What is Niu Technologies's earnings per share (EPS)?

Niu Technologies (NIU) reported diluted earnings per share of $-0.04 for fiscal year 2025. This represents a 76.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Niu Technologies Financials

NIU

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Niu Technologies (NIU) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NIU FY2025 2026-04-22

A sales rebound restored cash generation, but the balance sheet still depends on tight working-capital control.

In the latest year, operating cash flow reached $50.5M even with a net loss of -$5.6M, a sign that reported earnings understated how much cash the business actually produced. That gap makes sense because receivables fell sharply year over year while gross margin recovered to 19.6%, so the recovery showed up in cash collections before it fully showed up in accounting profit.

The liquidity picture is less comfortable than the cash balance alone suggests: $132.2M of cash sits against $286.4M of current liabilities, so day-to-day funding still leans on turning inventory and managing supplier terms rather than on a deep cash cushion, especially with inventory still carrying much of the working-capital load.

The cost reset looks selective rather than indiscriminate: SG&A fell to $13.0M from $34.4M over the last two years, while R&D stayed near its prior band, implying the company cut selling overhead harder than product investment as demand recovered. That is why profitability improved faster than a simple revenue comparison would suggest.

Financial Health Signals

Financial Profile 32/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Niu Technologies's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Niu Technologies has an operating margin of -2.1%, meaning the company retains $-2 of operating profit per $100 of revenue. This below-average margin results in a low score of 10/100, suggesting thin profitability after operating expenses. This is up from -7.6% the prior year.

Growth

Niu Technologies's revenue surged 36.7% year-over-year to $616.0M, reflecting rapid business expansion. This strong growth earns a score of 81/100.

Leverage

Niu Technologies has a moderate D/E ratio of 2.26. This balance of debt and equity financing earns a leverage score of 56/100.

Liquidity

Niu Technologies's current ratio of 1.18 is below the typical benchmark, resulting in a score of 19/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Niu Technologies's free cash flow margin of 4.1% results in a low score of 29/100. Capital expenditures of $25.4M absorb a large share of operating cash flow.

Returns

Niu Technologies generates a -4.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -20.8% the prior year.

Piotroski F-Score Neutral

5/9

Niu Technologies passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-8.97x

For every $1 of reported earnings, Niu Technologies generates $-8.97 in operating cash flow ($50.5M OCF vs -$5.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-14.4x

Niu Technologies earns $-14.4 in operating income for every $1 of interest expense (-$12.6M vs $877K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$616.0M

YoY+36.7%

5Y CAGR+10.5%

Niu Technologies generated $616.0M in revenue in fiscal year 2025. This represents an increase of 36.7% from the prior year.

EBITDA

$3.2M

YoY+118.4%

5Y CAGR-37.4%

Niu Technologies's EBITDA was $3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 118.4% from the prior year.

Net Income

-$5.6M

YoY+78.7%

Niu Technologies reported -$5.6M in net income in fiscal year 2025. This represents an increase of 78.7% from the prior year.

EPS (Diluted)

$-0.04

YoY+76.5%

Niu Technologies earned $-0.04 per diluted share (EPS) in fiscal year 2025. This represents an increase of 76.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$25.1M

YoY+371.5%

Niu Technologies generated $25.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 371.5% from the prior year.

Cash & Debt

$132.2M

YoY+53.2%

5Y CAGR+16.3%

Niu Technologies held $132.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

19.6%

YoY+4.4pp

5Y CAGR-3.3pp

Niu Technologies's gross margin was 19.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.4 percentage points from the prior year.

Operating Margin

-2.1%

YoY+5.6pp

5Y CAGR-9.0pp

Niu Technologies's operating margin was -2.1% in fiscal year 2025, reflecting core business profitability. This is up 5.6 percentage points from the prior year.

Net Margin

-0.9%

YoY+5.0pp

5Y CAGR-7.8pp

Niu Technologies's net profit margin was -0.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.0 percentage points from the prior year.

Return on Equity

-4.3%

YoY+16.4pp

5Y CAGR-21.3pp

Niu Technologies's ROE was -4.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 16.4 percentage points from the prior year.

Capital Allocation

R&D Spending

$23.8M

YoY+33.5%

5Y CAGR+8.1%

Niu Technologies invested $23.8M in research and development in fiscal year 2025. This represents an increase of 33.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$25.4M

YoY+55.0%

Niu Technologies invested $25.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 55.0% from the prior year.

