The company maintains a conservative capital structure with a minimal debt-to-equity ratio of 0.13% as of 2025Q4, providing a necessary buffer for its $28.4M investment in physical manufacturing assets.
| Total Current Assets | 58.39M | 54.42M | 50.92M | 57.28M | 69.87M | 64.65M | 58.98M | 55.35M | 36.85M | 30.26M | 20.56M | 17.44M |
| Cash & Short-Term Investments | 10.76M | 13.35M | 12.43M | 17.8M | 25.68M | 21.84M | 26.13M | 27.18M | 8.6M | 3.65M | 2.82M | 2.87M |
| Cash Only | 10.76M | 13.35M | 12.43M | 17.8M | 25.18M | 21.84M | 26.13M | 27.18M | 8.6M | 3.65M | 2.82M | 2.87M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 5.68M | 3.08M | 5.42M | 2.34M | 11.42M | 12.41M | 5.34M | 4.02M | 5.3M | 6.15M | 0 | 25.14K |
| Days Sales Outstanding | 12.46 | 7.7 | 16.87 | 6.2 | 29.09 | 50.22 | 20.94 | 17.27 | 27.9 | 36.18 | - | 0.21 |
| Inventory | 29.96M | 34.35M | 30.33M | 34.19M | 29.54M | 28.07M | 24.75M | 21.52M | 21.42M | 19.15M | 16.51M | 13.62M |
| Days Inventory Outstanding | 78.39 | 101.52 | 110.38 | 107.33 | 92.93 | 138.07 | 120.39 | 118.63 | 152.29 | 149.89 | 150.99 | 141.28 |
| Other Current Assets | 11.99M | 3.65M | 2.75M | 2.95M | 3.23M | 2.33M | 2.76M | 2.63M | 1.53M | 1.3M | 1.22M | 0 |
| Total Non-Current Assets | 31.46M | 30.53M | 29.33M | 26.44M | 15.44M | 8.59M | 8.5M | 3.9M | 6.42M | 3.64M | 4.46M | 3.15M |
| Property, Plant & Equipment | 28.43M | 25.87M | 26.26M | 23.33M | 12.76M | 7.3M | 7.32M | 2.36M | 2.82M | 3.16M | 3.99M | 2.68M |
| Fixed Asset Turnover | 5.85x | 5.64x | 4.46x | 5.92x | 11.24x | 12.36x | 12.71x | 36.07x | 24.58x | 19.63x | 13.19x | 16.02x |
| Goodwill | 499.28K | 499.28K | 499.28K | 499.28K | 499.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.7M | 1.72M | 1.61M | 2.45M | 1.83M | 1.15M | 1.04M | 1.46M | 3.6M | 478.39K | 479.61K | 0 |
| Other Non-Current Assets | 834.69K | 464.93K | 802.3K | 0 | 0 | 0 | 1.04M | 0 | 0 | 0 | 0 | 478.69K |
| Total Assets | 89.85M | 84.95M | 80.25M | 83.72M | 85.31M | 73.25M | 67.48M | 59.25M | 43.27M | 33.9M | 25.02M | 20.59M |
| Asset Turnover | 1.85x | 1.72x | 1.46x | 1.65x | 1.68x | 1.23x | 1.38x | 1.43x | 1.60x | 1.83x | 2.10x | 2.08x |
| Asset Growth % | 5.77% | 5.86% | -4.15% | -1.87% | 16.47% | 8.55% | 13.89% | 36.94% | 27.65% | 35.48% | 21.5% | - |
| Total Current Liabilities | 21.64M | 19.82M | 14.78M | 14.45M | 14.14M | 14.83M | 10.85M | 7.59M | 7.92M | 11.88M | 8.3M | 12.92M |
| Accounts Payable | 7.17M | 6.51M | 6.34M | 5.78M | 4.84M | 7.92M | 6.38M | 3.38M | 4.78M | 10.25M | 6.16M | 10.79M |
| Days Payables Outstanding | 18.75 | 19.23 | 23.08 | 18.15 | 15.23 | 38.97 | 31.01 | 18.62 | 33.96 | 80.24 | 56.31 | 111.92 |
| Short-Term Debt | 5.28M | 4.85M | 370.8K | 481.5K | 739.1K | 1.01M | 210.32K | 648.71K | 980.2K | 0 | 0 | 0 |
| Deferred Revenue (Current) | 241.36K | 487K | 10.2K | 928.39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 7.62M | 6.33M | 6.04M | 3.93M | 4.96M | 1.36M | 3.18M | 2.39M | 2.05M | 1.63M | 2.15M | 1.54M |
