Highway Holdings Limited (HIHO) 10-Year Financial Performance & Capital Metrics

HIHO • • Industrial / General

IndustrialsMetal FabricationPrecision Manufacturing & ToolingElectronic & Automotive Components

AboutHighway Holdings Limited, together with its subsidiaries, manufactures and supplies metal, plastic, electric, and electronic components, subassemblies, and finished products for original equipment manufacturers (OEMs) and contract manufacturers. It operates through two segments, Metal Stamping and Mechanical OEM; and Electric OEM. The company also trades in plastic injection products; and manufactures and assembles automation equipment. Its products are used in the manufacture of products, such as photocopiers, laser printers, print cartridges, electrical connectors, electrical circuits, vacuum cleaners, LED power supplies, stepping motors, pumps for dishwashers, and other washing machine components. In addition, the company assists customers in the design and development of the tooling used in the metal and plastic manufacturing process, as well as provides an array of other manufacturing and engineering services, including metal stamping, screen printing, plastic injection molding, pad printing, and electronic assembly of printed circuit boards. It operates in Hong Kong and China, Europe, North America, and other Asian countries. Highway Holdings Limited was incorporated in 1990 and is headquartered in Sheung Shui, Hong Kong.Show more

Revenue $7M +17.3%
EBITDA $74K +772.7%
Net Income $106K +111.1%
EPS (Diluted) 0.02 +111.0%
Gross Margin 33.32% +23.3%
EBITDA Margin 1% +673.8%
Operating Margin -7.22% +40.7%
Net Margin 1.43% +109.4%
ROE 1.64% +112.7%
ROIC -31.68% -30.4%
Debt/Equity 0.13 -38.3%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.8x book value

✗Weaknesses

✗Profits declining 31.2% over 5 years
✗Negative free cash flow
✗Weak momentum: RS Rating 12 (bottom 12%)
✗Sales declining 10.0% over 5 years
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-10.46%

5Y-10.01%

3Y-15.68%

TTM3.31%

Profit (Net Income) CAGR

10Y-21.21%

5Y-31.17%

3Y-37.92%

TTM113.19%

EPS CAGR

10Y-22.29%

5Y-33.11%

3Y-39.72%

TTM112.99%

ROCE

10Y Avg1.42%

5Y Avg-4.22%

3Y Avg-7.15%

Latest-7.67%

Peer Comparison

Electronic & Automotive Components

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HIHOHighway Holdings Limited	5.06M	1.10	45.64	17.26%	0.97%	1.08%		0.13
LNKSLinkers Industries Limited	3.7M	0.34	-2.25	-34.55%	-8.91%	-11%	23.38%	0.34
CMPOCompoSecure, Inc.	7.31B	25.25	-20.70	7.67%	-134.84%	-142.1%	1.67%
TRSGTungray Technologies Inc Class A Ordinary Shares	14.62M	1.24	-56.36	-10.81%	1.6%	2.52%		0.15

