Highway Holdings Limited(HIHO)Earnings, Financials & Key Ratios

HIHO•NASDAQ

$0.81

$4M mkt cap·33.6× P/E·Price updated May 6, 2026

SectorIndustrials IndustryMetal Fabrication Sub-IndustryIndustrial components, assemblies and containers

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 Margin33.32%+23.3%
EBITDA Margin1%+673.8%
Operating Margin-7.22%+40.7%
Net Margin1.43%+109.4%
ROE1.64%+112.7%
ROIC-31.68%-30.4%
Debt/Equity0.13-38.3%

Technical→

HIHO Key Insights

Highway Holdings Limited (HIHO) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Trading at only 0.6x book value

✗Weaknesses

✗Profits declining 31.2% over 5 years
✗Negative free cash flow
✗Weak momentum: RS Rating 10 (bottom 10%)
✗Sales declining 10.0% over 5 years
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

HIHO Price & Volume

Highway Holdings Limited (HIHO) stock price & volume — 10-year historical chart

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HIHO Growth Metrics

Highway Holdings Limited (HIHO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-10.46%

5 Years-10.01%

3 Years-15.68%

TTM-19.68%

Profit CAGR

10 Years-21.21%

5 Years-31.17%

3 Years-37.92%

TTM-5.94%

EPS CAGR

10 Years-22.29%

5 Years-33.11%

3 Years-39.72%

TTM-0.77%

Return on Capital

10 Years1.42%

5 Years-4.22%

3 Years-7.15%

Last Year-7.67%

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
FLXSFlexsteel Industries, Inc.Direct Competitor	293.98M	54.99	15.49	6.86%	4.75%	12.17%	0.35
DAKTDaktronics, Inc.Direct Competitor	978.37M	20.07	-95.57	-7.53%	3.43%	9.64%	0.06
LYTSLSI Industries Inc.Direct Competitor	756.54M	24.30	30.76	22.09%	4.34%	10.9%	0.29
CIXCompX International Inc.Product Competitor	304.13M	24.68	15.62	8.46%	12.74%	14.26%
TWINTwin Disc, IncorporatedProduct Competitor	260.89M	18.09	-129.21	15.45%	6.26%	13.2%	0.30
ASTEAstec Industries, Inc.Product Competitor	1.23B	53.60	31.90	8.07%	1.75%	3.82%	0.47
NWPXNWPX Infrastructure, Inc.Product Competitor	1.07B	111.20	31.24	6.83%	7.66%	10.73%	0.26
HONHoneywell International Inc.Supply Chain	137.39B	216.82	29.46	7.85%	11.16%	23.05%	2.24

Compare HIHO vs Peers

Highway Holdings Limited (HIHO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs FLXS

Most directly comparable listed peer for HIHO.

Scale Benchmark

vs ETN

Larger-name benchmark to compare HIHO against a more recognizable public peer.

