Latest Ratios: P/E Ratio -2.8x · EV/EBITDA N/A · ROE -26.0%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4M | $3M | $8M | $9M | $8M | $12M | $15M | $8M | $13M | $19M | $15M |
| Enterprise Value | $3M | $2M | $3M | $4M | $3M | $7M | $9M | $2M | $4M | $7M | $5M |
| P/E Ratio → | -2.83 | — | 76.76 | — | — | 25.64 | — | 11.28 | — | 11.95 | 27.86 |
| P/S Ratio | 0.90 | 0.72 | 1.10 | 1.45 | 0.81 | 0.96 | 1.63 | 0.63 | 0.88 | 0.97 | 0.76 |
| P/B Ratio | 0.78 | 0.64 | 1.30 | 1.38 | 1.01 | 1.27 | 1.53 | 0.73 | 1.25 | 1.58 | 1.31 |
| P/FCF | — | — | — | 30.92 | 11.58 | — | — | 22.61 | — | 8.80 | 7.32 |
| P/OCF | — | — | — | 22.13 | 10.26 | — | — | 17.96 | — | 7.80 | 6.67 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.46 | 0.40 | 0.63 | 0.33 | 0.57 | 1.00 | 0.15 | 0.27 | 0.38 | 0.24 |
| EV / EBITDA | — | — | 40.29 | — | 5.13 | 4.21 | 23.83 | 0.98 | — | 3.26 | 4.67 |
| EV / EBIT | — | — | 20.28 | — | — | 12.32 | — | 2.15 | — | 3.55 | 6.31 |
| EV / FCF | — | — | — | 13.38 | 4.75 | — | — | 5.49 | — | 3.48 | 2.37 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.4% | 28.4% | 33.3% | 27.0% | 30.7% | 30.5% | 29.5% | 33.1% | 25.1% | 35.2% | 28.4% |
| Operating Margin | -45.4% | -45.4% | -7.2% | -12.2% | -4.7% | 4.6% | -6.7% | 5.9% | -5.3% | 10.1% | 3.9% |
| Net Profit Margin | -31.7% | -31.7% | 1.4% | -15.2% | -2.9% | 3.6% | -5.0% | 5.5% | -4.4% | 8.1% | 2.7% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -26.0% | -26.0% | 1.6% | -12.9% | -3.4% | 4.7% | -4.5% | 6.5% | -5.7% | 13.4% | 4.5% |
| ROA | -14.6% | -14.6% | 1.0% | -7.6% | -2.0% | 2.9% | -2.7% | 4.1% | -3.8% | 8.7% | 3.0% |
| ROIC | -61.9% | -61.9% | -31.7% | -24.3% | -9.2% | 10.1% | -10.4% | 18.0% | -61.8% | 161.1% | 28.0% |
| ROCE | -29.9% | -29.9% | -7.7% | -8.9% | -4.9% | 5.3% | -5.0% | 6.4% | -6.9% | 16.7% | 6.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.58 | 0.58 | 0.13 | 0.21 | 0.25 | 0.13 | 0.20 | 0.26 | — | — | — |
| Debt / EBITDA | — | — | 10.95 | — | 3.09 | 0.72 | 5.11 | 1.43 | — | — | — |
| Net Debt / Equity | — | -0.23 | -0.82 | -0.78 | -0.60 | -0.52 | -0.59 | -0.55 | -0.87 | -0.96 | -0.89 |
| Net Debt / EBITDA | — | — | -69.76 | — | -7.38 | -2.89 | -15.09 | -3.06 | — | -4.99 | -9.76 |
| Debt / FCF | — | — | — | -17.54 | -6.83 | — | — | -17.13 | — | -5.32 | -4.95 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($4M) exceeds total debt ($3M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.23 | 2.23 | 2.79 | 2.51 | 2.62 | 2.38 | 2.90 | 2.65 | 2.63 | 2.72 | 2.64 |
| Quick Ratio | 1.78 | 1.78 | 2.41 | 2.11 | 2.28 | 1.92 | 2.33 | 2.25 | 2.32 | 2.26 | 2.28 |
| Cash Ratio | 1.38 | 1.38 | 2.01 | 1.72 | 1.73 | 1.42 | 1.96 | 1.79 | 1.81 | 1.85 | 1.61 |
| Asset Turnover | — | 0.42 | 0.78 | 0.56 | 0.74 | 0.83 | 0.59 | 0.69 | 0.94 | 1.06 | 1.12 |
| Inventory Turnover | 2.37 | 2.37 | 4.31 | 2.95 | 5.03 | 3.66 | 2.89 | 4.20 | 6.95 | 4.24 | 6.20 |
| Days Sales Outstanding | — | 77.71 | 50.33 | 72.35 | 67.21 | 66.71 | 38.74 | 58.36 | 57.88 | 42.34 | 63.36 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 6.0% | 6.7% | 12.3% | 4.8% | 6.6% | 3.7% | 9.9% | 5.5% | 7.6% |
| Payout Ratio | — | — | 464.2% | — | — | 128.4% | — | 43.3% | — | 66.5% | 213.7% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.3% | — | — | 3.9% | — | 8.9% | — | 8.4% | 3.6% |
| FCF Yield | — | — | — | 3.2% | 8.6% | — | — | 4.4% | — | 11.4% | 13.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 6.0% | 6.7% | 12.3% | 4.8% | 6.6% | 3.7% | 9.9% | 5.5% | 7.7% |
| Shares Outstanding | — | $5M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying HIHO stock.
