Niu Technologies (NIU) 10-Year Financial Performance & Capital Metrics

NIU • • Industrial / General

Consumer CyclicalAuto ManufacturersTwo-Wheel & Light Electric VehiclesE-Scooters & E-Bikes

AboutNiu Technologies designs, manufactures, and sells smart electric scooters in the People's Republic of China. The company offers NQi, MQi, UQi, and Gova series electric scooters and motorcycles; KQi series electric kick-scooters; NIU Aero and BQi series e-bikes; RQi and TQi series high-performance motorcycles; and YQi series hybrid motorcycles. It also provides accessories and spare parts under the NIU brand name comprising scooter accessories, such as raincoats, gloves, knee pads, storage baskets and tail boxes, smart phone holders, backrests, and locks; lifestyle accessories, which includes T-shirts, coats, sweaters and hoodies, jeans, hats, bags, jewelry, notebook, badges, key chain, and mugs; and performance upgrade components that comprises of upgraded wheels, shock absorbers, brake calipers, and carbon fiber body panels. In addition, the company, through its NIU app, offers online repair request, DIY repairs, service station locator, theft reporting, and smart services, as well as NIU cover, which provides insurance services; NIU Care that offers maintenance and reserve services in offline service stations; and NIU Wash, which provides free wash coupon on a monthly basis. Niu Technologies sells and services its products through city partners and franchised stores, distributors, and third-party e-commerce platforms and the company's online store. As of December 31, 2021, it operated through 338 city partners and 3,108 franchised stores in approximately 239 cities in the People's Republic of China; and 42 distributors in 50 countries internationally. Niu Technologies was incorporated in 2014 and is headquartered in Beijing, the People's Republic of China.Show more

Revenue $3.29B +24.0%
EBITDA -$128M +24.2%
Net Income -$193M +28.9%
EPS (Diluted) -2.44 +29.5%
Gross Margin 15.17% -29.5%
EBITDA Margin -3.91% +38.9%
Operating Margin -7.62% +36.3%
Net Margin -5.88% +42.7%
ROE -19.08% +15.6%
ROIC -37.73% -14.5%
Debt/Equity 0.22 -13.3%
Interest Coverage -44.57 +80.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.3x book value
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 17 (bottom 17%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y9.63%

3Y-3.9%

TTM50.99%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM90.51%

EPS CAGR

10Y-

5Y-

3Y-

TTM88.97%

ROCE

10Y Avg-74.67%

5Y Avg-3.29%

3Y Avg-18.87%

Latest-24.1%

Peer Comparison

E-Scooters & E-Bikes

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
NIUNiu Technologies	219.53M	3.15	-1.29	24%	-0.54%	-2.41%	0.22
LOBOLobo EV Technologies Ltd.	5.18M	0.58	-5.28	36.92%	-7.69%	-36.26%	0.26
FLYEFly-E Group, Inc. Common Stock	11.87M	7.27	-6.61	-21.05%	-31.12%	-51.96%	1.94

