NASDAQ : HIHO
Highway Holdings Limited — Financial statements
Industrials · Metal Fabrication · Hong Kong
Last price 0.837449 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.87M
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Financial statements
Highway Holdings Limited (HIHO) reported revenue of 5.26M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 5.26M | 4.80M | 7.41M | 6.32M | 10.24M | 12.37M |
| Cost of Revenue | 3.58M | 3.44M | 4.94M | 4.61M | 7.10M | 8.60M |
| Gross Profit | 1.67M | 1.37M | 2.47M | 1.71M | 3.14M | 3.77M |
| Selling, General & Admin | 3.66M | 3.55M | 3.00M | 2.48M | 3.62M | 3.20M |
| Operating Expenses | 3.66M | 3.55M | 3.00M | 2.48M | 3.62M | 3.20M |
| Operating Income | -1.99M | -2.18M | -535.00K | -769.00K | -477.00K | 567.00K |
| Interest & Investment Income | 137.00K | 159.00K | 203.00K | 248.00K | 87.00K | 11.00K |
| Currency Exchange Gain (Loss) | 20.00K | 22.00K | 124.00K | 198.00K | 32.00K | -24.00K |
| Other Non Operating Income (Expenses) | 19.00K | 21.00K | 22.00K | 30.00K | 38.00K | |
| EBT Excluding Unusual Items | -1.81M | -1.98M | -186.00K | -293.00K | -320.00K | 554.00K |
| Gain (Loss) on Sale of Assets | -7.00K | 75.00K | 333.00K | 16.00K | 7.00K | 14.00K |
| Asset Writedown | -125.00K | -125.00K | -862.00K | |||
| Pretax Income | -1.94M | -2.03M | 147.00K | -1.14M | -313.00K | 568.00K |
| Income Tax Expense | -438.00K | -486.00K | 38.00K | -161.00K | -20.00K | 101.00K |
| Earnings From Continuing Operations | -1.50M | -1.54M | 109.00K | -978.00K | -293.00K | 467.00K |
| Minority Interest in Earnings | 27.00K | 20.00K | -3.00K | 19.00K | -1.00K | -24.00K |
| Net Income | -1.48M | -1.52M | 106.00K | -959.00K | -294.00K | 443.00K |
| Net Income to Common | -1.48M | -1.52M | 106.00K | -959.00K | -294.00K | 443.00K |
| Shares Outstanding (Basic) | 4.59M | 4.55M | 4.40M | 4.37M | 4.07M | 4.03M |
| Shares Outstanding (Diluted) | 4.59M | 4.55M | 4.40M | 4.37M | 4.07M | 4.19M |
| EPS (Basic) | -0.32 | -0.33 | 0.02 | -0.22 | -0.07 | 0.11 |
| EPS (Diluted) | -0.32 | -0.33 | 0.02 | -0.22 | -0.07 | 0.11 |
| Free Cash Flow | -1.51M | -461.00K | 297.00K | 717.00K | -298.00K | |
| Free Cash Flow Per Share | -0.33 | -0.10 | 0.07 | 0.18 | -0.07 | |
| Dividend Per Share | 0.12 | 0.15 | 0.20 | 0.17 | ||
| Gross Margin | 31.84% | 28.43% | 33.32% | 27.02% | 30.67% | 30.49% |
| Operating Margin | -37.76% | -45.41% | -7.22% | -12.17% | -4.66% | 4.59% |
| Profit Margin | -28.08% | -31.72% | 1.43% | -15.17% | -2.87% | 3.58% |
| Free Cash Flow Margin | -31.51% | -6.22% | 4.70% | 7.00% | -2.41% | |
| EBITDA | -1.94M | -2.15M | -526.00K | -610.00K | -268.00K | 729.00K |
| EBITDA Margin | -36.95% | -44.66% | -7.10% | -9.65% | -2.62% | 5.90% |
