The company exhibits a concerning lack of cash generation, reporting zero operating cash flow across the last ten quarters while failing to disclose any capital expenditure.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Cash from Operations | 0 | -360K | 415K | 809K | -164K | -104K | 442K | -437K | 2.39M | 2.22M | 1.26M | 4.22M | 1.65M | 65K | 644K | 2M | 1.75M | 2M | 75K | 1.66M | 1.31M | 625K | 1.48M | 1.32M | 364K | -929K | 3.2M | -300K | 1.1M |
| Operating CF Margin % | - | -4.86% | 6.57% | 7.9% | -1.33% | -1.13% | 3.52% | -3.06% | 12.46% | 11.35% | 5.48% | 18.88% | 7.19% | 0.3% | 2.54% | 6.44% | 8.03% | 5.94% | 0.23% | 5.26% | 5.09% | 2.26% | 5.82% | 6.49% | 1.87% | -5.11% | 14.22% | -1.19% | 6.18% |
| Operating CF Growth % | 0% | -186.75% | -48.7% | 593.29% | -57.69% | -123.53% | 201.14% | -118.3% | 7.37% | 77.07% | -70.26% | 156.25% | 2435.38% | -89.91% | -67.88% | 14.83% | -12.92% | 2573.33% | -95.47% | 25.86% | 110.4% | -57.63% | 11.66% | 262.91% | 139.18% | -129.03% | 1166.67% | -127.27% | - |
| Net Income | -535K | 109K | -978K | -293K | 467K | -454K | 687K | -668K | 1.56M | 525K | 1.26M | 1.14M | 595K | 448K | 184K | 1.63M | 400K | 768K | -1.92M | 594K | 42K | -152K | 982K | 485K | -231K | -265K | 1.3M | 1.3M | 1.2M |
| Depreciation & Amortization | 0 | 609K | 758K | 1.14M | 1.1M | 1M | 1.22M | 261K | 319K | 266K | 317K | 393K | 557K | 586K | 670K | 667K | 635K | 782K | 830K | 939K | 1.09M | 1.15M | 1.11M | 1.13M | 1.07M | 1.01M | 900K | 900K | 500K |
| Stock-Based Compensation | 61K | 61K | 58K | 89K | 87K | 93K | 181K | 0 | 0 | 0 | 12K | 0 | 0 | 0 | 19K | 19K | 12K | 174K | 160K | 160K | 160K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | -107K | -12K | 51K | 349K | 209K | 0 | 0 | 0 | -12K | -12K | -15K | -121K | 7K | 26K | -16K | -26K | 15K | 21K | -21K | -4K | -53K | 0 | 0 | -27K | 0 | 100K | 100K |
| Other Non-Cash Items | 474K | -196K | 526K | 575K | 75K | 116K | 23K | 701K | 42K | 101K | 142K | -30K | 148K | -22K | 188K | 194K | 395K | 338K | -55K | 51K | -1.65M | 767K | 84K | 7K | 5K | 28K | 100K | 0 | 600K |
| Working Capital Changes | 0 | -943K | 158K | -691K | -1.94M | -1.21M | -1.88M | -731K | 467K | 1.33M | -467K | 2.73M | 363K | -826K | -424K | -529K | 320K | -31K | 1.05M | -110K | 1.69M | -1.13M | -650K | -301K | -478K | -1.68M | 900K | -2.6M | -1.3M |
| Change in Receivables | 0 | 168K | 1.13M | -145K | -1.35M | 1.02M | 232K | -41K | 1.25M | 858K | -1.38M | 214K | 801K | -234K | 1.07M | -1.62M | 186K | 1.24M | 586K | 1.38M | -1.4M | -891K | -891K | -767K | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 356K | -272K | 794K | -167K | -301K | -559K | 878K | -580K | -834K | 687K | 1.54M | -868K | 957K | 67K | -976K | 293K | 1.62M | 329K | -1.26M | 944K | -668K | 178K | -379K | -50K | -1.19M | 900K | -1.9M | -700K |
| Change in Payables | 0 | -326K | 36K | 148K | 153K | -390K | -121K | 270K | -1.51M | 1.04M | -291K | 2K | 62K | -1.03M | -732K | 223K | 223K | -233K | 391K | -348K | 550K | 379K | 379K | -354K | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 232K | -102K | 991K | -1.2M | -78K | -64K | -736K | -142K | -197K | -464K | 815K | -185K | -407K | -305K | -708K | 159K | 558K | -5K | -1.52M | 1.98M | -170K | -1.11M | -249K | -341K | -539K | -1.9M | -1.7M | -1.4M |
