Highway Hldgs Ltd Financials

HIHO

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2025 Currency USD FYE March

Financial Health Signals

Financial Profile 45/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Highway Hldgs Ltd has an operating margin of -7.2%, meaning the company retains $-7 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -25.8% the prior year.

Growth

Highway Hldgs Ltd's revenue surged 17.3% year-over-year to $7.4M, reflecting rapid business expansion. This strong growth earns a score of 78/100.

Leverage

Highway Hldgs Ltd carries a low D/E ratio of 0.52, meaning only $0.52 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.79, Highway Hldgs Ltd holds $2.79 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 91/100.

Cash Flow

While Highway Hldgs Ltd generated -$360K in operating cash flow, capex of $101K consumed most of it, leaving -$461K in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Highway Hldgs Ltd generates a 1.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 7/100.

Piotroski F-Score Neutral

6/9

Highway Hldgs Ltd passes 6 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

-3.40x

For every $1 of reported earnings, Highway Hldgs Ltd generates $-3.40 in operating cash flow (-$360K OCF vs $106K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Highway Hldgs Ltd (HIHO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$7.4M

YoY+17.3%

5Y CAGR-10.0%

10Y CAGR-10.5%

Highway Hldgs Ltd generated $7.4M in revenue in fiscal year 2025. This represents an increase of 17.3% from the prior year.

EBITDA

-$526K

YoY+64.3%

Highway Hldgs Ltd's EBITDA was -$526K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 64.3% from the prior year.

Free Cash Flow

-$461K

YoY-255.2%

Highway Hldgs Ltd generated -$461K in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 255.2% from the prior year.

Net Income

$106K

YoY+111.1%

5Y CAGR-31.2%

10Y CAGR-21.2%

Highway Hldgs Ltd reported $106K in net income in fiscal year 2025. This represents an increase of 111.1% from the prior year.

EPS (Diluted)

$0.02

YoY+109.1%

5Y CAGR-35.6%

10Y CAGR-23.7%

Highway Hldgs Ltd earned $0.02 per diluted share (EPS) in fiscal year 2025. This represents an increase of 109.1% from the prior year.

Cash & Debt

$6.0M

YoY-9.5%

5Y CAGR-7.5%

10Y CAGR-4.8%

Highway Hldgs Ltd held $6.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.12

YoY-20.0%

5Y CAGR+8.4%

10Y CAGR-8.8%

Highway Hldgs Ltd paid $0.12 per share in dividends in fiscal year 2025. This represents a decrease of 20.0% from the prior year.

Shares Outstanding

YoY+0.0%

5Y CAGR+2.1%

10Y CAGR+1.5%

Highway Hldgs Ltd had 4M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Gross Margin

33.3%

YoY+6.3pp

5Y CAGR+0.3pp

10Y CAGR+7.8pp

Highway Hldgs Ltd's gross margin was 33.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 6.3 percentage points from the prior year.

Operating Margin

-7.2%

YoY+18.6pp

5Y CAGR-13.2pp

10Y CAGR-12.9pp

Highway Hldgs Ltd's operating margin was -7.2% in fiscal year 2025, reflecting core business profitability. This is up 18.6 percentage points from the prior year.

Net Margin

1.4%

YoY+16.6pp

5Y CAGR-4.0pp

10Y CAGR-3.7pp

Highway Hldgs Ltd's net profit margin was 1.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 16.6 percentage points from the prior year.

Return on Equity

1.7%

5Y CAGR-4.6pp

10Y CAGR-7.8pp

Highway Hldgs Ltd's ROE was 1.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$101K

YoY-14.4%

5Y CAGR+2.1%

10Y CAGR-2.4%

Highway Hldgs Ltd invested $101K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 14.4% from the prior year.

HIHO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$7.4M+17.3%	$6.3M-38.3%	$10.2M-17.2%	$12.4M+34.9%	$9.2M-27.0%	$12.6M
Cost of Revenue	$4.9M+7.1%	$4.6M-35.0%	$7.1M-17.4%	$8.6M+33.0%	$6.5M-23.1%	$8.4M
Gross Profit	$2.5M+44.6%	$1.7M-45.6%	$3.1M-16.7%	$3.8M+39.3%	$2.7M-34.8%	$4.2M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.0M+21.3%	$2.5M-31.5%	$3.6M+13.0%	$3.2M-3.6%	$3.3M-2.4%	$3.4M
Operating Income	-$535K+67.2%	-$1.6M-241.9%	-$477K-184.1%	$567K+192.0%	-$616K-182.5%	$747K
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$38K+123.6%	-$161K-705.0%	-$20K-119.8%	$101K+169.2%	-$146K-169.9%	$209K
Net Income	$106K+111.1%	-$959K-226.2%	-$294K-166.4%	$443K+196.1%	-$461K-167.2%	$686K
EPS (Diluted)	$0.02+109.1%	$-0.22-214.3%	$-0.07-163.6%	$0.11+191.7%	$-0.12-166.7%	$0.18

