The company continues to burn cash, failing to generate positive free cash flow in any of the last ten quarters while accumulating a $1.1 billion cash position.
Niu Technologies (NIU) cash flow statement — 10-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Cash from Operations | 0 | 353.27M | 52.29M | 93.74M | -834.96M | 334.17M | 465.6M | 178.68M | 7.78M | 80.06M | -123.05M |
| Operating CF Margin % | - | 8.43% | 1.59% | 3.53% | -26.35% | 9.02% | 19.05% | 8.61% | 0.53% | 10.41% | -34.68% |
| Operating CF Growth % | 0% | 575.64% | -44.22% | 111.23% | -349.86% | -28.23% | 160.58% | 2196.85% | -90.28% | 165.06% | - |
| Net Income | -200.79M | -39.39M | -193.2M | -271.84M | -338.92M | 225.82M | 168.65M | 190.08M | -349.03M | -184.66M | -232.72M |
| Depreciation & Amortization | 0 | 110.96M | 122.14M | 148.06M | 977.86M | 95.47M | 50.24M | 32.43M | 18.88M | 9.75M | 5.19M |
| Stock-Based Compensation | 5.91M | 27.73M | 24.23M | 47.66M | 398.92M | 47.22M | 39.61M | 19.62M | 265.87M | 62.53M | 78.3M |
| Deferred Taxes | 0 | -24.21M | -23.29M | -10.95M | -41.66M | 4.32M | -18.15M | 753.8M | 12.77M | -182.56K | 0 |
| Other Non-Cash Items | 120.98M | 80.99M | 40.55M | 163.47M | 168.66M | -3.37M | -8.01M | -747M | 33.71M | 43.01M | 4.12M |
| Working Capital Changes | 0 | 197.18M | 81.85M | 17.33M | -2B | -35.29M | 233.26M | -70.26M | 25.57M | 149.63M | 22.05M |
| Change in Receivables | 0 | 101.33M | -44.89M | 78.71M | -384.71M | -168.52M | 13.4M | -63.86M | -42.83M | 8.31M | -19.22M |
| Change in Inventory | 0 | -89.47M | -288.2M | 2.63M | -1.07B | -131.19M | 30.57M | -46.74M | -72.41M | -21.44M | -37.32M |
| Change in Payables | 0 | -64.93M | 423.03M | -33.3M | 642.36M | 286.73M | 136.84M | 9.32M | 124.73M | 53.12M | 48.62M |
| Cash from Investing | 0 | -90.6M | -292.43M | 216.31M | 2.73B | -295.06M | -535.23M | -467.89M | -103.59M | -55.93M | -59.95M |
| Capital Expenditures | 0 | -177.81M | -119.75M | -78.93M | -927.41M | -285.75M | -151.58M | -141.01M | -53.29M | -23.24M | -10.32M |
| CapEx % of Revenue | 0% | 4.24% | 3.64% | 2.98% | 29.27% | 7.71% | 6.2% | 6.79% | 3.61% | 3.02% | 2.91% |
| Acquisitions | 0 | 0 | 0 | 0 | -3.65B | 0 | 39.84M | 26.78M | 21.27M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -153 | 0 | 3.65B | -614.07K | -39.84M | -26.78M | -21.27M | -32.68M | -49.63M |
| Cash from Financing | 0 | 40.16M | 100.27M | -59.35M | -121.94M | 6.25M | -13.16M | 35.28M | 555.38M | 2.41M | 225.01M |
| Debt Issued (Net) | 0 | 40M | 100M | -60M | -20M | 0 | -37.39M | 37.42M | 11.74M | 68.7M | 178.77M |
| Equity Issued (Net) | 0 | 164.59K | 0 | 0 | 0 | 0 | 0 | 0 | 563.73M | 0 | 110.96M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.2M | 0 | 0 |
| Other Financing | 0 | 0 | 267K | 654.02K | -101.94M | 6.25M | 24.23M | -2.13M | -20.09M | 0 | -64.71M |
| Net Change in Cash | -20.45M | 289.19M | -133.82M | 259.61M | 1.98B | 36.87M | -106.13M | -246.72M | 457.06M | 20.88M | 44.07M |
| Free Cash Flow | 0 | 175.46M | -67.46M | 14.8M | -1.76B | 48.43M | 314.02M | 37.67M | -45.51M | 56.82M | -133.37M |
| FCF Margin % | 0% | 4.19% | -2.05% | 0.56% | -55.62% | 1.31% | 12.85% | 1.81% | -3.08% | 7.39% | -37.59% |
| FCF Growth % | - | 360.09% | -555.81% | 100.84% | -3739.04% | -84.58% | 733.68% | 182.76% | -180.1% | 142.6% | - |
| FCF per Share | 0.00 | 2.20 | -0.85 | 0.19 | -23.36 | 0.60 | 3.98 | 0.49 | -0.65 | 0.76 | -12.92 |
| FCF Conversion (FCF/Net Income) | -0.00x | -9.22x | -0.27x | -0.34x | 16.88x | 1.48x | 2.76x | 0.94x | -0.02x | -0.43x | 0.53x |
