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ValueScreener company report

Niu Technologies (NIU)

NASDAQ / Consumer Cyclical / Auto - Manufacturers

Share price

1.91 USD Market dataClose of Oct 15, 2026

Market capitalisation

149.8M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Apr 17, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

-24.5% Computed

From the FY2025 filing

Read quality

Valuation

Price to book

1.11x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

17.5% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 354.8M CNYFY2016 Net income: -232.7M CNYFY2017 Revenue: 769.4M CNYFY2017 Net income: -184.7M CNYFY2018 Revenue: 1.48B CNYFY2018 Net income: -349.0M CNYFY2019 Revenue: 2.08B CNYFY2019 Net income: 190.1M CNYFY2020 Revenue: 2.44B CNYFY2020 Net income: 168.7M CNYFY2021 Revenue: 3.70B CNYFY2021 Net income: 225.8M CNYFY2022 Revenue: 3.17B CNYFY2022 Net income: -49.5M CNYFY2023 Revenue: 2.65B CNYFY2023 Net income: -271.8M CNYFY2024 Revenue: 3.29B CNYFY2024 Net income: -193.2M CNYFY2025 Revenue: 4.31B CNYFY2025 Net income: -39.4M CNY
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on invested capital was -24.5% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Consumer Cyclical sector (222 companies), -24.5% sits at the 5th percentile; the middle half of that group runs from 3.6% to 14.8%.

Is it safe

Niu Technologies held more cash than debt at the end of FY2025 (net cash of 677.6m CNY), so net debt to EBITDA is a net cash position rather than a leverage reading.

Year by year against peers
Whether Niu Technologies's return on equity stayed above the median of the Consumer Cyclical sector, year by year. (FY2022 to FY2025, 4 fiscal years of Niu Technologies with a comparable figure)
The direction
Which way Niu Technologies's gross margin has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Niu Technologies)
What could explain it
What in Niu Technologies's filed statements could explain the movements. (6 readings drawn from the statement lines Niu Technologies filed)
What to check next
What to check next on Niu Technologies, and where in its filings. (4 questions for Niu Technologies)
In one paragraph
One paragraph on Niu Technologies's returns, cash, balance sheet and price. (10 of sixteen figures read for Niu Technologies)

These are NIU’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research NIUPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Apr 17, 2026, accession 0001104659-26-044568.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Niu Technologies: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax-24.5% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Return on equity-4.3% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Return on capital employed, pre-tax-9.3% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Return on assets-1.3% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Gross margin19.6% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Operating margin-2.0% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Net margin-0.9% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
NIU -0.9%
TLYS -3.1%DLTH -2.9%VNCE 2.1%ONEW -6.1%MPAA 1.6%
-6.1%2.1%
Net margin: NIU against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Niu Technologies: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.27 ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Current ratio1.18 ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Quick ratio0.85 ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Interest coverage
Why n/m

Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

n/m ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Altman Z-score1.28 ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Net debt-740.3M ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Total assets 2.95BTotal liabilities 2.05BShareholders' equity 904.9MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Niu Technologies owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Apr 17, 2026, 0001104659-26-044568).

Niu Technologies: balance sheet position
Total assets2.95B FiledFY2025 20-F, filed Apr 17, 2026
Total liabilities2.05B FiledFY2025 20-F, filed Apr 17, 2026
Shareholders' equity904.9M FiledFY2025 20-F, filed Apr 17, 2026
Cash987.4M FiledFY2025 20-F, filed Apr 17, 2026
Total debt247.1M FiledFY2025 20-F, filed Apr 17, 2026
Net debt-740.3M
Current ratio1.18
Debt to equity0.27
  • Interest cover: FY2025: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Niu Technologies: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.11x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Price to sales0.23x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Enterprise value to EBITDA14.34x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568

We publish no fair value or price target of our own. Value NIU on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Niu Technologies today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Niu Technologies: valuation
Share price1.91 USD
Market capitalisation149.8M USD
Enterprise value to EBITDA14.34x
Graham numbern/m
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Niu Technologies

