Jerash Holdings (us), Inc. key statistics and ratios

In fiscal 2026, Jerash Holdings (us), Inc. had return on equity of 5.5%, an operating margin of 3.8%, debt equal to 11.9% of equity and a current ratio of 2.70. 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.

Jerash Holdings (us), Inc.: financial ratios, annual
Fiscal year	2017Mar 2017	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026	LTMJun 2026
Gross margin	24.8%	25.9%	22.1%	19.3%	17.7%	19.1%	15.8%	14.4%	15.3%	16.1%	16.4%
Operating margin	17.2%	17.1%	7.5%	8.2%	6.0%	7.3%	3.2%	−0.6%	1.0%	3.8%	4.5%
Net margin	17.2%	15.0%	6.0%	7.0%	4.6%	5.5%	1.8%	−1.7%	−0.6%	2.1%	2.8%
Free-cash-flow margin	11.6%	6.2%	10.6%	2.4%	−2.6%	4.2%	7.3%	1.1%	0.3%	−1.6%	3.8%
Return on equity	49.3%	37.5%	12.2%	12.4%	7.5%	12.6%	3.5%	−3.0%	−1.3%	5.5%	7.5%
Return on assets	31.5%	27.0%	10.0%	10.2%	5.9%	10.0%	2.9%	−2.4%	−1.0%	4.1%	5.5%
Asset turnover	1.83	1.80	1.66	1.47	1.28	1.81	1.63	1.43	1.79	1.92	2.00
Current ratio	2.55	4.65	7.30	5.44	4.36	4.94	3.97	3.45	2.75	2.70	3.11
Debt to equity	0.0%	2.9%	1.3%	0.0%	1.1%	0.4%	0.0%	0.0%	7.2%	11.9%	12.4%
Interest cover (operating income ÷ interest)	—	—	—	—	—	49.8x	5.7x	n/m	0.8x	3.9x	4.4x
Effective tax rate	—	11.9%	19.8%	15.4%	24.5%	24.2%	40.7%	—	—	23.6%	19.3%
SG&A as % of revenue	7.6%	8.7%	10.4%	10.8%	11.7%	11.1%	12.3%	14.1%	13.1%	11.8%	11.3%
Capital spending as % of revenue	0.8%	1.3%	0.9%	5.0%	1.0%	2.1%	0.5%	1.1%	0.7%	3.1%	2.7%
Free cash flow ÷ net income	67.2%	41.2%	175.7%	34.5%	−57.6%	75.9%	416.8%	—	—	−74.5%	135.9%
Dividends ÷ net income	49.6%	0.0%	22.2%	35.0%	54.6%	29.9%	102.7%	—	—	71.8%	51.8%
Dividends and buybacks ÷ free cash flow	73.9%	0.0%	12.6%	101.4%	—	39.4%	36.2%	197.8%	594.6%	—	38.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Jerash Holdings (us), Inc.: financial ratios, quarterly
Quarter	2025 Q2Sept 2024	2025 Q3Dec 2024	2025 Q4Mar 2025	2026 Q1Jun 2025	2026 Q2Sept 2025	2026 Q3Dec 2025	2026 Q4Mar 2026	2027 Q1Jun 2026
Gross margin	17.5%	15.2%	17.9%	15.4%	15.0%	16.9%	17.1%	16.4%
Operating margin	2.8%	2.0%	1.5%	2.4%	2.6%	4.7%	5.4%	5.2%
Net margin	1.6%	−0.0%	−0.5%	0.8%	1.1%	2.8%	3.7%	3.3%
Free-cash-flow margin	11.0%	−8.9%	5.1%	−17.5%	15.3%	−9.3%	4.2%	4.7%
Current ratio	3.14	3.13	2.75	2.85	2.73	2.79	2.70	3.11
Debt to equity	—	—	—	—	—	—	4.4%	4.3%
SG&A as % of revenue	13.5%	11.9%	15.3%	12.4%	11.8%	11.7%	11.2%	10.8%

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

5 of 6 checks passed · June 30, 2026

What it owns · $87m

Short-term assets $56mLonger-term assets $31m

What it owes, and who funded it · $87m

Short-term liabilities $18mLonger-term liabilities $3mShareholders' equity $66m

Short-term assets cover short-term liabilities $56m of assets due within a year against $18m of liabilities due within a year.
Short-term assets cover long-term liabilities $56m short-term assets against $3m of longer-dated liabilities.
More cash than debt $14m of cash against $3m of debt.
Debt below 40% of shareholders' equity Debt is 4% 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 $12m of operating cash flow against $3m of debt.
Operating profit covers interest at least five times over Operating income of $8m against $2m of interest.

From Jerash Holdings (us), Inc.'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

37 /100

Weak moat

How hard Jerash Holdings (us)'s competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 18 / 20

Cash operating profit has been a median 13.4% of total assets over 9 years.
Pricing power 6 / 20

Gross margin has been a median 18.4%, moving by 4.2 percentage points (standard deviation) across 10 years.
Durability 1 / 20

Operating margin has been a median 6.8%; its worst year was -2.1%.
Cash conversion 7 / 20

Free cash flow was positive in 5 of 9 years, at a median 3.8% of revenue.
Discipline 11 / 20

The diluted share count rose 17.9% over five years; stock-based pay has been a median 0.5% 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 (42 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

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Figures from Jerash Holdings (us), Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Jerash Holdings (us), Inc.