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Data-driven stock valuation

Ninebot Ltd (689009) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Ninebot Ltd stock ¥52.88, price ¥34.77, upside +52.1%, quality 70 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

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Consumer Cyclical CN · ISIN CNE100007788

NL Ninebot Ltd logo Some data Nov 4, 2026

Ninebot Ltd

689009 · SHG
Undervalued, but in a downtrend

The stock costs 34% less than our calculation considers fair.

Fair value ¥52.88 · Strongly undervalued (34%)
Quality 70/100
Healthy Growth (revenue 5y +28.8 %/yr in CNY)
Low debt
Generates free cash flow
4.8% dividend yield · Sustainable
Ranks above peers (8/10)
Thin margins · 5.3% net margin (TTM)
Moderate moat 59/100
Some data
Profit last quarter 40% below a year ago.
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

¥83.61 ¥21.93 Fair Value ¥52.88 May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range ¥21.93 – ¥83.61 · fair‑value band ¥30.39 – ¥72.15 · the ¥34.77 price screens below the ¥52.88 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.

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Company profile

Ninebot Limited engages in the design, research and development, production, sale, and servicing of short-distance transportation and robot products worldwide. Its products include electric vehicles, scooter, balance bike, all-terrain vehicle, service robots, and E-bike.

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The company also engages in repair of bicycles and tricycles; import and export trade, wholesale, sales, and research and development; provision of intelligent equipment services, transportation vehicles, robots, and related accessories for small-scale transportation; finance; promotion, sales of goods and provision of after-sales service; car sales; Computer software technology development and technology transfer.

In addition; it develops, research, process, and sales of motorcycles, electric two-wheeled motorcycles, electric three-wheeled motorcycles, electric bicycles and their parts, batteries, chargers and their parts, technology transfer of off-highway recreational vehicles and spare parts, and all-terrain vehicles and accessories; development of optoelectronic integration technology and computer technology, consulting, transfer, and industrial automatic control system devices, and auxiliary equipment, and communication equipment; intelligent control system integration; information system integration services; and investment management.

The company was founded in 1999 and is based in Beijing, China.

Stock analysis

Ninebot Ltd (689009) currently trades at ¥34.77, while our model-based Fair Value estimate is ¥52.88, implying the stock looks roughly 34% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of ¥56.67 per share, and 14 of the 26 models we run sit above the ¥34.77 price.

Bear case: the Dividend Discount group reads lowest at ¥12.91, and 12 of the 26 models stay below the price. Data coverage for this calculation is medium.

Scenario range: ¥30.39 (bear) to ¥72.15 (bull), the price of ¥34.77 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 70/100 (solid quality), in the Consumer Cyclical sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Ninebot Ltd reported revenue of 21.3B CNY in FY2025 versus 9.1B CNY in FY2021, a compound +23.5%/yr. Reported net income was 1.8B CNY in FY2025, compounding +43.9%/yr from FY2021.

Key figures

Market cap 51.2B CNY (≈ $7.7B) · P/E ratio 19.6 · P/S ratio 1.01 · EPS (TTM) ¥1.77 · Dividend yield 4.8% · Net margin 5.3% · Return on equity 18.8% · Return on assets (EBIT) 6.5% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 59 out of 100 (medium confidence).

What moves the price

The share trades about 40% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at 52%, 689009 screens cheaper than that median.

