HIHO Nasdaq Miscellaneous Fabricated Metal Products Financials FY2017–FY2026
Highway Holdings Ltd had only $4.8M of revenue in fiscal 2026: it is still developing what it sells.
Last close · Oct 30, 2026
$0.84
−$0.77 (−47.99%) past year
Hi! I read Highway Holdings Ltd’s latest annual report (fiscal 2026). Here is what stands out:
Good So-so Weak
Are shareholders being diluted?
+3.5%
Somewhat. The share count rose 3.5% last year, so each share owns a little less.
Does it make a profit?
—
Not yet. It has no meaningful sales yet, so losses are expected at this stage.
How long would its cash last?
2.9 yrs
Comfortably. It burns $1.5M a year and holds $4.4M, about 2.9 years at that pace.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
1 / 8
It passes 1 of 8 health tests, but most of them need sales, so the score says little before revenue starts.
How is the share priced?
—
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA summarises the numbers
Highway Holdings Ltd had only $4.8M of revenue in fiscal 2026: it is still developing what it sells.
Its operating margin was −48.0%, down 40.8 pts: of every 100 in sales, about −48 is left after running the business.
Revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Loss periods are shown in red.
KIRA summarises the numbers
Highway Holdings Ltd lost $1.5M in fiscal 2026.
With no meaningful sales yet, it pays for its work from the cash it holds.
Net income
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
KIRA summarises the numbers
Free cash flow was −$1.5M in fiscal 2026, −31.5% of revenue.
At that burn of $1.5M a year, its $4.4M of cash and short-term investments would last about 2.9 years.
Free cash flow
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
No open-market insider trades in the last 12 months.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Highway Holdings Ltd can carry it.
KIRA summarises the numbers
Highway Holdings Ltd has $3.8M more cash than debt.
Cash vs debt (incl. leases)
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $6.0M | $7.0M | $6.6M | $6.0M | $4.4M |
| Debt incl. finance leases | — | — | — | — | $0.6M |
| Debt / equity | — | — | — | — | 0.1x |
| Interest coverage | — | — | — | — | −2,307.0x |
| Current ratio | 2.4x | 2.6x | 2.5x | 2.8x | 2.2x |
| Quick ratio | 1.9x | 2.3x | 2.1x | 2.4x | 1.8x |
| Total assets | $14.9M | $13.9M | $11.3M | $9.6M | $11.0M |
| Total liabilities | $5.6M | $5.7M | $4.7M | $3.3M | $5.6M |
| Shareholders' equity | $9.3M | $8.2M | $6.6M | $6.3M | $4.9M |
| Net debt (− = net cash) | — | — | — | — | −$3.8M |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
KIRA summarises the numbers
Its return on capital was −173.2%: every 100 invested in the business earned about −173 in a year.
Return on capital, equity and assets (annual)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
KIRA summarises the numbers
Highway Holdings Ltd passes 1 of 8 financial health tests (Piotroski F-score).
Most of these tests look at sales and margins, so the score says little about a company with no meaningful revenue yet.
| Test | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| F-score | 4 / 8 | 5 / 8 | 2 / 8 | 5 / 8 | 1 / 8 |
| Accruals ratio | 4.0% | −7.7% | −10.9% | 4.5% | −1.1% |
| Altman Z'' | 4.65 | 3.61 | 2.44 | 3.54 | −0.20 |
| Net income is positive | ✓ | ✕ | ✕ | ✓ | ✕ |
| Cash from operations is positive | ✕ | ✓ | ✓ | ✕ | ✕ |
| Return on assets rose | ✓ | ✕ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ | ✕ | ✓ |
| Debt fell relative to assets | — | — | — | — | — |
| Current ratio rose | ✕ | ✓ | ✕ | ✓ | ✕ |
| Share count didn't rise | ✕ | ✓ | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✕ | ✓ | ✕ |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
Every number, year by year.