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	354.81M	769.37M	1.48B	2.08B	2.44B	3.7B	3.17B	2.65B	3.29B
Revenue Growth %	-	1.17%	0.92%	0.41%	0.18%	0.52%	-0.14%	-0.16%	0.24%
Cost of Goods Sold+	367.59M	714.67M	1.28B	1.59B	1.89B	2.89B	2.5B	2.08B	2.79B
COGS % of Revenue	1.04%	0.93%	0.87%	0.77%	0.77%	0.78%	0.79%	0.78%	0.85%
Gross Profit+	-12.78M	54.7M	198.63M	486.55M	559.15M	812.78M	669.68M	570.75M	498.76M
Gross Margin %	-0.04%	0.07%	0.13%	0.23%	0.23%	0.22%	0.21%	0.22%	0.15%
Gross Profit Growth %	-	5.28%	2.63%	1.45%	0.15%	0.45%	-0.18%	-0.15%	-0.13%
Operating Expenses+	212.37M	198.14M	514.68M	299.84M	388.51M	560.3M	758.96M	888.27M	749.4M
OpEx % of Revenue	0.6%	0.26%	0.35%	0.14%	0.16%	0.15%	0.24%	0.33%	0.23%
Selling, General & Admin	180.59M	159.48M	424.26M	262.49M	305.62M	473.81M	598.87M	600.81M	620.2M
SG&A % of Revenue	0.51%	0.21%	0.29%	0.13%	0.13%	0.13%	0.19%	0.23%	0.19%
Research & Development	33.09M	39.49M	91.81M	67.19M	105.34M	135.22M	176.48M	150.99M	130.11M
R&D % of Revenue	0.09%	0.05%	0.06%	0.03%	0.04%	0.04%	0.06%	0.06%	0.04%
Other Operating Expenses	-1.31M	0	0	-29.83M	-22.44M	-48.73M	-16.39M	136.48M	-911.56K
Operating Income+	-226.46M	-141.83M	-314.41M	186.71M	170.63M	252.48M	-89.28M	-317.52M	-250.63M
Operating Margin %	-0.64%	-0.18%	-0.21%	0.09%	0.07%	0.07%	-0.03%	-0.12%	-0.08%
Operating Income Growth %	-	0.37%	-1.22%	1.59%	-0.09%	0.48%	-1.35%	-2.56%	0.21%
EBITDA+	-221.27M	-132.08M	-295.53M	219.14M	220.87M	347.95M	53.43M	-169.46M	-128.49M
EBITDA Margin %	-0.62%	-0.17%	-0.2%	0.11%	0.09%	0.09%	0.02%	-0.06%	-0.04%
EBITDA Growth %	-	0.4%	-1.24%	1.74%	0.01%	0.58%	-0.85%	-4.17%	0.24%
D&A (Non-Cash Add-back)	5.19M	9.75M	18.88M	32.43M	50.24M	95.47M	142.71M	148.06M	122.15M
EBIT	-230.4M	-181.51M	-341.31M	209.7M	197.12M	279.02M	-65.5M	-280.6M	-211.18M
Net Interest Income+	-1.66M	-2.15M	-4.72M	5.5M	1.41M	-791.84K	7.14M	34.07M	31.47M
Interest Income	660.6K	1.01M	3M	16.9M	8.79M	5.38M	12.86M	35.49M	37.09M
Interest Expense	2.32M	3.15M	7.72M	11.4M	7.38M	6.17M	5.72M	1.42M	5.62M
Other Income/Expense	-6.26M	-40.39M	-34.62M	11.59M	19.1M	20.38M	18.06M	35.49M	33.82M
Pretax Income+	-232.72M	-184.66M	-349.03M	198.3M	189.74M	272.86M	-71.22M	-282.03M	-216.81M
Pretax Margin %	-0.66%	-0.24%	-0.24%	0.1%	0.08%	0.07%	-0.02%	-0.11%	-0.07%
Income Tax+	2.32M	0	0	8.21M	21.09M	47.04M	-21.76M	-10.19M	-23.61M
Effective Tax Rate %	1%	1%	1%	0.96%	0.89%	0.83%	0.69%	0.96%	0.89%
Net Income+	-232.72M	-184.66M	-349.03M	190.08M	168.65M	225.82M	-49.46M	-271.84M	-193.2M
Net Margin %	-0.66%	-0.24%	-0.24%	0.09%	0.07%	0.06%	-0.02%	-0.1%	-0.06%
Net Income Growth %	-	0.21%	-0.89%	1.54%	-0.11%	0.34%	-1.22%	-4.5%	0.29%
Net Income (Continuing)	-232.72M	-184.66M	-349.03M	190.08M	168.65M	225.82M	-49.46M	-271.84M	-193.2M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-22.56	-2.48	-4.94	2.48	2.14	2.82	-0.66	-3.46	-2.44
EPS Growth %	-	0.89%	-0.99%	1.5%	-0.14%	0.32%	-1.23%	-4.24%	0.29%
EPS (Basic)	-22.56	-2.48	-4.94	2.54	2.24	2.94	-0.66	-3.46	-2.44
Diluted Shares Outstanding	10.32M	74.34M	70.51M	76.62M	78.92M	80.23M	75.45M	78.41M	79.23M
Basic Shares Outstanding	10.32M	74.34M	70.51M	74.51M	75.45M	76.84M	75.45M	78.41M	79.23M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	260.44M	407.69M	1.12B	1.31B	1.55B	1.9B	2.01B	1.76B	2.17B
Cash & Short-Term Investments	141.21M	197.18M	716.75M	764.79M	1.1B	1.08B	903.28M	970.13M	904.37M
Cash Only	91.12M	112M	569.06M	279.95M	227M	208.37M	534.29M	872.57M	630.02M
Short-Term Investments	50.09M	85.19M	147.69M	484.84M	876.11M	869.31M	369M	97.56M	274.35M
Accounts Receivable	32.44M	13.85M	62.94M	129.28M	113.4M	285.65M	430.96M	237.91M	131.92M
Days Sales Outstanding	33.37	6.57	15.55	22.73	16.93	28.14	49.64	32.75	14.64
Inventory	66.78M	88.23M	142.38M	178.63M	142.17M	269.64M	417.01M	392.79M	649.18M
Days Inventory Outstanding	66.31	45.06	40.63	41.01	27.53	34.03	60.91	68.89	84.94
Other Current Assets	542.95K	104.63M	181.71M	226.95M	174.22M	227.32M	206.1M	124.09M	484.33M
Total Non-Current Assets+	128.1M	95.94M	65.51M	199.55M	298.91M	545.3M	524.63M	428.72M	443.35M
Property, Plant & Equipment	14.11M	28.7M	40.99M	150.89M	199.05M	491.42M	483.95M	402.16M	399.92M
Fixed Asset Turnover	25.15x	26.81x	36.06x	13.76x	12.28x	7.54x	6.55x	6.59x	8.22x
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	1.97M	1.28M	7.72M	42.14M	54.44M	3.67M	1.86M	1.31M	1.04M
Long-Term Investments	0	0	0	0	0	35.94M	20M	0	0
Other Non-Current Assets	112.02M	65.97M	16.81M	6.52M	30.83M	2.37M	12.68M	4.5M	42.39M
Total Assets+	388.54M	503.63M	1.19B	1.51B	1.85B	2.44B	2.54B	2.19B	2.61B
Asset Turnover	0.91x	1.53x	1.25x	1.37x	1.32x	1.52x	1.25x	1.21x	1.26x
Asset Growth %	-	0.3%	1.35%	0.27%	0.22%	0.32%	0.04%	-0.14%	0.19%
Total Current Liabilities+	341.84M	578.5M	597M	693.51M	823.26M	1.13B	1.19B	1.07B	1.65B
Accounts Payable	71.82M	124.94M	249.67M	258.99M	395.83M	538.93M	459.47M	575.72M	869.01M
Days Payables Outstanding	71.31	63.81	71.24	59.46	76.64	68.02	67.11	100.98	113.71
Short-Term Debt	216.26M	319.79M	179.98M	217.39M	180M	180M	160M	267.28M	200M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	2.59M	4.24M	9.17M	27.95M	42.14M	205.62M	389.88M	73.98M	85.96M
Current Ratio	0.76x	0.70x	1.88x	1.89x	1.88x	1.68x	1.69x	1.64x	1.31x
Quick Ratio	0.57x	0.55x	1.64x	1.63x	1.71x	1.44x	1.34x	1.28x	0.92x
Cash Conversion Cycle	28.37	-12.18	-15.07	4.28	-32.18	-5.85	43.44	0.66	-14.12
Total Non-Current Liabilities+	259.89M	250.37M	17.84M	25.8M	30.18M	47.58M	33.84M	24.78M	29.94M
Long-Term Debt	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	13.92M	7.57M	280.42K	89.99K
Deferred Tax Liabilities	0	0	0	1.27M	1.11M	1.99M	1.4M	2.36M	0
Other Non-Current Liabilities	259.2M	250.22M	17.61M	22.36M	24.89M	20.97M	13.44M	8.97M	29.85M
Total Liabilities	601.73M	828.87M	614.84M	719.31M	853.44M	1.18B	1.23B	1.1B	1.68B
Total Debt+	216.26M	319.79M	179.98M	217.39M	180M	201.61M	175.31M	272.66M	201.34M
Net Debt	125.14M	207.8M	-389.08M	-62.55M	-47M	129.17M	-49.89M	-599.92M	-429.93M
Debt / Equity	-	-	0.32x	0.27x	0.18x	0.16x	0.13x	0.25x	0.22x
Debt / EBITDA	-	-	-	0.99x	0.81x	0.58x	3.28x	-	-
Net Debt / EBITDA	-	-	-	-0.29x	-0.21x	0.37x	-0.93x	-	-
Interest Coverage	-97.61x	-44.97x	-40.72x	16.38x	23.12x	40.94x	-15.62x	-222.99x	-44.57x
Total Equity+	-213.19M	-325.24M	570.41M	791.53M	993.37M	1.26B	1.31B	1.09B	931.28M
Equity Growth %	-	-0.53%	2.75%	0.39%	0.26%	0.27%	0.04%	-0.17%	-0.15%
Book Value per Share	-20.66	-4.38	8.09	10.33	12.59	15.76	17.36	13.95	11.75
Total Shareholders' Equity	-213.19M	-325.24M	570.41M	791.53M	993.37M	1.26B	1.31B	1.09B	931.28M
Common Stock	39.95K	39.95K	95.96K	96.47K	98.5K	99.35K	99.74K	100.35K	100.86K
Retained Earnings	-586.49M	-771.16M	-1.12B	-934.3M	-765.65M	-539.83M	-589.29M	-861.13M	-1.05B
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-4.5M	5.6M	-22.79M	-12.37M	-43.02M	-51.12M	-16.54M	-9.5M	-3.13M
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-123.05M	80.06M	7.78M	178.68M	465.6M	334.17M	-834.96M	93.74M	52.29M
Operating CF Margin %	-0.35%	0.1%	0.01%	0.09%	0.19%	0.09%	-0.26%	0.04%	0.02%
Operating CF Growth %	-	1.65%	-0.9%	21.97%	1.61%	-0.28%	-3.5%	1.11%	-0.44%
Net Income	-232.72M	-184.66M	-349.03M	190.08M	168.65M	225.82M	-338.92M	-271.84M	-193.2M
Depreciation & Amortization	5.19M	9.75M	18.88M	32.43M	50.24M	95.47M	977.86M	148.06M	122.14M
Stock-Based Compensation	78.3M	62.53M	265.87M	19.62M	39.61M	47.22M	398.92M	47.66M	24.23M
Deferred Taxes	0	-182.56K	12.77M	753.8M	-18.15M	4.32M	-41.66M	-10.95M	-23.29M
Other Non-Cash Items	4.12M	43.01M	33.71M	-747M	-8.01M	-3.37M	168.66M	163.47M	40.55M
Working Capital Changes	22.05M	149.63M	25.57M	-70.26M	233.26M	-35.29M	-2B	17.33M	81.85M
Change in Receivables	-19.22M	8.31M	-42.83M	-63.86M	13.4M	-168.52M	-384.71M	78.71M	-44.89M
Change in Inventory	-37.32M	-21.44M	-72.41M	-46.74M	30.57M	-131.19M	-1.07B	2.63M	-288.2M
Change in Payables	48.62M	53.12M	124.73M	9.32M	136.84M	286.73M	642.36M	-33.3M	423.03M
Cash from Investing+	-59.95M	-55.93M	-103.59M	-467.89M	-535.23M	-295.06M	2.73B	216.31M	-292.43M
Capital Expenditures	-10.32M	-23.24M	-53.29M	-141.01M	-151.58M	-285.75M	-927.41M	-78.93M	-119.75M
CapEx % of Revenue	0.03%	0.03%	0.04%	0.07%	0.06%	0.08%	0.29%	0.03%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	-49.63M	-32.68M	-21.27M	-26.78M	-39.84M	-614.07K	3.65B	0	-153
Cash from Financing+	225.01M	2.41M	555.38M	35.28M	-13.16M	6.25M	-121.94M	-59.35M	100.27M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-64.71M	0	-20.09M	-2.13M	24.23M	6.25M	-101.94M	654.02K	267K
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-133.37M	56.82M	-45.51M	37.67M	314.02M	48.43M	-1.76B	14.8M	-67.46M
FCF Margin %	-0.38%	0.07%	-0.03%	0.02%	0.13%	0.01%	-0.56%	0.01%	-0.02%
FCF Growth %	-	1.43%	-1.8%	1.83%	7.34%	-0.85%	-37.39%	1.01%	-5.56%
FCF per Share	-12.92	0.76	-0.65	0.49	3.98	0.60	-23.36	0.19	-0.85
FCF Conversion (FCF/Net Income)	0.53x	-0.43x	-0.02x	0.94x	2.76x	1.48x	16.88x	-0.34x	-0.27x
Interest Paid	0	0	0	9.71M	8.94M	6.35M	5.71M	1.62M	5.46M
Taxes Paid	0	0	0	4.45M	27.7M	39.67M	13.37M	1.07M	142.31K

