DIH Holding US, Inc. (DHAI) 10-Year Financial Performance & Capital Metrics

DHAI • • Industrial / General

HealthcareMedical DevicesOrthopedic & Musculoskeletal DevicesJoint Reconstruction & Orthopedic Implants

AboutDIH Holding US, Inc. operates as a robotics and virtual reality technology provider in the rehabilitation and human performance industry. The company is based in Norwell, Massachusetts.Show more

Revenue $63M -2.5%
EBITDA -$4M -74.0%
Net Income -$9M -2.8%
EPS (Diluted) -6.07 +24.1%
Gross Margin 51.24% +11.0%
EBITDA Margin -6.4% -78.4%
Operating Margin -7.74% -90.8%
Net Margin -13.8% -5.4%
ROE -
ROIC -
Debt/Equity -
Interest Coverage -15.34 -306.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient asset utilization: 2.3x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Weak momentum: RS Rating 0 (bottom 0%)
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 35.5% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y8.63%

TTM-4.16%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-78.92%

EPS CAGR

10Y-

5Y-

3Y-

TTM24.06%

ROCE

10Y Avg-

5Y Avg-

3Y Avg-

Latest-

Peer Comparison

Joint Reconstruction & Orthopedic Implants

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SYKStryker Corporation	138.62B	362.49	46.71	10.23%	12.07%	13.51%	2.52%	0.68
SNNSmith & Nephew plc	13.96B	32.89	34.99	4.7%	6.88%	14.44%	4.34%	0.63
ZBHZimmer Biomet Holdings, Inc.	17.59B	88.75	20.03	3.85%	10.05%	6.31%	6.5%	0.50
CNMDCONMED Corporation	1.32B	42.55	9.99	5%	4.75%	6.35%	11.68%	0.94
DHAIDIH Holding US, Inc.	6.7K	0.00	-0.00	-2.5%	-13.8%
LFWDLifeward Ltd.	13.23M	0.72	-0.22	85.24%	-121.82%	-233.98%		0.05
ANIKAnika Therapeutics, Inc.	137.43M	9.53	-2.49	-0.73%	-40.83%	-22.5%		0.17
SNWVSANUWAVE Health, Inc.	237.99M	27.75	-3.95	59.99%	-17.06%		0.83%

Profit & Loss

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	47.52M	49.04M	55M	64.47M	62.86M
Revenue Growth %	-	0.03%	0.12%	0.17%	-0.02%
Cost of Goods Sold+	19.29M	24.26M	20.46M	34.7M	30.65M
COGS % of Revenue	0.41%	0.49%	0.37%	0.54%	0.49%
Gross Profit+	28.23M	24.77M	34.54M	29.77M	32.21M
Gross Margin %	0.59%	0.51%	0.63%	0.46%	0.51%
Gross Profit Growth %	-	-0.12%	0.39%	-0.14%	0.08%
Operating Expenses+	38.72M	35.23M	34.76M	32.38M	37.08M
OpEx % of Revenue	0.81%	0.72%	0.63%	0.5%	0.59%
Selling, General & Admin	32.07M	27.28M	26.41M	25.78M	29.98M
SG&A % of Revenue	0.67%	0.56%	0.48%	0.4%	0.48%
Research & Development	6.69M	7.96M	8.35M	6.61M	7.1M
R&D % of Revenue	0.14%	0.16%	0.15%	0.1%	0.11%
Other Operating Expenses	-42K	0	0	0	0
Operating Income+	-10.54M	-10.46M	-218K	-2.61M	-4.86M
Operating Margin %	-0.22%	-0.21%	-0%	-0.04%	-0.08%
Operating Income Growth %	-	0.01%	0.98%	-10.99%	-0.86%
EBITDA+	-9.63M	-9.12M	-15K	-2.31M	-4.02M
EBITDA Margin %	-0.2%	-0.19%	-0%	-0.04%	-0.06%
EBITDA Growth %	-	0.05%	1%	-153.13%	-0.74%
D&A (Non-Cash Add-back)	903K	1.34M	203K	302K	842K
EBIT	-10.54M	-9.21M	449K	-6.5M	-7.95M
Net Interest Income+	346K	-517K	-780K	-693K	-317K
Interest Income	346K	0	0	0	0
Interest Expense	0	517K	780K	693K	317K
Other Income/Expense	-304K	-899K	-113K	-4.58M	-3.4M
Pretax Income+	-10.84M	-11.36M	-331K	-7.2M	-8.27M
Pretax Margin %	-0.23%	-0.23%	-0.01%	-0.11%	-0.13%
Income Tax+	11K	696K	2.03M	1.25M	410K
Effective Tax Rate %	1%	1.06%	7.13%	1.17%	1.05%
Net Income+	-10.85M	-12.05M	-2.36M	-8.44M	-8.68M
Net Margin %	-0.23%	-0.25%	-0.04%	-0.13%	-0.14%
Net Income Growth %	-	-0.11%	0.8%	-2.58%	-0.03%
Net Income (Continuing)	-10.85M	-12.05M	-2.36M	-8.44M	-8.68M
Discontinued Operations	0	0	0	0	0
Minority Interest	0	0	0	0	0
EPS (Diluted)+	-8.25	-9.00	-1.02	-8.00	-6.07
EPS Growth %	-	-0.09%	0.89%	-6.88%	0.24%
EPS (Basic)	-8.25	-9.00	-1.02	-8.00	-6.07
Diluted Shares Outstanding	1.32M	1.32M	1M	1.06M	1.43M
Basic Shares Outstanding	1.32M	1.32M	1M	1.06M	1.43M
Dividend Payout Ratio	-	-	-	-	-

