Highway Holdings Limited

HIHO

Manufacturing - Metal Fabrication · Industrials

Price

$0.91

-0.00 (-0.32%)

Market Cap

$4.2M

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Dividends

Good

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Share count rising — dilution

+8.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 4.2M (2022) → 4.6M (2026)

Winston Score History

The full picture

Highway Holdings Limited is a small manufacturing company that makes metal parts and other components used in products like office equipment, electronic devices, and industrial machinery. Its customers are mainly other businesses — companies that need precision-made parts built to their specifications. The company operates in the metal fabrication industry, acting as a contract manufacturer that produces components on behalf of larger brands.

Highway Holdings earns money by taking orders from business customers and charging them for the parts it manufactures. The company is headquartered in Hong Kong and runs its production primarily through facilities in Myanmar, which keeps labor costs low — that cost advantage is its main competitive edge. However, the company is very small, with a market cap near zero, and its operating margin is deeply negative, meaning it is currently spending more than it earns. The biggest risk it faces is staying financially viable while navigating geopolitical uncertainty in Myanmar and competing against other low-cost manufacturers in Asia.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-37.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-235.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

36.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$4M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Highway Holdings Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

41.8%

Healthy — 41.8% gross margin

Profit after running costs

Operating Margin

3.0%

Thin — 3.0% operating margin

Return on the money invested

ROCE

-31.2%

Weak — -31.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-25.7%

Shrinking sales (-25.7% YoY)

Profit growth

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.28

Conservative — low debt load (0.28)

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

10.98%

Healthy income — 10.98% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-51.4%

Dividend cut (-51.4% YoY) — warning sign

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