| Interest Paid | 5.9M | 5.9M | 5.46M | 1.62M | 5.71M | 6.35M | 8.94M | 9.71M | 0 | 0 | 0 |
| Taxes Paid | 89.93K | 89.93K | 142.31K | 1.07M | 13.37M | 39.67M | 27.7M | 4.45M | 0 | 0 | 0 |
Quick answers to the most common questions about buying NIU stock.
Niu Technologies (NIU) generated $353.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Niu Technologies (NIU) generated $175.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Niu Technologies (NIU) spent $177.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent Operating Cash Deficits
Earnings Quality Obscured by Losses
As indicated by the provided financial data, NIU has consistently reported negative net income over the last ten quarters, with a peak loss of $130.2 million in 2023Q4, rendering standard cash conversion metrics like the OCF-to-Net Income ratio effectively non-calculable and analytically meaningless for performance assessment.
The persistent gap between accounting losses and the absence of reported operating cash flow suggests that the company is struggling to generate internal liquidity from its core operations. Investors should monitor whether the lack of positive cash flow is a structural byproduct of aggressive market share acquisition or a fundamental inability to monetize the hardware-software ecosystem.
Free Cash Flow Remains Absent
Based on the reported quarterly figures, NIU has failed to generate positive free cash flow in any of the last ten periods, reflecting a business model that currently consumes rather than produces liquidity to support its ongoing manufacturing and distribution activities in the competitive Chinese market.
The absence of positive FCF margins across the entire observed timeframe highlights the difficulty management faces in balancing high R&D requirements with the capital-intensive nature of a franchised retail network. This trajectory warrants further investigation into whether the company can reach a self-sustaining cash flow inflection point without further dilutive financing.
Stock-Based Compensation Masks Expenses
According to the provided data, NIU consistently records stock-based compensation, reaching as high as $7.9 million in 2025Q2, which serves to artificially inflate the bottom line while failing to provide any actual cash relief to the company's ongoing operational cash flow deficits.
The reliance on equity-based incentives appears to be a mechanism to preserve cash in the face of recurring net losses, yet it does not address the underlying operational inefficiencies. Analysts should treat these non-cash adjustments with caution, as they represent a real cost to shareholders that is not captured in the headline cash flow figures.
Capital Allocation Lacks Visible Returns
As reported in the financial statements, NIU has not engaged in dividends or share repurchases over the observed ten-quarter period, suggesting that management is prioritizing the preservation of its $1.1 billion cash position over returning capital to shareholders amidst ongoing operational volatility and negative earnings.
The decision to hoard cash rather than deploy it suggests that management may be preparing for a prolonged period of competitive pressure or is unable to identify high-return reinvestment opportunities. Investors should monitor whether this cash pile is eventually utilized for strategic acquisitions or if it remains a stagnant buffer against continued operational cash burn.