Niu Technologies
NIU Consumer Cyclical Auto Manufacturers
Niu Technologies' revenue for fiscal 2025 (year ended December 2025) was $616.0 million, up 36.7% from fiscal 2024. In the quarter to June 2026, revenue grew 21.1%, EPS fell 2,000.0%, free cash flow grew 234.4% and total debt rose 5.58%, each against the same quarter a year earlier.
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Niu Technologies (NIU) Beneish M-score
Niu Technologies's Beneish M-score for fiscal 2025 is −3.50; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.50 | (1.07) |
| FY2024 | −2.44 | 1.70 |
| FY2023 | −4.14 | (1.72) |
| FY2022 | −2.42 | (0.97) |
| FY2021 | −1.45 | 1.51 |
| FY2020 | −2.95 | (1.53) |
| FY2019 | −1.42 | 0.62 |
| FY2018 | −2.04 | 3.70 |
| FY2017 | −5.74 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.22 | — | 0.20 | |
| Gross margin index | 0.77 | — | 0.41 | |
| Asset quality index | 1.22 | — | 0.49 | |
| Sales growth index | 1.37 | — | 1.22 | |
| Depreciation index | 1.32 | — | 0.15 | |
| SG&A index | 0.94 | — | −0.16 | |
| Total accruals to total assets | (0.13) | — | −0.62 | |
| Leverage index | 1.07 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.50 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| GGR Gogoro Inc. compare | −3.6× |
| NIU Niu Technologies | −3.5× |
| LOT Lotus Technology Inc. Sponsored ADR compare | −3.4× |
| FSRNQ Fisker Inc. compare | — |
| LVWR LiveWire Group, Inc. compare | — |
| EMPD Empery Digital Inc. compare | — |
| CENN Cenntro Inc. compare | — |
| SEV Aptera Motors Corp. compare | — |
| AIIO Robo.ai Inc. - Class B compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI