Highway Holdings LTD key statistics and ratios

In fiscal 2026, Highway Holdings LTD had return on equity of -27.3% and a net margin of -31.7%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Highway Holdings LTD: financial ratios, annual
Fiscal year	2010Mar 2010	2011Mar 2011	2012Mar 2012	2013Mar 2013	2014Mar 2014	2015Mar 2015	2016Mar 2016	2017Mar 2017	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026
Net margin	1.9%	5.3%	0.7%	2.0%	2.6%	5.1%	5.5%	2.7%	8.1%	−4.4%	5.5%	−5.0%	3.6%	−2.9%	−15.2%	1.4%	−31.7%
Return on equity	3.6%	13.6%	1.5%	3.7%	4.9%	9.5%	10.4%	4.6%	13.5%	−5.8%	6.5%	−4.5%	4.7%	−3.4%	−12.9%	1.6%	−27.3%
Return on assets	—	8.5%	1.0%	2.8%	3.8%	7.0%	7.4%	3.0%	8.7%	−3.8%	4.1%	−2.7%	2.9%	−2.0%	−7.6%	1.0%	−14.8%
Effective tax rate	2.4%	7.0%	50.3%	−9.0%	22.4%	10.5%	16.1%	31.0%	24.7%	—	23.3%	—	17.8%	—	—	25.9%	—
SG&A as % of revenue	20.1%	15.5%	19.3%	20.7%	20.3%	19.9%	19.2%	24.5%	25.1%	30.4%	27.1%	36.2%	25.9%	35.3%	39.2%	40.5%	73.8%
Dividends ÷ net income	26.9%	36.5%	575.0%	75.9%	95.3%	65.9%	109.0%	213.7%	66.5%	—	43.3%	—	128.4%	—	—	464.2%	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · March 31, 2026

What it owns · $11m

Short-term assets $7mLonger-term assets $4m

What it owes, and who funded it · $10m

Short-term liabilities $3mLonger-term liabilities $2mShareholders' equity $5m

Short-term assets cover short-term liabilities $7m of assets due within a year against $3m of liabilities due within a year.
Short-term assets cover long-term liabilities $7m short-term assets against $2m of longer-dated liabilities.
More cash than debt $4m of cash against $569,000 of debt.
Debt below 40% of shareholders' equity Debt is 12% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$1m of operating cash flow against $569,000 of debt.
Operating profit covers interest at least five times over Operating income of −$2m against $1,000 of interest.

From Highway Holdings LTD's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

24 /100

Weak moat

How hard Highway Holdings's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Pricing power 8 / 20

Gross margin has been a median 28.4%, moving by 4.8 percentage points (standard deviation) across 5 years.
Durability 0 / 20

Operating margin has been a median 3.5%; its worst year was -48.0%.
Cash conversion 9 / 20

Free cash flow was positive in 3 of 5 years, at a median 6.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (29 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: HIHO vs KULR HIHO vs HLP BURU vs HIHO

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Figures from Highway Holdings LTD's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Highway Holdings LTD.