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-284.72%	27.91%	18.9%	20%	-3.84%	-22.62%	-19.08%
Return on Invested Capital (ROIC)	-	-	-738.21%	30.77%	15.28%	17.18%	-6.06%	-32.96%	-37.73%
Gross Margin	-3.6%	7.11%	13.44%	23.43%	22.88%	21.94%	21.13%	21.52%	15.17%
Net Margin	-65.59%	-24%	-23.62%	9.16%	6.9%	6.1%	-1.56%	-10.25%	-5.88%
Debt / Equity	-	-	0.32x	0.27x	0.18x	0.16x	0.13x	0.25x	0.22x
Interest Coverage	-97.61x	-44.97x	-40.72x	16.38x	23.12x	40.94x	-15.62x	-222.99x	-44.57x
FCF Conversion	0.53x	-0.43x	-0.02x	0.94x	2.76x	1.48x	16.88x	-0.34x	-0.27x
Revenue Growth	-	116.84%	92.08%	40.5%	17.73%	51.56%	-14.47%	-16.31%	24%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Electric scooter sales	-	-	-	3.25B	2.85B	2.36B	2.96B
Electric scooter sales Growth	-	-	-	-	-12.27%	-17.35%	25.52%
Accessory and spare parts sales	-	-	-	397.09M	242.3M	197.63M	241.68M
Accessory and spare parts sales Growth	-	-	-	-	-38.98%	-18.43%	22.29%
Service revenues	-	-	-	54.46M	72.41M	95.47M	86.11M
Service revenues Growth	-	-	-	-	32.95%	31.85%	-9.80%
Electric Scooter Sales	1.37B	1.79B	2.14B	-	-	-	-
Electric Scooter Sales Growth	-	30.41%	19.92%	-	-	-	-
Accessory And Spare Parts Sales	91.37M	253.8M	258.93M	-	-	-	-
Accessory And Spare Parts Sales Growth	-	177.76%	2.02%	-	-	-	-
Service	15.89M	35.22M	42.11M	-	-	-	-
Service Growth	-	121.68%	19.57%	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
PRC	-	-	-	3.16B	2.58B	2.25B	2.85B
PRC Growth	-	-	-	-	-18.21%	-13.01%	26.59%
Others	-	-	-	115.37M	241.6M	252.64M	270.93M
Others Growth	-	-	-	-	109.41%	4.57%	7.24%
Europe	148.96M	274.45M	305.24M	430.2M	343.16M	151.52M	172.2M
Europe Growth	-	84.24%	11.22%	40.94%	-20.23%	-55.85%	13.64%
C	1.32B	1.64B	2.04B	-	-	-	-
C Growth	-	24.61%	24.10%	-	-	-	-
Other Countries	10.16M	158.62M	99.87M	-	-	-	-
Other Countries Growth	-	1461.13%	-37.04%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Niu Technologies (NIU) reported $4.45B in revenue for fiscal year 2024. This represents a 1154% increase from $354.8M in 2016.

