Niu Technologies financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Niu Technologies files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	215	298	375	581	459	373	450	616
Cost of revenue	186	228	289	454	362	293	382	495
Gross profit	28.9	69.9	85.7	128	97.1	80.4	68.3	121
Research and development	13.4	9.65	16.1	21.2	25.6	21.3	17.8	23.8
Selling and marketing	21.8	26.3	30.8	52.1	63.9	69.8	67.1	96.6
General and administrative	39.9	11.4	16.1	22.3	23	34.4	17.9	13
Operating expenses		47.4	63	95.6	112	126	103	133
Operating income	-46.2	26.8	26.2	39.6	-12.9	-44.7	-34.3	-12.6
Interest expense	1.12	1.64	1.13	0.97	0.83	0.2	0.77	0.88
Interest income	0.44	2.43	1.35	0.84	1.86	5	5.08	3.78
Pre-tax income	-50.8	28.5	29.1	42.8	-10.3	-39.7	-29.7	-8.92
Income tax		1.18	3.23	7.38	-3.15	-1.44	-3.23	-3.29
Net income	-50.8	27.3	25.8	35.4	-7.17	-38.3	-26.5	-5.63
EBITDA	-43.4	31.5	33.9	54.6	7.75	-23.9	-17.6	3.25
EPS, basic	-0.77	0.18	0.17	0.23	-0.05	-0.24	-0.17	-0.04
EPS, diluted	-0.77	0.18	0.16	0.22	-0.05	-0.24	-0.17	-0.04
Shares, basic (weighted)	65.8	149	151	154	155	157	158	160
Shares, diluted (weighted)	65.8	153	158	160	155	157	158	160

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	107	76.9	62.1	32.7	77.5	123	86.3	132
Short-term investments	17.5	44.6	114	121	23.3			8.96
Receivables	7.92	16.6	15.5	42.1	43.5	13.4	18.1	5.34
Inventory	20.7	25.7	21.8	42.3	60.5	55.3	88.9	93.3
Other current assets	3.92	4.45	5.03	8.8	29.8	27.5	36.7	49.1
Total current assets	163	188	237	298	292	248	297	337
Property, plant and equipment	5.96	21.7	30.5	62.3	57.6	45.5	43.8	60.1
Lease right-of-use assets				14.8	12.6	10.8	9.76	10.9
Intangible assets	1.12	1.12	0.86	0.58	0.27	0.18	0.14	0.11
Other non-current assets	2.44	0.94	4.72	0.37	1.84	0.95	2.65	5.15
Total assets	172	217	283	383	368	308	358	422
Accounts payable	36.3	37.2	60.7	84.6	66.6	81.1	119	101
Deferred revenue	1.84	4.47	3.24	5.14	5.44	5.88	6.88	10.7
Total current liabilities	86.8	99.6	126	177	173	151	226	286
Lease liabilities				2.18	1.1	0.04	0.01	0.57
Other non-current liabilities		3.21	3.81	3.29	1.95	1.26	1.33	1.85
Total liabilities	89.4	103	131	185	178	154	230	292
Paid-in capital	250	250	276	291	278	277	272	288
Retained earnings	-164	-134	117	-84.7	-85.4	-121	-144	-156
Other comprehensive income	-3.31	-1.78	6.59	-8.02	-2.4	-1.34	-0.43	-2.57
Shareholders' equity	83	114	152	198	190	154	128	129
Total equity	83	114	152	198	190	154	128	129
Total liabilities and equity	172	217	283	383	368	308	358	422

