. Across the standard range from 2700K to 6500K, output varies by only 6.7%, much less than on most other lights (median: around 22%).

The dimming behaviour is less clean. At the 10% setting, the light delivers only 6.9 to 8.3% of maximum brightness, while at 50% it delivers 56 to 61%. The curve is therefore not linear: the light is darker than expected at the low end and brighter than expected in the middle. By comparison, this stands out. The other lights in our measurements deliver between 9.6 and 14.4% of maximum brightness at 10% power, around 11% at the median, so they stay much closer to the set value. Since brightness also cannot be set to exact values on the light itself, precise and reproducible exposure control is difficult.

Standout Features:

• ✅ High output for its size: up to 4,501 lux at just 40 W, right up there among lights up to 60 W
• ✅ Very consistent output across all CCTs: variation of only around 7.5%, with no drop at the warm end
• ⚠️ Non-linear dimming: only 7–8% light output at the 10% setting, well below the median of the other lights (around 11%)

🎨 Colour Rendering (White Light)

CRI (Ra) is good across the entire range, between 94.9 and 97.4, and TLCI lies between 96 and 99. TM-30 Rf moves between 93 and 95, Rg between 100 and 103. Overall colour fidelity is therefore at a good level, with a slight tendency towards more saturated colours in the middle of the range. By comparison, however, these are not top values. At 5500K, the Ra of 94.9 is below the median of the other lights of around 97.

R9 is less consistent. It reaches 96.0 at 3200K and 95.0 at 8500K, but drops to 86.0 at 6500K, 81.0 at 5500K and only 79.0 at 2700K. The value at 3200K is even slightly above the median of the other lights (95). At the other colour temperatures, though, the M40 SE is clearly below the median. The value at 2700K in particular is unusual, since most lights we have measured reach 90 or more at warm colour temperatures (median: 94). At 5500K, too, the median of the other lights is clearly higher at 93. R9 also decreases with brightness at 2700K, from 87.0 at 10% to 83.0 at 50% and 79.0 at 100%. The spectrum explains why. At 2700K, the light peaks at around 630 nm and falls off above 650 nm, so it has less energy in deep red than the reference. The Academy SSI deviation chart shows exactly this deficit. For skin tones, R9 79 is still usable, but saturated reds are rendered noticeably less vividly.

The SSI, the Spectral Similarity Index, is good at the warm end with 86 at 2700K. By comparison, it is just below the median of 88. The other lights sit close together at 2700K, between 87 and 92, so the gap is small. At 3200K, the SSI of 81 is in the range typical for this class, just below the median of 82. Towards daylight, it drops to 70 at 5500K, 67 at 6500K and 64 at 8500K. Here, too, the M40 SE is slightly below the median of the other lights (72 at 5500K, 69 at 6500K), but still within the usual field. As with many conventional bi-colour engines, the spectrum here shows a pronounced blue peak around 450 nm and too little energy in the violet range below 430 nm.

Standout Features:

• ✅ Good CRI and TLCI across the entire range: Ra 94.9–97.4, TLCI 96–99
• ✅ Good SSI at the warm end: 86 at 2700K, just below the median
• ⚠️ Weak R9 at 2700K: 79.0, well below the median of the other lights (94)
• ⚠️ R9 drop in the daylight range: 81.0 at 5500K, well below the median (93)
• ⚠️ SSI drops towards daylight: 70 at 5500K, 67 at 6500K, 64 at 8500K, slightly below the median

🌡️ CCT Accuracy

The deviation in Mired (MK-1) is more meaningful than the raw Kelvin difference, since the Kelvin scale is not linear:

The M40 SE runs cool at every setting. None of the measured colour temperatures stays below the threshold of around 10 MK-1 at which a shift becomes perceptible. 8500K comes closest at 10.96 MK-1, followed by 3200K at 11.93 MK-1. 2700K measures 2,833K (17.39 MK-1), which is a clear deviation for warm light. By comparison, that is a lot: the other lights we measured at 2700K hit this setting to within 3.8 MK-1 at the median. In the daylight range, the deviation becomes even larger. 6500K measures 7,465K (19.89 MK-1), and 5500K measures 6,245K (21.69 MK-1). For comparison, the median of the other lights is around 6 MK-1 (5500K) and 7 MK-1 (6500K). At 3200K, too, the M40 SE’s 11.93 MK-1 is more than twice the median of around 5 MK-1.