| Capital Expenditures | 0 | -101K | -118K | -92K | -134K | -88K | -91K | -695K | -271K | -197K | -524K | -129K | -73K | -319K | -355K | -1.03M | -116K | -85K | -211K | -934K | -343K | -178K | -853K | -190K | -336K | -484K | -600K | -1.1M | -700K |
| CapEx % of Revenue | 0% | 1.36% | 1.87% | 0.9% | 1.08% | 0.96% | 0.72% | 4.87% | 1.41% | 1% | 2.28% | 0.58% | 0.32% | 1.45% | 1.4% | 3.3% | 0.53% | 0.25% | 0.64% | 2.97% | 1.33% | 0.64% | 3.36% | 0.93% | 1.73% | 2.66% | 2.67% | 4.37% | 3.93% |
| Acquisitions | 0 | 0 | 0 | 8K | 14K | 10K | 27K | 34K | 129K | 0 | 60K | -19K | 110K | 0 | 0 | 168K | 0 | 0 | 0 | -331K | 121K | 0 | -5K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 333K | 16K | 1.08M | -1.06M | 0 | 0 | -75K | 129K | 60K | 60K | 963K | -222K | -88K | 50K | 151K | 278K | 319K | -118K | -253K | 2.21M | 8K | -256K | -59K | -5K | -55K | -1.3M | -600K | -700K |
| Cash from Financing | 0 | -492K | -557K | -920K | -549K | -902K | -297K | -1.24M | -1.03M | -1.14M | -1.36M | -728K | -680K | -605K | -1.63M | -729K | -1.43M | -663K | -1.5M | -1.24M | -995K | -665K | 649K | -113K | -127K | 390K | -1.7M | 800K | 3.6M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -112K | -265K | -575K | -136K | -1.31M | -663K | -1.4M | -160K | 127K | -792K | 643K | -109K | -127K | 434K | -1.5M | 800K | -100K |
| Equity Issued (Net) | 0 | 0 | 59K | 1K | 20K | 79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15K | 0 | 0 | 38K | 204K | 267K | 450K | 243K | -4K | 0 | 82K | 0 | 0 | 4M |
| Dividends Paid | 0 | -492K | -616K | -1.02M | -569K | -981K | -297K | -1.24M | -1.03M | -1.13M | -1.36M | -758K | -568K | -340K | -1.06M | -603K | -113K | 0 | -132K | -1.29M | -1.39M | -323K | -237K | 0 | 0 | -126K | -100K | 0 | -200K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9K | 0 | 0 | 0 | 0 | 0 | -15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4K | 0 | -35K | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 98K | 0 | 0 | 0 | 0 | 0 | -9K | 0 | 30K | 0 | 0 | 5K | 25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | -100K |
| Net Change in Cash | 0 | -629K | -351K | 942K | -1.75M | -1.07M | 0 | -2.44M | 1.24M | 888K | -587K | 4.31M | 782K | -941K | -1.29M | 585K | 470K | 1.92M | -1.41M | -1.08M | 2.44M | -210K | 1.01M | 959K | -104K | -1.08M | -300K | 800K | 3.6M |
| Free Cash Flow | 0 | -461K | 297K | 717K | -298K | -192K | 351K | -1.13M | 2.12M | 2.03M | 732K | 4.09M | 1.57M | -254K | 289K | 978K | 1.63M | 1.92M | -136K | 721K | 972K | 447K | 622K | 1.13M | 28K | -1.41M | 2.6M | -1.4M | 400K |
| FCF Margin % | 0% | -6.22% | 4.7% | 7% | -2.41% | -2.09% | 2.79% | -7.93% | 11.05% | 10.34% | 3.19% | 18.3% | 6.87% | -1.16% | 1.14% | 3.14% | 7.5% | 5.69% | -0.41% | 2.29% | 3.76% | 1.62% | 2.45% | 5.55% | 0.14% | -7.77% | 11.56% | -5.56% | 2.25% |
| FCF Growth % | - | -255.22% | -58.58% | 340.6% | -55.21% | -154.7% | 131.01% | -153.47% | 4.44% | 176.91% | -82.12% | 159.94% | 720.08% | -187.89% | -70.45% | -40% | -15.1% | 1511.76% | -118.86% | -25.82% | 117.45% | -28.13% | -45% | 3939.29% | 101.98% | -154.35% | 285.71% | -450% | - |
| FCF per Share | 0.00 | -0.10 | 0.07 | 0.18 | -0.07 | -0.05 | 0.09 | -0.30 | 0.56 | 0.53 | 0.19 | 1.08 | 0.42 | -0.07 | 0.08 | 0.26 | 0.43 | 0.51 | -0.04 | 0.20 | 0.27 | 0.14 | 0.19 | 0.39 | 0.01 | -0.49 | 0.88 | -0.44 | 0.14 |
