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HIGHWAY HOLDINGS LTD

HIHO Clue Score27
Fiscal year ends March CIK 0001026785
$0.86 -1.23% Close, 9 Oct 2026
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Price $0.86 −77.25% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue19.6Operating income0.8Net income0.5EPS, diluted0.14Fiscal year 2018Revenue19.2 −2.2%Operating income1.9Net income1.6 +194.1%EPS, diluted0.41 +192.9%Fiscal year 2019Revenue14.3 −25.5%Operating income−0.8Net income−0.6 −140.6%EPS, diluted−0.17 −141.5%Fiscal year 2020Revenue12.6 −12.0%Operating income0.7Net income0.7EPS, diluted0.18Fiscal year 2021Revenue9.2 −27.0%Operating income−0.6Net income−0.5 −167.2%EPS, diluted−0.12 −166.7%Fiscal year 2022Revenue12.4 +34.9%Operating income0.6Net income0.4EPS, diluted0.11Fiscal year 2023Revenue10.2 −17.2%Operating income−0.5Net income−0.3 −166.4%EPS, diluted−0.07 −163.6%Fiscal year 2024Revenue6.3 −38.3%Operating income−1.6Net income−1.0EPS, diluted−0.22Fiscal year 2025Revenue7.4 +17.3%Operating income−0.5Net income0.1EPS, diluted0.02Fiscal year 2026Revenue0.1 −99.2%Operating income−2.3Net income−1.5 −1,537.7%EPS, diluted−0.33 −1,750.0%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue 19.6 19.2 14.3 12.6 9.2 12.4 10.2 6.3 7.4 0.1
Growth −2.2% −25.5% −12.0% −27.0% +34.9% −17.2% −38.3% +17.3% −99.2%
Operating income 0.8 1.9 −0.8 0.7 −0.6 0.6 −0.5 −1.6 −0.5 −2.3
Net income 0.5 1.6 −0.6 0.7 −0.5 0.4 −0.3 −1.0 0.1 −1.5
Growth +194.1% −140.6% −167.2% −166.4% −1,537.7%
EPS, diluted 0.14 0.41 −0.17 0.18 −0.12 0.11 −0.07 −0.22 0.02 −0.33
Growth +192.9% −141.5% −166.7% −163.6% −1,750.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin28.4%Operating margin3.9%Net margin2.7%Free cash flow margin10.3%Fiscal year 2018Gross margin35.2%Operating margin10.1%Net margin8.1%Free cash flow margin11.0%Fiscal year 2019Gross margin25.1%Operating margin−5.3%Net margin−4.4%Free cash flow margin−7.9%Fiscal year 2020Gross margin33.1%Operating margin5.9%Net margin5.5%Free cash flow margin2.8%Fiscal year 2021Gross margin29.5%Operating margin−6.7%Net margin−5.0%Free cash flow margin−2.1%Fiscal year 2022Gross margin30.5%Operating margin4.6%Net margin3.6%Free cash flow margin−2.4%Fiscal year 2023Gross margin30.7%Operating margin−4.7%Net margin−2.9%Free cash flow margin7.0%Fiscal year 2024Gross margin27.0%Operating margin−25.8%Net margin−15.2%Free cash flow margin4.7%Fiscal year 2025Gross margin33.3%Operating margin−7.2%Net margin1.4%Free cash flow margin−6.2%Fiscal year 2026Gross margin2,396.5%Operating margin−4,047.4%Net margin−2,673.7%Free cash flow margin−2,656.1%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Gross margin 28.4% 35.2% 25.1% 33.1% 29.5% 30.5% 30.7% 27.0% 33.3% 2,396.5%
Operating margin 3.9% 10.1% −5.3% 5.9% −6.7% 4.6% −4.7% −25.8% −7.2% −4,047.4%
Net margin 2.7% 8.1% −4.4% 5.5% −5.0% 3.6% −2.9% −15.2% 1.4% −2,673.7%