The Duv values at 2700K, 6500K and 8500K are practically neutral. At 3200K and 5500K, however, they reach -0.0050 and -0.0053, a slight shift towards magenta. In earlier lab reports, we already classified values of around -0.006 as a small but measurable tint. The M40 SE is just below that. By comparison, this is at the upper edge of what is usual. The median of the other lights is around 0.003 (3200K) and 0.002 (5500K). Since the light offers no G/M adjustment, this shift cannot be corrected on the light itself.

Standout Features:

• ✅ Practically neutral Duv at 2700K, 6500K and 8500K
• ⚠️ Light runs cool at all CCTs: 10.96–21.69 MK-1, while the other lights deviate by only 4–7 MK-1 at the median
• ⚠️ Large deviation at 2700K and 5500K: 2,833K (17.39 MK-1) and 6,245K (21.69 MK-1), several times the median
• ⚠️ Slight magenta tendency at 3200K and 5500K without a G/M adjustment for correction

🔅 CCT Stability Across Dimming Levels

Even more relevant in practice than the deviation at 100% is how stable the colour temperature stays when dimming:

The picture here is mixed. 2700K is extremely stable, with a spread of just 0.7 MK-1 between 10% and 100%. The colour temperature practically does not change when dimming. The other lights we measured across several dimming levels at 2700K range from 6.9 to 30.3 MK-1. 8500K is also within a good range at 6.5 MK-1.

The middle of the range behaves differently. At 3200K, the light measures only 3,054K at 10% instead of 3,327K at 100%, a spread of 26.9 MK-1. At 6500K, it gets noticeably cooler at the low end and measures 8,144K at 10%. In earlier lab reports, we already flagged a spread of around 10 MK-1 as a weakness. The M40 SE exceeds this at 3200K, 5500K and 6500K. The comparison is clear here as well: the median of the other lights is around 6 MK-1 at 3200K and around 4 MK-1 at 5500K.

Together with the CCT deviation at 100%, this is the main reason for the low colour score of 65.4. The colour rendering itself, measured by Ra and TM-30, is good. What pulls the score down is the calibration.

Standout Features:

• ✅ Extremely stable at 2700K: spread of only 0.7 MK-1
• ✅ Good stability at 8500K: 6.5 MK-1
• ⚠️ Strong CCT shift at 3200K: 26.9 MK-1 (3,054K at 10%), median of the other lights around 6 MK-1
• ⚠️ 6500K gets noticeably cooler at low levels: 8,144K at 10%

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🔋 Build, Operation, Accessories & Power Supply

Build: The M40 SE is very compact and fits in a jacket pocket, which makes it easy to take along and to hide in tight spots on set. The housing, however, is made largely of plastic, with no metal parts. It does not feel as solid as lights with metal housings or controls, which is worth keeping in mind for frequent mobile use.

Operation: CCT and brightness cannot be set precisely on the light. Together with the non-linear dimming curve and the CCT deviations, this makes it difficult to dial in exact, reproducible settings. Unlike other Zhiyun lights, the M40 SE also offers no app connectivity, so it cannot be controlled via the ZY Vega app. A G/M adjustment is also missing.

Accessories: The selection of included accessories is good. Two diffusers and a mount are part of the package, so the light can be used with softer light straight out of the box.

Power supply: Battery operation works well and makes the M40 SE independent of a power outlet. The runtime of around 44 minutes, however, is only okay. For longer shoots, you should plan for breaks to recharge or an external power source.

Standout Features:

• ✅ Very compact: pocket-sized form factor
• ✅ Good selection of included accessories: two diffusers and a mount
• ✅ Battery operation works well
• ⚠️ No precise CCT and brightness setting
• ⚠️ No app connectivity and no G/M adjustment
• ⚠️ Lots of plastic, no metal
• ⚠️ Battery runtime only okay: around 44 minutes

By comparison, this section explains the low usability score of 51.2. The median of the other lights is 71. The main contributors are the missing app, the missing G/M adjustment and the imprecise CCT and brightness settings. The compact form factor and the good accessories cannot make up for that.

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📊 How It Compares

To help you put the numbers into context, here is the M40 SE set directly against the other lights we have measured so far. The scores and EV values come from our LED database, and the measurement values from the lab reports of our previous reviews, deliberately without naming individual models. For lights with two power modes, only the normal mode counts, so that no light enters the comparison twice. Not every light was measured at every setting, so the comparison base varies by measurement (as of October 2026).

Output variation describes the gap between the brightest and the darkest setting from 2700K to 6500K at 100%.

The picture is clear: in output consistency across colour temperatures and in the stability of the warm end when dimming, the M40 SE does clearly better than usual, and it delivers a lot of light for its size. It is clearly weaker than usual on calibration, above all the CCT deviation at 2700K and 5500K. Add to that the colour temperature drift in the middle of the range, the weak R9 at 2700K and 5500K, and the non-linear dimming curve. These points explain the low colour score. The low usability score is mainly explained by the missing app and G/M control.

