Highway Holdings Limited (HIHO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 23	—	$0.01	—	—	$2.6M	—
Q2 23	—	$0.1	—	—	$3M	—
Q1 23	—	$0.09	—	—	$2.9M	—
Q4 22	—	-$0.09	—	—	$3M	—
Q3 22	—	$0.06	—	—	$3M	—
Q2 22	—	$0.06	—	—	$3.4M	—
Q1 22	—	-$0.14	—	—	$3M	—
Q3 21	—	$0.02	—	—	$2.5M	—
Q2 21	—	$0.06	—	—	$2.7M	—
Q1 21	—	-$0.06	—	—	$2.1M	—
Q3 20	—	$0.08	—	—	$3.6M	—
Q2 20	—	-$0.02	—	—	$3.2M	—
Q1 20	—	-$0.03	—	—	$2.8M	—
Q3 19	—	-$0.08	—	—	$3M	—
Q2 19	—	-$0.06	—	—	$3.5M	—
Q1 19	—	$0.02	—	—	$4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	-$0.33	—	—	$4.8M	—
FY25	—	$0.02	—	—	$7.4M	—
FY24	—	-$0.22	—	—	$6.3M	—
FY23	—	-$0.07	—	—	$10.2M	—
FY22

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$19.6M	$19.2M	$14.3M	$12.6M	$9.2M	$12.4M	$10.2M	$6.3M	$7.4M	$4.8M
YoY change	-14.5%	-2.23%	-25.5%	-12%	-27%	+34.9%	-17.2%	-38.3%	+17.3%	-35.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	19.6M	19.2M	14.3M	12.6M	9.2M	12.4M	10.2M	6.3M	7.4M	4.8M
Cost of revenue	14M	12.4M	10.7M	8.4M	6.5M	8.6M	7.1M	4.6M	4.9M	3.4M
Gross profit	5.6M	6.7M	3.6M	4.2M	2.7M	3.8M	3.1M	1.7M	2.5M	1.4M
Gross margin	28.4%	35.2%	25.1%	33.1%	29.5%	30.5%	30.7%	27%	33.3%	28.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	4.8M	4.8M	4.3M	3.4M	3.3M	3.2M	3.6M	2.5M	3M	3.5M
Operating expenses	4.8M	4.8M	4.3M	3.4M	3.3M	3.2M	3.6M	2.5M	3M	3.5M
Operating income	761K	1.9M	-755K	747K	-616K	567K	-477K	-769K	-535K	-2.2M
Operating margin	3.88%	10.1%	-5.29%	5.95%	-6.72%	4.59%	-4.66%	-12.2%	-7.22%	-45.4%
Non-operating income, net	-8K	118K	28K	84K	—	-10K	77K	-618K	479K	-7K
Pretax income	761K	2.1M	-694K	896K	-600K	568K	-313K	-1.1M	147K	-2M
Income tax	236K	512K	-26K	209K	-146K	101K	-20K	-161K	38K	-486K
Net income	525K	1.6M	-668K	687K	-454K	467K	-293K	-978K	109K	-1.5M
Net margin	2.68%	8.14%	-4.68%	5.47%	-4.95%	3.78%	-2.86%	-15.5%	1.47%	-32.1%
EBITDA	1M	2.1M	-514K	1.9M	435K	1.7M	625K	637K	-383K	-1.4M
EPS	0.14	0.41	-0.17	0.18	-0.12	0.11	-0.07	-0.22	0.02	-0.33
Diluted EPS	0.14	0.41	-0.17	0.18	-0.12	0.11	-0.07	-0.22	0.02	-0.33

