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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.

0.77 0.05 −6.10%
Market cap
$3.8M
P/E
0.0×
Fwd P/E
−31.1×
Dividend yield
13.0%
F-score
1/9
Altman Z
−0.34
Beneish M
−1.44
Dividend safety
20/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 29.54%

Capital & Financial Ratios $m

Market Cap 3.79
Revenue 5.26
Net Income (1.54)
Free Cash Flow (0.08)
Net Debt (3.32)
Current Ratio 2.42 (at or above 1.5: strong)
Debt/Equity 0.10 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (31.10) (negative: loss-making)
P/S ratio 0.67
P/B ratio 0.64
Past 5Y EPS Growth —
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth (26.98%) (below 0%: weak)
Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.0×, against a ten-year median of 0.3×; over the ten years it ranged from −0.1× in 2019 to 1.3× in 2021.
P/S against its own 10 years 14.71%
10-year low 10-year high
P/B against its own 10 years 2.36%
10-year low 10-year high
EV/Sales against its own 10 years 1.40%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate 0.10
Annual Dividend Yield 12.99%
total individual payouts
2026 0.10
0.05
0.05
2024 0.12
0.05
0.02
0.05
2023 0.15
0.10
0.05
2022 0.25
0.05
0.15
0.05
2021 0.14
0.02
0.06
0.06
2020 0.24
0.08
0.10
0.06
2019 Powerpack
2018 0.35
0.10
0.10
0.10
0.05
2017 0.29
0.07
0.10
0.06
0.06
2016 0.30
0.10
0.10
0.10
special payouts not included in total or ratios

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 7 6 4 4
Receivables 1 1 1 1
Inventory 2 1 1 2
Other — — — —
10 9 7 7
2024 2025 2026 Q'26
Payables 1 1 0 0
ST’ Debt — — 0 0
Other — — — —
4 3 3 3

Compound Annual Growth %

10y 5y 3y
Sales (14.47%) (12.12%) (22.30%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value (7.56%) (11.07%) (12.86%)

Revenue $m

Jun Sep Dec Mar Year
’26 2 — — — —
’26 2 1 1 1 5
’25 2 2 2 1 7
’24 1 1 2 1 6
’23 3 3 3 2 10
’22 3 3 3 3 12
’21 2 3 3 2 9
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’26 (1) — — — (1)
’25 0 — — — 0
’24 0 — — — 0
’23 — — — — 1
’22 — — — — 0
’21 — — — — 0
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’26 (1) — — — (1)
’25 0 — — — 0
’24 0 — — — 0
’23 0 — — — 1
’22 0 — — — 0
’21 0 — — — 0
Fiscal quarters ending in the months shown.

EPS $

Jun Sep Dec Mar Year
’26 0.02 — — — —
’26 0.01 (0.08) (0.02) (0.24) (0.33)
’25 0.02 0.05 0.02 (0.07) 0.02
’24 (0.08) 0.05 0.07 (0.26) (0.22)
’23 0.09 0.10 0.01 (0.28) (0.07)
’22 0.08 0.06 0.06 (0.09) 0.11
’21 (0.06) 0.06 0.02 (0.14) (0.12)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to March

Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 2027e 2028e 2029e
Price, $
Price, $ Low 3.10 2.27 1.55 1.61 2.92 1.71 1.80 1.70 0.77 0.60

