MeritValue

HIGHWAY HOLDINGS LTD

HIHOdata completeness 100%17 fiscal years on file
The thesis, from the filings

HIGHWAY HOLDINGS LTD earns about -430% on invested capital, but has diluted owners by 9% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$12.4M1$10.2M2$6.32M3$7.41M3$57,0004
Net income$443,0005−$294,0006−$959,0007$106,0007−$1.52M7
Operating cash flow−$164,0008$809,0009$415,00010−$360,00010−$1.41M10
Capital expenditure$134,00011$92,00012$118,00013$101,00013$103,00013
Free cash flow (derived)−$298,0008$717,0009$297,00010−$461,00010−$1.51M10
Total debt————$569,00014
Cash & equivalents$6.01M15$6.95M16$6.6M17$5.97M18$4.41M18
Diluted shares4.2M4.1M4.4M4.4M4.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$10.74
your share of equity
Profit it earned you last year
−$3.35
Free cash flow it threw off
−$3.32
Debt you’d be carrying
$1.25

10 shares is a claim on $10.74 of net worth that earned you −$3.35 and generated −$3.32 of cash last year, against $1.25 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-430% avg · 5y
FY22 14%FY23 -20%FY24 -2031%FY25 39%FY26 -152%

It earned an average -430% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+9% shares · 5y

Share count is up 9% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-03-31 · accession 0001213900-24-061773 (Revenues)
  2. 20-F · period ending 2023-03-31 · accession 0001213900-25-059629 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2024-03-31 · accession 0001213900-26-077959 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2026-03-31 · accession 0001213900-26-077959 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2022-03-31 · accession 0001213900-24-061773 (NetIncomeLoss)
  6. 20-F · period ending 2023-03-31 · accession 0001213900-25-059629 (NetIncomeLoss)
  7. 20-F · period ending 2024-03-31 · accession 0001213900-26-077959 (NetIncomeLoss)
  8. 20-F · period ending 2022-03-31 · accession 0001213900-24-061773 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-03-31 · accession 0001213900-25-059629 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2024-03-31 · accession 0001213900-26-077959 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F · period ending 2022-03-31 · accession 0001213900-24-061773 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-03-31 · accession 0001213900-25-059629 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2024-03-31 · accession 0001213900-26-077959 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 20-F · period ending 2026-03-31 · accession 0001213900-26-077959 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2022-03-31 · accession 0001213900-23-056765 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-03-31 · accession 0001213900-24-061773 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2024-03-31 · accession 0001213900-25-059629 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2025-03-31 · accession 0001213900-26-077959 (CashAndCashEquivalentsAtCarryingValue)