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	1.3M	1.3M	2.2M	-455K	1.9M	2.1M	1.9M	1.5M	1.2M	1.1M	931K	2M
Cost of revenue	970K	939K	1.3M	-527K	1.2M	1.3M	1.3M	1.2M	879K	855K	685K	1.2M
Gross profit	377K	383K	922K	72K	661K	834K	670K	305K	301K	292K	246K	835K
Gross margin	28%	29%	41.3%	-15.8%	35.2%	39.4%	34.7%	20.5%	25.5%	25.5%	26.4%	41.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	777K	272K	679K	749K	658K	724K	666K	957K	843K	778K	1.3M	776K
Operating expenses	777K	272K	679K	749K	658K	724K	666K	957K	843K	778K	1.3M	776K
Operating income	-400K	111K	243K	-677K	3K	110K	4K	-652K	-542K	-486K	-1M	59K
Operating margin	-29.7%	8.4%	10.9%	148.8%	0.16%	5.2%	0.21%	-43.8%	-45.9%	-42.4%	-109.1%	2.95%
Non-operating income, net	17K	33K	38K	-706K	45K	63K	52K	319K	16K	-2K	-112K	5K
Pretax income	-343K	197K	344K	-1.3M	93K	231K	100K	-277K	-472K	-457K	-1.1M	85K
Income tax	-3K	-3K	-1K	-154K	0	0	0	38K	-100K	-327K	2K	-13K
Net income	-340K	200K	345K	-1.1M	93K	231K	100K	-315K	-372K	-130K	-1.1M	98K
Net margin	-25.2%	15.1%	15.5%	249.9%	4.95%	10.9%	5.18%	-21.2%	-31.5%	-11.3%	-118%	4.9%
EBITDA	-417K	84K	213K	45K	-35K	52K	-44K	-965K	-553K	-478K	-899K	57K
EPS	-0.08	0.05	0.08	—	0.02	0.05	0.02	-0.07	-0.08	-0.02	-0.24	0.02
Diluted EPS	-0.08	0.05	0.08	—	0.02	0.05	0.02	-0.07	-0.08	-0.02	-0.24	0.02

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	14.8M	18.6M	12.6M	7.9M	14.9M	11.4M	8.3M	9.2M	8.1M	3.5M	3.5M
Enterprise value	4.8M	7.4M	3.8M	1.9M	9.1M	5.5M	3.4M	4M	3M	2.2M	2.2M
Shares outstanding	3.8M	3.8M	3.8M	3.9M	4M	4M	4.1M	4.4M	4.4M	4.6M	4.6M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	28.2	11.9	—	11.6	—	24.4	—	—	74.7	—	—
P/S	0.76	0.97	0.88	0.63	1.63	0.92	0.81	1.45	1.1	0.72	0.72
P/B	1.31	1.58	1.25	0.73	1.53	1.23	1.01	1.38	1.3	0.64	0.64
EV/EBITDA	4.59	3.43	-7.38	0.99	21	3.28	5.45	6.24	-7.78	-1.54	-1.54
EV/Sales	0.24	0.38	0.27	0.15	1	0.44	0.33	0.63	0.4	0.46	0.46
Earnings yield	3.54%	8.37%	—	8.66%	—	4.11%	—	—	1.34%	—	—
FCF yield	13.7%	11.4%	-8.97%	4.42%	-1.28%	-2.62%	8.63%	3.23%	-5.66%	-43.7%	-43.7%