Niu Technologies (NIU) grew revenue by 24.0% over the past year. This is strong growth.

Niu Technologies (NIU) reported a net loss of $23.8M for fiscal year 2024.

Dividend & Returns

Niu Technologies (NIU) has a return on equity (ROE) of -19.1%. Negative ROE indicates the company is unprofitable.

Niu Technologies (NIU) had negative free cash flow of $67.5M in fiscal year 2024, likely due to heavy capital investments.

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Niu Technologies (NIU) 10-Year Financial Performance & Capital Metrics

NIU • • Industrial / General

Consumer CyclicalAuto ManufacturersTwo-Wheel & Light Electric VehiclesE-Scooters & E-Bikes

Revenue $3.29B +24.0%
EBITDA -$128M +24.2%
Net Income -$193M +28.9%
EPS (Diluted) -2.44 +29.5%
Gross Margin 15.17% -29.5%
EBITDA Margin -3.91% +38.9%
Operating Margin -7.62% +36.3%
Net Margin -5.88% +42.7%
ROE -19.08% +15.6%
ROIC -37.73% -14.5%
Debt/Equity 0.22 -13.3%
Interest Coverage -44.57 +80.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.3x book value
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 17 (bottom 17%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y9.63%

3Y-3.9%

TTM50.99%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM90.51%

EPS CAGR

10Y-

5Y-

3Y-

TTM88.97%

ROCE

10Y Avg-74.67%

5Y Avg-3.29%

3Y Avg-18.87%

Latest-24.1%

Peer Comparison

E-Scooters & E-Bikes

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
NIUNiu Technologies	219.53M	3.15	-1.29	24%	-0.54%	-2.41%	0.22
LOBOLobo EV Technologies Ltd.	5.18M	0.58	-5.28	36.92%	-7.69%	-36.26%	0.26
FLYEFly-E Group, Inc. Common Stock	11.87M	7.27	-6.61	-21.05%	-31.12%	-51.96%	1.94

