Niu Technologies key statistics and ratios

In fiscal 2025, Niu Technologies had return on equity of -4.3%, an operating margin of -2.0%, debt equal to 43.6% of equity and a current ratio of 1.18. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Niu Technologies: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	−3.6%	7.1%	13.4%	23.4%	22.9%	21.9%	21.1%	21.5%	15.2%	19.6%
Operating margin	−63.8%	−18.4%	−21.3%	9.0%	7.0%	6.8%	−2.8%	−12.0%	−7.6%	−2.0%
Net margin	−65.6%	−24.0%	−23.6%	9.2%	6.9%	6.1%	−1.6%	−10.3%	−5.9%	−0.9%
Free-cash-flow margin	−37.6%	7.4%	−1.6%	—	—	1.3%	−8.1%	0.6%	−2.1%	4.1%
Return on equity	—	—	—	28.0%	18.4%	20.0%	−3.8%	−22.3%	−19.1%	−4.3%
Return on assets	—	−35.3%	−42.3%	14.1%	9.8%	10.5%	−2.0%	−11.4%	−8.1%	−1.4%
Asset turnover	—	1.47	1.79	1.54	1.42	1.72	1.26	1.11	1.37	1.54
Current ratio	—	0.70	1.88	1.89	1.88	1.68	1.69	1.64	1.31	1.18
Debt to equity	—	—	31.6%	27.5%	18.1%	14.2%	24.2%	15.3%	31.6%	43.6%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	16.4x	23.1x	40.9x	n/m	n/m	n/m	n/m
Effective tax rate	—	—	—	4.1%	11.1%	17.2%	—	—	—	—
R&D as % of revenue	9.3%	5.1%	6.2%	3.2%	4.3%	3.7%	5.6%	5.7%	4.0%	3.9%
Capital spending as % of revenue	2.9%	3.0%	2.2%	—	—	7.7%	4.3%	3.0%	3.6%	4.1%
Free cash flow ÷ net income	—	—	—	—	—	21.4%	—	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 3 checks passed · December 31, 2025

What it owns · $422m

Short-term assets $337mLonger-term assets $84m

What it owes, and who funded it · $422m

Short-term liabilities $286mLonger-term liabilities $6mShareholders' equity $129m

Short-term assets cover short-term liabilities $337m of assets due within a year against $286m of liabilities due within a year.
Short-term assets cover long-term liabilities $337m short-term assets against $6m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of −$12m against $853,033 of interest.

From Niu Technologies's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Niu Technologies's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Niu Technologies.