Latest Ratios: P/E Ratio -29.8x · EV/EBITDA 24.3x · ROE -4.2%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $165M | $242M | $142M | $172M | $395M | $1.3B | $2.2B | $654M | $494M | — | — |
| Enterprise Value | $92M | $-255708875 | $-288109083 | $-428202649 | $345M | $1.4B | $2.2B | $591M | $105M | — | — |
| P/E Ratio → | -29.76 | — | — | — | — | 5.71 | 13.11 | 3.44 | — | — | — |
| P/S Ratio | 0.27 | 0.06 | 0.04 | 0.06 | 0.12 | 0.35 | 0.91 | 0.31 | 0.33 | — | — |
| P/B Ratio | 1.26 | 0.27 | 0.15 | 0.16 | 0.30 | 1.02 | 2.23 | 0.83 | 0.87 | — | — |
| P/FCF | 6.39 | 1.38 | — | 11.60 | — | 26.69 | 7.05 | 17.35 | — | — | — |
| P/OCF | 3.17 | 0.68 | 2.71 | 1.83 | — | 3.87 | 4.75 | 3.66 | 63.45 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.06 | -0.09 | -0.16 | 0.11 | 0.38 | 0.89 | 0.28 | 0.07 | — | — |
| EV / EBITDA | 24.33 | -9.99 | — | — | 6.45 | 4.09 | 9.81 | 2.70 | — | — | — |
| EV / EBIT | — | — | — | — | — | 5.10 | 10.99 | 2.82 | — | — | — |
| EV / FCF | — | -1.46 | — | -28.93 | — | 29.36 | 6.90 | 15.69 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.6% | 19.6% | 15.2% | 21.5% | 21.1% | 21.9% | 22.9% | 23.4% | 13.4% | 7.1% | -3.6% |
| Operating Margin | -2.1% | -2.1% | -7.6% | -12.0% | -2.8% | 6.8% | 7.0% | 9.0% | -21.3% | -18.4% | -63.8% |
| Net Profit Margin | -0.9% | -0.9% | -5.9% | -10.3% | -1.6% | 6.1% | 6.9% | 9.2% | -23.6% | -24.0% | -65.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.2% | -4.2% | -19.1% | -22.6% | -3.8% | 20.0% | 18.9% | 27.9% | -284.7% | — | — |
| ROA | -1.4% | -1.4% | -8.0% | -11.5% | -2.0% | 10.5% | 10.0% | 14.1% | -41.3% | -41.4% | -59.9% |
| ROIC | -14.4% | -14.4% | -37.7% | -33.0% | -6.1% | 17.2% | 15.3% | 30.8% | -738.2% | — | — |
| ROCE | -9.1% | -9.1% | -24.1% | -25.8% | -6.7% | 21.6% | 18.5% | 26.6% | -122.5% | — | -485.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.71 | 0.71 | 0.22 | 0.25 | 0.13 | 0.16 | 0.18 | 0.27 | 0.32 | — | — |
| Debt / EBITDA | 24.94 | 24.94 | — | — | 3.28 | 0.58 | 0.81 | 0.99 | — | — | — |
| Net Debt / Equity | — | -0.55 | -0.46 | -0.55 | -0.04 | 0.10 | -0.05 | -0.08 | -0.68 | — | — |
| Net Debt / EBITDA | -19.44 | -19.44 | — | — | -0.93 | 0.37 | -0.21 | -0.29 | — | — | — |
| Debt / FCF | — | -2.84 | — | -40.53 | — | 2.67 | -0.15 | -1.66 | — | 3.66 | — |
| Interest Coverage | -9.17 | -9.17 | -37.55 | -197.06 | -11.46 | 45.24 | 26.71 | 18.40 | -44.20 | -57.56 | -99.30 |
Net cash position: cash ($1.1B) exceeds total debt ($639M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.18 | 1.18 | 1.31 | 1.64 | 1.69 | 1.68 | 1.88 | 1.89 | 1.88 | 0.70 | 0.76 |
| Quick Ratio | 0.85 | 0.85 | 0.92 | 1.28 | 1.34 | 1.44 | 1.71 | 1.63 | 1.64 | 0.55 | 0.57 |
| Cash Ratio | 0.66 | 0.66 | 0.55 | 0.91 | 0.76 | 0.95 | 1.34 | 1.10 | 1.20 | 0.34 | 0.41 |
| Asset Turnover | — | 1.42 | 1.26 | 1.21 | 1.25 | 1.52 | 1.32 | 1.37 | 1.25 | 1.53 | 0.91 |
| Inventory Turnover | 5.16 | 5.16 | 4.30 | 5.30 | 5.99 | 10.72 | 13.26 | 8.90 | 8.98 | 8.10 | 5.50 |
| Days Sales Outstanding | — | 25.35 | 14.64 | 32.75 | 49.64 | 28.14 | 16.93 | 22.73 | 15.55 | 6.57 | 33.37 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 17.5% | 7.6% | 29.1% | — | — | — |
| FCF Yield | 15.7% | 72.5% | — | 8.6% | — | 3.7% | 14.2% | 5.8% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | — | — |
| Shares Outstanding | — | $80M | $79M | $78M | $75M | $80M | $79M | $77M | $71M | $74M | $10M |
Persistent Operating Cash Deficits
According to current market data, NIU trades at a P/S ratio of 0.25, which suggests that investors are heavily discounting the company's future growth prospects compared to historical averages and broader consumer durable peers, likely reflecting deep skepticism regarding the firm's ability to achieve sustainable profitability.
