Highway Holdings Limited
HIHO Industrials Metal Fabrication
Highway Holdings Limited’s revenue for fiscal 2026 (year ended March 2026) was $4.8 million, down 35.2% from fiscal 2025. In the quarter to June 2026, revenue grew 29.2%, EPS grew 56.3% and free cash flow fell 1,093.3%, each against the same quarter a year earlier.
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Highway Holdings Limited (HIHO) Altman Z-score
Highway Holdings Limited's Altman Z-score for fiscal 2026 is −0.34, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | −0.34 | (2.31) |
| FY2025 | 1.97 | 0.72 |
| FY2024 | 1.26 | (0.48) |
| FY2023 | 1.73 | (0.81) |
| FY2022 | 2.54 | 0.11 |
| FY2021 | 2.43 | 0.47 |
| FY2020 | 1.96 | (0.83) |
| FY2019 | 2.79 | (1.13) |
| FY2018 | 3.92 | 0.54 |
| FY2017 | 3.38 | (1.08) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.36 | — | 0.43 | |
| Retained earnings / total assets | (0.63) | — | −0.89 | |
| EBIT / total assets | (0.21) | — | −0.69 | |
| Market value of equity / total liabilities | 0.62 | — | 0.37 | |
| Sales / total assets | 0.44 | — | 0.44 | |
| Altman Z-score | Distress zone | −0.34 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.10 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IIIN Insteel Industries, Inc. compare | 8.0× |
| TG Tredegar Corporation compare | 3.9× |
| TRSG Tungray Technologies Inc. compare | 2.5× |
| MEC Mayville Engineering Company, Inc. compare | 1.9× |
| TPCS Techprecision Corp. compare | 1.1× |
| MTEN Mingteng International Corporation Inc. compare | 0.8× |
| AP Ampco-Pittsburgh Corporation compare | 0.5× |
| HIHO Highway Holdings Limited | −0.3× |
| OLOX Safe & Green Holdings Corp. compare | −6.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets