Share count
70Mpeak FY2023
← All companies ← NIO Manual NIU → ← MTN Casinos & Gaming PRKS →
NIPG, NIP Group Inc.
Revenue is PRC and Other Subsidiaries (96%) and Ninjas in Pyjamas (4%).
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2024
$85M
+1.9% YoY
Vital signs · TTM, with 3-yr average
Revenue $85M 3-yr avg $78M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
- What moves the needle
- Operating margin has run around −18% through the cycle on a 5.8% gross margin, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. On its own account, the filing leans hardest on supplier & input dependence, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →PRC And Other Subsidiaries is 96% of revenue, so this is largely a single-segment business.
Revenue by reportable segment, FY2024
- PRC And Other Subsidiaries96%$82M
- Ninjas in Pyjamas4%$4M
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2024
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | TTMTTMDec 2024 | |
|---|---|---|---|---|
| Income statement | ||||
| $66M | $84M | $85M | $85M | RevenueRevenue |
| 6% | 9% | 4% | 4% | Gross marginGross mgn |
| ($8M) | ($15M) | ($17M) | ($17M) | Operating incomeOp. inc. |
| −12.3% | −17.5% | −19.8% | −19.8% | Operating marginOp. mgn |
| ($6M) | ($13M) | ($13M) | ($13M) | Net incomeNet inc. |
| Cash flow & returns | ||||
| ($10M) | ($5M) | ($17M) | ($17M) | Operating cash flowOp. cash |
| $5M | $6M | $5M | $5M | DepreciationDeprec. |
| ($9M) | $2M | ($9M) | ($9M) | Working capital & otherWC & other |
| $765K | $96K | $714K | $714K | CapexCapex |
| 1.2% | 0.1% | 0.8% | 0.8% | Capex / revenueCapex/rev |
| ($10M) | ($5M) | ($17M) | ($17M) | Owner earningsOwner earn. |
| −15.8% | −6.3% | −20.2% | −20.2% | Owner earnings marginOE mgn |
| ($10M) | ($5M) | ($17M) | ($17M) | Free cash flowFCF |
| −15.8% | −6.3% | −20.2% | −20.2% | Free cash flow marginFCF mgn |
| — | — | -6% | -6% | ROICROIC |
| — | — | -5% | -5% | Return on equityROE |
| — | — | −5% | −5% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | $8M | $13M | $13M | Cash & investmentsCash+inv |
| — | $19M | $28M | $28M | ReceivablesReceiv. |
| — | $13M | $19M | $19M | Accounts payablePayables |
| — | $6M | $9M | $9M | Operating working capitalOper. WC |
| — | $29M | $44M | $44M | Current assetsCur. assets |
| — | $29M | $40M | $40M | Current liabilitiesCur. liab. |
| — | 1.0× | 1.1× | 1.1× | Current ratioCurr. ratio |
| — | $141M | $132M | $132M | GoodwillGoodwill |
| — | $314M | $313M | $313M | Total assetsAssets |
| — | $4M | $4M | $4M | Total debtDebt |
| — | ($4M) | ($9M) | ($9M) | Net debt / (cash)Net debt |
| -22.1× | -28.0× | -31.4× | -31.4× | Interest coverageInt. cov. |
| — | ($75M) | $235M | $235M | Shareholders’ equityEquity |
| Per share | ||||
| 70.0M | 74.3M | 70.2M | 37.2M | Shares out (diluted)Shares |
| $0.94 | $1.13 | $1.22 | $2.30 | Revenue / shareRev/sh |
| $-0.09 | $-0.18 | $-0.18 | $-0.34 | EPS (diluted)EPS |
| $-0.15 | $-0.07 | $-0.25 | $-0.46 | Owner earnings / shareOE/sh |
| $-0.15 | $-0.07 | $-0.25 | $-0.46 | Free cash flow / shareFCF/sh |
| $0.01 | $0.00 | $0.01 | $0.02 | Cap. spending / shareCapex/sh |
| — | $-1.01 | $3.34 | $6.31 | Book value / shareBVPS |
Share counts before 2024 are restated ×2 for a stock split, so per-share figures sit on one basis.