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	354.81M	769.37M	1.48B	2.08B	2.44B	3.7B	3.17B	2.65B	3.29B
Revenue Growth %	-	1.17%	0.92%	0.41%	0.18%	0.52%	-0.14%	-0.16%	0.24%
Cost of Goods Sold+	367.59M	714.67M	1.28B	1.59B	1.89B	2.89B	2.5B	2.08B	2.79B
COGS % of Revenue	1.04%	0.93%	0.87%	0.77%	0.77%	0.78%	0.79%	0.78%	0.85%
Gross Profit+	-12.78M	54.7M	198.63M	486.55M	559.15M	812.78M	669.68M	570.75M	498.76M
Gross Margin %	-0.04%	0.07%	0.13%	0.23%	0.23%	0.22%	0.21%	0.22%	0.15%
Gross Profit Growth %	-	5.28%	2.63%	1.45%	0.15%	0.45%	-0.18%	-0.15%	-0.13%
Operating Expenses+	212.37M	198.14M	514.68M	299.84M	388.51M	560.3M	758.96M	888.27M	749.4M
OpEx % of Revenue	0.6%	0.26%	0.35%	0.14%	0.16%	0.15%	0.24%	0.33%	0.23%
Selling, General & Admin	180.59M	159.48M	424.26M	262.49M	305.62M	473.81M	598.87M	600.81M	620.2M
SG&A % of Revenue	0.51%	0.21%	0.29%	0.13%	0.13%	0.13%	0.19%	0.23%	0.19%
Research & Development	33.09M	39.49M	91.81M	67.19M	105.34M	135.22M	176.48M	150.99M	130.11M
R&D % of Revenue	0.09%	0.05%	0.06%	0.03%	0.04%	0.04%	0.06%	0.06%	0.04%
Other Operating Expenses	-1.31M	0	0	-29.83M	-22.44M	-48.73M	-16.39M	136.48M	-911.56K
Operating Income+	-226.46M	-141.83M	-314.41M	186.71M	170.63M	252.48M	-89.28M	-317.52M	-250.63M
Operating Margin %	-0.64%	-0.18%	-0.21%	0.09%	0.07%	0.07%	-0.03%	-0.12%	-0.08%
Operating Income Growth %	-	0.37%	-1.22%	1.59%	-0.09%	0.48%	-1.35%	-2.56%	0.21%
EBITDA+	-221.27M	-132.08M	-295.53M	219.14M	220.87M	347.95M	53.43M	-169.46M	-128.49M
EBITDA Margin %	-0.62%	-0.17%	-0.2%	0.11%	0.09%	0.09%	0.02%	-0.06%	-0.04%
EBITDA Growth %	-	0.4%	-1.24%	1.74%	0.01%	0.58%	-0.85%	-4.17%	0.24%
D&A (Non-Cash Add-back)	5.19M	9.75M	18.88M	32.43M	50.24M	95.47M	142.71M	148.06M	122.15M
EBIT	-230.4M	-181.51M	-341.31M	209.7M	197.12M	279.02M	-65.5M	-280.6M	-211.18M
Net Interest Income+	-1.66M	-2.15M	-4.72M	5.5M	1.41M	-791.84K	7.14M	34.07M	31.47M
Interest Income	660.6K	1.01M	3M	16.9M	8.79M	5.38M	12.86M	35.49M	37.09M
Interest Expense	2.32M	3.15M	7.72M	11.4M	7.38M	6.17M	5.72M	1.42M	5.62M
Other Income/Expense	-6.26M	-40.39M	-34.62M	11.59M	19.1M	20.38M	18.06M	35.49M	33.82M
Pretax Income+	-232.72M	-184.66M	-349.03M	198.3M	189.74M	272.86M	-71.22M	-282.03M	-216.81M
Pretax Margin %	-0.66%	-0.24%	-0.24%	0.1%	0.08%	0.07%	-0.02%	-0.11%	-0.07%
Income Tax+	2.32M	0	0	8.21M	21.09M	47.04M	-21.76M	-10.19M	-23.61M
Effective Tax Rate %	1%	1%	1%	0.96%	0.89%	0.83%	0.69%	0.96%	0.89%
Net Income+	-232.72M	-184.66M	-349.03M	190.08M	168.65M	225.82M	-49.46M	-271.84M	-193.2M
Net Margin %	-0.66%	-0.24%	-0.24%	0.09%	0.07%	0.06%	-0.02%	-0.1%	-0.06%
Net Income Growth %	-	0.21%	-0.89%	1.54%	-0.11%	0.34%	-1.22%	-4.5%	0.29%
Net Income (Continuing)	-232.72M	-184.66M	-349.03M	190.08M	168.65M	225.82M	-49.46M	-271.84M	-193.2M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-22.56	-2.48	-4.94	2.48	2.14	2.82	-0.66	-3.46	-2.44
EPS Growth %	-	0.89%	-0.99%	1.5%	-0.14%	0.32%	-1.23%	-4.24%	0.29%
EPS (Basic)	-22.56	-2.48	-4.94	2.54	2.24	2.94	-0.66	-3.46	-2.44
Diluted Shares Outstanding	10.32M	74.34M	70.51M	76.62M	78.92M	80.23M	75.45M	78.41M	79.23M
Basic Shares Outstanding	10.32M	74.34M	70.51M	74.51M	75.45M	76.84M	75.45M	78.41M	79.23M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	260.44M	407.69M	1.12B	1.31B	1.55B	1.9B	2.01B	1.76B	2.17B
Cash & Short-Term Investments	141.21M	197.18M	716.75M	764.79M	1.1B	1.08B	903.28M	970.13M	904.37M
Cash Only	91.12M	112M	569.06M	279.95M	227M	208.37M	534.29M	872.57M	630.02M
Short-Term Investments	50.09M	85.19M	147.69M	484.84M	876.11M	869.31M	369M	97.56M	274.35M
Accounts Receivable	32.44M	13.85M	62.94M	129.28M	113.4M	285.65M	430.96M	237.91M	131.92M
Days Sales Outstanding	33.37	6.57	15.55	22.73	16.93	28.14	49.64	32.75	14.64
Inventory	66.78M	88.23M	142.38M	178.63M	142.17M	269.64M	417.01M	392.79M	649.18M
Days Inventory Outstanding	66.31	45.06	40.63	41.01	27.53	34.03	60.91	68.89	84.94
Other Current Assets	542.95K	104.63M	181.71M	226.95M	174.22M	227.32M	206.1M	124.09M	484.33M
Total Non-Current Assets+	128.1M	95.94M	65.51M	199.55M	298.91M	545.3M	524.63M	428.72M	443.35M
Property, Plant & Equipment	14.11M	28.7M	40.99M	150.89M	199.05M	491.42M	483.95M	402.16M	399.92M
Fixed Asset Turnover	25.15x	26.81x	36.06x	13.76x	12.28x	7.54x	6.55x	6.59x	8.22x
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	1.97M	1.28M	7.72M	42.14M	54.44M	3.67M	1.86M	1.31M	1.04M
Long-Term Investments	0	0	0	0	0	35.94M	20M	0	0
Other Non-Current Assets	112.02M	65.97M	16.81M	6.52M	30.83M	2.37M	12.68M	4.5M	42.39M
