HIHONasdaqMiscellaneous Fabricated Metal ProductsFiscal year ends March 31
HIGHWAY HOLDINGS LTD
Financials through fiscal 2026, year ended Mar 31, 2026Last filing: 20-F on Jul 14, 2026
$0.74−0.03 (-4.43%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
28.4%−1.1 pts over 5 years
Operating margin
-48.0%−41.3 pts over 5 years
Net margin
-31.7%−26.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -35.2% | -22.3% | -12.1% | -14.5% | |
| Gross profit | -44.7% | -24.2% | -12.8% | -13.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 4.6% | -4.5% | -27.3% | |
| Return on assets | 3.0% | -2.7% | -14.8% | |
| Current ratio | 2.64 | 2.90 | 2.23 | |
| Inventory turnover | 7.6× | 3.0× | 2.6× | |
| Capex to revenue | 1.0% | 1.0% | 2.1% | |
| Diluted shares | 4M | 4M | 5M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Highway generated $3.16M from operations and spent $3.24M on capital expenditure, dividends and share buybacks. 17% of that went back into the business.
Generated
$3.16M
Used
$3.24M
Capital expenditure$548.00K17%Dividends$2.70M83%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-31.7%
×Asset turnover0.47×
×Equity multiplier1.84×
=Return on equity, FY2026-27.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | -31.7% | 0.47× | 1.84× | -27.3% |
| FY2025 | 1.4% | 0.71× | 1.62× | 1.6% |
| FY2024 | -15.2% | 0.50× | 1.70× | -12.9% |
| FY2023 | -2.9% | 0.71× | 1.64× | -3.4% |
| FY2022 | 3.6% | 0.81× | 1.60× | 4.7% |
| FY2021 | -5.0% | 0.54× | 1.63× | -4.5% |
| FY2020 | 5.5% | 0.75× | 1.59× | 6.5% |
| FY2019 | -4.4% | 0.86× | 1.53× | -5.8% |
| FY2018 | 8.1% | 1.07× | 1.55× | 13.5% |
| FY2017 | 2.7% | 1.13× | 1.49× | 4.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
1of 8 tests passed in fiscal 2026. Some tests lack the figures they need.
- ProfitableNet income above zero-$1.52M
- Cash generatingOperating cash flow above zero-$1.41M
- Return on assets improvedROA up on the prior year0.9% → -16.0%
- Earnings backed by cashOperating cash flow above net income-$1.41M vs -$1.52M
- Less leverageLong-term debt to assets fell– → 3.7%
- Better liquidityCurrent ratio rose2.79 → 2.23
- No dilutionShare count did not rise4M → 5M
- Gross margin improvedGross margin up on the prior year33.32% → 28.43%
- More efficientAsset turnover rose0.65 → 0.50