olivLaw · US equity research
NIP Group Inc. NIPG
Services-Miscellaneous Amusement & Recreation · SIC 7990 · Vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)
NIP Group Inc. is a global digital entertainment and infrastructure company active in esports, online talent management, events and, from the second half of 2025, Bitcoin mining. Net revenues rose to 126.5 million USD in fiscal 2025, but a year marked by impairments and a negative gross margin keeps the transition to new business lines in focus.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, NIP Group Inc. (NIPG) stock was 3.65 USD (−12.26% on the day), with market capitalisation 413.9 m USD, beta 1.36, 52-week range 3.65–47.79 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 26.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.67 – 10.04
- in the lower half of the band · %B 0.24 · band width 142.9%
- SMA 50 / 200
- 10.26 / 16.07
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.89 / -1.92
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −67.8% | −1.1% | −66.7 pp | — |
| 3 months | −61.2% | −0.5% | −60.8 pp | — |
| 6 months | −80.7% | +4.4% | −85.1 pp | — |
| Year to date | −87.8% | +12.3% | −100.1 pp | — |
| 1 year | −92.5% | +13.5% | −106.0 pp | −33.4% |
| 3 years | unavailable | +76.4% | unavailable | −24.8% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 65.8 m | 83.7 m | 85.3 m |
| Revenue YoY | unavailable | +27.1% | +1.9% |
| Net income | -6.2 m | -13.3 m | -12.7 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.90 | -1.54 | -0.69 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -9.4% | -15.8% | -14.9% |
| Free cash flow | -10.4 m | -5.2 m | -17.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 9.6 m USD
- Financial debt
- 13.9 m USD
- Net debt
- 4.4 m USD
- Equity
- 239.5 m USD
- Total assets
- 312.6 m USD
- Debt / equity
- 0.06x
- Current ratio
- 1.10x
- ROE
- unavailable
- ROA
- -4.1%
- FCF margin
- -20.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 65.8 m | 83.7 m | 85.3 m | SEC (XBRL)· 12 May 2025verified |
| Cost of revenue | 62.1 m | 76.5 m | 82.3 m | SEC (XBRL)· 12 May 2025verified |
| Gross profit | 3.7 m | 7.2 m | 3.0 m | SEC (XBRL)· 12 May 2025verified |
| Operating income | -8.1 m | -14.7 m | -16.9 m | SEC (XBRL)· 12 May 2025verified |
| Depreciation & amortisation | 5.3 m | 6.1 m | 5.0 m | SEC (XBRL)· 12 May 2025verified |
| EBITDA | -2.8 m ≈ | -8.6 m ≈ | -11.8 m ≈ | SEC (XBRL)· 12 May 2025derived |
| Interest expense | 365.6 k | 523.3 k | 537.5 k | SEC (XBRL)· 12 May 2025verified |
| Pre-tax income | -6.4 m | -14.5 m | -15.1 m | SEC (XBRL)· 12 May 2025verified |
| Income tax | -139.5 k | -1.2 m | -2.4 m | SEC (XBRL)· 12 May 2025verified |
| Net income | -6.2 m | -13.3 m | -12.7 m | SEC (XBRL)· 12 May 2025verified |
| Diluted EPS | -0.90 | -1.54 | -0.69 | SEC (XBRL)· 12 May 2025verified |
| Weighted average diluted shares | 35.0 m | 37.2 m | 70.2 m | SEC (XBRL)· 12 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | — | 7.6 m | 9.6 m | SEC (XBRL)· 12 May 2025verified |
| Receivables | — | 19.0 m | 28.4 m | SEC (XBRL)· 12 May 2025verified |
| Current assets | — | 29.4 m | 44.4 m | SEC (XBRL)· 12 May 2025verified |
| Property, plant & equipment, net | — | 2.9 m | 3.0 m | SEC (XBRL)· 12 May 2025verified |
| Goodwill | — | 141.4 m | 131.9 m | SEC (XBRL)· 12 May 2025verified |
| Intangibles (excl. goodwill) | — | 134.0 m | 128.0 m | SEC (XBRL)· 12 May 2025verified |
| Total assets | — | 313.8 m | 312.6 m | SEC (XBRL)· 12 May 2025verified |
| Accounts payable | — | 12.7 m | 19.1 m | SEC (XBRL)· 12 May 2025verified |
| Short-term debt | — | 5.3 m | 10.6 m | SEC (XBRL)· 12 May 2025verified |
| Long-term debt | — | 3.7 m | 3.4 m | SEC (XBRL)· 12 May 2025verified |
| Current liabilities | — | 28.8 m | 40.3 m | SEC (XBRL)· 12 May 2025verified |
| Total liabilities | — | 61.1 m | 70.1 m | SEC (XBRL)· 12 May 2025verified |
| Equity | -24.0 m | -69.8 m | 239.5 m | SEC (XBRL)· 12 May 2025verified |
| Shares outstanding at year end | — | — | 113.4 m | SEC (XBRL)· 12 May 2025verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -9.6 m | -5.2 m | -16.5 m | SEC (XBRL)· 12 May 2025verified |