Fair Value models

Bear ¥30.39 Fair Value ¥52.88 Bull ¥72.15
Price ¥34.77 · Upside +52.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥0.0838 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF ¥41.84 ¥62.29 ¥126.97 74
Growth DCF ¥39.67 ¥72.42 ¥125.79 73
5Y EBITDA Exit ¥25.36 ¥37.12 ¥60.06 72
All 26 models by family
DCF Models
FCF DCF ¥41.84 ¥62.29 ¥126.97 74
Owner Earnings ¥24.10 ¥47.45 ¥95.91 69
5Y Revenue Exit ¥25.02 ¥36.43 ¥60.09 69
5Y EBITDA Exit ¥25.36 ¥37.12 ¥60.06 72
5Y P/E Exit ¥30.39 ¥57.30 ¥93.32 66
10Y Revenue Exit ¥29.76 ¥52.15 ¥64.33 65
10Y EBITDA Exit ¥30.53 ¥52.88 ¥89.17 64
10Y P/E Exit ¥34.18 ¥63.64 ¥110.57 59
Earnings-Based
Graham-Dodd ¥8.12 ¥56.65 ¥79.50 61
Lynch FV ¥29.27 ¥41.81 ¥54.36 59
PEG = 1.0 ¥29.27 ¥41.81 ¥54.36 55
EPV ¥15.09 ¥16.65 ¥18.02 71
Dividend Discount
Gordon GGM ¥6.80 ¥13.95 ¥21.82 64
DDM Multi-Stage ¥6.80 ¥11.86 ¥14.67 65
Multiples
P/E Multiple ¥19.71 ¥26.28 ¥32.85 63
P/S Multiple ¥13.01 ¥17.35 ¥21.69 58
P/B Multiple ¥12.46 ¥16.61 ¥20.77 55
EV/EBIT ¥17.11 ¥22.91 ¥28.70 66
EV/EBITDA ¥12.74 ¥17.08 ¥21.41 67
EV/Revenue ¥11.45 ¥16.47 ¥21.49 53
Asset-Based
NCAV (Graham) ¥0.8900 ¥1.35 ¥1.69 54
Growth DCF
Growth DCF ¥39.67 ¥72.42 ¥125.79 73
Rev-Margin DCF ¥26.87 ¥40.92 ¥70.55 68
Economic Profit
Residual Income ¥7.52 ¥9.28 ¥15.86 71
ROIC Compounder ¥15.09 ¥16.65 ¥18.02 70
Growth Earnings
Growth-Adj P/E ¥38.85 ¥55.50 ¥72.15 65

Open the full fair value analysis →

Quality Score breakdown

Overall quality 70/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 62
How much profit the company makes from its sales and capital
Quality Growth 75
Are margins and returns getting better?
Cashflow 76
Do the profits arrive as real cash?
Financial strength 88
Debt, balance sheet and risk of trouble
Investment 37
Does it invest with discipline instead of growing at any price?
Low Volatility 75
How calm the share price moves, does not count
Price momentum 13
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 4
Distance to the 52-week high, does not count
New shares 78
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+49.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+28.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+28.8%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+40.8%
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+66.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+61.5%
Dividend (yield on the price)4.8%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.2% → 9%
2025 sits 194% above its own trend. The rate follows the median trend of the last 5 years, not that single year.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Leisure · 169 stocks

Beats the industry median on 8/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 70 · Top 25%
Fair Value upside +52.1% · Top 25%
Profitability
Return on equity (12 months) 18.8% · Top 25%
Return on assets 8.2% · Top 25%
Net margin (12 months) 5.3% · Above median
Operating margin (12 months) 5.5% · Below median
Growth and dividend
Revenue growth (quarter YoY) 14.1% · Above median
Dividend yield (12 months) 4.8% · Top 25%
Balance sheet
Debt / equity 0.02× · Below median

Valuation Multiplesvs Leisure median · lower = cheaper

P/E (12 months) 19.6× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 41
FUTURE (revenue growth)71 · sector 27
PAST (return on equity)75 · sector 25
HEALTH (low debt)99 · sector 94
DIVIDEND (yield)96 · sector 52

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Leisure stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Li Ning Company 2331 HK$15.48 HK$29.46 +90% vs 689009
Pop Mart International Group 9992 HK$141.90 HK$207.44 +46% vs 689009
Mattel, Inc MAT $15.35 $22.25 +45% vs 689009
YETI Holdings YETI $44.97 $54.92 +22% vs 689009
Planet Fitness, Inc PLNT $60.31 $66.34 +10% vs 689009
Fluidra, S.A FDR €19.32 €21.25 +10% vs 689009
Amer Sports, Inc AS $31.47 $19.17 −39% vs 689009
Acushnet Holdings GOLF $80.74 $44.21 −45% vs 689009
Life Time Group LTH $47.12 $16.00 −66% vs 689009
Hasbro, Inc HAS $118.91 $32.71 −72% vs 689009

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Ninebot Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Ninebot Ltd Fair Value". https://www.fairvalue-calculator.com/stock/689009