| D&A For EBITDA | 42.75K | 36.00K | 9.00K | 159.00K | 209.00K | 162.00K |
| EBIT | -1.99M | -2.18M | -535.00K | -769.00K | -477.00K | 567.00K |
| EBIT Margin | -37.76% | -45.41% | -7.22% | -12.17% | -4.66% | 4.59% |
| Effective Tax Rate | 25.85% | 17.78% |
Balance sheet
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.86M | 4.41M | 5.97M | 6.60M | 6.95M | 6.01M |
| Short-Term Investments | 3.00K | 207.00K | 3.00K | 54.00K | 1.37M | |
| Cash & Short-Term Investments | 3.86M | 4.41M | 6.18M | 6.60M | 7.01M | 7.38M |
| Accounts Receivable | 1.20M | 1.02M | 1.02M | 1.25M | 1.89M | 2.26M |
| Other Receivables | 3.00K | 7.00K | ||||
| Receivables | 1.20M | 1.02M | 1.02M | 1.25M | 1.89M | 2.27M |
| Inventory | 1.62M | 1.45M | 1.15M | 1.57M | 1.41M | 2.35M |
| Prepaid Expenses | 192.00K | 140.00K | 132.00K | 116.00K | 141.00K | 145.00K |
| Other Current Assets | 110.00K | 91.00K | 107.00K | 211.00K | 180.00K | |
| Total Current Assets | 6.87M | 7.14M | 8.57M | 9.65M | 10.66M | 12.32M |
| Property, Plant & Equipment | 2.58M | 2.81M | 878.00K | 1.38M | 2.92M | 2.44M |
| Goodwill | 260.00K | 260.00K | ||||
| Other Intangible Assets | 510.00K | 532.00K | ||||
| Other Long-Term Assets | 179.00K | 179.00K | 11.00K | 202.00K | 213.00K | |
| Total Assets | 10.46M | 11.00M | 9.55M | 11.32M | 13.88M | 14.86M |
| Accounts Payable | 457.00K | 437.00K | 613.00K | 935.00K | 928.00K | 828.00K |
| Accrued Expenses | 1.22M | 829.00K | 941.00K | 1.79M | 1.99M | 2.14M |
| Current Portion of Long-Term Debt | 146.00K | 162.00K | ||||
| Current Portion of Leases | 855.00K | 844.00K | 623.00K | 588.00K | 573.00K | 933.00K |
| Current Income Taxes Payable | 87.00K | 162.00K | 486.00K | 480.00K | 568.00K | 620.00K |
| Current Unearned Revenue | 225.00K | 10.00K | ||||
| Other Current Liabilities | 81.00K | 536.00K | 404.00K | 45.00K | 1.00K | 665.00K |
| Total Current Liabilities | 2.84M | 3.19M | 3.08M | 3.84M | 4.06M | 5.18M |
| Long-Term Leases | 1.52M | 1.74M | 187.00K | 803.00K | 1.48M | 268.00K |
| Pension & Post-Retirement Benefits | 26.00K | 26.00K | 23.00K | |||
| Long-Term Deferred Tax Liabilities | 176.00K | 190.00K | 107.00K | 140.00K | ||
| Other Long-Term Liabilities | 390.00K | 407.00K | 40.00K | 17.00K | ||
| Total Liabilities | 4.96M | 5.56M | 3.29M | 4.68M | 5.67M | 5.59M |
| Common Stock | 46.00K | 46.00K | 44.00K | 44.00K | 41.00K | 40.00K |
| Additional Paid-In Capital | 12.42M | 12.42M | 12.18M | 12.12M | 12.00M | 11.82M |
| Retained Earnings | -6.85M | -6.96M | -5.44M | -5.01M | -3.40M | -2.28M |
| Comprehensive Income & Other | -642.00K | -610.00K | -516.00K | -501.00K | -444.00K | -303.00K |
| Total Common Equity | 4.97M | 4.89M | 6.27M | 6.64M | 8.20M | 9.27M |
| Minority Interest | 533.00K | 544.00K | -2.00K | -7.00K | 12.00K | |