| Capex | 765.0 k | 95.9 k | 714.0 k | SEC (XBRL)· 12 May 2025verified |
| Free cash flow | -10.4 m ≈ | -5.2 m ≈ | -17.3 m ≈ | SEC (XBRL)· 12 May 2025derived |
| Investing cash flow | -1.7 m | 2.2 m | -5.0 m | SEC (XBRL)· 12 May 2025verified |
| Financing cash flow | 9.8 m | 1.4 m | 23.5 m | SEC (XBRL)· 12 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 413.9 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -16.2% | 25 (vs peers) | 29% |
| Net margin · Quality | -14.9% | 42 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -31.4x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.1x | 25 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -4.2% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet10/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality31/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NIP Group Inc. (NIPG). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 85.3 m USD in 2024; YoY growth 1.9%; net margin -14.9%; ROE -15.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -16.2%
- Interest coverage: -31.4x
- Current ratio: 1.1x
- FCF yield: -4.2%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Miscellaneous Amusement & Recreation (SIC 7990) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DISWalt Disney Co | 205.4 bn | 24.5 | 7.8% | 8.7% | +3.4% | +14% / +28% |
| MTNVail Resorts, Inc. | 5.6 bn | 38.5 | 44.4% | 5.2% | −4.3% | +13% / −27% |
| RSIRush Street Interactive, Inc. | 2.4 bn | 39.4 | 23.0% | 2.6% | +22.8% | −35% / +183% |
| BRSLBrightstar Lottery PLC | 1.9 bn | 13.5 | 11.6% | 5.9% | −0.0% | −36% / −63% |
| PRKSUnited Parks & Resorts Inc. | 1.7 bn | 14.9 | — | 8.1% | −3.6% | +5% / −23% |
| PRSUPursuit Attractions and Hospitality, Inc. | 1.5 bn | 32.1 | 7.7% | 9.6% | +23.4% | +57% / +62% |
| NIPGNIP Group Inc. | 413.9 m | — | -15.9% | -14.9% | +1.9% | −92% / unavailable |
| SEGSeaport Entertainment Group Inc. | 275.7 m | — | -22.6% | -91.4% | +18.3% | +0% / unavailable |
| GENIGenius Sports Limited | 59.2 m | — | -17.2% | -16.7% | +31.0% | −41% / +7% |
| SEATVivid Seats Inc. | 30.8 m | 0.0 | 2,000.9% | 278.1% | −30.5% | −64% / −98% |
| GRSDGrandstand Limited | 29.3 m | — | -28.5% | -19.9% | +30.1% | −85% / −91% |
| FCHLFitness Champs Holdings Limited | 11.4 m | — | -349.1% | -32.9% | +4.7% | −100% / unavailable |
| FBYDFalcon’s Beyond Global, Inc. | 68 | — | -100.8% | -36.0% | +120.8% | −67% / −35% |
| STUBStubhub Holdings, Inc. | — | — | -145.8% | -91.3% | −1.4% | −46% / unavailable |
| MSGSMsg Knickerbockers Corp. | — | 1,015.6 | — | 0.7% | +11.0% | +43% / +92% |
| CDROCodere Online Luxembourg, S.A. | — | — | 17.3% | 1.9% | +24.2% | +19% / +159% |
| GDHGGolden Heaven Group Holdings Ltd. | — | — | -6.5% | -56.2% | −31.5% | −74% / −100% |
| DKNGDraftkings Inc. | — | — | -21.1% | -2.7% | +27.0% | −29% / −38% |
| MSGEMadison Square Garden Entertainment Corp. | — | 37.1 | — | 8.6% | +12.5% | +52% / +149% |
| XPOFXponential Fitness, Inc. | — | — | — | -401.5% | −20.7% | −33% / −68% |
| ENHAEnhanced Group Inc. | — | — | -1,903.4% | — | unavailable | unavailable / unavailable |
1- and 3-year price returns: for NIPG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (20 Oct 2026), 6-K (19 Oct 2026), 6-K (17 Sept 2026), 6-K (04 Sept 2026), 6-K (24 Jul 2026), 6-K (01 Jul 2026).
In brief
NIP Group Inc. is a global digital entertainment and infrastructure company active in esports, online talent management, events and, from the second half of 2025, Bitcoin mining. Net revenues rose to 126.5 million USD in fiscal 2025 1, but a year marked by impairments and a negative gross margin keeps the transition to new business lines in focus.
SWOT
Strengths
- A globally recognized brand in esports with a large fanbase and a very large network of online creators 1.
- A diversified revenue model combining esports, talent, events and digital infrastructure 1.
- Over two decades of history in esports through the Ninjas in Pyjamas brand, built on success in major competitions 1.
Weaknesses
- The gross margin turned negative in fiscal 2025, showing pressure on operating profitability 1.
