Highway Holdings Ltd (HIHO) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2026, filed Jul 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HIHO SEC filings page.
Highway Holdings Ltd (HIHO) reported $4.8M in revenue for fiscal year 2026, down 35.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Highway Holdings’ latest figures show a shrinking operation where overhead overwhelms gross profit and losses now coincide with cash consumption.
The key shift is earnings quality: FY2025 reported net income of$106K while operating cash flow was-$360K , then FY2026 produced a net loss of$1.5M alongside operating cash flow of-$1.4M . The earlier profit therefore did not translate into cash, while the later accounting deterioration was matched by actual cash use.
Margin structure weakened as gross margin compressed from
Liabilities rose to
Financial Health Signals
Scored against emerging companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Highway Holdings Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Highway Holdings Ltd held $4.4M in cash, cash equivalents and investments at the end of fiscal year 2026, and its operations used $1.4M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Highway Holdings Ltd scores 62/100 among other emerging companies.
Highway Holdings Ltd had 5M shares outstanding at the end of fiscal year 2026, against 4M in fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Highway Holdings Ltd scores 63/100 among other emerging companies.
Not available for Highway Holdings Ltd, and counted as zero in the overall score.
Highway Holdings Ltd reported revenue of $4.8M in fiscal year 2026, against $7.4M in fiscal year 2025. Revenue Progress ranks emerging companies on the three-year path of that line, and Highway Holdings Ltd scores 26/100 among other emerging companies.
Not available for Highway Holdings Ltd, and counted as zero in the overall score.
Highway Holdings Ltd's cash, cash equivalents and investments came to $4.4M at the end of fiscal year 2026, against $5.6M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Highway Holdings Ltd scores 53/100 among other emerging companies.
Highway Holdings Ltd scores -0.30, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.8M) relative to total liabilities ($5.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Highway Holdings Ltd passes 1 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Highway Holdings Ltd reported a net loss of $1.5M while operations used $1.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Highway Holdings Ltd reported an operating loss of $2.3M against $1K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2026.
Cash & Balance Sheet
Highway Holdings Ltd held $4.4M in cash against $407K in long-term debt as of Q4 2026.
Not reported for Q4 2026.
Not reported for Q4 2026.
Margins & Returns
None of these metrics is reported for Q4 2026.
Capital Allocation
None of these metrics is reported for Q4 2026.
HIHO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
HIHO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2620-F | Q4'2520-F | Q4'2420-F | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q4'2010-K | Q4'1910-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $11.0M+15.1% | $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% |
| Current Assets | $7.1M-16.7% | $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% |
| Cash & Equivalents | $4.4M-26.2% | $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% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $1.1M-45.3% | $2.0M+1.8% |
| Inventory | $1.5M+26.7% | $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% |
| Accounts Receivable | $1.0M+0.1% | $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% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $260K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $5.6M+69.2% | $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% |
| Current Liabilities | $3.2M+3.8% | $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% |
| Non-Current Liabilities | $2.4M+1026.2% | $210K-75.1% | $843K-47.5% | $1.6M+293.6% | $408K-76.7% | $1.7M-22.7% | $2.3M+6971.9% | $32K0.0% |
| Long-Term Debt | $407K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $4.9M-22.0% | $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% |
| Retained Earnings | -$7.0M-28.0% | -$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% |
HIHO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
HIHO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Highway Holdings Ltd HIHO | FY2026 | $4.8M | -$1.5M | -31.7% | $3.8M | 34/100 |
| Safe & Green Holdings Corp. SGBX | FY2024 | $5.0M | -$17.0M | N/A | $9.3M | 6/100 |
| Tungray Technologies Inc TRSG | FY2025 | $15.6M | -$170K | -1.1% | $18.8M | 38/100 |
| Ampco-Pittsburgh Corp. AP | FY2025 | $434.2M | -$66.1M | -15.2% | $191.1M | 28/100 |
| Techprecision Corporation TPCS | FY2026 | $31.6M | -$1.7M | -5.3% | $58.3M | 33/100 |
| Tredegar Corporation TG | FY2025 | N/A | $33.5M | N/A | $244.8M | — |
Where Highway Holdings Ltd Ranks
Frequently Asked Questions
What is Highway Holdings Ltd's annual revenue?