Free cash flow margin 10.3% 11.0% −7.9% 2.8% −2.1% −2.4% 7.0% 4.7% −6.2% −2,656.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow2.2Capital expenditure−0.2Free cash flow2.0Dividends paid−1.1Fiscal year 2018Operating cash flow2.4Capital expenditure−0.3Free cash flow2.1 +4.4%Dividends paid−1.0Fiscal year 2019Operating cash flow−0.4Capital expenditure−0.7Free cash flow−1.1 −153.5%Dividends paid−1.2Fiscal year 2020Operating cash flow0.4Capital expenditure−0.1Free cash flow0.4Dividends paid−0.3Fiscal year 2021Operating cash flow−0.1Capital expenditure−0.1Free cash flow−0.2 −154.7%Dividends paid−1.0Fiscal year 2022Operating cash flow−0.2Capital expenditure−0.1Free cash flow−0.3Dividends paid−0.6Fiscal year 2023Operating cash flow0.8Capital expenditure−0.1Free cash flow0.7Dividends paid−1.0Fiscal year 2024Operating cash flow0.4Capital expenditure−0.1Free cash flow0.3 −58.6%Dividends paid−0.6Fiscal year 2025Operating cash flow−0.4Capital expenditure−0.1Free cash flow−0.5 −255.2%Dividends paid−0.5Fiscal year 2026Operating cash flow−1.4Capital expenditure−0.1Free cash flow−1.5
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow 2.2 2.4 −0.4 0.4 −0.1 −0.2 0.8 0.4 −0.4 −1.4
Capital expenditure −0.2 −0.3 −0.7 −0.1 −0.1 −0.1 −0.1 −0.1 −0.1 −0.1
Free cash flow 2.0 2.1 −1.1 0.4 −0.2 −0.3 0.7 0.3 −0.5 −1.5
Growth +4.4% −153.5% −154.7% −58.6% −255.2%
Dividends paid −1.1 −1.0 −1.2 −0.3 −1.0 −0.6 −1.0 −0.6 −0.5 n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash10.0Shareholders’ equity11.3Fiscal year 2018Cash11.3Shareholders’ equity11.7Fiscal year 2019Cash8.8Shareholders’ equity10.1Fiscal year 2020Cash8.8Shareholders’ equity10.9Fiscal year 2021Cash7.8Shareholders’ equity9.8Fiscal year 2022Cash6.0Shareholders’ equity9.3Fiscal year 2023Cash7.0Shareholders’ equity8.2Fiscal year 2024Cash6.6Shareholders’ equity6.6Fiscal year 2025Cash6.0Shareholders’ equity6.3Fiscal year 2026Cash4.4Total debt0.6Net cash (debt)3.8Shareholders’ equity4.9Debt to equity0.12
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash 10.0 11.3 8.8 8.8 7.8 6.0 7.0 6.6 6.0 4.4
Total debt n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.6
Net cash (debt) n/a n/a n/a n/a n/a n/a n/a n/a n/a 3.8
Shareholders’ equity 11.3 11.7 10.1 10.9 9.8 9.3 8.2 6.6 6.3 4.9
Debt to equity n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.12

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2026 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending March, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Mar 2017 FY2018 31 Mar 2018 FY2019 31 Mar 2019 FY2020 31 Mar 2020 FY2021 31 Mar 2021 FY2022 31 Mar 2022 FY2023 31 Mar 2023 FY2024 31 Mar 2024 FY2025 31 Mar 2025 FY2026 31 Mar 2026
Margins
28.4% 35.2% 25.1% 33.1% 29.5% 30.5% 30.7% 27.0% 33.3% 2,396.5%
3.9% 10.1% −5.3% 5.9% −6.7% 4.6% −4.7% −25.8% −7.2% −4,047.4%
3.9% 10.8% −4.9% 7.1% −6.5% 4.6% −3.1% −18.0% 2.0% −3,561.4%
2.7% 8.1% −4.4% 5.5% −5.0% 3.6% −2.9% −15.2% 1.4% −2,673.7%
10.3% 11.0% −7.9% 2.8% −2.1% −2.4% 7.0% 4.7% −6.2% −2,656.1%
Spending
24.5% 25.1% 30.4% 27.1% 36.2% 25.9% 35.3% 39.2% 40.5% 6,224.6%
1.0% 1.4% 4.9% 0.7% 1.0% 1.1% 0.9% 1.9% 1.4% 180.7%
31.0% 24.7% n/a 23.3% n/a 17.8% n/a n/a 25.9% n/a
Returns
4.7% 13.2% −6.2% 6.3% −4.7% 4.8% −3.6% −14.4% 1.7% −31.2%
3.0% 8.5% −4.1% 3.8% −3.0% 3.0% −2.1% −8.5% 1.1% −13.9%
Balance and payout
n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.12
35.6% 35.0% 33.5% 39.9% 36.9% 37.6% 40.8% 41.4% 34.4% 50.6%
213.7% 66.5% n/a 43.3% n/a 128.4% n/a n/a 464.2% n/a
55.6% 48.7% n/a 84.6% n/a n/a 142.1% 207.4% n/a n/a