Balance Sheet

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	33.67M	25.43M	23.3M	27.06M	21.16M
Cash & Short-Term Investments	3.16M	3.31M	3.23M	3.23M	1.94M
Cash Only	3.16M	3.31M	3.23M	3.23M	1.94M
Short-Term Investments	0	0	0	0	0
Accounts Receivable	15.31M	14.04M	5.83M	11.52M	3.25M
Days Sales Outstanding	117.64	104.53	38.7	65.22	18.86
Inventory	10.64M	4.79M	8.24M	7.83M	7.05M
Days Inventory Outstanding	201.38	72.09	147.1	82.36	83.93
Other Current Assets	4.55M	3.29M	6M	4.07M	8.93M
Total Non-Current Assets+	5.11M	8.59M	12.43M	8.68M	5.59M
Property, Plant & Equipment	1.87M	5.72M	5M	5M	4.36M
Fixed Asset Turnover	25.36x	8.58x	11.01x	12.90x	14.43x
Goodwill	0	0	0	0	0
Intangible Assets	2.01M	2.18M	2.51M	2.51M	0
Long-Term Investments	0	0	0	0	0
Other Non-Current Assets	1.22M	695K	4.93M	1.17M	1.23M
Total Assets+	38.78M	34.02M	35.73M	35.73M	26.75M
Asset Turnover	1.23x	1.44x	1.54x	1.80x	2.35x
Asset Growth %	-	-0.12%	0.05%	0%	-0.25%
Total Current Liabilities+	42.99M	48.84M	44.95M	44.95M	42.86M
Accounts Payable	5.2M	3.58M	4.3M	4.3M	3.36M
Days Payables Outstanding	98.34	53.85	76.81	45.28	39.97
Short-Term Debt	14.03M	17.08M	1.57M	0	3.12M
Deferred Revenue (Current)	0	0	1000K	1000K	1000K
Other Current Liabilities	20.42M	22.52M	28.65M	3.18M	29.57M
Current Ratio	0.78x	0.52x	0.52x	0.60x	0.49x
Quick Ratio	0.54x	0.42x	0.33x	0.43x	0.33x
Cash Conversion Cycle	220.69	122.76	108.99	102.29	62.83
Total Non-Current Liabilities+	11.97M	11.6M	23.33M	23.33M	21.03M
Long-Term Debt	3.06M	1.71M	11.46M	11.46M	8.84M
Capital Lease Obligations	0	3.1M	2.92M	2.92M	0
Deferred Tax Liabilities	0	0	112K	112K	221K
Other Non-Current Liabilities	8.91M	6.79M	4.17M	4.17M	11.97M
Total Liabilities	54.96M	60.44M	68.28M	68.28M	63.89M
Total Debt+	17.09M	23.63M	15.95M	15.95M	11.96M
Net Debt	13.94M	20.32M	12.72M	12.72M	10.02M
Debt / Equity	-	-	-	-	-
Debt / EBITDA	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-
Interest Coverage	-	-20.23x	-0.28x	-3.77x	-15.34x
Total Equity+	-16.18M	-26.42M	-32.55M	-32.55M	-37.13M
Equity Growth %	-	-0.63%	-0.23%	0%	-0.14%
Book Value per Share	-12.23	-19.97	-32.55	-30.84	-25.96
Total Shareholders' Equity	-16.18M	-26.42M	-32.55M	-32.55M	-37.13M
Common Stock	-18.9M	-30.5M	3K	0	0
Retained Earnings	0	0	-35.21M	-35.21M	-43.89M
Treasury Stock	0	0	0	0	0
Accumulated OCI	2.71M	4.08M	50K	50K	1.48M
Minority Interest	0	0	0	0	0