- Large goodwill and intangible asset impairments in 2025 reflect weak performance of important assets 1.
- The group structure has changed often and the ZSZQ agreement was terminated, pointing to integration and compliance risks 1.
Opportunities
Risks
- Significant asset impairmenthigh
The goodwill and intangible asset impairments of 2025 show that the value of some acquisitions did not materialize, and future tests could lead to further adjustments 1.
- Negative gross marginhigh
Costs exceeded revenue in 2025, and if this trend continues operating losses could grow 1.
- Exposure to Bitcoin pricemedium
Mining depends on the Bitcoin price, which is volatile and driven by factors hard to control 1.
- Dependence on talentmedium
Revenue depends on attracting and keeping talent and online stars, and losing them could affect the main segments 1.
- Integration and structural risksmedium
Acquisitions and share swap transactions, including the termination of the ZSZQ agreement, point to compliance and integration risks 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Trend in gross margin and operating lossesQ1 2026
- Contribution of Bitcoin mining to revenue2026
- Payment schedule of the Abu Dhabi partnership2026
- Impairment tests and performance of the Ninjas in Pyjamas brandnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (20 Oct 2026), 6-K (19 Oct 2026), 6-K (17 Sept 2026), 6-K (04 Sept 2026), 6-K (24 Jul 2026), 6-K (01 Jul 2026).
The business
The company builds its activity around esports and digital entertainment through the Ninjas in Pyjamas and eStar Gaming teams, which combine competitions, live events, content platforms and fan communities 1. Event production, content and influencer networks and gaming-themed hospitality were added on top, so audiences are reached both online and offline 1. From the second half of 2025 the group also created a mining and digital assets division that complements entertainment with computing revenue 1.
The revenue model is diversified: sponsorships, media rights, live streaming, event operations, brand partnerships and content commercialization 1. For esports teams, revenue comes from prize money, league revenue sharing, athlete transfer and rental fees and IP licensing 1. For talent management, revenue mainly comes from live streaming service fees, advertising and sponsorships 1.
The structure changed in recent years: the group merged with Ninjas in Pyjamas Gaming AB in 2023, entered game publishing in 2024, and the ZSZQ agreement was terminated in July 2025 1. A partnership with an Abu Dhabi investor of up to about 40 million USD, paid over four years, depends on conditions and performance milestones 1.
Segments
Talent management
The largest segment in fiscal 2025, with revenue of 62.8 million USD and a 49.6% share of the total, derived from live streaming fees, advertising and sponsorships for the online creators it represents 1.
Event production
Revenue grew from 9.4 million USD in 2023 to 31.9 million USD in 2025, a 25.2% share of revenue, driven by esports events and music festivals 1.
Bitcoin mining
The operation began in September 2025 and brought in 20.1 million USD, or 15.9% of revenue, by providing hash calculation to mining pool operators 1.
Market context
The company operates at the intersection of esports, streaming and the creator economy, where digital audiences drive sponsorship and advertising revenue 1. The Bitcoin mining market is highly volatile, and Bitcoin value depends on external factors, so revenue from this line is hard to forecast 1.
The source does not provide comparative data on the overall size of the esports market or the creator economy, so relative positioning remains unclear from the documents reviewed 1.
Trends
- Growth of the online creator economytailwind
Creators and online talent can attract sponsorships and large audiences, which supports talent management if the company attracts and keeps stars 1.
- Bitcoin price volatilityheadwind
If Bitcoin value falls, mining revenue could be affected, and past halvings have been closely linked to large price moves 1.
- Demand for computing capacitymixed
Rising network difficulty forces miners to raise hash rate to stay competitive, which requires continued equipment investment 1.
- Expansion into the Middle Easttailwind
The partnership with an Abu Dhabi investor could open new gaming and media markets if performance targets are met 1.
Competitive position
The source does not explicitly name direct competitors, but it refers to leagues and esports teams the company competes against in tournaments and for sponsors and talent 1.
The company competes for audiences, sponsors and online creators with other esports organizations and talent agencies active in China and internationally 1.
- Other esports organizations in leagues
Teams compete in the same leagues and tournaments for prize money, sponsors and media rights, though the source does not identify them.
- Live streaming platforms
Platforms the company works with are also potential rivals for creator and audience attention.
- Online talent agencies
Agencies representing creators compete for the same sponsors and the same talent.
- Bitcoin mining operators
Pool operators and mining farms compete for the same computing power and block rewards.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)19 Oct 2026
- Current report (foreign issuer)17 Sept 2026
- Current report (foreign issuer)04 Sept 2026
- Current report (foreign issuer)24 Jul 2026
- Current report (foreign issuer)01 Jul 2026
- Current report (foreign issuer)30 Jun 2026
- Current report (foreign issuer)25 Jun 2026
- Current report (foreign issuer)15 Jun 2026
- Current report (foreign issuer)02 Jun 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / NIP Group Inc. · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.