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	28.4%	35.2%	25.1%	33.1%	29.5%	30.5%	30.7%	27%	33.3%	28.4%	28.4%
Operating margin	3.88%	10.1%	-5.29%	5.95%	-6.72%	4.59%	-4.66%	-12.2%	-7.22%	-45.4%	-45.4%
Net margin	2.68%	8.14%	-4.68%	5.47%	-4.95%	3.78%	-2.86%	-15.5%	1.47%	-32.1%	-32.1%
ROE	4.64%	13.2%	-6.59%	6.29%	-4.65%	5.04%	-3.57%	-14.7%	1.74%	-28.4%	-28.4%
ROA	2.99%	8.6%	-4.38%	3.78%	-2.93%	3.14%	-2.11%	-8.64%	1.14%	-14%	-14%
ROIC	41%	279%	-57.6%	11.7%	-15.5%	13.8%	-14.4%	-53.9%	-35.9%	-52.2%	-52.2%
Return on tangible assets	3.02%	8.68%	-4.38%	3.78%	-2.93%	3.14%	-2.11%	-8.64%	1.14%	-16.4%	-16.4%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	2.64	2.72	2.63	2.65	2.9	2.38	2.62	2.51	2.79	2.23	2.23
Quick ratio	2.28	2.26	2.32	2.25	2.33	1.92	2.28	2.11	2.41	1.78	1.78
Debt / equity	—	—	—	0.26	0.2	0.13	0.25	0.21	0.13	0.58	0.58
Debt / assets	—	—	—	0.15	0.13	0.08	0.15	0.12	0.08	0.29	0.29
Net debt / EBITDA	—	—	—	-3.09	-13.3	-3.51	-7.84	-8.18	13.5	0.88	0.88
Effective tax rate	31%	24.7%	0%	23.3%	0%	17.8%	0%	0%	25.9%	0%	0%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	5.16	5.04	3.76	3.21	2.29	3.07	2.52	1.45	1.68	1.06	1.06
EPS (basic)	0.14	0.41	-0.17	0.18	-0.12	0.11	-0.07	-0.22	0.02	-0.33	-0.33
EPS (diluted)	0.14	0.41	-0.17	0.18	-0.12	0.11	-0.07	-0.22	0.02	-0.33	-0.33
Book value per share	2.97	3.1	2.67	2.79	2.44	2.3	2.02	1.52	1.42	1.19	1.19
FCF per share	0.53	0.56	-0.3	0.09	-0.05	-0.07	0.18	0.07	-0.1	-0.33	-0.33
Cash per share	2.64	2.96	2.32	2.26	1.94	1.76	1.71	1.51	1.36	0.97	0.97
Capex per share	0.05	0.04	0.17	0.02	0.02	0.03	0.02	0.02	—	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	1%	0.74%	4.63%	0.51%	0.85%	0.97%	0.82%	1.61%	—	—	—
Capex / operating cash flow	10.6%	13.7%	-524.6%	6.82%	8.99%	-12.4%	10%	98.1%	—	—	—
Payout ratio	214.5%	66.1%	-186.2%	43.2%	-216.1%	121.8%	-347.8%	-63%	451.4%	0%	0%
Dividend yield	7.59%	5.53%	9.86%	3.74%	6.56%	5%	12.3%	6.71%	6.04%	0%	0%

Yield

—

trailing twelve months

Frequency

Semi-annual

Last dividend

$0.05

ex-dividend Aug 10, 2026

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 10, 2026	$0.05
Dec 12, 2024	$0.05
Oct 4, 2024	$0.02
Apr 19, 2024	$0.05
Nov 29, 2023	$0.05
Jun 23, 2023	$0.10
Dec 14, 2022	$0.05
Sep 29, 2022	$0.15