The diluted share count moved ×1/1.89 into TTM — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The record, charted
FY2022–2024Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
Gross margin
4%low FY2024
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($17M)owner earningsvs.($13M)net incomelow FY2024
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2024 the business reported a $13M loss but ($17M) of owner earnings: $5M less than the profit line, taken out by capital spending and the timing of cash.
| FY2024 | FY2023 | FY2022 | |
|---|---|---|---|
| Reported net income | ($13M) | ($13M) | ($6M) |
| Depreciation & amortizationnon-cash charge added back | +$5M | +$6M | +$5M |
| Working capital & othertiming of cash in and out, other non-cash items | −$9M | +$2M | −$9M |
| Cash from operations | ($17M) | ($5M) | ($10M) |
| Capital expenditurecash put back in to keep running and to grow | −$714K | −$96K | −$765K |
| Owner earnings | ($17M) | ($5M) | ($10M) |
| Owner-earnings marginowner earnings ÷ revenue | -20% | -6% | -16% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2024 20-F · source on SEC EDGAR →
Material weakness in financial controls
“Management's Plan for Remediation of Material Weakness Our management's ongoing remediation efforts related to the above identified material weaknesses include (but are not limited to): hiring additional accounting and financial reporting personnel with U.S.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- Can it pay its interest? -31.4×Does not cover its interestOperating income ($17M) ÷ interest expense $537K
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net cashCash $10M + ST investments $3M − debt $4M
What this means
Cash and short-term investments exceed every dollar of debt by $9M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- TightDSO 121 + DIO 0 − DPO 85 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)
Is it a good business?
- Below averageNOPAT ($13M) ÷ invested capital $229M (debt + equity − cash)Industry peers: median -10%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Consumes cash through the cycle3-yr median margin, range -20%–-6%; latest ($17M) = operating cash ($17M) − maintenance capex $714KIndustry peers: median 6%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -20% of revenue this year, a -16% median across 3 years.
- Are earnings backed by cash? ($17M)Loss, and burning cashNet income ($13M) · cash from operations ($17M)
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.14×HarvestingCapex $714K ÷ depreciation $5M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $85M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 1.10×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · $4M vs $4M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.09/share (latest year $-0.11), the averaged base the calculator's gate runs on, and book value is $2.07/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2024Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$44M
- Cash & short-term investments$13M
- Receivables$28M
- Other current assets$3M
Current liabilities$40M
- Debt due within a year$274K
- Accounts payable$19M
- Other current liabilities$21M
Current ratio1.10×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.10×stricter: inventory excluded
Cash ratio0.31×strictest: cash alone against what's due
Working capital$4Mthe cushion left after near-term bills
Debt due this year vs. cash$274K due · $13M cash
covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2024 balance sheet
Cash runway0.7 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value($25M)equity stripped of goodwill & intangibles
Net current asset value($26M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$4M$769K of it operating leases
Deferred revenue$1Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 3-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$260M83% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity56%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$0over 3 years buying other businesses, against $2M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 3-year record, from the company's own filings.
Peers, Casinos & Gaming
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| STUBStubHub Holdings Inc. | $1.7B | — | 7.8% | -73% | 15% |
| ACELAccel Entertainment Inc. | $1.3B | — | 7.7% | 14% | 7% |
| RSIRush Street Interactive Inc. | $1.1B | 32% | -19.3% | — | -1% |
| OSWOneSpaWorld Holdings Limited | $961M | — | 7.2% | 12% | 6% |
| LLYVALiberty Live Holdings, Inc. | $382M | 19% | -13.5% | -1% | — |
| SEGSeaport Entertainment Group Inc. | $130M | — | -91.7% | -18% | — |
| NIPGNIP Group Inc. | $85M | 6% | -17.5% | -6% | -16% |
| FBYDFalcon's Beyond Global Inc. | $15M | — | -172.0% | -55% | -148% |
| Group median | — | 19% | -15.5% | -6% | 3% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American depositary shares, each representing two Class”; NIP Group Inc. reports in USD, so every figure in this tool is stated per ADS so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed.
NIP Group Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
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The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−20%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "NIP Group Inc. (NIPG), the owner's record," https://ownerscorecard.com/c/NIPG, data as of 2026-07-09.
Manual order: ← NIO its page in the Manual NIU →
Industry order: ← MTN the Casinos & Gaming chapter PRKS →