| Current Ratio | 2.70x | 2.75x | 3.45x | 3.97x | 4.94x | 4.36x | 5.44x | 7.30x | 4.65x | 2.55x | 2.48x | 1.35x |
| Quick Ratio | 1.31x | 1.01x | 1.39x | 1.60x | 2.85x | 2.47x | 3.15x | 4.46x | 1.95x | 0.93x | 0.49x | 0.30x |
| Cash Conversion Cycle | 72.1 | 89.99 | 104.18 | 95.37 | 106.79 | 149.32 | 110.31 | 117.27 | 146.23 | 105.82 | - | 29.57 |
| Total Non-Current Liabilities | 3.3M | 2.26M | 1.04M | 1.04M | 1.87M | 2.03M | 1.88M | 1.4M | 1.29M | 0 | 0 | 10.79M |
| Long-Term Debt | 2.76M | 287.53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 539.18K | 287.53K | 618.3K | 287.25K | 869.31K | 869.31K | 649.93K | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 73 | 1.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | -287.53K | 417.45K | 751.41K | 1M | 1.09M | 1.23M | 1.4M | 1.29M | 0 | 0 | 0 |
| Total Liabilities | 24.94M | 22.08M | 15.81M | 15.49M | 16.01M | 16.86M | 12.73M | 8.99M | 9.21M | 11.88M | 8.3M | 12.92M |
| Total Debt | 8.58M | 5.14M | 989.1K | 768.75K | 1.61M | 1.88M | 860.25K | 648.71K | 980.2K | 0 | 0 | 0 |
| Net Debt | -2.18M | -8.21M | -11.44M | -17.03M | -23.57M | -19.96M | -25.27M | -26.53M | -7.62M | -3.65M | -2.82M | -2.87M |
| Debt / Equity | 0.13x | 0.08x | 0.02x | 0.01x | 0.02x | 0.03x | 0.02x | 0.01x | 0.03x | - | - | - |
| Debt / EBITDA | 0.86x | 1.09x | 0.38x | 0.10x | 0.12x | 0.24x | 0.09x | 0.09x | 0.08x | - | - | - |
| Net Debt / EBITDA | -0.22x | -1.74x | -4.34x | -2.17x | -1.75x | -2.51x | -2.62x | -3.49x | -0.58x | -0.30x | -0.28x | -0.53x |
| Interest Coverage | 3.89x | 1.09x | -0.14x | 6.32x | 50.60x | - | - | - | - | - | - | - |
| Total Equity | 64.91M | 62.87M | 64.43M | 68.23M | 69.3M | 56.39M | 54.75M | 50.26M | 34.06M | 22.02M | 16.72M | 7.67M |
| Equity Growth % | 3.24% | -2.42% | -5.57% | -1.54% | 22.9% | 3% | 8.93% | 47.58% | 54.68% | 31.71% | 117.86% | - |
| Book Value per Share | 4.92 | 5.10 | 5.24 | 5.38 | 5.83 | 4.98 | 4.78 | 4.44 | 3.01 | 1.68 | 1.28 | 0.59 |
| Total Shareholders' Equity | 64.77M | 62.82M | 64.39M | 68.23M | 69.3M | 56.39M | 54.45M | 49.95M | 33.75M | 21.7M | 16.36M | 7.25M |
| Common Stock | 12.94K | 12.94K | 12.53K | 12.53K | 12.33K | 11.33K | 11.32K | 11.32K | 9.89K | 8.79K | 8.79K | 8.79K |
| Retained Earnings | 39.39M | 38.4M | 41.7M | 46.17M | 46.27M | 40.75M | 39M | 34.79M | 30.95M | 20.54M | 15.15M | 6.08M |
| Treasury Stock | -1.17M | -1.17M | -1.17M | -1.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -50.93K | -99.3K | -78.5K | 287.62K | 506.47K | 330.41K | 204.41K | 198.3K | 47.2K | 63.3K | 102.39K | 68.58K |
| Minority Interest | 142.58K | 52.78K | 44.34K | 0 | 0 | 0 | 303.21K | 309K | 309.6K | 316.6K | 362.1K | 427.63K |
Geopolitical and Trade Concentration
According to recent quarterly filings, Jerash Holdings has grown its total assets from $77.8M in 2023Q3 to $89.9M by 2025Q4, reflecting a deliberate expansion of the manufacturing footprint that suggests management is prioritizing capacity growth over immediate balance sheet liquidity preservation during this period of operational scaling.
