Highway Holdings Limited (HIHO) Balance Sheet
HIHO balance sheet, FY2026
March 31, 2026 · U.S. dollars$11.3M assets = $5.9M liabilities + $5.4M equity
Both columns are drawn to the same scale: what HIHO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HIHO financial health
Descriptive bands, not a rating. Fiscal FY2026.
HIHO balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $17.6MFY2017 | $11.3MFY2026 | −4.8%/yr | |
| Total liabilities | $6.2MFY2017 | $5.9MFY2026 | −0.7%/yr | |
| Shareholders’ equity | $11.3MFY2017 | $4.9MFY2026 | −8.9%/yr | |
| Cash & short-term investments | $10.0MFY2017 | $4.4MFY2026 | −8.7%/yr | |
| Total debt | $3.3MFY2017 | $3.2MFY2026 | −0.4%/yr | |
| Net cash (debt) | $6.8MFY2017 | $1.3MFY2026 | −$5.5M | |
| Working capital | $10.2MFY2017 | $3.9MFY2026 | −$6.3M | |
| Book value per share | $2.96FY2017 | $1.07FY2026 | −10.7%/yr | |
| Current ratio | 2.64FY2017 | 2.23FY2026 | −0.41 | |
| Debt / equity | 0.29FY2017 | 0.64FY2026 | +0.35 | |
| Shares outstanding | 3.8MFY2017 | 4.6MFY2026 | +2.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HIHO assets
HIHO liabilities and equity
HIHO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HIHO balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $4.4M | $6.2M | $6.6M | $7.0M | $7.4M | $7.8M | $8.9M | $9.2M | $11.7M | $10.0M |
| Cash & equivalents | $4.4M | $6.0M | $6.6M | $7.0M | $6.0M | $7.8M | $8.8M | $8.8M | $11.3M | $10.0M |
| Short-term investments | — | $207,000 | $3,000 | $54,000 | $1.4M | $3,000 | $108,000 | $373,000 | $399,000 | — |
| Receivables | $1.0M | $1.0M | $1.3M | $1.9M | $2.3M | $973,000 | $2.0M | $2.3M | $2.2M | $3.4M |
| Inventory | $1.5M | $1.1M | $1.6M | $1.4M | $2.4M | $2.2M | $2.0M | $1.5M | $2.9M | $2.3M |
| Other current assets | $253,001 | $223,000 | $223,000 | $355,000 | $332,000 | $510,000 | $280,000 | $349,000 | $350,000 | $714,000 |
| Total current assets | $7.1M | $8.6M | $9.6M | $10.7M | $12.3M | $11.5M | $13.2M | $13.4M | $17.2M | $16.4M |
| Property, plant & equipment (net) | $2.8M | $878,000 | $1.4M | $2.9M | $2.4M | $3.6M | $4.6M | $886,000 | $770,000 | $954,000 |
| Goodwill & intangible assets | $792,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $154,000 | $154,000 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $577,000 | $106,000 | $297,000 | $308,000 | $95,000 | $377,000 | $358,000 | $1.0M | $34,000 | $34,000 |
| Total assets | $11.3M | $9.6M | $11.3M | $13.9M | $14.9M | $15.5M | $18.2M | $15.2M | $18.1M | $17.6M |
| Liabilities | ||||||||||
| Accounts payable | $437,000 | $613,000 | $935,000 | $928,000 | $828,000 | $653,000 | $997,000 | $1.2M | $1.1M | $2.6M |
| Short-term debt | $1.0M | $623,000 | $588,000 | $573,000 | $933,000 | $821,000 | $782,000 | $602,000 | $4.9M | $3.3M |
| Deferred revenue | — | $10,000 | $10,000 | $2.3M | $79,000 | $72,000 | $39,000 | $25,000 | $17,000 | $20,000 |
| Total current liabilities | $3.2M | $3.1M | $3.8M | $4.1M | $5.2M | $4.0M | $5.0M | $5.1M | $6.3M | $6.2M |
| Long-term debt | $407,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $2.6M | $810,000 | $1.4M | $2.1M | $1.2M | $2.0M | $2.8M | — | — | — |