| Shareholders' Equity | 5.51M | 5.44M | 6.27M | 6.64M | 8.22M | 9.27M |
| Total Liabilities & Equity | 10.46M | 11.00M | 9.55M | 11.32M | 13.88M | 14.86M |
| Total Debt | 2.52M | 2.75M | 810.00K | 1.39M | 2.06M | 1.20M |
| Net Cash (Debt) | 1.33M | 1.66M | 5.37M | 5.21M | 4.95M | 6.18M |
| Net Cash Per Share | 0.29 | 0.37 | 1.22 | 1.19 | 1.22 | 1.48 |
| Filing Date Shares Outstanding | 4.58M | 4.63M | 4.60M | 4.40M | 4.42M | 4.04M |
| Total Common Shares Outstanding | 4.58M | 4.63M | 4.40M | 4.40M | 4.09M | 4.04M |
| Working Capital | 4.02M | 3.94M | 5.49M | 5.81M | 6.60M | 7.14M |
| Book Value Per Share | 1.09 | 1.06 | 1.42 | 1.51 | 2.01 | 2.30 |
| Tangible Book Value | 4.20M | 4.10M | 6.27M | 6.64M | 8.20M | 9.27M |
| Tangible Book Value Per Share | 0.92 | 0.89 | 1.42 | 1.51 | 2.01 | 2.30 |
| Machinery | 12.13M | 11.35M | 11.27M | 11.39M | 11.96M | |
| Leasehold Improvements | 700.00K | 743.00K | 816.00K | 822.00K | 1.09M |
Cash flow statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | -1.52M | 106.00K | -959.00K | -294.00K | 443.00K | |
| Depreciation & Amortization | 723.00K | 609.00K | 758.00K | 1.14M | 1.10M | |
| Loss (Gain) From Sale of Assets | -75.00K | -333.00K | -16.00K | -7.00K | -14.00K | |
| Asset Writedown & Restructuring Costs | 125.00K | 862.00K | ||||
| Stock-Based Compensation | 182.00K | 61.00K | 58.00K | 89.00K | 87.00K | |
| Provision & Write-off of Bad Debts | -82.00K | 66.00K | -513.00K | 504.00K | 52.00K | |
| Other Operating Activities | -401.00K | 74.00K | 67.00K | 68.00K | 113.00K | |
| Change in Accounts Receivable | 338.00K | 168.00K | 1.13M | -145.00K | -1.35M | |
| Change in Inventory | 119.00K | 356.00K | -272.00K | 794.00K | -167.00K | |
| Change in Accounts Payable | -268.00K | -326.00K | 36.00K | 148.00K | 153.00K | |
| Change in Income Taxes | 6.00K | -56.00K | -7.00K | 534.00K | ||
| Change in Other Net Operating Assets | -554.00K | -1.14M | -576.00K | -1.47M | -681.00K | |
| Operating Cash Flow | -1.41M | -360.00K | 415.00K | 809.00K | -164.00K | |
| Capital Expenditures | -103.00K | -101.00K | -118.00K | -92.00K | -134.00K | |
| Sale of Property, Plant & Equipment | 82.00K | 333.00K | 16.00K | 8.00K | 14.00K | |
| Cash Acquisitions | -701.00K | |||||
| Divestitures | 593.00K | |||||
| Investment in Securities | 1.07M | -1.07M | ||||
| Investing Cash Flow | -109.00K | 232.00K | -102.00K | 991.00K | -1.20M | |
| Long-Term Debt Repaid | -25.00K | |||||
| Net Debt Issued (Repaid) | -25.00K | |||||
| Issuance of Common Stock | 59.00K | 99.00K | 20.00K | |||
| Common Dividends Paid | -492.00K | -616.00K | -1.02M | -569.00K | ||
| Financing Cash Flow | -25.00K | -492.00K | -557.00K | -920.00K | -549.00K | |