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	$1.3M	$1.3M	$2.2M	-$455K	$1.9M	$2.1M	$1.9M	$1.5M	$1.2M	$1.1M	$931K	$2M
YoY change	-54.2%	-56.6%	-12.9%	-126.8%	+39.5%	+60.1%	-13.6%	+426.8%	-44.3%	-40.5%	-37.4%	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	10M	11.3M	8.8M	8.8M	7.8M	7.1M	7M	6.6M	6M	4.4M
Receivables	3.4M	2.2M	2.3M	2M	973K	2.3M	1.9M	1.3M	1M	1M
Inventory	2.3M	2.9M	1.5M	2M	2.2M	2.4M	1.4M	1.6M	1.1M	1.5M
Total current assets	16.4M	17.2M	13.4M	13.2M	11.5M	12.3M	10.7M	9.6M	8.6M	7.1M
Property, plant & equipment	954K	770K	886K	4.6M	3.6M	2.4M	2.9M	1.4M	878K	2.8M
Goodwill & intangibles	154K	154K	0	0	0	0	0	0	0	1.6M
Total assets	17.6M	18.1M	15.3M	18.2M	15.5M	14.9M	13.9M	11.3M	9.6M	11M
Accounts payable	2.4M	900K	1.2M	997K	653K	828K	928K	935K	613K	437K
Short-term debt	—	—	—	782K	821K	933K	573K	588K	623K	1M
Total current liabilities	6.2M	6.3M	5.1M	5M	4M	5.2M	4.1M	3.8M	3.1M	3.2M
Long-term debt	—	—	—	2M	1.1M	268K	1.5M	803K	187K	2.1M
Total liabilities	6.2M	6.3M	5.1M	7.3M	5.7M	5.6M	5.7M	4.7M	3.3M	5.6M
Shareholders' equity	11.3M	11.8M	10.1M	10.9M	9.8M	9.3M	8.2M	6.6M	6.3M	5.4M
Total debt	—	—	—	2.8M	2M	1.2M	2.1M	1.4M	810K	3.2M
Net debt	—	—	—	-6M	-5.8M	-4.8M	-4.9M	-5.2M	-5.2M	-1.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q2 26	Q3 26	Q4 26	Q1 27
Cash & short-term investments	7M	6.8M	—	—	—	—	—	6M	5.6M	5.1M	4.4M	3.9M
Receivables	1.9M	1.1M	—	—	—	—	—	1M	980K	1.1M	1M	1.2M
Inventory	1.4M	1.5M	—	—	—	—	—	1.1M	728K	668K	1.5M	1.6M
Total current assets	10.7M	9.8M	—	—	—	—	—	8.6M	7.6M	7.2M	7.1M	6.9M
Property, plant & equipment	2.9M	2.6M	—	—	—	—	—	878K	630K	428K	2.8M	2.6M
Goodwill & intangibles	0	0	—	—	—	—	—	0	—	—	1.6M	1.5M
Total assets	13.9M	12.7M	—	—	—	—	—	9.6M	8.4M	7.7M	11M	10.5M
Accounts payable	928K	397K	—	—	—	—	—	613K	390K	374K	437K	457K
Short-term debt	573K	556K	—	—	—	—	—	623K	312K	162K	1M	1M
Total current liabilities	4.1M	3.8M	—	—	—	—	—	3.1M	2.2M	1.7M	3.2M	2.8M
Long-term debt	1.5M	1.3M	—	—	—	—	—	187K	178K	156K	2.1M	1.9M
Total liabilities	5.7M	5.2M	—	—	—	—	—	3.3M	2.4M	1.9M	5.6M	5M
Shareholders' equity	8.2M	7.5M	—	—	—	—	—	6.3M	6M	5.9M	5.4M	5.5M
Total debt	2.1M	1.8M	—	—	—	—	—	810K	490K	318K	3.2M	2.9M
Net debt	-4.9M	-5M	—	—	—	—	—	-5.2M	-5.1M	-4.8M	-1.3M	-941K

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	525K	1.6M	-668K	687K	-454K	467K	-293K	-978K	109K	-1.5M
Depreciation & amortization	266K	319K	261K	1.2M	1M	1.1M	1.1M	758K	609K	723K
Stock-based compensation	—	0	0	181K	93K	87K	89K	58K	61K	182K
Change in working capital	1.1M	-841K	281K	-1.1M	-120K	-2.7M	-99K	266K	-378K	-528K
Operating cash flow	1.9M	1M	-126K	939K	868K	-971K	838K	104K	-360K	-1.4M
Capital expenditure	-197K	-142K	-661K	-64K	-78K	-120K	-84K	-102K	—	—
Investing cash flow	-197K	-142K	-736K	-64K	-78K	-1.2M	-84K	-102K	0	-88K
Dividends paid	-1.1M	-1M	-1.2M	-297K	-981K	-569K	-1M	-616K	-492K	0
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-1.1M	-1M	-1.2M	-297K	-981K	-569K	-1M	-616K	-492K	-25K
Net change in cash	527K	-135K	-2.1M	578K	-191K	-2.7M	-264K	-614K	-852K	-1.5M
Free cash flow	2M	2.1M	-1.1M	351K	-192K	-298K	717K	297K	-461K	-1.5M

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Highway Holdings Limited Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement