Niu Technologies (NIU) Stock Analysis & Winston Score

Niu Technologies designs, manufactures, and sells smart electric scooters in the People's Republic of China. The company offers NQi, MQi, UQi, and Gova series electric scooters and motorcycles; KQi series electric kick-scooters; NIU Aero and BQi series e-bikes; RQi and TQi series high-performance motorcycles; and YQi series hybrid motorcycles. It also provides accessories and spare parts under the NIU brand name comprising scooter accessories, such as raincoats, gloves, knee pads, storage basket

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-18.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-22.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$162M/ year

↑ Rising (+24% vs prior year)

3.9% of revenue

In line with sector average (4%)

R&D investment increasing — building for the future

Insider Activity

49.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.1B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Niu Technologies's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.5% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 80.2M (2021) → 79.9M (2025)

Score breakdown

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Quality

Gross Margin

15.3%

Thin — 15.3% gross margin

Operating Margin

-15.2%

Losing money on operations — -15.2%

ROCE

-6.6%

Weak — -6.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+30.7%

Fast-growing sales (30.7% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

4.1%

Thin free cash flow (4.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.70

Moderate — manageable debt (0.70)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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