Niu Technologies NIU
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Market cap
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.04
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $616.0M | $450.5M | $373.5M | $459.4M | $581.3M | $374.6M | $298.2M | $214.9M | — |
| Cost of revenue | $495.4M | $382.2M | $293.1M | $362.3M | $453.8M | $288.9M | $228.4M | $186.0M | — |
| Gross profit | $120.6M | $68.3M | $80.4M | $97.1M | $127.5M | $85.7M | $69.9M | $28.9M | — |
| R&D | $23.8M | $17.8M | $21.3M | $25.6M | $21.2M | $16.1M | $9.7M | $13.4M | — |
| SG&A | $13.0M | $17.9M | $34.4M | $23.0M | $22.3M | $16.1M | $11.4M | $39.9M | — |
| Total operating expenses | $133.4M | $102.8M | $125.5M | $112.4M | $95.6M | $63.0M | $47.4M | — | — |
| Operating income | -$12.6M | -$34.3M | -$44.7M | -$12.9M | $39.6M | $26.2M | $26.8M | -$46.2M | — |
| Interest expense | $876.6K | $770.4K | $200.6K | $828.7K | $967.9K | $1.1M | $1.6M | $1.1M | — |
| Pre-tax income | -$8.9M | -$29.7M | -$39.7M | -$10.3M | $42.8M | $29.1M | $28.5M | -$50.8M | — |
| Income tax | $3.3M | $3.2M | $1.4M | $3.2M | $7.4M | $3.2M | $1.2M | — | — |
| Net income | -$5.6M | -$26.5M | -$38.3M | -$7.2M | $35.4M | $25.8M | $27.3M | -$50.8M | — |
| EPS, basic | -0.04 | -0.17 | -0.24 | -0.05 | 0.23 | 0.17 | 0.18 | — | — |
| EPS, diluted | -0.04 | -0.17 | -0.24 | -0.05 | 0.22 | 0.16 | 0.18 | -0.77 | — |
| Shares, diluted (wtd. avg.) | 159.7M | 158.5M | 156.8M | 155.2M | 160.5M | 157.8M | 153.2M | 65.8M | 26.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $132.2M | $121.0M | $134.3M | $101.5M | $62.7M | $62.1M | $76.9M | $107.5M | $16.3M |
| Short-term investments | $9.0M | — | — | $23.3M | $121.4M | $114.3M | $44.6M | $17.5M | — |
| Receivables | $5.3M | $18.1M | $13.4M | $43.5M | $42.1M | $15.5M | $16.6M | $7.9M | — |
| Inventory | $93.3M | $88.9M | $55.3M | $60.5M | $42.3M | $21.8M | $25.7M | $20.7M | — |
| Total current assets | $337.5M | $297.3M | $248.0M | $291.7M | $297.5M | $237.2M | $188.4M | $162.9M | — |
| Property, plant and equipment | $60.1M | $43.8M | $45.5M | $57.6M | $62.3M | $30.5M | $21.7M | $6.0M | — |
| Other intangibles | $111.0K | $143.0K | $184.0K | $269.3K | $575.6K | $859.3K | $1.1M | $1.1M | — |
| Total assets | $421.9M | $358.0M | $308.4M | $367.8M | $383.1M | $283.0M | $217.0M | $172.4M | — |
| Accounts payable | $100.7M | $119.1M | $81.1M | $66.6M | $84.6M | $60.7M | $37.2M | $36.3M | — |
| Total current liabilities | $286.4M | $226.3M | $150.8M | $172.9M | $177.2M | $126.2M | $99.6M | $86.8M | — |
| Total liabilities | $292.5M | $230.4M | $154.3M | $177.8M | $184.6M | $130.8M | $103.3M | $89.4M | — |
| Retained earnings | -$156.4M | -$144.4M | -$121.3M | -$85.4M | -$84.7M | $117.3M | -$134.2M | -$163.5M | — |
| Total equity | $129.4M | $127.6M | $154.0M | $189.9M | $198.4M | $152.2M | $113.7M | $83.0M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $50.5M | $7.2M | $13.2M | -$17.7M | $52.4M | $71.4M | $25.7M | $1.1M | — |
| Depreciation and amortisation | $15.9M | $16.7M | $20.9M | $20.7M | $15.0M | $7.7M | $4.7M | $2.7M | — |
| Stock-based compensation | $4.0M | $3.3M | $6.7M | $8.4M | $7.4M | $6.1M | $2.8M | $38.7M | — |
| Capital expenditure | $25.4M | $16.4M | $11.1M | — | — | — | — | $4.7M | — |
| Investing cash flow | -$13.0M | -$40.1M | $30.5M | $57.7M | -$46.3M | -$82.0M | -$67.2M | -$15.1M | — |
| Financing cash flow | $5.7M | $13.7M | -$8.4M | -$2.6M | $980.2K | -$2.0M | $5.1M | $80.8M | — |
| Buybacks | — | — | — | — | — | — | — | $611.2K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-044568.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $214.9M | $298.2M | $374.6M | $581.3M | $459.4M | $373.5M | $450.5M | $616.0M |
| Gross profit | — | $28.9M | $69.9M | $85.7M | $127.5M | $97.1M | $80.4M | $68.3M | $120.6M |
| Net income | — | -$50.8M | $27.3M | $25.8M | $35.4M | -$7.2M | -$38.3M | -$26.5M | -$5.6M |
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