Highway Holdings Limited's current P/E ratio is -2.8x. The historical average is 19.4x.
Highway Holdings Limited's return on equity (ROE) is -26.0%. The historical average is 2.1%.
Based on historical data, Highway Holdings Limited is trading at a P/E of -2.8x. Compare with industry peers and growth rates for a complete picture.
Highway Holdings Limited has 28.4% gross margin and -45.4% operating margin.
Key Metrics
Top Statement Risk
Operating scale insufficiency
Asset-Heavy Valuation Masks Operational Decay
According to recent financial data, HIHO trades at a P/S of 0.54 and a P/B of 0.61, suggesting that the market is pricing the company primarily as a liquidating asset play rather than a viable, growing industrial manufacturing entity with future earnings potential.
The current valuation multiples appear to discount the core manufacturing business entirely, reflecting investor skepticism regarding the company's ability to return to profitability. Given the negative EV/EBITDA of -15.34, traditional valuation metrics are largely distorted, indicating that the market is essentially valuing the company's cash pile while assigning negligible worth to its operational infrastructure.
Operating Losses Undermine Gross Margins
As reported in quarterly filings, HIHO maintains a gross margin of 25.5% to 34.7%, yet the operating margin has plummeted to -45.9% in 2026Q2, indicating that the company's fixed cost structure is far too heavy for its current, shrinking revenue base.
While the gross margin suggests the company retains some technical pricing power in its niche, the inability to convert this into operating profit warrants significant concern. Investors should monitor whether management can rationalize the SG&A burden, as the current trajectory suggests that the business is structurally under-scaled for its corporate overhead.
Capital Efficiency Deteriorating Over Time
Based on historical performance data, HIHO's ROIC has trended into negative territory, reaching -38.5% in 2026Q2, which highlights a severe decay in the company's ability to generate meaningful returns on its invested capital compared to its historical performance.
The consistent decline in ROIC suggests that the company is failing to compound value, likely due to the combination of shrinking revenue and aging manufacturing assets. This trend implies that capital allocation has become increasingly inefficient, as the business struggles to find profitable growth opportunities within its specialized metal fabrication niche.
Working Capital Cycles Remain Stagnant
As indicated by the reported financial statements, the cash conversion cycle has remained elevated, peaking at 178 days in 2024Q1 and settling at 122 days in 2026Q2, reflecting persistent inefficiencies in managing inventory and collecting receivables from its OEM customer base.
The high days of inventory outstanding, which reached 119 days in 2025Q3, suggests that the company may be holding excessive raw materials or finished goods that are not moving through the production cycle efficiently. This lack of working capital velocity further exacerbates the company's liquidity challenges and limits its ability to respond to shifts in industrial demand.
Misapplied P/E Ratio Obscures Reality
The P/E ratio is the most commonly misapplied metric for HIHO, as it obscures the company's reliance on non-operating income and interest gains to mask persistent operating losses, leading to a potentially misleading perception of the company's core manufacturing health.
Investors should instead focus on the operating margin and cash flow generation, as the P/E ratio fails to account for the fact that the company's net income is often subsidized by its cash reserves. Relying on P/E in this context ignores the fundamental reality that the underlying business is currently failing to generate sustainable earnings from its primary industrial operations.