Analyst estimates 2027–2029

Powerpack
High 4.35 6.55 3.90 5.29 5.82 4.01 3.08 2.88 2.21 1.57
People
People Employees 260 197 141 206 200 204 170 142 147 99
Revenue/emp, $m 0.08 0.10 0.10 0.06 0.05 0.06 0.06 0.04 0.05 0.05
Income, $m
Income, $m Revenue 20 19 14 13 9 12 10 6 7 5
Gross margin, % 28.41 35.18 25.08 33.07 29.53 30.49 30.67 27.02 33.32 28.43
EBT 1 2 (1) 1 (1) 1 0 (1) 0 (2)
EBT margin, % 3.88 10.81 (4.86) 7.13 (6.54) 4.59 (3.06) (18.02) 1.98 (42.25)
Net income 1 2 (1) 1 0 0 0 (1) 0 (2)
Depreciation 0 0 0 0 0 0 0 0 0 0
Per share, $
Per share, $ Revenue 5.16 5.04 3.76 3.21 2.29 3.07 2.52 1.45 1.68 1.06
Earnings 0.14 0.41 (0.17) 0.18 (0.12) 0.11 (0.07) (0.22) 0.02 (0.33)
Cash flow 0.59 0.63 (0.11) 0.11 (0.03) (0.04) 0.20 0.09 (0.08) (0.31)
Capex (0.05) (0.04) (0.17) (0.02) (0.02) (0.03) (0.02) (0.02) 0.05 0.00
Free cash flow 0.53 0.59 (0.29) 0.10 (0.05) (0.07) 0.18 0.07 (0.03) (0.31)
Book value 2.97 3.10 2.67 2.79 2.44 2.30 2.02 1.52 1.42 1.19
Shares, m 4 4 4 4 4 4 4 4 4 5
Valuation, ×
Valuation, × P/E 27.86 11.67 0.00 11.94 0.00 25.64 0.00 0.00 92.50 0.00
P/S 0.76 0.97 0.91 0.63 1.63 0.92 0.81 1.45 1.10 0.72
P/B 1.31 1.58 1.28 0.73 1.53 1.23 1.01 1.38 1.30 0.64
EV/Sales 0.24 0.38 0.29 0.15 1.00 0.53 0.33 0.67 0.52 (0.08)
EV/FCF 1.70 1.45 1.03 0.54 6.81 (5.53) 5.35 3.31 3.15 4.68
Cash, $m
Cash, $m Operating cash flow 2 2 0 0 0 0 1 0 0 (1)
Capex 0 0 (1) 0 0 0 0 0 0 0
Free cash flow 2 2 (1) 0 0 0 1 0 0 (1)
Balance, $m
Balance, $m Working capital 10 11 8 8 8 7 7 6 5 4
Total debt — — — 3 2 1 2 — — 1
Net debt (10) (11) (9) (6) (6) (5) (5) (7) (6) (4)
Shareholders’ equity 11 12 10 11 10 9 8 7 6 5
Returns, %
Returns, % ROA 3.05 8.69 (3.77) 4.11 (2.74) 2.92 (2.05) (7.61) 1.02 (14.83)
ROIC 37.10 231.60 (36.02) 9.51 (9.68) 7.95 (8.98) (2,755.07) (113.35) (90.34)
ROE 4.53 13.42 (5.75) 6.52 (4.46) 4.65 (3.36) (12.91) 1.64 (26.04)
Negative figures in brackets.

All 10 years →

Fiscal years to Mar 2026 · latest quarter Jun 2026

Charts ten years each

Highway Holdings Limited vs peers in Metal Fabrication (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
IIIN Insteel Industries, Inc. $574.4M 15.9× 17.4× +9.88% (above 0%: growing) −41.03% (below 0%: shrinking) −61.18% (below 0%: shrinking) 10.17% 5.86% Compare
MEC Mayville Engineering Company, Inc. $362.4M — (loss-making) — (loss-making) +23.16% (above 0%: growing) n/m −153.04% (below 0%: shrinking) 10.86% 0.24% Compare
TG Tredegar Corporation $275.4M 8.2× 12.1× +19.82% (above 0%: growing) +240.00% (above 0%: growing) +16.12% (above 0%: growing) 13.42% 3.81% Compare
AP Ampco-Pittsburgh Corporation $174.6M — (loss-making) 5.9× −9.01% (below 0%: shrinking) n/m −44.03% (below 0%: shrinking) 21.61% 4.93% Compare
TPCS Techprecision Corp. $54.5M — (loss-making) — +23.27% (above 0%: growing) n/m +16.03% (above 0%: growing) 15.39% (0.49%) Compare
TRSG Tungray Technologies Inc. $17.3M — — — — −165.61% (below 0%: shrinking) — — Compare
MTEN Mingteng International Corporation Inc. $7.2M — — — — −297.60% (below 0%: shrinking) — — Compare
HIHO Highway Holdings Limited $3.8M — (loss-making) — (loss-making) +29.22% (above 0%: growing) +56.25% (above 0%: growing) −1,093.33% (below 0%: shrinking) 41.77% 2.95%
OLOX Safe & Green Holdings Corp. $1.2M 0.0× 72.0× +193.65% (above 0%: growing) n/m +130.79% (above 0%: growing) 11.68% (138.67%) Compare
Median of peers $114.6M 8.2× 14.8× +21.49% — −52.60% 12.55% 2.03%

All 18 Metal Fabrication stocks →

Highway Holdings Limited (HIHO) key facts

  • Concern: Highway Holdings Limited’s revenue for fiscal 2026 (year ended March 2026) was $4.8 million, down 35.2% from fiscal 2025.
  • Highway Holdings Limited (HIHO) is a Metal Fabrication company in the Industrials sector, listed on Nasdaq.
  • As of October 16, 2026, HIHO traded at $0.77, a market capitalization of $3.8 million.
  • Highway Holdings Limited pays an annual dividend of $0.10 per share, a yield of 13.0%.
  • Return on equity was −26.0% and debt-to-equity 0.10.
  • Its Piotroski F-score is 1 out of 9 and its Altman Z-score is −0.34 (distress zone) for fiscal 2026.

Source: company filings (standardised) and stockrow calculations.

Highway Holdings Limited (HIHO) Latest News

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stockrow.com/HIHO · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com