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	22.93M	19.6M	19.17M	14.28M	12.56M	9.17M	12.37M	10.24M	6.32M	7.41M
Revenue Growth %	0.03%	-0.15%	-0.02%	-0.26%	-0.12%	-0.27%	0.35%	-0.17%	-0.38%	0.17%
Cost of Goods Sold+	17.01M	14.03M	12.42M	10.7M	8.4M	6.46M	8.6M	7.1M	4.61M	4.94M
COGS % of Revenue	0.74%	0.72%	0.65%	0.75%	0.67%	0.7%	0.7%	0.69%	0.73%	0.67%
Gross Profit+	5.93M	5.57M	6.74M	3.58M	4.15M	2.71M	3.77M	3.14M	1.71M	2.47M
Gross Margin %	0.26%	0.28%	0.35%	0.25%	0.33%	0.3%	0.3%	0.31%	0.27%	0.33%
Gross Profit Growth %	0.04%	-0.06%	0.21%	-0.47%	0.16%	-0.35%	0.39%	-0.17%	-0.46%	0.45%
Operating Expenses+	4.41M	4.81M	4.8M	4.33M	3.41M	3.32M	3.2M	3.62M	2.48M	3M
OpEx % of Revenue	0.19%	0.25%	0.25%	0.3%	0.27%	0.36%	0.26%	0.35%	0.39%	0.41%
Selling, General & Admin	4.41M	4.81M	4.8M	4.33M	3.41M	3.32M	3.2M	3.62M	2.48M	3M
SG&A % of Revenue	0.19%	0.25%	0.25%	0.3%	0.27%	0.36%	0.26%	0.35%	0.39%	0.41%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	1.52M	761K	1.94M	-755K	747K	-616K	567K	-477K	-769K	-535K
Operating Margin %	0.07%	0.04%	0.1%	-0.05%	0.06%	-0.07%	0.05%	-0.05%	-0.12%	-0.07%
Operating Income Growth %	0.19%	-0.5%	1.55%	-1.39%	1.99%	-1.82%	1.92%	-1.84%	-0.61%	0.3%
EBITDA+	1.83M	1.03M	2.26M	-494K	1.97M	384K	1.66M	664K	-11K	74K
EBITDA Margin %	0.08%	0.05%	0.12%	-0.03%	0.16%	0.04%	0.13%	0.06%	-0%	0.01%
EBITDA Growth %	0.1%	-0.44%	1.2%	-1.22%	4.98%	-0.8%	3.33%	-0.6%	-1.02%	7.73%
D&A (Non-Cash Add-back)	317K	266K	319K	261K	1.22M	1M	1.1M	1.14M	758K	609K
EBIT	1.51M	761K	2.07M	-694K	896K	-600K	568K	-313K	-1.14M	147K
Net Interest Income+	10K	8K	16K	33K	65K	16K	11K	87K	248K	203K
Interest Income	10K	8K	16K	33K	65K	16K	11K	87K	248K	203K
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-9K	0	134K	61K	149K	16K	1K	164K	-370K	682K
Pretax Income+	1.51M	761K	2.07M	-694K	896K	-600K	568K	-313K	-1.14M	147K
Pretax Margin %	0.07%	0.04%	0.11%	-0.05%	0.07%	-0.07%	0.05%	-0.03%	-0.18%	0.02%
Income Tax+	243K	236K	512K	-26K	209K	-146K	101K	-20K	-161K	38K
Effective Tax Rate %	0.83%	0.69%	0.75%	0.91%	0.77%	0.77%	0.78%	0.94%	0.84%	0.72%
Net Income+	1.25M	527K	1.55M	-630K	686K	-461K	443K	-294K	-959K	106K
Net Margin %	0.05%	0.03%	0.08%	-0.04%	0.05%	-0.05%	0.04%	-0.03%	-0.15%	0.01%
Net Income Growth %	0.09%	-0.58%	1.94%	-1.41%	2.09%	-1.67%	1.96%	-1.66%	-2.26%	1.11%
Net Income (Continuing)	1.26M	525K	1.56M	-668K	687K	-454K	467K	-293K	-978K	109K
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	62K	39K	49K	11K	10K	17K	0	12K	-7K	-2K
EPS (Diluted)+	0.33	0.14	0.41	-0.17	0.18	-0.12	0.11	-0.07	-0.22	0.02
EPS Growth %	0.1%	-0.58%	1.93%	-1.41%	2.06%	-1.67%	1.92%	-1.65%	-2.06%	1.11%
EPS (Basic)	0.33	0.14	0.41	-0.17	0.18	-0.12	0.11	-0.07	-0.22	0.02
Diluted Shares Outstanding	3.8M	3.8M	3.8M	3.8M	3.91M	4.01M	4.19M	4.07M	4.37M	4.4M
Basic Shares Outstanding	3.8M	3.8M	3.8M	3.71M	3.91M	4.01M	4.03M	4.07M	4.37M	4.4M
Dividend Payout Ratio	1.09%	2.14%	0.67%	-	0.43%	-	1.28%	-	-	4.64%

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	15.73M	16.41M	17.17M	13.35M	13.22M	11.48M	12.32M	10.66M	9.65M	8.57M
Cash & Short-Term Investments	9.14M	10.03M	11.67M	9.2M	8.94M	7.76M	7.38M	7.01M	6.6M	6.18M
Cash Only	9.14M	10.03M	11.27M	8.83M	8.83M	7.76M	6.01M	6.95M	6.6M	5.97M
Short-Term Investments	0	0	399K	373K	108K	3K	1.37M	54K	3K	207K
Accounts Receivable	4.32M	3.4M	2.22M	2.26M	2.01M	973K	2.26M	1.89M	1.25M	1.02M
Days Sales Outstanding	68.77	63.36	42.34	57.88	58.36	38.74	66.71	67.21	72.35	50.33
Inventory	1.43M	2.27M	2.93M	1.54M	2M	2.24M	2.35M	1.41M	1.57M	1.15M
Days Inventory Outstanding	30.58	58.91	86.17	52.51	86.85	126.43	99.8	72.63	123.91	84.64
Other Current Assets	191K	290K	136K	133K	151K	312K	187K	214K	107K	91K
Total Non-Current Assets+	1.31M	1.14M	958K	1.9M	4.95M	4M	2.54M	3.22M	1.67M	984K
Property, Plant & Equipment	1.12M	954K	770K	886K	4.59M	3.63M	2.44M	2.92M	1.38M	878K
Fixed Asset Turnover	20.46x	20.55x	24.89x	16.11x	2.74x	2.53x	5.06x	3.51x	4.60x	8.44x
Goodwill	77K	77K	77K	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	111K	111K	111K	1.01M	358K	377K	95K	308K	297K	106K
Total Assets+	17.04M	17.55M	18.13M	15.25M	18.17M	15.49M	14.86M	13.88M	11.32M	9.55M
Asset Turnover	1.35x	1.12x	1.06x	0.94x	0.69x	0.59x	0.83x	0.74x	0.56x	0.78x
Asset Growth %	0%	0.03%	0.03%	-0.16%	0.19%	-0.15%	-0.04%	-0.07%	-0.18%	-0.16%
Total Current Liabilities+	5.07M	6.21M	6.31M	5.08M	4.99M	3.96M	5.18M	4.06M	3.84M	3.08M
Accounts Payable	1.31M	2.57M	1.14M	1.2M	997K	653K	828K	928K	935K	613K
Days Payables Outstanding	28.05	66.82	33.43	40.81	43.3	36.89	35.16	47.7	73.98	45.27
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.33M	1.13M	1.95M	1.43M	1.26M	551K	1.28M	569K	525K	567K
Current Ratio	3.10x	2.64x	2.72x	2.63x	2.65x	2.90x	2.38x	2.62x	2.51x	2.79x
Quick Ratio	2.82x	2.28x	2.26x	2.32x	2.25x	2.33x	1.92x	2.28x	2.11x	2.41x
Cash Conversion Cycle	71.3	55.46	95.07	69.58	101.92	128.28	131.35	92.14	122.28	89.69
Total Non-Current Liabilities+	32K	32K	32K	32K	2.26M	1.75M	408K	1.61M	843K	210K
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	2.03M	1.14M	268K	1.48M	803K	187K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	32K	32K	32K	32K	229K	607K	140K	124K	40K	23K
Total Liabilities	5.11M	6.24M	6.34M	5.11M	7.25M	5.71M	5.59M	5.67M	4.68M	3.29M
Total Debt+	0	0	0	0	2.82M	1.96M	1.2M	2.06M	1.39M	810K
Net Debt	-9.14M	-10.03M	-11.27M	-8.83M	-6.01M	-5.79M	-4.81M	-4.9M	-5.21M	-5.16M
Debt / Equity	-	-	-	-	0.26x	0.20x	0.13x	0.25x	0.21x	0.13x
Debt / EBITDA	-	-	-	-	1.43x	5.11x	0.72x	3.09x	-	10.95x
Net Debt / EBITDA	-4.99x	-9.76x	-4.99x	-	-3.06x	-15.09x	-2.89x	-7.38x	-	-69.76x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	11.93M	11.31M	11.79M	10.14M	10.92M	9.77M	9.27M	8.22M	6.64M	6.27M
Equity Growth %	-0.02%	-0.05%	0.04%	-0.14%	0.08%	-0.1%	-0.05%	-0.11%	-0.19%	-0.06%
Book Value per Share	3.14	2.97	3.10	2.67	2.79	2.44	2.21	2.02	1.52	1.42
Total Shareholders' Equity	11.87M	11.27M	11.74M	10.13M	10.91M	9.76M	9.27M	8.2M	6.64M	6.27M
Common Stock	38K	38K	38K	38K	40K	40K	40K	41K	44K	44K
Retained Earnings	512K	13K	347K	-1.23M	-865K	-2.04M	-2.28M	-3.4M	-5.01M	-5.44M
Treasury Stock	-14K	-14K	-14K	-14K	0	0	0	0	0	0
Accumulated OCI	-34K	-136K	0	-35K	196K	48K	-303K	-444K	-501K	-516K
Minority Interest	62K	39K	49K	11K	10K	17K	0	12K	-7K	-2K

