Primech Holdings Ltd is a US-listed company in the environmental & facilities services industry. Its financial year ends in March.
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~$1.1
Revenue-to-maturity cash-flow model
Base case. Range ~$0.8–$1.6 across our lower- and higher-growth cases (0%–9.9% a year).
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Primech Holdings Ltd valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $78m. Free-cash-flow margin held at -7.3%. The diluted share count is up 2.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 6 financial-health checks. Our revenue-to-maturity cash-flow model value is $1.13 a share, against a share price of $0.34.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Primech Holdings Ltd's trailing-twelve-month revenue grew 4.9% year on year, with a free-cash-flow margin of -7.3%. Where it stands out: stock pay as % of revenue of 0.0% ranks 2 of 17 environmental & facilities services companies we cover. Where it lags: change in share count of 2.2% ranks 13 of 16 environmental & facilities services companies we cover.
Current signal Long-term debt rising: Long-term debt rose 42% year over year, to 14% of total assets.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Primech Holdings Ltd's latest figures clears our strength thresholds.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for PMEC from the sources we follow. See filings →
We value Primech Holdings Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.93 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$1.1 ~$0.8–$1.6 | Primary model, counts double |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$1.0 ~$1.1–$9.0 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$1.1 ~$1.0–$1.1 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Primech Holdings Ltd with Environmental & Facilities Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2024 | 2025 | 2026 |
|---|---|---|---|
| Share price | $1.29 | $0.78 | $0.69 |
| Market value | $44m | $29m | $26m |
| + Net debt (− = net cash) | $21m | $11m | $18m |
| Enterprise value | $64m | $40m | $44m |
| Multiples | |||
| Price / sales | 0.6x | 0.4x | 0.3x |
| Price / earnings | — | — | — |
| Price / free cash flow | — | 4.6x | — |
| EV / EBITDA | — | 75.4x | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
No analyst estimates are published for Primech Holdings Ltd: too few analysts cover it.
| Calendar year | 2024 | 2025 | 2026 to date |
|---|---|---|---|
| Return | |||
| PMEC | −72% | +51% | −68% |
| Industry peers (median) | +16% | −12% | +1% |
| S&P 500 | +25% | +18% | +11% |
| Months that ended higher | |||
| PMEC | 25% | 75% | 27% |
| S&P 500 | 75% | 75% | 46% |
| Largest fall from a high during the year | |||
| PMEC | −87% | −62% | −70% |
| S&P 500 | −8% | −19% | −9% |
Worst fall since October 9, 2023: 92% from October 9, 2023 to November 2, 2026. Getting back needed a 1123% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $69M |
| FY24 Q4 | $72.5M |
| FY25 Q4 | $74.3M |
| FY26 Q4 | $78M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | -3.0% |
| FY24 Q4 | -3.8% |
| FY25 Q4 | -1.3% |
| FY26 Q4 | -2.5% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | -7.5% |
| FY24 Q4 | -13.8% |
| FY25 Q4 | 8.5% |
| FY26 Q4 | -7.3% |
| Fiscal year | 2023 Mar 2023 | 2024 Mar 2024 | 2025 Mar 2025 | 2026 Mar 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 69 | 73 | 74 | 78 |
| Gross profit | 11 | 13 | 18 | 13 |
| EBITDA | −0 | −1 | 1 | −1 |