| Foreign Exchange Rate Adjustments | -18.00K | -9.00K | -107.00K | 62.00K | 161.00K | |
| Net Cash Flow | -1.56M | -629.00K | -351.00K | 942.00K | -1.75M | |
| Free Cash Flow | -1.51M | -461.00K | 297.00K | 717.00K | -298.00K | |
| Free Cash Flow Margin | -31.51% | -6.22% | 4.70% | 7.00% | -2.41% | |
| Free Cash Flow Per Share | -0.33 | -0.10 | 0.07 | 0.18 | -0.07 | |
| Levered Free Cash Flow | -1.16M | 90.62K | 590.38K | 1.37M | 1.29M | |
| Unlevered Free Cash Flow | -1.16M | 90.62K | 590.38K | 1.37M | 1.29M | |
| Cash Interest Paid | 1.00K | |||||
| Cash Income Tax Paid | 3.00K | 38.00K | 3.00K | -1.00K | 2.00K | |
| Change in Working Capital | -359.00K | -943.00K | 158.00K | -692.00K | -1.94M |
Ratios
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.08M | 3.56M | 8.12M | 9.28M | 8.34M | 11.38M |
| Enterprise Value | 2.75M | -1.28M | 3.87M | 4.68M | 2.49M | 6.07M |
| Last Close Price | 0.84 | 0.73 | 1.76 | 1.89 | 1.73 | 2.20 |
| PE Ratio | 76.62 | 25.70 | ||||
| PS Ratio | 0.74 | 0.74 | 1.10 | 1.47 | 0.81 | 0.92 |
| PB Ratio | 0.77 | 0.65 | 1.30 | 1.40 | 1.01 | 1.23 |
| P/TBV Ratio | 0.92 | 0.87 | 1.29 | 1.40 | 1.02 | 1.23 |
| P/FCF Ratio | 31.23 | 11.63 | ||||
| P/OCF Ratio | 22.35 | 10.30 | ||||
| EV/Sales Ratio | 0.48 | 0.52 | 0.74 | 0.24 | 0.49 | |
| EV/EBITDA Ratio | 8.33 | |||||
| EV/EBIT Ratio | 10.71 | |||||
| EV/FCF Ratio | 15.76 | 3.47 | ||||
| Debt / Equity Ratio | 0.46 | 0.51 | 0.13 | 0.21 | 0.25 | 0.13 |
| Debt / EBITDA Ratio | 4.97 | 16.17 | 3.31 | 0.75 | ||
| Debt / FCF Ratio | 4.68 | 2.87 | ||||
| Net Debt / Equity Ratio | -0.24 | -0.31 | -0.86 | -0.79 | -0.60 | -0.67 |
| Net Debt / EBITDA Ratio | 0.69 | 0.78 | 10.21 | 8.55 | 18.47 | -8.48 |
| Net Debt / FCF Ratio | 1.10 | 11.65 | -17.55 | -6.91 | 20.73 | |
| Asset Turnover | 0.54 | 0.47 | 0.71 | 0.50 | 0.71 | 0.81 |
| Inventory Turnover | 2.78 | 2.65 | 3.65 | 3.10 | 3.77 | 3.75 |
| Quick Ratio | 1.78 | 1.70 | 2.34 | 2.05 | 2.19 | 1.86 |
| Current Ratio | 2.42 | 2.23 | 2.79 | 2.51 | 2.62 | 2.38 |
| Return on Equity (ROE) | -25.32% | -26.39% | 1.69% | -13.17% | -3.35% | 4.91% |
| Return on Assets (ROA) | -12.67% | -13.27% | -3.20% | -3.81% | -2.07% | 2.34% |
| Return on Invested Capital (ROIC) | -49.95% | -93.45% | -34.15% | -32.79% | -15.01% | 13.20% |
| Return on Capital Employed (ROCE) | -26.00% | -28.00% | -8.30% | -10.30% | -4.90% | 5.90% |
| Earnings Yield | -36.45% | -42.84% | 1.31% | -10.34% | -3.53% | 3.89% |
| FCF Yield | -39.07% | -42.56% | -5.68% | 3.20% | 8.60% | -2.62% |
| Dividend Yield | 11.24% | 6.50% | 7.12% | 9.80% | 6.03% | |
| Payout Ratio | 464.15% | 128.44% | ||||
| Buyback Yield / Dilution | -4.62% | -3.46% | -0.65% | -7.44% | 2.80% | -4.53% |
| Total Shareholder Return | 7.32% | -3.46% | 5.85% | -0.32% | 12.60% | 1.50% |