| Other long-term liabilities | $2.3M | $210,000 | $843,000 | $1.6M | $408,000 | $1.7M | $2.3M | $32,000 | $32,000 | $32,000 |
| Total liabilities | $5.9M | $3.3M | $4.7M | $5.7M | $5.6M | $5.7M | $7.3M | $5.1M | $6.3M | $6.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $46,000 | $44,000 | $44,000 | $41,000 | $40,000 | $40,000 | $40,000 | $38,000 | $38,000 | $38,000 |
| Retained earnings (deficit) | −$7.0M | −$5.4M | −$5.0M | −$3.4M | −$2.3M | −$2.0M | −$865,000 | −$1.2M | $347,000 | $13,000 |
| Treasury stock | — | — | — | — | — | — | — | −$14,000 | −$14,000 | −$14,000 |
| Accumulated other comprehensive income | −$610,000 | −$516,000 | −$501,000 | −$443,999 | −$302,999 | $48,000 | $195,999 | −$34,999 | $0 | −$135,999 |
| Minority interest | $544,000 | −$2,000 | −$7,000 | $12,000 | — | — | — | — | — | — |
| Total shareholders' equity | $4.9M | $6.3M | $6.6M | $8.2M | $9.3M | $9.8M | $10.9M | $10.1M | $11.7M | $11.3M |
| Key figures | ||||||||||
| Total debt | $3.2M | $810,000 | $1.4M | $2.1M | $1.2M | $2.0M | $2.8M | $602,000 | $4.9M | $3.3M |
| Net cash (debt) | $1.3M | $5.4M | $5.2M | $5.0M | $6.2M | $5.8M | $6.1M | $8.6M | $6.8M | $6.8M |
| Working capital | $3.9M | $5.5M | $5.8M | $6.6M | $7.1M | $7.5M | $8.2M | $8.3M | $10.9M | $10.2M |
| Tangible book value | $4.1M | $6.3M | $6.6M | $8.2M | $9.3M | $9.8M | $10.9M | $10.1M | $11.6M | $11.1M |
| Book value per share | $1.07 | $1.42 | $1.52 | $2.02 | $2.21 | $2.44 | $2.79 | $2.66 | $3.09 | $2.96 |
| Shares outstanding | 4.6M | 4.4M | 4.4M | 4.1M | 4.2M | 4.0M | 3.9M | 3.8M | 3.8M | 3.8M |
| Current ratio | 2.23 | 2.79 | 2.51 | 2.62 | 2.38 | 2.90 | 2.65 | 2.63 | 2.72 | 2.64 |
| Quick ratio | 1.70 | 2.34 | 2.05 | 2.19 | 1.86 | 2.20 | 2.19 | 2.26 | 2.20 | 2.16 |
| Debt / equity | 0.64 | 0.13 | 0.21 | 0.25 | 0.13 | 0.20 | 0.26 | 0.06 | 0.42 | 0.29 |
| Equity / assets | 43.2% | 65.6% | 58.7% | 59.1% | 62.4% | 63.0% | 60.0% | 66.4% | 64.8% | 64.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $3.9M | $4.4M | $5.1M | $5.6M | $5.8M | $6.2M | $5.2M | $5.6M | $6.0M | $6.6M | $6.2M | $7.1M |
| Cash & equivalents | $3.9M | $4.4M | $5.1M | $5.6M | $5.8M | $6.0M | $5.2M | $5.6M | $6.0M | $6.6M | $6.2M | $7.1M |
| Short-term investments | — | — | — | — | — | $207,000 | — | — | $3,000 | — | — | — |
| Receivables | $1.2M | $1.0M | $1.1M | $980,000 | $1.0M | $1.0M | $2.0M | $2.0M | $1.7M | $1.3M | $1.7M | $667,000 |
| Inventory | $1.6M | $1.5M | $668,000 | $728,000 | $956,000 | $1.1M | $1.5M | $1.8M | $1.5M | $1.6M | $1.9M | $1.6M |
| Other current assets | $192,000 | $253,000 | $290,000 | $377,000 | $458,001 | $223,000 | $402,000 | $156,000 | $149,000 | $226,000 | $200,000 | $311,000 |
| Total current assets | $6.9M | $7.1M | $7.2M | $7.6M | $8.3M | $8.6M | $9.1M | $9.5M | $9.3M | $9.6M | $9.9M | $9.6M |
| Property, plant & equipment (net) | $2.6M | $2.8M | $428,000 | $630,000 | $748,000 | $878,000 | $1.1M | $1.2M | $1.3M | $1.4M | $2.4M | $2.5M |