Cash Flow

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	-4.99M	-744K	6.18M	5.19M	-4.14M
Operating CF Margin %	-0.1%	-0.02%	0.11%	0.08%	-0.07%
Operating CF Growth %	-	0.85%	9.31%	-0.16%	-1.8%
Net Income	-10.85M	-12.05M	4.34M	-8.44M	-8.68M
Depreciation & Amortization	903K	1.39M	66K	302K	842K
Stock-Based Compensation	0	0	0	0	0
Deferred Taxes	0	55K	0	-304K	0
Other Non-Cash Items	-454K	3.59M	-7.35M	3.88M	6.61M
Working Capital Changes	5.41M	6.28M	9.13M	9.76M	-2.92M
Change in Receivables	-888K	3.46M	-483K	2.87M	2.2M
Change in Inventory	-2.38M	3.19M	244K	-3.26M	-242K
Change in Payables	0	-1.11M	345K	2.92M	-920K
Cash from Investing+	-1.12M	-969K	-163K	-202K	-536K
Capital Expenditures	-755K	-969K	-145K	-202K	-536K
CapEx % of Revenue	0.02%	0.02%	0%	0%	0.01%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	-362K	0	-18K	0	0
Cash from Financing+	2.16M	2.04M	-3.66M	-4.95M	3.39M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	0	0	0
Share Repurchases	-	-	-	-	-
Other Financing	-1.22M	0	394K	899K	0
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	-5.74M	-1.71M	6.02M	4.99M	-4.68M
FCF Margin %	-0.12%	-0.03%	0.11%	0.08%	-0.07%
FCF Growth %	-	0.7%	4.51%	-0.17%	-1.94%
FCF per Share	-4.34	-1.29	6.02	4.73	-3.27
FCF Conversion (FCF/Net Income)	0.46x	0.06x	-2.62x	-0.61x	0.48x
Interest Paid	0	372K	258K	665K	0
Taxes Paid	0	31K	234K	0	0

Key Ratios

Metric	2021	2022	2023	2024	2025
Gross Margin	59.4%	50.52%	62.81%	46.18%	51.24%
Net Margin	-22.84%	-24.58%	-4.29%	-13.1%	-13.8%
Interest Coverage	-	-20.23x	-0.28x	-3.77x	-15.34x
FCF Conversion	0.46x	0.06x	-2.62x	-0.61x	0.48x
Revenue Growth	-	3.2%	12.15%	17.23%	-2.5%

Revenue by Segment

	2025
Devices	49.72M
Devices Growth	-
Service	12.04M
Service Growth	-
Other	1.11M
Other Growth	-

Revenue by Geography

	2025
EMEA	36.64M
EMEA Growth	-
Americas	16.88M
Americas Growth	-
Asia Pacific	9.35M
Asia Pacific Growth	-

Frequently Asked Questions

Growth & Financials

DIH Holding US, Inc. (DHAI) reported $62.9M in revenue for fiscal year 2025. This represents a 32% increase from $47.5M in 2021.

DIH Holding US, Inc. (DHAI) saw revenue decline by 2.5% over the past year.

DIH Holding US, Inc. (DHAI) reported a net loss of $8.7M for fiscal year 2025.

Dividend & Returns

DIH Holding US, Inc. (DHAI) had negative free cash flow of $4.7M in fiscal year 2025, likely due to heavy capital investments.

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