The forward P/E of 2.90 appears to imply an expectation of rapid earnings recovery that may be disconnected from the company's recent history of operating losses. This valuation gap warrants further investigation into whether the market is mispricing NIU as a distressed manufacturer rather than a potential high-growth technology ecosystem.
Based on reported figures, NIU's ROIC has deteriorated significantly, reaching -20.2% in 2025Q4, which indicates that the company is currently destroying shareholder value rather than compounding it, a trend that stands in stark contrast to the positive returns observed in more stable periods like 2025Q3.
The volatility in ROIC suggests that the company's capital allocation strategy is highly sensitive to fluctuations in operating margins and asset turnover. Investors should monitor whether management can stabilize these returns as they navigate the transition between premium and mass-market product segments.
As reported in financial statements, NIU's cash conversion cycle has fluctuated wildly, reaching -30 days in 2025Q4, which suggests that while the company may be leveraging supplier credit to manage liquidity, the underlying inventory management remains inconsistent and potentially inefficient compared to industry standards.
The DIO of 108 days in 2025Q4 indicates a potential buildup of unsold inventory, which may be masking underlying demand weakness. This trend appears to contradict the company's goal of maintaining a lean, high-turnover retail model and warrants closer scrutiny of channel inventory levels.
According to the most recent quarterly filings, NIU maintains a current ratio of 1.18, which provides a necessary, albeit tightening, liquidity buffer against the company's ongoing operational losses and the inherent volatility of the competitive Chinese electric two-wheeler market as observed over the last ten quarters.
While the $1.1 billion cash position offers a significant safety net, the decline in the quick ratio to 0.85 suggests that the company's liquidity is increasingly tied up in inventory. This shift may limit management's flexibility to respond to sudden market downturns or competitive pricing wars.
The most commonly misapplied metric for NIU is the P/E ratio, which, given the company's frequent operating losses and negative net margins, provides little insight into the firm's true earning power or its potential as a data-driven consumer electronics platform.
Investors should instead focus on EV/Sales or metrics related to user ecosystem engagement, as the P/E ratio obscures the company's heavy investment in R&D and brand building. Relying on traditional auto-manufacturing valuation multiples may lead to an incomplete assessment of the company's long-term strategic value.
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Quick answers to the most common questions about buying NIU stock.
Niu Technologies's current P/E ratio is -29.8x. The historical average is 7.4x.
Niu Technologies's current EV/EBITDA is 24.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.8x.
Niu Technologies's return on equity (ROE) is -4.2%. The historical average is -33.5%.
Based on historical data, Niu Technologies is trading at a P/E of -29.8x. Compare with industry peers and growth rates for a complete picture.
Niu Technologies has 19.6% gross margin and -2.1% operating margin.
Niu Technologies's Debt/EBITDA ratio is 24.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.