Ninebot Ltd (689009) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Ninebot Ltd ¥108, price ¥37.48, upside +188.7%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ¥21.93 – ¥83.61 · fair‑value band ¥62.11 – ¥147.31 · the ¥37.48 price screens below the ¥108.20 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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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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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. 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 ¥37.48, while our model-based Fair Value estimate is ¥108.20, implying the stock looks roughly 65.4% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ¥113.31 per share, and 19 of the 26 models we run sit above the ¥37.48 price.
Bear case: the Economic Profit group reads lowest at ¥18.44, and 7 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: ¥62.11 (bear) to ¥147.31 (bull), the price of ¥37.48 sits below 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 32.8B CNY (≈ $4.9B) · P/E ratio 18.6 · P/S ratio 1.53 · EPS (TTM) ¥2.02 · Dividend yield 4.5% · Net margin 8.3% · Return on equity 21.3% · Return on assets (EBIT) 6.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
The share trades about 43% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 38% fair-value upside, at 189%, 689009 screens cheaper than that median.
Fair Value models
Bear ¥62.11Fair Value ¥108.20Bull ¥147.31
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (¥0.2546 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.Evidence ⓘEvidence = 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.
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%
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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.
+66.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+61.5%
Dividend (yield on the price)4.5%
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.
Price, fair value, quality and upside side by side.
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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 · 189 stocks
Beats the industry median on 10/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+189% · Top 25%
Profitability
Return on equity (TTM)21% · Top 25%
Return on assets6% · Top 25%
Net margin (TTM)7% · Above median
Operating margin (TTM)7% · Above median
Growth and dividend
Revenue growth15% · Top 25%
Dividend yield (TTM)4.5% · Above median
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Leisure median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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 Sep 24, 2026, our model estimates a fair value of ¥108.20 versus a price of ¥37.48, about +189% upside (undervalued).
What is the fair value of 689009?
Our model-based fair value for Ninebot Ltd is ¥108.20 (as of Sep 24, 2026), built from audited fundamentals. The current price: ¥37.48.
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 ¥108.20 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario ¥62.11, optimistic scenario ¥147.31. 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 ¥108.20, about +189% upside versus a price of ¥37.48 (undervalued). Cautious scenario ¥62.11, optimistic scenario ¥147.31. 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 22.0B CNY (latest available figure, as of Sep 24, 2026).
Does Ninebot Ltd pay a dividend?
Ninebot Ltd currently shows a dividend yield of about 4.46% relative to its recent price (as of Sep 24, 2026).
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 ¥108.20 per share (as of Sep 24, 2026), against a price of ¥37.48. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Ninebot Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 689009 trades below its calculated fair value: price ¥37.48, fair value ¥108.20, a gap of about +189% (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 (¥37.48); the fair value is what the company's own numbers justify (¥108.20). For Ninebot Ltd the two are ¥70.72 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 32.8B CNY (market capitalisation, as of Sep 24, 2026). Per share that is ¥37.48; our models calculate a fair value of ¥108.20 per share.
What do the bullish and bearish scenarios say about 689009?
Our models span a range for Ninebot Ltd: cautious scenario ¥62.11, base ¥108.20, optimistic ¥147.31 per share (as of Sep 24, 2026, price ¥37.48). 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 18.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥108.20 is built from several models across several years.
How solid is the balance sheet of Ninebot Ltd (689009)?
Balance-sheet figures for Ninebot Ltd (as of Sep 24, 2026): return on equity 21.3%, 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 ¥37.48, about 43% below its 52-week high of ¥65.36 and 17% above the low of ¥32.05 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ¥108.20 is for.
Which stocks are comparable to Ninebot Ltd?
From the same area (Consumer Cyclical) we also value ANTA Sports Products Limited, Pop Mart International Group, Amer Sports, Inc, Hasbro, Inc, 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 Sep 24, 2026: price ¥37.48, calculated fair value ¥108.20 (+189%), 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥108.20, 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 14.1 % above its aggregate fair value. Ninebot Ltd currently trades 189 % 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 Sep 23, 2026 was ¥37.48. Our model-based fair value is ¥108.20, about +189% 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?
The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (¥62.11). The market is more pessimistic than our downside scenario. A fairly wide model range (¥62.11 to ¥147.31) 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 32.8B CNY (≈ $4.9B). 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 1.53 (P/E × margin). 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 ¥2.02 (price ÷ EPS = P/E 18.6). 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 4.5% (payout 82.8%). 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 8.3% (fiscal year 2025). 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 21.3% (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 7.5% (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 +14.8% 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 −52.7% 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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