Peer Set

Compare Top 5

vs FLXS, DAKT, LYTS, CIX

HIHO Income Statement

Highway Holdings Limited (HIHO) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Sales/Revenue	19.6M	19.17M	14.28M	12.56M	9.17M	12.37M	10.24M	6.32M	7.41M	6.14M
Revenue Growth %	-14.53%	-2.23%	-25.51%	-12.04%	-26.99%	34.87%	-17.17%	-38.28%	17.26%	-19.68%
Cost of Goods Sold	14.03M	12.42M	10.7M	8.4M	6.46M	8.6M	7.1M	4.61M	4.94M	4.34M
COGS % of Revenue	71.59%	64.82%	74.92%	66.93%	70.47%	69.51%	69.33%	72.98%	66.68%	-
Gross Profit	5.57M▲ 0%	6.74M▲ 21.0%	3.58M▼ 46.9%	4.15M▲ 16.0%	2.71M▼ 34.8%	3.77M▲ 39.3%	3.14M▼ 16.7%	1.71M▼ 45.6%	2.47M▲ 44.6%	1.8M▲ 0%
Gross Margin %	28.41%	35.18%	25.08%	33.07%	29.53%	30.49%	30.67%	27.02%	33.32%	29.35%
Gross Profit Growth %	-6.04%	21.04%	-46.9%	16.01%	-34.82%	39.27%	-16.68%	-45.62%	44.61%	-
Operating Expenses	4.81M	4.8M	4.33M	3.41M	3.32M	3.2M	3.62M	2.48M	3M	3.13M
OpEx % of Revenue	24.53%	25.07%	30.36%	27.12%	36.25%	25.9%	35.33%	39.19%	40.54%	-
Selling, General & Admin	4.81M	4.8M	4.33M	3.41M	3.32M	3.2M	3.62M	2.48M	3M	3.13M
SG&A % of Revenue	24.53%	25.07%	30.36%	27.12%	36.25%	25.9%	35.33%	39.19%	40.54%	-
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	761K▲ 0%	1.94M▲ 154.7%	-755K▼ 139.0%	747K▲ 198.9%	-616K▼ 182.5%	567K▲ 192.0%	-477K▼ 184.1%	-769K▼ 61.2%	-535K▲ 30.4%	-1.33M▲ 0%
Operating Margin %	3.88%	10.11%	-5.29%	5.95%	-6.72%	4.59%	-4.66%	-12.17%	-7.22%	-21.62%
Operating Income Growth %	-49.8%	154.66%	-138.96%	198.94%	-182.46%	192.05%	-184.13%	-61.22%	30.43%	-
EBITDA	1.03M	2.26M	-494K	1.97M	384K	1.66M	664K	-11K	74K	-653K
EBITDA Margin %	5.24%	11.78%	-3.46%	15.66%	4.19%	13.46%	6.48%	-0.17%	1%	-10.63%
EBITDA Growth %	-43.97%	119.77%	-121.89%	497.98%	-80.47%	333.33%	-60.1%	-101.66%	772.73%	2.39%
D&A (Non-Cash Add-back)	266K	319K	261K	1.22M	1M	1.1M	1.14M	758K	609K	0
EBIT	761K	2.07M	-694K	896K	-600K	568K	-313K	-1.14M	147K	-653K
Net Interest Income	8K	16K	33K	65K	16K	11K	87K	248K	203K	197K
Interest Income	8K	16K	33K	65K	16K	11K	87K	248K	203K	197K
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	0	134K	61K	149K	16K	1K	164K	-370K	682K	675K
Pretax Income	761K▲ 0%	2.07M▲ 172.3%	-694K▼ 133.5%	896K▲ 229.1%	-600K▼ 167.0%	568K▲ 194.7%	-313K▼ 155.1%	-1.14M▼ 263.9%	147K▲ 112.9%	-653K▲ 0%
Pretax Margin %	3.88%	10.81%	-4.86%	7.13%	-6.54%	4.59%	-3.06%	-18.02%	1.98%	-10.63%
Income Tax	236K	512K	-26K	209K	-146K	101K	-20K	-161K	38K	-123K
Effective Tax Rate %	31.01%	24.71%	3.75%	23.33%	24.33%	17.78%	6.39%	14.14%	25.85%	18.84%
Net Income	527K▲ 0%	1.55M▲ 194.1%	-630K▼ 140.6%	686K▲ 208.9%	-461K▼ 167.2%	443K▲ 196.1%	-294K▼ 166.4%	-959K▼ 226.2%	106K▲ 111.1%	-535K▲ 0%
Net Margin %	2.69%	8.09%	-4.41%	5.46%	-5.03%	3.58%	-2.87%	-15.17%	1.43%	-8.71%
Net Income Growth %	-57.87%	194.12%	-140.65%	208.89%	-167.2%	196.1%	-166.37%	-226.19%	111.05%	-5.94%
Net Income (Continuing)	525K	1.56M	-668K	687K	-454K	467K	-293K	-978K	109K	-530K
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	39K	49K	11K	10K	17K	0	12K	-7K	-2K	-7K
EPS (Diluted)	0.14▲ 0%	0.41▲ 192.9%	-0.17▼ 141.5%	0.18▲ 205.9%	-0.12▼ 166.7%	0.11▲ 191.7%	-0.07▼ 165.5%	-0.22▼ 205.6%	0.02▲ 111.0%	-0.12▲ 0%
EPS Growth %	-57.58%	192.86%	-141.46%	205.88%	-166.67%	191.67%	-165.45%	-205.56%	110.95%	-0.77%
EPS (Basic)	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	3.91M	4.01M	4.19M	4.07M	4.37M	4.4M	4.6M
Basic Shares Outstanding	3.8M	3.8M	3.71M	3.91M	4.01M	4.03M	4.07M	4.37M	4.4M	4.6M
Dividend Payout Ratio	213.66%	66.52%	-	43.29%	-	128.44%	-	-	464.15%	-