Frequently asked questions

Is Ninebot Ltd (689009) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of ¥52.88 versus a price of ¥34.77, about +52% upside (undervalued).
What is the fair value of 689009?
Our model-based fair value for Ninebot Ltd is ¥52.88 (as of Nov 4, 2026), built from audited fundamentals. The current price: ¥34.77.
What is the quality score of 689009?
Ninebot Ltd has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Ninebot Ltd (689009)?
Our model-based price target is the fair value of ¥52.88 (as of Nov 4, 2026) from 26 valuation models. Cautious scenario ¥30.39, optimistic scenario ¥72.15. It is a calculation from audited fundamentals, not an analyst target.
What is the Ninebot Ltd stock forecast for 2026?
Our models put fair value at ¥52.88, about +52% upside versus a price of ¥34.77 (undervalued). Cautious scenario ¥30.39, optimistic scenario ¥72.15. The calculation is refreshed regularly with new filings.
What is the revenue of Ninebot Ltd (689009)?
Ninebot Ltd reported trailing-twelve-month revenue of about 24.8B CNY (latest available figure, as of Nov 4, 2026).
Does Ninebot Ltd pay a dividend?
Ninebot Ltd currently shows a dividend yield of 4.81% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Ninebot Ltd (689009) and when is the ex-dividend date?
Ninebot Ltd pays a dividend of ¥1.67 per share a year, a dividend yield of 4.8%. The last ex-dividend date was Aug 7, 2026. The payout ratio is 94.5% of earnings. Free cash flow covers the dividend 1.31 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What is the intrinsic value of Ninebot Ltd (689009)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ninebot Ltd it is ¥52.88 per share (as of Nov 4, 2026), against a price of ¥34.77. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Ninebot Ltd stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 689009 trades below its calculated fair value: price ¥34.77, fair value ¥52.88, a gap of about +52% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 689009?
No. The price is what the market pays today (¥34.77); the fair value is what the company's own numbers justify (¥52.88). For Ninebot Ltd the two are ¥18.11 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ninebot Ltd worth?
The market values Ninebot Ltd at about 51.2B CNY (market capitalisation, as of Nov 4, 2026). Per share that is ¥34.77; our models calculate a fair value of ¥52.88 per share.
What do the bullish and bearish scenarios say about 689009?
Our models span a range for Ninebot Ltd: cautious scenario ¥30.39, base ¥52.88, optimistic ¥72.15 per share (as of Nov 4, 2026, price ¥34.77). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 689009?
Ninebot Ltd trades at a price-to-earnings ratio of 19.6 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥52.88 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), reported earnings: 4.2.
How solid is the balance sheet of Ninebot Ltd (689009)?
Balance-sheet figures for Ninebot Ltd (as of Nov 4, 2026): return on equity 18.8%, debt of 0.02 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is 689009 from its 52-week high?
Ninebot Ltd trades at ¥34.77, about 40% below its 52-week high of ¥58.33 and 8% above the low of ¥32.05 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥52.88 is for.
Which stocks are comparable to Ninebot Ltd?
From the same area (Consumer Cyclical) we also value Pop Mart International Group, Amer Sports, Inc, Hasbro, Inc, Life Time Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Ninebot Ltd stock attractive at the current price?
The data as of Nov 4, 2026: price ¥34.77, calculated fair value ¥52.88 (+52%), Quality Score 70/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 689009 calculated?
We run Ninebot Ltd through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ¥52.88 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Ninebot Ltd currently trades 34% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Ninebot Ltd (689009)?
The closing price on Nov 6, 2026 was ¥34.77. Our model-based fair value is ¥52.88, about +52% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ninebot Ltd right now?
Solid quality (70/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (¥30.39 to ¥72.15) leaves room in how you read the outcome.

Key figures of Ninebot Ltd

How large is the market capitalisation of Ninebot Ltd (689009)?
The market capitalisation of Ninebot Ltd is 51.2B CNY (≈ $7.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Ninebot Ltd (689009)?
The price-to-sales ratio of Ninebot Ltd is 1.01 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ninebot Ltd (689009)?
Earnings per share at Ninebot Ltd are ¥1.77 (price ÷ EPS = P/E 19.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ninebot Ltd (689009)?
The dividend yield of Ninebot Ltd is 4.8% (payout 94.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Ninebot Ltd (689009)?
The net margin of Ninebot Ltd is 5.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Ninebot Ltd (689009)?
The return on equity (ROE) of Ninebot Ltd is 18.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Ninebot Ltd (689009)?
On an EBIT basis the return on assets of Ninebot Ltd is 6.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Ninebot Ltd (689009)?
The operating margin of Ninebot Ltd is 5.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ninebot Ltd (689009)?
Revenue at Ninebot Ltd is growing +14.1% versus a year earlier (3y avg +28.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Ninebot Ltd (689009)?
Earnings per share at Ninebot Ltd are growing −40.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ninebot Ltd (689009) generate?
The free cash flow of Ninebot Ltd is 3.2B CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Ninebot Ltd (689009) carry?
The net debt of Ninebot Ltd is 386M CNY (fiscal year 2017, ≈ 0.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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