Metric	Q1'25	Q1'24	Q1'23	Q1'22	Q1'21	Q1'20	Q1'19	Q1'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HIHO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$9.6M-15.6%	$11.3M-18.5%	$13.9M-6.6%	$14.9M-4.0%	$15.5M-14.8%	$18.2M
Current Assets	$8.6M-11.2%	$9.6M-9.5%	$10.7M-13.5%	$12.3M+7.3%	$11.5M-13.2%	$13.2M
Cash & Equivalents	$6.0M-9.5%	$6.6M-5.0%	$7.0M+15.7%	$6.0M-22.5%	$7.8M-12.1%	$8.8M
Inventory	$1.1M-26.8%	$1.6M+10.8%	$1.4M-39.9%	$2.4M+5.0%	$2.2M+11.9%	$2.0M
Accounts Receivable	$1.0M-18.4%	$1.3M-33.6%	$1.9M-16.5%	$2.3M+132.3%	$973K-51.5%	$2.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.3M-29.8%	$4.7M-17.4%	$5.7M+1.4%	$5.6M-2.2%	$5.7M-21.2%	$7.3M
Current Liabilities	$3.1M-19.8%	$3.8M-5.5%	$4.1M-21.6%	$5.2M+30.7%	$4.0M-20.5%	$5.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$6.3M-5.7%	$6.6M-19.0%	$8.2M-11.5%	$9.3M-5.0%	$9.8M-10.6%	$10.9M
Retained Earnings	-$5.4M-8.4%	-$5.0M-47.7%	-$3.4M-48.7%	-$2.3M-11.9%	-$2.0M-136.0%	-$865K

Metric	Q1'25	Q1'24	Q1'23	Q1'22	Q1'21	Q1'20	Q1'19	Q1'18
Total Assets	$9.6M-15.6%	$11.3M-18.5%	$13.9M-6.6%	$14.9M-4.0%	$15.5M-14.8%	$18.2M+19.1%	$15.3M-15.9%	$18.1M
Current Assets	$8.6M-11.2%	$9.6M-9.5%	$10.7M-13.5%	$12.3M+7.3%	$11.5M-13.2%	$13.2M-1.0%	$13.4M-22.2%	$17.2M
Cash & Equivalents	$6.0M-9.5%	$6.6M-5.0%	$7.0M+15.7%	$6.0M-22.5%	$7.8M-12.1%	$8.8M0.0%	$8.8M-21.7%	$11.3M
Inventory	$1.1M-26.8%	$1.6M+10.8%	$1.4M-39.9%	$2.4M+5.0%	$2.2M+11.9%	$2.0M+30.0%	$1.5M-47.5%	$2.9M
Accounts Receivable	$1.0M-18.4%	$1.3M-33.6%	$1.9M-16.5%	$2.3M+132.3%	$973K-51.5%	$2.0M-11.3%	$2.3M+1.8%	$2.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$77K
Total Liabilities	$3.3M-29.8%	$4.7M-17.4%	$5.7M+1.4%	$5.6M-2.2%	$5.7M-21.2%	$7.3M+41.8%	$5.1M-19.4%	$6.3M
Current Liabilities	$3.1M-19.8%	$3.8M-5.5%	$4.1M-21.6%	$5.2M+30.7%	$4.0M-20.5%	$5.0M-1.8%	$5.1M-19.5%	$6.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$6.3M-5.7%	$6.6M-19.0%	$8.2M-11.5%	$9.3M-5.0%	$9.8M-10.6%	$10.9M+7.7%	$10.1M-13.8%	$11.7M
Retained Earnings	-$5.4M-8.4%	-$5.0M-47.7%	-$3.4M-48.7%	-$2.3M-11.9%	-$2.0M-136.0%	-$865K+29.8%	-$1.2M-455.3%	$347K