HIHO Balance Sheet

Highway Holdings Limited (HIHO) balance sheet — assets, liabilities & shareholders' equity

Line item	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Total Current Assets	16.41M	17.17M	13.35M	13.22M	11.48M	12.32M	10.66M	9.65M	8.57M	7.64M
Cash & Short-Term Investments	10.03M	11.67M	9.2M	8.94M	7.76M	7.38M	7.01M	6.6M	6.18M	5.56M
Cash Only	10.03M	11.27M	8.83M	8.83M	7.76M	6.01M	6.95M	6.6M	5.97M	5.56M
Short-Term Investments	0	399K	373K	108K	3K	1.37M	54K	3K	207K	0
Accounts Receivable	3.4M	2.22M	2.26M	2.01M	973K	2.26M	1.89M	1.25M	1.02M	980K
Days Sales Outstanding	63.36	42.34	57.88	58.36	38.74	66.71	67.21	72.35	50.33	74.27
Inventory	2.27M	2.93M	1.54M	2M	2.24M	2.35M	1.41M	1.57M	1.15M	728K
Days Inventory Outstanding	58.91	86.17	52.51	86.85	126.43	99.8	72.63	123.91	84.64	90.39
Other Current Assets	290K	136K	133K	151K	312K	187K	214K	107K	91K	377K
Total Non-Current Assets	1.14M	958K	1.9M	4.95M	4M	2.54M	3.22M	1.67M	984K	728K
Property, Plant & Equipment	954K	770K	886K	4.59M	3.63M	2.44M	2.92M	1.38M	878K	630K
Fixed Asset Turnover	20.55x	24.89x	16.11x	2.74x	2.53x	5.06x	3.51x	4.60x	8.44x	7.40x
Goodwill	77K	77K	0	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	85K
Other Non-Current Assets	111K	111K	1.01M	358K	377K	95K	308K	297K	106K	527K
Total Assets	17.55M▲ 0%	18.13M▲ 3.3%	15.25M▼ 15.9%	18.17M▲ 19.1%	15.49M▼ 14.8%	14.86M▼ 4.0%	13.88M▼ 6.6%	11.32M▼ 18.5%	9.55M▼ 15.6%	8.37M▲ 0%
Asset Turnover	1.12x	1.06x	0.94x	0.69x	0.59x	0.83x	0.74x	0.56x	0.78x	0.66x
Asset Growth %	3.01%	3.29%	-15.89%	19.14%	-14.77%	-4.05%	-6.57%	-18.48%	-15.59%	-73.05%
Total Current Liabilities	6.21M	6.31M	5.08M	4.99M	3.96M	5.18M	4.06M	3.84M	3.08M	2.19M
Accounts Payable	2.57M	1.14M	1.2M	997K	653K	828K	928K	935K	613K	390K
Days Payables Outstanding	66.82	33.43	40.81	43.3	36.89	35.16	47.7	73.98	45.27	51.05
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	1.13M	1.95M	1.43M	1.26M	551K	1.28M	569K	525K	567K	81K
Current Ratio	2.64x	2.72x	2.63x	2.65x	2.90x	2.38x	2.62x	2.51x	2.79x	2.79x
Quick Ratio	2.28x	2.26x	2.32x	2.25x	2.33x	1.92x	2.28x	2.11x	2.41x	2.41x
Cash Conversion Cycle	55.46	95.07	69.58	101.92	128.28	131.35	92.14	122.28	89.69	113.61
Total Non-Current Liabilities	32K	32K	32K	2.26M	1.75M	408K	1.61M	843K	210K	201K
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	2.03M	1.14M	268K	1.48M	803K	187K	900K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	32K	32K	32K	229K	607K	140K	124K	40K	23K	109K
Total Liabilities	6.24M	6.34M	5.11M	7.25M	5.71M	5.59M	5.67M	4.68M	3.29M	2.4M
Total Debt	0	0	0	2.82M	1.96M	1.2M	2.06M	1.39M	810K	490K
Net Debt	-10.03M	-11.27M	-8.83M	-6.01M	-5.79M	-4.81M	-4.9M	-5.21M	-5.16M	-5.07M
Debt / Equity	-	-	-	0.26x	0.20x	0.13x	0.25x	0.21x	0.13x	0.13x
Debt / EBITDA	-	-	-	1.43x	5.11x	0.72x	3.09x	-	10.95x	-0.75x
Net Debt / EBITDA	-9.76x	-4.99x	-	-3.06x	-15.09x	-2.89x	-7.38x	-	-69.76x	-69.76x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity	11.31M▲ 0%	11.79M▲ 4.2%	10.14M▼ 14.0%	10.92M▲ 7.7%	9.77M▼ 10.5%	9.27M▼ 5.2%	8.22M▼ 11.4%	6.64M▼ 19.2%	6.27M▼ 5.6%	5.97M▲ 0%
Equity Growth %	-5.23%	4.24%	-14.02%	7.7%	-10.49%	-5.16%	-11.36%	-19.21%	-5.59%	-36.94%
Book Value per Share	2.97	3.10	2.67	2.79	2.44	2.21	2.02	1.52	1.42	1.30
Total Shareholders' Equity	11.27M	11.74M	10.13M	10.91M	9.76M	9.27M	8.2M	6.64M	6.27M	5.98M
Common Stock	38K	38K	38K	40K	40K	40K	41K	44K	44K	46K
Retained Earnings	13K	347K	-1.23M	-865K	-2.04M	-2.28M	-3.4M	-5.01M	-5.44M	-5.75M
Treasury Stock	-14K	-14K	-14K	0	0	0	0	0	0	0
Accumulated OCI	-136K	0	-35K	196K	48K	-303K	-444K	-501K	-516K	-546K
Minority Interest	39K	49K	11K	10K	17K	0	12K	-7K	-2K	-7K

