Niu Technologies (NIU) intrinsic value & 10-year financials
Niu Technologies (NIU) has a Graham intrinsic value of CNY 46.83 per share. Over the last 10 fiscal years revenue grew 32.0% a year to CNY 4.3B, with an average return on invested capital of 81.9%.
- Graham intrinsic value
- CNY 46.83
- Revenue (FY2025)
- CNY 4.3B
- Revenue growth (10-yr CAGR)
- 32.0%
- ROIC (10-yr avg)
- 81.9%
- Free cash flow (FY2025)
- CNY 175.5M
NIU 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | CNY 4.3B | -CNY 39.4M | -CNY 0.25 | CNY 175.5M | -2.0% | -15.4% |
| FY2024 | CNY 3.3B | -CNY 193.2M | -CNY 1.22 | -CNY 67.5M | -7.6% | -50.2% |
| FY2023 | CNY 2.7B | -CNY 271.8M | -CNY 1.73 | CNY 14.8M | -12.0% | -46.0% |
| FY2022 | CNY 3.2B | -CNY 49.5M | -CNY 0.32 | -CNY 257.2M | -2.8% | -5.7% |
| FY2021 | CNY 3.7B | CNY 225.8M | CNY 1.41 | CNY 48.4M | 6.8% | 19.0% |
| FY2020 | CNY 2.4B | CNY 168.7M | CNY 1.07 | — | 7.0% | 18.1% |
| FY2019 | CNY 2.1B | CNY 190.1M | CNY 1.24 | — | 9.0% | 39.3% |
| FY2018 | CNY 1.5B | -CNY 349.0M | -CNY 5.30 | -CNY 24.2M | -21.5% | 724.2% |
| FY2017 | CNY 769.4M | -CNY 184.7M | -CNY 7.02 | CNY 56.8M | -18.8% | 53.6% |
| FY2016 | CNY 354.8M | -CNY 232.7M | — | -CNY 133.4M | -63.8% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in CNY.
Executive summary
Niu Technologies is a consistent compounder, expanding top-line revenue at 32.0% annually over the past decade.
Niu Technologies has historically struggled to out-earn its cost of capital, averaging just 2.2% ROIC.
Niu Technologies capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Niu Technologies is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $46.83 per share.