HIHO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$360K-186.7%	$415K-48.7%	$809K+593.3%	-$164K-57.7%	-$104K-123.5%	$442K
Capital Expenditures	$101K-14.4%	$118K+28.3%	$92K-31.3%	$134K+52.3%	$88K-3.3%	$91K
Free Cash Flow	-$461K-255.2%	$297K-58.6%	$717K+340.6%	-$298K-55.2%	-$192K-154.7%	$351K
Investing Cash Flow	$232K+327.5%	-$102K-110.3%	$991K+182.9%	-$1.2M-1432.1%	-$78K-21.9%	-$64K
Financing Cash Flow	-$492K+11.7%	-$557K+39.5%	-$920K-67.6%	-$549K+39.1%	-$902K-203.7%	-$297K
Dividends Paid	$492K-20.1%	$616K-39.5%	$1.0M+79.1%	$569K-42.0%	$981K+230.3%	$297K
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'25	Q1'24	Q1'23	Q1'22	Q1'21	Q1'20	Q1'19	Q1'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HIHO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	33.3%+6.3pp	27.0%-3.6pp	30.7%+0.2pp	30.5%+1.0pp	29.5%-3.5pp	33.1%
Operating Margin	-7.2%+18.6pp	-25.8%-21.1pp	-4.7%-9.3pp	4.6%+11.3pp	-6.7%-12.7pp	5.9%
Net Margin	1.4%+16.6pp	-15.2%-12.3pp	-2.9%-6.5pp	3.6%+8.6pp	-5.0%-10.5pp	5.5%
Return on Equity	1.7%	N/A	N/A	4.8%	N/A	6.3%
Return on Assets	1.1%+9.6pp	-8.5%-6.3pp	-2.1%-5.1pp	3.0%+6.0pp	-3.0%-6.8pp	3.8%
Current Ratio	2.79+0.3	2.51-0.1	2.63+0.2	2.38-0.5	2.90+0.2	2.65
Debt-to-Equity	0.52-0.2	0.70+0.0	0.69+0.1	0.60+0.0	0.59-0.1	0.66
FCF Margin	-6.2%-10.9pp	4.7%-2.3pp	7.0%+9.4pp	-2.4%-0.3pp	-2.1%-4.9pp	2.8%

Metric	Q1'25	Q1'24	Q1'23	Q1'22	Q1'21	Q1'20	Q1'19	Q1'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.79+0.3	2.51-0.1	2.63+0.2	2.38-0.5	2.90+0.2	2.65+0.0	2.63-0.1	2.72
Debt-to-Equity	0.52-0.2	0.70+0.0	0.69+0.1	0.60+0.0	0.59-0.1	0.66+0.2	0.50-0.0	0.54
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Highway Hldgs Ltd's annual revenue?

Highway Hldgs Ltd (HIHO) reported $7.4M in total revenue for fiscal year 2025. This represents a 17.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Highway Hldgs Ltd's revenue growing?

Highway Hldgs Ltd (HIHO) revenue grew by 17.3% year-over-year, from $6.3M to $7.4M in fiscal year 2025.

Is Highway Hldgs Ltd profitable?

Yes, Highway Hldgs Ltd (HIHO) reported a net income of $106K in fiscal year 2025, with a net profit margin of 1.4%.

What is Highway Hldgs Ltd's earnings per share (EPS)?

Highway Hldgs Ltd (HIHO) reported diluted earnings per share of $0.02 for fiscal year 2025. This represents a 109.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Highway Hldgs Ltd's EBITDA?

Highway Hldgs Ltd (HIHO) had EBITDA of -$526K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Highway Hldgs Ltd's gross margin?

Highway Hldgs Ltd (HIHO) had a gross margin of 33.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Highway Hldgs Ltd's operating margin?

Highway Hldgs Ltd (HIHO) had an operating margin of -7.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Highway Hldgs Ltd's net profit margin?

Highway Hldgs Ltd (HIHO) had a net profit margin of 1.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Highway Hldgs Ltd pay dividends?

Yes, Highway Hldgs Ltd (HIHO) paid $0.12 per share in dividends during fiscal year 2025.

What is Highway Hldgs Ltd's return on equity (ROE)?

Highway Hldgs Ltd (HIHO) has a return on equity of 1.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Highway Hldgs Ltd's free cash flow?

Highway Hldgs Ltd (HIHO) generated -$461K in free cash flow during fiscal year 2025. This represents a -255.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Highway Hldgs Ltd's operating cash flow?

Highway Hldgs Ltd (HIHO) generated -$360K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Highway Hldgs Ltd's total assets?

Highway Hldgs Ltd (HIHO) had $9.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Highway Hldgs Ltd's capital expenditures?

Highway Hldgs Ltd (HIHO) invested $101K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Highway Hldgs Ltd have outstanding?

Highway Hldgs Ltd (HIHO) had 4M shares outstanding as of fiscal year 2025.

What is Highway Hldgs Ltd's current ratio?

Highway Hldgs Ltd (HIHO) had a current ratio of 2.79 as of fiscal year 2025, which is generally considered healthy.

What is Highway Hldgs Ltd's debt-to-equity ratio?

Highway Hldgs Ltd (HIHO) had a debt-to-equity ratio of 0.52 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Highway Hldgs Ltd's return on assets (ROA)?

Highway Hldgs Ltd (HIHO) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Highway Hldgs Ltd's cash runway?

Based on fiscal year 2025 data, Highway Hldgs Ltd (HIHO) had $6.0M in cash against an annual operating cash burn of $360K. This gives an estimated cash runway of approximately 199 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Highway Hldgs Ltd's Piotroski F-Score?

Highway Hldgs Ltd (HIHO) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Highway Hldgs Ltd's earnings high quality?

Highway Hldgs Ltd (HIHO) has an earnings quality ratio of -3.40x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Highway Hldgs Ltd?

Highway Hldgs Ltd (HIHO) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.