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	1.26M	2.22M	2.39M	-437K	442K	-104K	-164K	809K	415K	-360K
Operating CF Margin %	0.05%	0.11%	0.12%	-0.03%	0.04%	-0.01%	-0.01%	0.08%	0.07%	-0.05%
Operating CF Growth %	-0.7%	0.77%	0.07%	-1.18%	2.01%	-1.24%	-0.58%	5.93%	-0.49%	-1.87%
Net Income	1.26M	525K	1.56M	-668K	687K	-454K	467K	-293K	-978K	109K
Depreciation & Amortization	317K	266K	319K	261K	1.22M	1M	1.1M	1.14M	758K	609K
Stock-Based Compensation	12K	0	0	0	181K	93K	87K	89K	58K	61K
Deferred Taxes	-12K	0	0	0	209K	349K	51K	-12K	-107K	0
Other Non-Cash Items	142K	101K	42K	701K	23K	116K	75K	575K	526K	-196K
Working Capital Changes	-467K	1.33M	467K	-731K	-1.88M	-1.21M	-1.94M	-691K	158K	-943K
Change in Receivables	-1.38M	858K	1.25M	-41K	232K	1.02M	-1.35M	-145K	1.13M	168K
Change in Inventory	687K	-834K	-580K	878K	-559K	-301K	-167K	794K	-272K	356K
Change in Payables	-291K	1.04M	-1.51M	270K	-121K	-390K	153K	148K	36K	-326K
Cash from Investing+	-464K	-197K	-142K	-736K	-64K	-78K	-1.2M	991K	-102K	232K
Capital Expenditures	-524K	-197K	-271K	-695K	-91K	-88K	-134K	-92K	-118K	-101K
CapEx % of Revenue	0.02%	0.01%	0.01%	0.05%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	60K	60K	129K	-75K	0	0	-1.06M	1.08M	16K	333K
Cash from Financing+	-1.36M	-1.14M	-1.03M	-1.24M	-297K	-902K	-549K	-920K	-557K	-492K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.36M	-1.13M	-1.03M	-1.24M	-297K	-981K	-569K	-1.02M	-616K	-492K
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-9K	0	0	0	0	0	98K	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	732K	2.03M	2.12M	-1.13M	351K	-192K	-298K	717K	297K	-461K
FCF Margin %	0.03%	0.1%	0.11%	-0.08%	0.03%	-0.02%	-0.02%	0.07%	0.05%	-0.06%
FCF Growth %	-0.82%	1.77%	0.04%	-1.53%	1.31%	-1.55%	-0.55%	3.41%	-0.59%	-2.55%
FCF per Share	0.19	0.53	0.56	-0.30	0.09	-0.05	-0.07	0.18	0.07	-0.10
FCF Conversion (FCF/Net Income)	1.00x	4.22x	1.54x	0.69x	0.64x	0.23x	-0.37x	-2.75x	-0.43x	-3.40x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	120K	350K	35K	144K	10K	27K	2K	0	3K	38K