The steady increase in total assets, primarily driven by investments in property, plant, and equipment, indicates a commitment to scaling production capacity in Jordan. However, investors should monitor whether this asset growth translates into sustainable margin expansion, as the current trajectory shows rising asset intensity without a commensurate improvement in net profitability.
As reported in financial statements, the company maintains a minimal debt-to-equity ratio of 0.13% as of 2025Q4, which provides a significant buffer against the inherent volatility of the contract apparel manufacturing industry and suggests a highly conservative approach to financing its ongoing capital expenditure requirements.
The low leverage profile is a critical defensive feature, particularly given the company's thin operating margins and reliance on a single geographic manufacturing hub. This minimal debt burden suggests that the firm is well-positioned to navigate potential supply chain disruptions or demand shocks without the immediate pressure of significant interest obligations.
Based on the provided balance sheet data, the current ratio of 2.70 in 2025Q4 demonstrates that Jerash Holdings maintains a robust liquidity position, ensuring that short-term obligations are well-covered by current assets despite the inherent cash flow volatility associated with its transactional, purchase-order-driven business model.
While the current ratio remains healthy, the fluctuation in cash balances—dropping from $19.6M in 2023Q3 to $10.8M in 2025Q4—warrants further investigation into the timing of working capital cycles. The company appears to maintain sufficient liquidity to fund operations, but the declining cash trend suggests that capital is being rapidly deployed into inventory or facility upgrades.
Analysis of the balance sheet reveals that net property, plant, and equipment accounts for a substantial portion of total assets, rising to $28.4M in 2025Q4, which underscores the company's asset-heavy business model and its dependence on physical infrastructure to maintain its duty-free competitive advantage in Jordan.
The concentration of assets in PPE highlights the firm's vulnerability to capacity utilization rates; if throughput declines, the fixed costs associated with these assets could weigh heavily on profitability. Furthermore, the minimal goodwill of $499.3K suggests that the balance sheet is relatively clean of intangible valuation risks, focusing value on tangible manufacturing capabilities.
Data from recent filings indicates that deferred revenue remains relatively low at $241.4K in 2025Q4, which may suggest that the company lacks significant upfront payment leverage with its major retail customers, potentially exposing the firm to greater credit risk and cash flow timing mismatches during seasonal production peaks.
The low level of deferred revenue implies that the company is largely reliant on post-shipment collections, which may exacerbate cash flow volatility if customer payment terms are extended. Investors should monitor whether this trend persists, as it could indicate a weakening of bargaining power relative to the large global brands that constitute the company's primary revenue base.
Quick answers to the most common questions about buying JRSH stock.
As of 2025, Jerash Holdings (US), Inc. (JRSH) had total assets of $89.9M including $58.4M in current assets.
Jerash Holdings (US), Inc. (JRSH) carries total debt of $8.6M, offset by $10.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Jerash Holdings (US), Inc. (JRSH) has total shareholders' equity (book value) of $64.8M ($4.92 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Jerash Holdings (US), Inc. (JRSH) reported a current ratio of 2.70x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.