HIHO Cash Flow Statement

Highway Holdings Limited (HIHO) cash flow — operating, investing & free cash flow history

Line item	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Cash from Operations	2.22M	2.39M	-437K	442K	-104K	-164K	809K	415K	-360K	-360K
Operating CF Margin %	11.35%	12.46%	-3.06%	3.52%	-1.13%	-1.33%	7.9%	6.57%	-4.86%	-
Operating CF Growth %	77.07%	7.37%	-118.3%	201.14%	-123.53%	-57.69%	593.29%	-48.7%	-186.75%	0%
Net Income	525K	1.56M	-668K	687K	-454K	467K	-293K	-978K	109K	-535K
Depreciation & Amortization	266K	319K	261K	1.22M	1M	1.1M	1.14M	758K	609K	0
Stock-Based Compensation	0	0	0	181K	93K	87K	89K	58K	61K	61K
Deferred Taxes	0	0	0	209K	349K	51K	-12K	-107K	0	0
Other Non-Cash Items	101K	42K	701K	23K	116K	75K	575K	526K	-196K	474K
Working Capital Changes	1.33M	467K	-731K	-1.88M	-1.21M	-1.94M	-691K	158K	-943K	0
Change in Receivables	858K	1.25M	-41K	232K	1.02M	-1.35M	-145K	1.13M	168K	0
Change in Inventory	-834K	-580K	878K	-559K	-301K	-167K	794K	-272K	356K	0
Change in Payables	1.04M	-1.51M	270K	-121K	-390K	153K	148K	36K	-326K	0
Cash from Investing	-197K	-142K	-736K	-64K	-78K	-1.2M	991K	-102K	232K	0
Capital Expenditures	-197K	-271K	-695K	-91K	-88K	-134K	-92K	-118K	-101K	0
CapEx % of Revenue	1%	1.41%	4.87%	0.72%	0.96%	1.08%	0.9%	1.87%	1.36%	-
Acquisitions	0	129K	34K	27K	10K	14K	8K	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	60K	129K	-75K	0	0	-1.06M	1.08M	16K	333K	0
Cash from Financing	-1.14M	-1.03M	-1.24M	-297K	-902K	-549K	-920K	-557K	-492K	0
Debt Issued (Net)	0	0	0	0	0	0	0	0	0	0
Equity Issued (Net)	0	0	0	0	79K	20K	1K	59K	0	0
Dividends Paid	-1.13M	-1.03M	-1.24M	-297K	-981K	-569K	-1.02M	-616K	-492K	0
Share Repurchases	-9K	0	0	0	0	0	0	0	0	0
Other Financing	-9K	0	0	0	0	0	98K	0	0	0
Net Change in Cash	888K▲ 0%	1.24M▲ 39.5%	-2.44M▼ 296.9%	0▲ 100.0%	-1.07M▲ 0%	-1.75M▼ 63.3%	942K▲ 153.9%	-351K▼ 137.3%	-629K▼ 79.2%	0▲ 0%
Free Cash Flow	2.03M▲ 0%	2.12M▲ 4.4%	-1.13M▼ 153.5%	351K▲ 131.0%	-192K▼ 154.7%	-298K▼ 55.2%	717K▲ 340.6%	297K▼ 58.6%	-461K▼ 255.2%	0▲ 0%
FCF Margin %	10.34%	11.05%	-7.93%	2.79%	-2.09%	-2.41%	7%	4.7%	-6.22%	-
FCF Growth %	176.91%	4.44%	-153.47%	131.01%	-154.7%	-55.21%	340.6%	-58.58%	-255.22%	-
FCF per Share	0.53	0.56	-0.30	0.09	-0.05	-0.07	0.18	0.07	-0.10	-0.10
FCF Conversion (FCF/Net Income)	4.22x	1.54x	0.69x	0.64x	0.23x	-0.37x	-2.75x	-0.43x	-3.40x	-0.00x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	350K	35K	144K	10K	27K	2K	0	3K	38K	0

HIHO Key Ratios

Highway Holdings Limited (HIHO) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	4.53%	13.42%	-5.75%	6.52%	-4.46%	4.65%	-3.36%	-12.91%	1.64%	-8.95%
Return on Invested Capital (ROIC)	28.01%	161.05%	-61.78%	18.02%	-10.4%	10.08%	-9.2%	-24.3%	-31.68%	-31.68%
Gross Margin	28.41%	35.18%	25.08%	33.07%	29.53%	30.49%	30.67%	27.02%	33.32%	29.35%
Net Margin	2.69%	8.09%	-4.41%	5.46%	-5.03%	3.58%	-2.87%	-15.17%	1.43%	-8.71%
Debt / Equity	-	-	-	0.26x	0.20x	0.13x	0.25x	0.21x	0.13x	0.13x
FCF Conversion	4.22x	1.54x	0.69x	0.64x	0.23x	-0.37x	-2.75x	-0.43x	-3.40x	-0.00x
Revenue Growth	-14.53%	-2.23%	-25.51%	-12.04%	-26.99%	34.87%	-17.17%	-38.28%	17.26%	-19.68%

HIHO Frequently Asked Questions

Highway Holdings Limited (HIHO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Highway Holdings Limited (HIHO) reported $6.1M in revenue for fiscal year 2025. This represents a 65% decrease from $17.8M in 1997.

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

Highway Holdings Limited (HIHO) reported a net loss of $0.5M for fiscal year 2025.

Dividend & Returns

Yes, Highway Holdings Limited (HIHO) pays a dividend with a yield of 13.80%. 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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Highway Holdings Limited (HIHO) financial analysis — history, returns, DCA and operating performance tools

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