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	10.35%	4.53%	13.42%	-5.75%	6.52%	-4.46%	4.65%	-3.36%	-12.91%	1.64%
Return on Invested Capital (ROIC)	42.91%	28.01%	161.05%	-61.78%	18.02%	-10.4%	10.08%	-9.2%	-24.3%	-31.68%
Gross Margin	25.85%	28.41%	35.18%	25.08%	33.07%	29.53%	30.49%	30.67%	27.02%	33.32%
Net Margin	5.45%	2.69%	8.09%	-4.41%	5.46%	-5.03%	3.58%	-2.87%	-15.17%	1.43%
Debt / Equity	-	-	-	-	0.26x	0.20x	0.13x	0.25x	0.21x	0.13x
FCF Conversion	1.00x	4.22x	1.54x	0.69x	0.64x	0.23x	-0.37x	-2.75x	-0.43x	-3.40x
Revenue Growth	2.51%	-14.53%	-2.23%	-25.51%	-12.04%	-26.99%	34.87%	-17.17%	-38.28%	17.26%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Electric Member	-	-	-	-	-	-	-	3.59M	-	-
Electric Member Growth	-	-	-	-	-	-	-	-	-	-
MetalStampingAndMechanicalOemMember	-	-	-	-	-	5.19M	7.21M	-	-	-
MetalStampingAndMechanicalOemMember Growth	-	-	-	-	-	-	38.93%	-	-	-
ElectricMember	-	-	-	-	-	3.98M	5.15M	-	-	-
ElectricMember Growth	-	-	-	-	-	-	29.58%	-	-	-
Metal Stamping and Mechanical OEM	-	-	-	7.72M	6.93M	-	-	-	-	-
Metal Stamping and Mechanical OEM Growth	-	-	-	-	-10.21%	-	-	-	-	-
Electric OEM	-	-	-	6.56M	5.63M	-	-	-	-	-
Electric OEM Growth	-	-	-	-	-14.19%	-	-	-	-	-
Electric	12.67M	-	-	-	-	-	-	-	-	-
Electric Growth	-	-	-	-	-	-	-	-	-	-
Metal Stamping and Mechanical Oem	10.27M	-	-	-	-	-	-	-	-	-
Metal Stamping and Mechanical Oem Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Europe	-	14.04M	14.45M	10.9M	9.79M	7.27M	-	8.27M	4.21M	6.32M
Europe Growth	-	-	2.91%	-24.54%	-10.19%	-25.75%	-	-	-49.03%	50.07%
North America	-	835K	588K	454K	582K	308K	-	437K	1.2M	291K
North America Growth	-	-	-29.58%	-22.79%	28.19%	-47.08%	-	-	174.83%	-75.77%
OtherAsianCountriesMember	-	-	-	-	-	37K	-	-	-	-
OtherAsianCountriesMember Growth	-	-	-	-	-	-	-	-	-	-
Hong Kong And China	-	-	4.09M	2.79M	2.19M	-	-	-	-	-
Hong Kong And China Growth	-	-	-	-31.62%	-21.76%	-	-	-	-	-
Other Asian Countries	-	31K	46K	128K	-	-	-	-	-	-
Other Asian Countries Growth	-	-	48.39%	178.26%	-	-	-	-	-	-
Hong Kong	-	4.7M	-	-	-	-	-	-	-	-
Hong Kong Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Highway Holdings Limited (HIHO) has a price-to-earnings (P/E) ratio of 45.6x. This suggests investors expect higher future growth.

Growth & Financials

Highway Holdings Limited (HIHO) reported $7.1M in revenue for fiscal year 2025. This represents a 72% decrease from $25.4M in 2012.

Highway Holdings Limited (HIHO) grew revenue by 17.3% over the past year. This is strong growth.

Yes, Highway Holdings Limited (HIHO) is profitable, generating $0.1M in net income for fiscal year 2025 (1.4% net margin).

Dividend & Returns

Yes, Highway Holdings Limited (HIHO) pays a dividend with a yield of 10.16%. This makes it attractive for income-focused investors.

Highway Holdings Limited (HIHO) has a return on equity (ROE) of 1.6%. This is below average, suggesting room for improvement.

Highway Holdings Limited (HIHO) had negative free cash flow of $0.5M in fiscal year 2025, likely due to heavy capital investments.

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