Total Assets+	388.54M	503.63M	1.19B	1.51B	1.85B	2.44B	2.54B	2.19B	2.61B
Asset Turnover	0.91x	1.53x	1.25x	1.37x	1.32x	1.52x	1.25x	1.21x	1.26x
Asset Growth %	-	0.3%	1.35%	0.27%	0.22%	0.32%	0.04%	-0.14%	0.19%
Total Current Liabilities+	341.84M	578.5M	597M	693.51M	823.26M	1.13B	1.19B	1.07B	1.65B
Accounts Payable	71.82M	124.94M	249.67M	258.99M	395.83M	538.93M	459.47M	575.72M	869.01M
Days Payables Outstanding	71.31	63.81	71.24	59.46	76.64	68.02	67.11	100.98	113.71
Short-Term Debt	216.26M	319.79M	179.98M	217.39M	180M	180M	160M	267.28M	200M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	2.59M	4.24M	9.17M	27.95M	42.14M	205.62M	389.88M	73.98M	85.96M
Current Ratio	0.76x	0.70x	1.88x	1.89x	1.88x	1.68x	1.69x	1.64x	1.31x
Quick Ratio	0.57x	0.55x	1.64x	1.63x	1.71x	1.44x	1.34x	1.28x	0.92x
Cash Conversion Cycle	28.37	-12.18	-15.07	4.28	-32.18	-5.85	43.44	0.66	-14.12
Total Non-Current Liabilities+	259.89M	250.37M	17.84M	25.8M	30.18M	47.58M	33.84M	24.78M	29.94M
Long-Term Debt	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	13.92M	7.57M	280.42K	89.99K
Deferred Tax Liabilities	0	0	0	1.27M	1.11M	1.99M	1.4M	2.36M	0
Other Non-Current Liabilities	259.2M	250.22M	17.61M	22.36M	24.89M	20.97M	13.44M	8.97M	29.85M
Total Liabilities	601.73M	828.87M	614.84M	719.31M	853.44M	1.18B	1.23B	1.1B	1.68B
Total Debt+	216.26M	319.79M	179.98M	217.39M	180M	201.61M	175.31M	272.66M	201.34M
Net Debt	125.14M	207.8M	-389.08M	-62.55M	-47M	129.17M	-49.89M	-599.92M	-429.93M
Debt / Equity	-	-	0.32x	0.27x	0.18x	0.16x	0.13x	0.25x	0.22x
Debt / EBITDA	-	-	-	0.99x	0.81x	0.58x	3.28x	-	-
Net Debt / EBITDA	-	-	-	-0.29x	-0.21x	0.37x	-0.93x	-	-
Interest Coverage	-97.61x	-44.97x	-40.72x	16.38x	23.12x	40.94x	-15.62x	-222.99x	-44.57x
Total Equity+	-213.19M	-325.24M	570.41M	791.53M	993.37M	1.26B	1.31B	1.09B	931.28M
Equity Growth %	-	-0.53%	2.75%	0.39%	0.26%	0.27%	0.04%	-0.17%	-0.15%
Book Value per Share	-20.66	-4.38	8.09	10.33	12.59	15.76	17.36	13.95	11.75
Total Shareholders' Equity	-213.19M	-325.24M	570.41M	791.53M	993.37M	1.26B	1.31B	1.09B	931.28M
Common Stock	39.95K	39.95K	95.96K	96.47K	98.5K	99.35K	99.74K	100.35K	100.86K
Retained Earnings	-586.49M	-771.16M	-1.12B	-934.3M	-765.65M	-539.83M	-589.29M	-861.13M	-1.05B
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-4.5M	5.6M	-22.79M	-12.37M	-43.02M	-51.12M	-16.54M	-9.5M	-3.13M
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-123.05M	80.06M	7.78M	178.68M	465.6M	334.17M	-834.96M	93.74M	52.29M
Operating CF Margin %	-0.35%	0.1%	0.01%	0.09%	0.19%	0.09%	-0.26%	0.04%	0.02%
Operating CF Growth %	-	1.65%	-0.9%	21.97%	1.61%	-0.28%	-3.5%	1.11%	-0.44%
Net Income	-232.72M	-184.66M	-349.03M	190.08M	168.65M	225.82M	-338.92M	-271.84M	-193.2M
Depreciation & Amortization	5.19M	9.75M	18.88M	32.43M	50.24M	95.47M	977.86M	148.06M	122.14M
Stock-Based Compensation	78.3M	62.53M	265.87M	19.62M	39.61M	47.22M	398.92M	47.66M	24.23M
Deferred Taxes	0	-182.56K	12.77M	753.8M	-18.15M	4.32M	-41.66M	-10.95M	-23.29M
Other Non-Cash Items	4.12M	43.01M	33.71M	-747M	-8.01M	-3.37M	168.66M	163.47M	40.55M
Working Capital Changes	22.05M	149.63M	25.57M	-70.26M	233.26M	-35.29M	-2B	17.33M	81.85M
Change in Receivables	-19.22M	8.31M	-42.83M	-63.86M	13.4M	-168.52M	-384.71M	78.71M	-44.89M
Change in Inventory	-37.32M	-21.44M	-72.41M	-46.74M	30.57M	-131.19M	-1.07B	2.63M	-288.2M
Change in Payables	48.62M	53.12M	124.73M	9.32M	136.84M	286.73M	642.36M	-33.3M	423.03M
Cash from Investing+	-59.95M	-55.93M	-103.59M	-467.89M	-535.23M	-295.06M	2.73B	216.31M	-292.43M
Capital Expenditures	-10.32M	-23.24M	-53.29M	-141.01M	-151.58M	-285.75M	-927.41M	-78.93M	-119.75M
CapEx % of Revenue	0.03%	0.03%	0.04%	0.07%	0.06%	0.08%	0.29%	0.03%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	-49.63M	-32.68M	-21.27M	-26.78M	-39.84M	-614.07K	3.65B	0	-153
Cash from Financing+	225.01M	2.41M	555.38M	35.28M	-13.16M	6.25M	-121.94M	-59.35M	100.27M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-64.71M	0	-20.09M	-2.13M	24.23M	6.25M	-101.94M	654.02K	267K
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-133.37M	56.82M	-45.51M	37.67M	314.02M	48.43M	-1.76B	14.8M	-67.46M
FCF Margin %	-0.38%	0.07%	-0.03%	0.02%	0.13%	0.01%	-0.56%	0.01%	-0.02%
FCF Growth %	-	1.43%	-1.8%	1.83%	7.34%	-0.85%	-37.39%	1.01%	-5.56%
FCF per Share	-12.92	0.76	-0.65	0.49	3.98	0.60	-23.36	0.19	-0.85
FCF Conversion (FCF/Net Income)	0.53x	-0.43x	-0.02x	0.94x	2.76x	1.48x	16.88x	-0.34x	-0.27x
Interest Paid	0	0	0	9.71M	8.94M	6.35M	5.71M	1.62M	5.46M
Taxes Paid	0	0	0	4.45M	27.7M	39.67M	13.37M	1.07M	142.31K