  1. Tilly's, Inc. (TLYS)Market cap 143.8M USD
  2. Duluth Holdings Inc. (DLTH)Market cap 152.0M USD
  3. Vince Holding Corp. (VNCE)Market cap 172.6M USD
  4. OneWater Marine Inc. (ONEW)Market cap 160.0M USD
  5. Motorcar Parts of America, Inc. (MPAA)Market cap 196.0M USD

Same sector (Consumer Cyclical) and size band (Micro, 50M to 300M), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Niu Technologies: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield17.5% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Free cash flow175.5M CNY ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Free cash flow margin4.1% ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
FY2016 Free cash flow: -133.4M CNYFY2016 Net income: -232.7M CNYFY2017 Free cash flow: 56.8M CNYFY2017 Net income: -184.7M CNYFY2018 Free cash flow: -23.4M CNYFY2018 Net income: -349.0M CNYFY2019 Net income: 190.1M CNYFY2020 Net income: 168.7M CNYFY2021 Free cash flow: 48.4M CNYFY2021 Net income: 225.8M CNYFY2022 Free cash flow: -257.2M CNYFY2022 Net income: -49.5M CNYFY2023 Free cash flow: 14.8M CNYFY2023 Net income: -271.8M CNYFY2024 Free cash flow: -67.5M CNYFY2024 Net income: -193.2M CNYFY2025 Free cash flow: 175.5M CNYFY2025 Net income: -39.4M CNY
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Niu Technologies: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
1.11xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of.
17.5%FY2025Oct 15, 2026
-24.5%FY2025Apr 17, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.27FY2025Apr 17, 2026
1.18FY2025Apr 17, 2026
0.23xFY2025Oct 15, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
1.28FY2025Oct 15, 2026
-3.76FY2025Apr 17, 2026
5/9FY2025Apr 17, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Niu Technologies filed with the SEC. Each year names its filing. Amounts in CNY, as filed.

Niu Technologies: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20254.31B-88.2M-39.4Mn/a175.5M-2.0%-4.3%20-F, Apr 17, 20260001104659-26-044568
FY20243.29B-250.6M-193.2Mn/a-67.5M-7.6%-20.8%20-F, Apr 18, 20250001410578-25-000798
FY20232.65B-317.5M-271.8Mn/a14.8M-12.0%-24.9%20-F, Apr 24, 20240001104659-24-050776
FY20223.17B-89.3M-49.5Mn/a-257.2M-2.8%-3.8%20-F, Apr 21, 20230001104659-23-047988
FY20213.70B252.5M225.8Mn/a48.4M6.8%17.9%20-F, Apr 27, 20220001104659-22-051148
FY20202.44B170.6M168.7Mn/an/a7.0%17.0%20-F, Apr 9, 20210001104659-21-048371
FY20192.08B186.7M190.1Mn/an/a9.0%24.0%20-F, Apr 24, 20200001104659-20-050585
FY20181.48B-314.4M-349.0Mn/a-23.4M-21.3%-61.2%20-F, Apr 25, 20190001104659-19-023545
FY2017769.4M-141.8M-184.7Mn/a56.8M-18.4%n/m20-F, Apr 25, 20190001104659-19-023545
FY2016354.8M-226.5M-232.7Mn/a-133.4M-63.8%n/a20-F, Apr 25, 20190001104659-19-023545
  • Revenue, compound annual growth FY2016 to FY2025: 32.0%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Niu Technologies: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-3.76 ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Piotroski F-score5/9 ComputedFY2025 20-F, filed Apr 17, 2026, 0001104659-26-044568
Named tests met0 of 30 Computed
Beta1.20 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 22 not met, 8 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
Low PEG, low debt (Peter Lynch); High yield, low payout; Dividends and buybacks; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Cash-covered dividend; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(13)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Ncav: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 13 figures could not be read on this company, among them Positive Earnings Streak, P/E Ratio, EV/EBIT. Each blank in the table above names the rest, with its reason. 8 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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