Highway Holdings Ltd (HIHO) reported $4.8M in total revenue for fiscal year 2026. This represents a -35.2% 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 Holdings Ltd's revenue growing?
Highway Holdings Ltd (HIHO) revenue declined by 35.2% year-over-year, from $7.4M to $4.8M in fiscal year 2026.
Is Highway Holdings Ltd profitable?
No, Highway Holdings Ltd (HIHO) reported a net income of -$1.5M in fiscal year 2026, with a net profit margin of -31.7%.
What is Highway Holdings Ltd's EBITDA?
Highway Holdings Ltd (HIHO) had EBITDA of -$2.3M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Highway Holdings Ltd have?
As of fiscal year 2026, Highway Holdings Ltd (HIHO) had $4.4M in cash and equivalents against $407K in long-term debt.
What is Highway Holdings Ltd's gross margin?
Highway Holdings Ltd (HIHO) had a gross margin of 28.4% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Highway Holdings Ltd's operating margin?
Highway Holdings Ltd (HIHO) had an operating margin of -48.0% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Highway Holdings Ltd's net profit margin?
Highway Holdings Ltd (HIHO) had a net profit margin of -31.7% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Highway Holdings Ltd's return on equity (ROE)?
Highway Holdings Ltd (HIHO) has a return on equity of -31.1% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Highway Holdings Ltd's free cash flow?
Highway Holdings Ltd (HIHO) recorded an outflow of $1.5M in free cash flow during fiscal year 2026. This represents a -228.4% 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 Holdings Ltd's operating cash flow?
Highway Holdings Ltd (HIHO) recorded an outflow of $1.4M in operating cash flow during fiscal year 2026, representing cash used by core business activities.
What are Highway Holdings Ltd's total assets?
Highway Holdings Ltd (HIHO) had $11.0M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Highway Holdings Ltd's capital expenditures?
Highway Holdings Ltd (HIHO) invested $103K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Highway Holdings Ltd's current ratio?
Highway Holdings Ltd (HIHO) had a current ratio of 2.23 as of fiscal year 2026, which is generally considered healthy.
What is Highway Holdings Ltd's debt-to-equity ratio?
Highway Holdings Ltd (HIHO) had a debt-to-equity ratio of 0.08 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Highway Holdings Ltd's return on assets (ROA)?
Highway Holdings Ltd (HIHO) had a return on assets of -13.9% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Highway Holdings Ltd's P/E ratio?
Highway Holdings Ltd (HIHO) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2026). The market capitalization is $3.8M as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Highway Holdings Ltd's price-to-sales ratio?
Highway Holdings Ltd (HIHO) trades at 0.8x sales, its market capitalization divided by revenue of $4.8M revenue, FY2026. The market capitalization is $3.8M as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Highway Holdings Ltd's liquidity compare with its operating cash outflow?
At the end of fiscal year 2026, Highway Holdings Ltd (HIHO) held $4.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $1.4M over that year. Dividing the one by the other, the reported balance equals about 37 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Highway Holdings Ltd's Altman Z-Score?
Highway Holdings Ltd (HIHO) has an Altman Z-Score of -0.30, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Highway Holdings Ltd's Piotroski F-Score?
Highway Holdings Ltd (HIHO) has a Piotroski F-Score of 1 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Highway Holdings Ltd's earnings high quality?
Highway Holdings Ltd (HIHO) reported a net loss of $1.5M while operations used $1.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.
Can Highway Holdings Ltd cover its interest payments?
Highway Holdings Ltd (HIHO) reported an operating loss of $2.3M against $1K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Highway Holdings Ltd?
Highway Holdings Ltd (HIHO) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.