NIU Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$616.0M+36.7%	$450.5M+20.6%	$373.5M-18.7%	$459.4M-21.0%	$581.3M+55.2%	$374.6M
Cost of Revenue	$495.4M+29.6%	$382.2M+30.4%	$293.1M-19.1%	$362.3M-20.2%	$453.8M+57.1%	$288.9M
Gross Profit	$120.6M+76.5%	$68.3M-15.0%	$80.4M-17.2%	$97.1M-23.9%	$127.5M+48.8%	$85.7M
R&D Expenses	$23.8M+33.5%	$17.8M-16.2%	$21.3M-16.9%	$25.6M+20.6%	$21.2M+31.4%	$16.1M
SG&A Expenses	$13.0M-27.3%	$17.9M-48.0%	$34.4M+49.9%	$23.0M+3.3%	$22.3M+38.5%	$16.1M
Operating Income	-$12.6M+63.2%	-$34.3M+23.2%	-$44.7M-245.5%	-$12.9M-132.7%	$39.6M+51.5%	$26.2M
Interest Expense	$877K+13.8%	$770K+284.1%	$201K-75.8%	$829K-14.4%	$968K-14.4%	$1.1M
Income Tax	-$3.3M-1.6%	-$3.2M-125.3%	-$1.4M+54.5%	-$3.2M-142.7%	$7.4M+128.4%	$3.2M
Net Income	-$5.6M+78.7%	-$26.5M+30.9%	-$38.3M-433.9%	-$7.2M-120.2%	$35.4M+37.1%	$25.8M
EPS (Diluted)	$-0.04+76.5%	$-0.17+29.2%	$-0.24-380.0%	$-0.05-122.7%	$0.22+37.5%	$0.16

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NIU Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$421.9M+17.8%	$358.0M+16.1%	$308.4M-16.2%	$367.8M-4.0%	$383.1M+35.3%	$283.0M
Current Assets	$337.5M+13.5%	$297.3M+19.9%	$248.0M-15.0%	$291.7M-1.9%	$297.5M+25.4%	$237.2M
Cash & Equivalents	$132.2M+53.2%	$86.3M-29.8%	$122.9M+58.7%	$77.5M+136.9%	$32.7M-47.3%	$62.1M
Inventory	$93.3M+4.9%	$88.9M+60.8%	$55.3M-8.5%	$60.5M+42.9%	$42.3M+94.2%	$21.8M
Accounts Receivable	$5.3M-70.4%	$18.1M+35.1%	$13.4M-69.2%	$43.5M+3.1%	$42.1M+171.4%	$15.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$292.5M+26.9%	$230.4M+49.3%	$154.3M-13.2%	$177.8M-3.7%	$184.6M+41.2%	$130.8M
Current Liabilities	$286.4M+26.6%	$226.3M+50.0%	$150.8M-12.8%	$172.9M-2.4%	$177.2M+40.4%	$126.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$129.4M+1.4%	$127.6M-17.2%	$154.0M-18.9%	$189.9M-4.3%	$198.4M+30.3%	$152.2M
Retained Earnings	-$156.4M-8.3%	-$144.4M-19.1%	-$121.3M-42.0%	-$85.4M-0.9%	-$84.7M-172.2%	$117.3M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$421.9M+17.8%	$358.0M+16.1%	$308.4M-16.2%	$367.8M-4.0%	$383.1M+35.3%	$283.0M+30.4%	$217.0M+25.9%	$172.4M
Current Assets	$337.5M+13.5%	$297.3M+19.9%	$248.0M-15.0%	$291.7M-1.9%	$297.5M+25.4%	$237.2M+25.9%	$188.4M+15.7%	$162.9M
Cash & Equivalents	$132.2M+53.2%	$86.3M-29.8%	$122.9M+58.7%	$77.5M+136.9%	$32.7M-47.3%	$62.1M-19.3%	$76.9M-28.5%	$107.5M
Inventory	$93.3M+4.9%	$88.9M+60.8%	$55.3M-8.5%	$60.5M+42.9%	$42.3M+94.2%	$21.8M-15.1%	$25.7M+23.9%	$20.7M
Accounts Receivable	$5.3M-70.4%	$18.1M+35.1%	$13.4M-69.2%	$43.5M+3.1%	$42.1M+171.4%	$15.5M-6.2%	$16.6M+109.1%	$7.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$292.5M+26.9%	$230.4M+49.3%	$154.3M-13.2%	$177.8M-3.7%	$184.6M+41.2%	$130.8M+26.6%	$103.3M+15.5%	$89.4M
Current Liabilities	$286.4M+26.6%	$226.3M+50.0%	$150.8M-12.8%	$172.9M-2.4%	$177.2M+40.4%	$126.2M+26.7%	$99.6M+14.7%	$86.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$129.4M+1.4%	$127.6M-17.2%	$154.0M-18.9%	$189.9M-4.3%	$198.4M+30.3%	$152.2M+33.9%	$113.7M+37.0%	$83.0M
Retained Earnings	-$156.4M-8.3%	-$144.4M-19.1%	-$121.3M-42.0%	-$85.4M-0.9%	-$84.7M-172.2%	$117.3M+187.4%	-$134.2M+17.9%	-$163.5M

NIU Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$50.5M+605.2%	$7.2M-45.7%	$13.2M+174.7%	-$17.7M-133.7%	$52.4M-26.5%	$71.4M
Capital Expenditures	$25.4M+55.0%	$16.4M+47.6%	$11.1M	N/A	N/A	N/A
Free Cash Flow	$25.1M+371.5%	-$9.2M-543.4%	$2.1M	N/A	N/A	N/A
Investing Cash Flow	-$13.0M+67.7%	-$40.1M-231.5%	$30.5M-47.2%	$57.7M+224.6%	-$46.3M+43.6%	-$82.0M
Financing Cash Flow	$5.7M-58.2%	$13.7M+264.3%	-$8.4M-223.9%	-$2.6M-363.2%	$980K+148.6%	-$2.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NIU Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	19.6%+4.4pp	15.2%-6.3pp	21.5%+0.4pp	21.1%-0.8pp	21.9%-0.9pp	22.9%
Operating Margin	-2.1%+5.6pp	-7.6%+4.3pp	-12.0%-9.2pp	-2.8%-9.6pp	6.8%-0.2pp	7.0%
Net Margin	-0.9%+5.0pp	-5.9%+4.4pp	-10.3%-8.7pp	-1.6%-7.7pp	6.1%-0.8pp	6.9%
Return on Equity	-4.3%+16.4pp	-20.8%+4.1pp	-24.9%-21.1pp	-3.8%-21.6pp	17.9%+0.9pp	17.0%
Return on Assets	-1.3%+6.1pp	-7.4%+5.0pp	-12.4%-10.5pp	-1.9%-11.2pp	9.3%+0.1pp	9.1%
Current Ratio	1.18-0.1	1.31-0.3	1.64-0.0	1.690.0	1.68-0.2	1.88
Debt-to-Equity	2.26+0.5	1.81+0.8	1.00+0.1	0.940.0	0.93+0.1	0.86
FCF Margin	4.1%+6.1pp	-2.1%-2.6pp	0.6%	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.18-0.1	1.31-0.3	1.64-0.0	1.690.0	1.68-0.2	1.88-0.0	1.89+0.0	1.88
Debt-to-Equity	2.26+0.5	1.81+0.8	1.00+0.1	0.940.0	0.93+0.1	0.86-0.0	0.91-0.2	1.08
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Niu Technologies's annual revenue?

Niu Technologies (NIU) reported $616.0M in total revenue for fiscal year 2025. This represents a 36.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Niu Technologies's revenue growing?

Niu Technologies (NIU) revenue grew by 36.7% year-over-year, from $450.5M to $616.0M in fiscal year 2025.

Is Niu Technologies profitable?

No, Niu Technologies (NIU) reported a net income of -$5.6M in fiscal year 2025, with a net profit margin of -0.9%.

What is Niu Technologies's EBITDA?

Niu Technologies (NIU) had EBITDA of $3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Niu Technologies's gross margin?

Niu Technologies (NIU) had a gross margin of 19.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Niu Technologies's operating margin?

Niu Technologies (NIU) had an operating margin of -2.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Niu Technologies's net profit margin?

Niu Technologies (NIU) had a net profit margin of -0.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Niu Technologies's return on equity (ROE)?

Niu Technologies (NIU) has a return on equity of -4.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Niu Technologies's free cash flow?

Niu Technologies (NIU) generated $25.1M in free cash flow during fiscal year 2025. This represents a 371.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Niu Technologies's operating cash flow?

Niu Technologies (NIU) generated $50.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Niu Technologies's total assets?

Niu Technologies (NIU) had $421.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Niu Technologies's capital expenditures?

Niu Technologies (NIU) invested $25.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Niu Technologies spend on research and development?

Niu Technologies (NIU) invested $23.8M in research and development during fiscal year 2025.

What is Niu Technologies's current ratio?

Niu Technologies (NIU) had a current ratio of 1.18 as of fiscal year 2025, which is considered adequate.

What is Niu Technologies's debt-to-equity ratio?

Niu Technologies (NIU) had a debt-to-equity ratio of 2.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Niu Technologies's return on assets (ROA)?

Niu Technologies (NIU) had a return on assets of -1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Niu Technologies's Piotroski F-Score?

Niu Technologies (NIU) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Niu Technologies's earnings high quality?

Niu Technologies (NIU) has an earnings quality ratio of -8.97x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Niu Technologies cover its interest payments?

Niu Technologies (NIU) has an interest coverage ratio of -14.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Niu Technologies?

Niu Technologies (NIU) scores 32 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.