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-284.72%	27.91%	18.9%	20%	-3.84%	-22.62%	-19.08%
Return on Invested Capital (ROIC)	-	-	-738.21%	30.77%	15.28%	17.18%	-6.06%	-32.96%	-37.73%
Gross Margin	-3.6%	7.11%	13.44%	23.43%	22.88%	21.94%	21.13%	21.52%	15.17%
Net Margin	-65.59%	-24%	-23.62%	9.16%	6.9%	6.1%	-1.56%	-10.25%	-5.88%
Debt / Equity	-	-	0.32x	0.27x	0.18x	0.16x	0.13x	0.25x	0.22x
Interest Coverage	-97.61x	-44.97x	-40.72x	16.38x	23.12x	40.94x	-15.62x	-222.99x	-44.57x
FCF Conversion	0.53x	-0.43x	-0.02x	0.94x	2.76x	1.48x	16.88x	-0.34x	-0.27x
Revenue Growth	-	116.84%	92.08%	40.5%	17.73%	51.56%	-14.47%	-16.31%	24%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Electric scooter sales	-	-	-	3.25B	2.85B	2.36B	2.96B
Electric scooter sales Growth	-	-	-	-	-12.27%	-17.35%	25.52%
Accessory and spare parts sales	-	-	-	397.09M	242.3M	197.63M	241.68M
Accessory and spare parts sales Growth	-	-	-	-	-38.98%	-18.43%	22.29%
Service revenues	-	-	-	54.46M	72.41M	95.47M	86.11M
Service revenues Growth	-	-	-	-	32.95%	31.85%	-9.80%
Electric Scooter Sales	1.37B	1.79B	2.14B	-	-	-	-
Electric Scooter Sales Growth	-	30.41%	19.92%	-	-	-	-
Accessory And Spare Parts Sales	91.37M	253.8M	258.93M	-	-	-	-
Accessory And Spare Parts Sales Growth	-	177.76%	2.02%	-	-	-	-
Service	15.89M	35.22M	42.11M	-	-	-	-
Service Growth	-	121.68%	19.57%	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
PRC	-	-	-	3.16B	2.58B	2.25B	2.85B
PRC Growth	-	-	-	-	-18.21%	-13.01%	26.59%
Others	-	-	-	115.37M	241.6M	252.64M	270.93M
Others Growth	-	-	-	-	109.41%	4.57%	7.24%
Europe	148.96M	274.45M	305.24M	430.2M	343.16M	151.52M	172.2M
Europe Growth	-	84.24%	11.22%	40.94%	-20.23%	-55.85%	13.64%
C	1.32B	1.64B	2.04B	-	-	-	-
C Growth	-	24.61%	24.10%	-	-	-	-
Other Countries	10.16M	158.62M	99.87M	-	-	-	-
Other Countries Growth	-	1461.13%	-37.04%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Niu Technologies (NIU) reported $4.45B in revenue for fiscal year 2024. This represents a 1154% increase from $354.8M in 2016.

Niu Technologies (NIU) grew revenue by 24.0% over the past year. This is strong growth.

Niu Technologies (NIU) reported a net loss of $23.8M for fiscal year 2024.

Dividend & Returns

Niu Technologies (NIU) has a return on equity (ROE) of -19.1%. Negative ROE indicates the company is unprofitable.

Niu Technologies (NIU) had negative free cash flow of $67.5M in fiscal year 2024, likely due to heavy capital investments.