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✅ Strengths

1. High output for its size → Up to 4,501 lux at 1 m with just 40 W, slightly more per watt than the M60Ultra, power score at the median
2. Very consistent output across all CCTs → Only around 7.5% variation, even slightly brighter at 2700K than at 5500K
3. Very stable warm light → Only 0.7 MK-1 spread at 2700K across all dimming levels
4. Good overall colour fidelity → Ra 94.9–97.4, TLCI 96–99, TM-30 Rf 93–95
5. Very compact
6. Good selection of included accessories → Two diffusers and a mount

⚠️ Weaknesses

1. CCT accuracy across the entire range → 10.96–21.69 MK-1, while the other lights deviate by only 4–7 MK-1 at the median
2. CCT shift when dimming → Up to 26.9 MK-1 at 3200K (median of the other lights around 6), 6500K measures 8,144K at 10%
3. Weak R9 at 2700K and in the daylight range → 79.0 at 2700K, 81.0 at 5500K, well below the median in each case
4. No precise CCT and brightness setting, non-linear dimming → Only 7–8% output at the 10% setting (median of the other lights around 11%)
5. No app connectivity and no G/M adjustment → The slight magenta tendency at 3200K and 5500K cannot be corrected on the light
6. Lots of plastic, no metal
7. Battery runtime only okay → Around 44 minutes

📉 Practical Applications

Ideal for: → Mobile use and content creation: very compact, battery operation, a lot of light for its size → Accent, hair and fill light in tight spots: small form factor, diffusers included → Warm lighting moods: extremely stable CCT when dimming and good SSI at 2700K, ideally dialled in to the desired value with a colour meter

Use with caution: → Mixing with daylight or other calibrated lights: the light runs noticeably cool at all CCTs → Reproducible setups: no precise settings, no app, non-linear dimming → Red-critical work at 2700K: R9 only 79.0 → Long shoots on battery: runtime of around 44 minutes

📌 Conclusion

The Zhiyun Fiveray M40 SE is, by the numbers, a very bright small LED panel with clear compromises. For its size, the light output is high and remarkably consistent across all colour temperatures, much more even than most other lights we have measured. The warm end at 2700K also stays extremely stable when dimming. Colour rendering, measured by Ra, TLCI and TM-30, is at a good level, though rather in the lower midfield by comparison. The calibration is weaker. The M40 SE runs cool at every CCT setting, most clearly at 5500K with 21.69 MK-1, and the colour temperature shifts noticeably when dimming in the middle of the range. R9 also drops to 79 at 2700K. Compared with our other lights, CCT deviation, dimming drift and R9 are therefore clearly worse than the median. That is the main reason for the low colour score.

In practice, the M40 SE impresses with its compact size, the good selection of included accessories and reliable battery operation. On the other hand, precise CCT and brightness settings, an app connection and a G/M adjustment are all missing, the housing is largely made of plastic, and the runtime of around 44 minutes is only okay. That explains the low usability score. The M40 SE is therefore best suited as a compact, bright light for mobile use, accents and quick setups. For setups where several lights have to match exactly, it is the wrong tool.

Data Overview

📥 PDF herunterladen

TM-30-18

TM-30 Multi Report

TM-30 Comparison

Multiple Measurements in Direct Comparison

Report selection by CCT

All loaded reports are sorted by CCT automatically. The slider snaps to the nearest report.

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Color Vector Graphic

Reference and test as closed 16-bin curves.

Click a CES cell to view vector and detail values.

Normalized Spectral Power Distribution

TM-30 Dashboard

Local shifts and radial visualization as in the standard report.

Local Chroma Shift (Rcs,hj)

Local Hue Shift (Rhs,hj)

Local Color Fidelity (Rf,hj)

Click one of the three local titles to see a short explanation of meaning and visual impact.

Color Sample Fidelity (Rf,CESi)

Direct overview of all 99 CES samples with fidelity values.

Measure Comparisons

Additional comparison view analogous to the TM-30 reference representation.

Color Evaluation Samples

Highlighted skin-tone areas provide practical orientation for portrait colors. Click to zoom.

Click a CES cell to view the comparison in the popup.

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Disclaimer

This product was provided to us by Zhiyun for testing and we were allowed to keep it after completing the review. This review reflects our independent, unbiased opinion. We did not receive any monetary compensation or other benefits for this publication. All measurements were performed in our own lab and are reproducible. The results are based on the measured data and our analysis.

Copyright © of product image in the title image are the ones of the respective manufacturers. All rights reserved.