| Operating income | −2 | −3 | −1 | −2 |
| Net income | −3 | −3 | −2 | −2 |
| Diluted EPS | −$0.08 | −$0.10 | −$0.05 | −$0.06 |
| Growth (year on year) | ||||
| Revenue | — | +5.1% | +2.5% | +4.9% |
| Margins | ||||
| Gross margin | 15.4% | 17.4% | 23.6% | 17.1% |
| EBITDA margin | −0.7% | −1.6% | 0.7% | −0.7% |
| Operating margin | −3.0% | −3.8% | −1.3% | −2.5% |
| Net margin | −3.7% | −4.5% | −2.6% | −3.1% |
| Free-cash-flow margin | −7.5% | −13.8% | 8.5% | −7.3% |
| Cash flow | ||||
| Cash from operations | −3 | −9 | 7 | −4 |
| Capital spending | 2 | 1 | 1 | 2 |
| Free cash flow | −5 | −10 | 6 | −6 |
| Stock-based pay | — | — | 2 | 0 |
| Free cash flow after stock pay | — | — | 5 | −6 |
| Balance sheet | ||||
| Cash | 9 | 8 | 10 | 9 |
| Total debt | 19 | 28 | 21 | 26 |
| Net debt (negative = net cash) | 10 | 21 | 11 | 18 |
| Diluted shares | 33m | 34m | 38m | 38m |
| Returned to shareholders | ||||
| Dividends | 0 | — | — | — |
| Total returned | 0 | — | — | — |
| Last 12 months unless stated | PMEC | AWX | PESI | QRHC | CDTG | TOMZ | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $78m | $86m | $57m | $248m | $18m | $7m | $2.0bn |
| Revenue growth, last 12 months | 4.9% | 9.7% | −4.7% | −8.4% | −38.8% | 11.4% | 6.0% |
| Revenue growth, 3-year average | — | −0.3% | −6.4% | −4.4% | — | −8.1% | 4.8% |
| Revenue growth, latest quarter | — | 3.2% | −11.7% | 7.6% | — | 117.9% | 7.4% |
| Gross margin | 17.1% | 20.5% | −2.8% | 16.4% | 41.5% | 52.9% | 33.4% |
| Operating margin | −2.5% | 3.6% | −33.4% | −3.3% | −63.9% | −41.0% | 3.5% |
| Operating margin, 3-year average | — | 2.7% | −22.4% | −2.6% | — | −54.7% | 4.4% |
| Net margin | −3.1% | 1.4% | −37.0% | −7.1% | −55.9% | −49.8% | 0.7% |
| Cash from operations / revenue | −5.0% | 4.1% | −28.1% | 4.6% | −8.2% | −29.3% | 5.4% |
| Free-cash-flow margin | −7.3% | 1.5% | −38.6% | 4.5% | −8.2% | −29.4% | 3.4% |
| Free-cash-flow margin, 3-year average | — | 0.7% | −24.8% | −0.4% | — | −26.0% | 3.6% |
| Stock pay / revenue | 0.0% | 0.0% | 1.5% | 0.4% | 11.8% | 2.6% | 0.7% |
| Change in share count | 2.2% | 0.0% | 9.4% | 1.6% | 17.6% | −5.1% | −0.3% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 4.9% | 6.0% | 11 of 17 |
| Change in growth rate Growth | +2.4pp | +0.6pp | 6 of 17 |
| Gross margin Profitability | 17.1% | 33.1% | 11 of 15 |
| Operating margin Profitability | -2.5% | 3.5% | 11 of 16 |
| Net margin Profitability | -3.1% | 0.7% | 11 of 17 |
| Free-cash-flow margin Cash generation | -7.3% | 3.4% | 12 of 17 |
| Stock pay as % of revenue Cash generation | 0.0% | 0.7% | 2 of 17 |
| Long-term debt as % of assets Balance sheet | 14.5% | 32.5% | 3 of 15 |
| Change in share count Balance sheet | 2.2% | -0.3% | 13 of 16 |
| Days sales outstanding Balance sheet | 92 days | 64 days | 13 of 16 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Citadel Advisors LLC | $47,446 | 74K | 48.1% | New |
| HRT Financial LP | $20,000 | 32K | 20.3% | New |
| Two Sigma Securities, LLC | $12,798 | 20K | 13.0% | New |
| Xtx Topco Ltd | $10,298 | 16K | 10.4% | ▲ 17.5% |
| Geode Capital Management, LLC | $8,078 | 13K | 8.2% | ▼ 22.9% |
| UBS Group AG | $64 | 0K | 0.1% | ▼ 93.1% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Primech Holdings Ltd's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Ho Kin Wai Chief Executive Officer | March 23, 2026 | Buy | 839,963 | $1.14 | $957,558 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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