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-50.8	27.3	25.8	35.4	-7.17	-38.3	-26.5	-5.63
Depreciation and amortization	2.75	4.66	7.7	15	20.7	20.9	16.7	15.9
Stock-based compensation	38.7	2.82	6.07	7.41	8.44	6.71	3.32	3.97
Deferred income tax			-2.78	0.68	-0.88	-1.54	-3.19	-3.46
Change in receivables	-6.23	-9.17	2.05	-26.4	-8.14	9.21	-6.15	14.5
Change in inventory	-10.5	-6.71	4.68	-20.6	-22.6	0.37	-39.5	-12.8
Change in payables	18.1	1.34	21	45	13.6	-4.69	58	-9.28
Cash from operations	1.13	25.7	71.4	52.4	-17.7	13.2	7.16	50.5
Capital expenditures	-4.66					-11.1	-16.4	-25.4
Purchases of investments	-190	-260	-418	-947	-376	-59.2	-280	-491
Cash from investing	-15.1	-67.2	-82	-46.3	57.7	30.5	-40.1	-13
Stock issued		0.14	3.71	0.98	0.32	0.09	0.04	0.02
Share buybacks	-0.61
Cash from financing	80.8	5.07	-2.02	0.98	-2.58	-8.36	13.7	5.74
Exchange rate effect	-0.36	1.04	-3.58	-1.33
Net change in cash	66.5	-35.4	-16.3	5.79	41.8	36.6	-18.3	41.4
Free cash flow	-3.53					2.08	-9.24	25.1
Interest paid	1.11	1.39	1.37	1	0.83	0.23	0.75	0.84
Income taxes paid		0.64	4.24	6.22	1.94	0.15	0.02	0.01

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.05 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	19.6%	Gross profit / revenue.
Operating margin	-2.0%	Operating income / revenue.
EBITDA margin	0.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.4%	Pre-tax income / revenue.
Net margin	-0.9%	Net income / revenue.
FCF margin	4.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.2%	Cash from operations / revenue.
Return on equity (ROE)	-4.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.4%	Net income / average total assets.
Return on invested capital (ROIC)	-51.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	3.9%	Research and development expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.1%	Capital expenditures / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	36.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	76.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-25.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-37.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	605.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-6.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-12.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	17.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.18x	Current assets / current liabilities.
Quick ratio	0.51x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.49x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	69.3%	Total liabilities / total assets.
Interest coverage	-14.4x	Operating income / interest expense.
Working capital	$51.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$129.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.58x	Revenue / average total assets.
Fixed asset turnover	11.9x	Revenue / average property, plant and equipment.
Inventory turnover	5.44x	Cost of revenue / average inventory.
Days inventory	67 days	365 x average inventory / cost of revenue.
Receivables turnover	52.6x	Revenue / average receivables.
Days sales outstanding	7 days	365 x average receivables / revenue.
Days payables	81 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-7 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	50.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.04	Net income per basic share, as reported (split-adjusted).
Revenue per share	$3.86	Revenue / diluted weighted shares.
FCF per share	$0.16	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.32	Cash from operations / diluted weighted shares.
Book value per share	$0.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.81	Tangible book value / shares outstanding.
Cash per share	$0.88	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$160.8M	Share price x shares outstanding.
Enterprise value	$19.6M	Market cap + total debt - cash - short-term investments.
P/S	0.26x	Market cap / revenue.
P/B	1.24x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.24x	Market cap / tangible book value, when positive.
P/FCF	6.41x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.18x	Market cap / cash from operations, when positive.
EV/Sales	0.03x	Enterprise value / revenue.
EV/EBITDA	6.03x	Enterprise value / EBITDA, when both are positive.
EV/FCF	0.78x	Enterprise value / free cash flow, when both are positive.
FCF yield	15.6%	Free cash flow / market cap.
Earnings yield	-3.5%	Net income / market cap (the inverse of P/E).

What was Niu Technologies's revenue in fiscal 2025?

Niu Technologies reported revenue of $616.0M for fiscal 2025, 36.7% higher than the year before.

Was Niu Technologies profitable in fiscal 2025?

No. It reported a net loss of $5.6M.

How much free cash flow did Niu Technologies generate in fiscal 2025?

Cash from operations of $50.5M minus capital expenditures of $25.4M left free cash flow of $25.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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