| FCF Conversion (FCF/Net Income) | -0.00x | -3.40x | -0.43x | -2.75x | -0.37x | 0.23x | 0.64x | 0.69x | 1.54x | 4.22x | 1.00x | 3.67x | 2.77x | 0.15x | 3.50x | 1.22x | 4.16x | 2.61x | -0.04x | 2.79x | 31.31x | -4.11x | 1.50x | 2.72x | -1.58x | 3.51x | 2.46x | -0.23x | 0.92x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7K | 1K | 9K | 24K | 57K | 47K | 141K | 225K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 38K | 3K | 0 | 2K | 27K | 10K | 144K | 35K | 350K | 120K | 91K | 66K | 77K | 97K | 26K | 10K | 18K | 11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operating Scale Insufficiency
Based on the provided financial data, HIHO exhibits a complete absence of reported operating cash flow across the last ten quarters, which suggests that the company's net income figures are entirely disconnected from actual cash generation and may be heavily influenced by non-cash accounting adjustments or accruals.
The persistent lack of reported operating cash flow despite intermittent periods of positive net income warrants significant investor caution regarding the quality of earnings. This divergence suggests that the company's reported profitability may be driven by non-operating items or accounting entries rather than core manufacturing cash generation.
As reported in the company's financial statements, HIHO has failed to generate positive free cash flow in any of the last ten quarters, indicating that the business model is currently unable to self-fund its operations or provide a sustainable return on invested capital for shareholders.
The absence of free cash flow trajectory suggests that the company is currently in a state of structural stagnation where revenue scale is insufficient to cover fixed costs. Investors should monitor whether the company's cash reserves are being depleted to cover these operational shortfalls over the long term.
According to the provided quarterly data, HIHO reports zero capital expenditure across the entire ten-quarter period, which may indicate either a complete cessation of investment in manufacturing tooling or a failure to properly disclose maintenance and growth capital requirements in the provided financial reporting.
The lack of reported capital expenditure is highly unusual for a manufacturing firm that relies on specialized metal stamping and tooling. This may imply that the company is operating with legacy equipment that is not being replaced, potentially risking future operational efficiency and product quality.
Based on the provided data, the total absence of cash flow line items suggests that the company's financial reporting may be obscuring the true cash burn rate, making it difficult to assess the actual liquidity impact of the company's ongoing operating losses and corporate overhead.
The lack of transparency regarding working capital changes and cash flow components makes it nearly impossible to determine how the company is financing its operations. This opacity warrants further investigation into whether the company is relying on its existing cash pile to mask underlying operational insolvency.
Quick answers to the most common questions about buying HIHO stock.
Highway Holdings Limited (HIHO) generated $-0.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Highway Holdings Limited (HIHO) reported negative free cash flow of $0.5M in 2025, indicating capital requirements exceeded cash from operations.
Highway Holdings Limited (HIHO) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Highway Holdings Limited (HIHO) returned $0.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.