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $19.6M | $19.2M | $14.3M | $12.6M | $9.2M | $12.4M | $10.2M | $6.3M | $7.4M | $4.8M |
| Net interest income | — | — | — | — | — | — | — | $0.0M | $0.0M | $0.0M |
| Gross profit | $5.6M | $6.7M | $3.6M | $4.2M | $2.7M | $3.8M | $3.1M | $1.7M | $2.5M | $1.4M |
| Operating income | $0.8M | $1.9M | −$0.8M | $0.7M | −$0.6M | $0.6M | −$0.5M | −$1.6M | −$0.5M | −$2.3M |
| Interest expense | — | — | — | — | — | — | — | — | — | $0.0M |
| Pretax income | $0.8M | $2.1M | −$0.7M | $0.9M | −$0.6M | $0.6M | −$0.3M | −$1.1M | $0.1M | −$2.0M |
| Income tax | $0.2M | $0.5M | −$0.0M | $0.2M | −$0.1M | $0.1M | −$0.0M | −$0.2M | $0.0M | −$0.5M |
| Net income | $0.5M | $1.6M | −$0.6M | $0.7M | −$0.5M | $0.4M | −$0.3M | −$1.0M | $0.1M | −$1.5M |
| Diluted EPS | $0.14 | $0.41 | −$0.17 | $0.18 | −$0.12 | $0.11 | −$0.07 | −$0.22 | $0.02 | −$0.33 |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B |
| Cash flow | ||||||||||
| Cash from operations | $2.2M | $2.4M | −$0.4M | $0.4M | −$0.1M | −$0.2M | $0.8M | $0.4M | −$0.4M | −$1.4M |
| Capital expenditure | $0.2M | $0.3M | $0.7M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M |
| Free cash flow | $2.0M | $2.1M | −$1.1M | $0.4M | −$0.2M | −$0.3M | $0.7M | $0.3M | −$0.5M | −$1.5M |
| Depreciation and amortization | $0.3M | $0.3M | $0.3M | $0.1M | $0.2M | $0.2M | $0.2M | $0.2M | $0.0M | $0.0M |
| Stock-based compensation | — | — | — | — | — | — | — | $0.0M | $0.0M | $0.1M |
| Acquisitions | — | — | — | — | — | — | — | — | — | −$0.6M |
| Dividends paid | $1.1M | $1.0M | $1.2M | $0.3M | $1.0M | $0.6M | $1.0M | $0.6M | $0.5M | — |
| Dividends and buybacks | $1.1M | $1.0M | $1.2M | $0.3M | $1.0M | $0.6M | $1.0M | $0.6M | $0.5M | — |
| Balance sheet | ||||||||||
| Cash and short-term investments | $12.0M | $13.2M | $10.8M | $9.9M | $7.8M | $6.0M | $7.0M | $6.6M | $6.0M | $4.4M |
| Total debt | — | — | — | — | — | — | — | — | — | $0.6M |
| Deposits | $8.1M | $9.3M | $6.9M | $8.8M | $7.7M | $6.0M | — | — | — | — |
| Current assets | $16.4M | $17.2M | $13.4M | $13.2M | $11.5M | $12.3M | $10.7M | $9.6M | $8.6M | $7.1M |
| Current liabilities | $6.2M | $6.3M | $5.1M | $5.0M | $4.0M | $5.2M | $4.1M | $3.8M | $3.1M | $3.2M |
| Inventory | $2.3M | $2.9M | $1.5M | $2.0M | $2.2M | $2.4M | $1.4M | $1.6M | $1.1M | $1.5M |
| Property and equipment, net | $1.0M | $0.8M | $0.9M | $0.9M | $0.8M | $0.6M | $0.4M | — | $0.1M | $0.4M |
| Goodwill | $0.1M | $0.1M | — | — | — | — | — | — | — | $0.3M |
| Intangible assets | — | — | — | — | — | — | — | — | — | $0.5M |
| Total assets | $17.6M | $18.1M | $15.3M | $18.2M | $15.5M | $14.9M | $13.9M | $11.3M | $9.6M | $11.0M |
| Total liabilities | $6.2M | $6.3M | $5.1M | $7.3M | $5.7M | $5.6M | $5.7M | $4.7M | $3.3M | $5.6M |
| Shareholders' equity | $11.3M | $11.7M | $10.1M | $10.9M | $9.8M | $9.3M | $8.2M | $6.6M | $6.3M | $4.9M |
| Margins | ||||||||||
| Gross margin | 28.4% | 35.2% | 25.1% | 33.1% | 29.5% | 30.5% | 30.7% | 27.0% | 33.3% | 28.4% |
| Operating margin | 3.9% | 10.1% | −5.3% | 5.9% | −6.7% | 4.6% | −4.7% | −25.8% | −7.2% | −48.0% |
| EBITDA margin | 5.2% | 11.8% | −3.5% | 7.1% | −5.0% | 5.9% | −2.6% | −23.3% | −7.1% | −47.4% |
| Net margin | 2.7% | 8.1% | −4.4% | 5.5% | −5.0% | 3.6% | −2.9% | −15.2% | 1.4% | −31.7% |
| FCF margin | 10.3% | 11.0% | −7.9% | 2.8% | −2.1% | −2.4% | 7.0% | 4.7% | −6.2% | −31.5% |
| Net interest share of revenue | — | — | — | — | — | — | — | 0.1% | 0.1% | 0.1% |
| Returns | ||||||||||
| Return on capital | — | — | — | — | — | — | — | — | — | −173.2% |
| Return on capital employed | 6.7% | 16.4% | −7.4% | 5.7% | −5.3% | 5.9% | −4.9% | −21.8% | −8.3% | −29.6% |
| Return on equity | 4.7% | 13.5% | −5.8% | 6.5% | −4.5% | 4.7% | −3.4% | −12.9% | 1.6% | −27.3% |
| Return on assets | 3.0% | 8.7% | −3.8% | 4.1% | −2.7% | 2.9% | −2.0% | −7.6% | 1.0% | −14.8% |
| Return on tangible equity | 4.7% | 13.3% | −6.2% | 6.3% | −4.7% | 4.8% | −3.6% | −14.4% | 1.7% | −37.2% |
| Growth | ||||||||||
| Revenue growth | — | −2.2% | −25.5% | −12.0% | −27.0% | 34.9% | −17.2% | −38.3% | 17.3% | −35.2% |
| Net income growth | — | 194.1% | −140.6% | — | −167.2% | — | −166.4% | — | — | −1,537.7% |
| EPS growth | — | 192.9% | −141.5% | — | −166.7% | — | −163.6% | — | — | −1,750.0% |
| FCF growth | — | 4.4% | −153.5% | — | −154.7% | — | — | −58.6% | −255.2% | — |
| Share count change | — | 0.0% | 0.0% | 2.8% | 2.5% | 4.5% | −2.8% | 7.4% | 0.7% | 3.5% |
| Financial health | ||||||||||
| Debt / equity | — | — | — | — | — | — | — | — | — | 0.1x |
| Interest coverage | — | — | — | — | — | — | — | — | — | −2,307.0x |
| Current ratio | 2.6x | 2.7x | 2.6x | 2.7x | 2.9x | 2.4x | 2.6x | 2.5x | 2.8x | 2.2x |
| Quick ratio | 2.3x | 2.3x | 2.3x | 2.3x | 2.3x | 1.9x | 2.3x | 2.1x | 2.4x | 1.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.0% | 1.4% | 4.9% | 0.7% | 1.0% | 1.1% | 0.9% | 1.9% | 1.4% | 2.1% |
| Stock comp / revenue | — | — | — | — | — | — | — | 0.5% | 0.5% | 2.5% |
| Payouts / FCF | 55.6% | 48.7% | — | 84.6% | — | — | 142.1% | 207.4% | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 7.0 | 2.0 | 5.0 | 2.0 | 4.0 | 5.0 | 2.0 | 5.0 | 1.0 |
| Altman Z'' | 6.0 | 6.7 | 5.0 | 4.7 | 4.3 | 4.6 | 3.6 | 2.4 | 3.5 | −0.2 |
| Accruals ratio | −9.7% | −4.7% | −1.2% | 1.5% | −2.1% | 4.0% | −7.7% | −10.9% | 4.5% | −1.1% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
The original documents every number on this page comes from.
Source: SEC EDGAR XBRL filings (CIK 0001026785). Data updated November 1, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.
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