| Goodwill & intangible assets | $770,000 | $792,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $254,000 | $254,000 | $85,000 | $98,000 | $107,000 | $106,000 | $301,000 | $301,000 | $296,000 | $297,000 | $300,000 | $296,000 |
| Total assets | $10.5M | $11.0M | $7.7M | $8.4M | $9.1M | $9.6M | $10.4M | $11.0M | $10.9M | $11.3M | $12.6M | $12.3M |
| Liabilities | ||||||||||||
| Accounts payable | $457,000 | $437,000 | $374,000 | $390,000 | $472,000 | $613,000 | $953,000 | $1.0M | $807,000 | $935,000 | $602,000 | $362,000 |
| Short-term debt | $1.0M | — | $162,000 | $312,000 | $468,000 | $623,000 | $633,000 | $621,000 | $595,000 | — | $586,000 | $563,000 |
| Deferred revenue | — | — | — | — | — | $10,000 | — | $484,001 | $531,000 | — | $597,000 | $572,000 |
| Total current liabilities | $2.8M | $3.2M | $1.7M | $2.2M | $2.6M | $3.1M | $3.5M | $3.7M | $3.7M | $3.8M | $3.6M | $3.4M |
| Long-term debt | $390,000 | $407,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $2.4M | $2.6M | $318,000 | $490,000 | — | $810,000 | $984,000 | $1.1M | $1.2M | $1.4M | $1.6M | — |
| Other long-term liabilities | $1.7M | $2.0M | $179,000 | $201,000 | $207,000 | $210,000 | $391,000 | $547,000 | $690,000 | $843,000 | $1.1M | $1.3M |
| Total liabilities | $5.0M | $5.6M | $1.9M | $2.4M | $2.8M | $3.3M | $3.9M | $4.3M | $4.3M | $4.7M | $4.8M | $4.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $46,000 | — | $46,000 | $46,000 | $46,000 | $44,000 | $44,000 | $44,000 | $44,000 | — | $44,000 | $44,000 |
| Retained earnings (deficit) | −$6.9M | −$7.0M | −$5.9M | −$5.8M | −$5.4M | −$5.4M | −$5.1M | −$4.9M | −$5.1M | −$5.0M | −$3.8M | −$4.0M |
| Accumulated other comprehensive income | −$642,000 | — | −$560,000 | −$546,000 | −$498,000 | −$516,000 | −$590,000 | −$516,000 | −$501,999 | — | −$517,000 | −$493,000 |
| Minority interest | $533,000 | $544,000 | −$20,000 | −$7,000 | — | −$2,000 | — | — | — | — | — | — |
| Total shareholders' equity | $5.0M | $4.9M | $5.9M | $6.0M | $6.4M | $6.3M | $6.5M | $6.8M | $6.5M | $6.6M | $7.8M | $7.7M |
| Key figures | ||||||||||||
| Total debt | $2.9M | $407,000 | $318,000 | $490,000 | $652,000 | $810,000 | $984,000 | $1.1M | $1.2M | — | $1.6M | $1.7M |
| Net cash (debt) | $941,001 | $4.0M | $4.8M | $5.1M | $5.2M | $5.4M | $4.3M | $4.5M | $4.7M | — | $4.6M | $5.3M |
| Working capital | $4.0M | $3.9M | $5.5M | $5.4M | $5.7M | $5.5M | $5.5M | $5.8M | $5.7M | $5.8M | $6.3M | $6.2M |
| Tangible book value | $4.2M | $4.1M | $5.9M | $6.0M | $6.4M | $6.3M | $6.5M | $6.8M | $6.5M | $6.6M | $7.8M | $7.7M |
| Book value per share | $1.09 | $1.06 | $1.28 | $1.30 | $1.43 | $1.42 | $1.48 | $1.54 | $1.45 | $1.51 | $1.78 | $1.83 |
| Shares outstanding | 4.6M | 4.6M | 4.6M | 4.6M | 4.4M | 4.4M | 4.4M | 4.4M | 4.5M | 4.4M | 4.4M | 4.2M |
| Current ratio | 2.42 | 2.23 | 4.27 | 3.48 | 3.24 | 2.79 | 2.56 | 2.56 | 2.56 | 2.51 | 2.73 | 2.86 |
| Quick ratio | 1.78 | 1.70 | 3.70 | 2.98 | 2.69 | 2.34 | 2.03 | 2.04 | 2.10 | 2.05 | 2.16 | 2.30 |
| Debt / equity | 0.59 | 0.08 | 0.05 | 0.08 | 0.10 | 0.13 | 0.15 | 0.17 | 0.19 | — | 0.20 | 0.22 |
| Equity / assets | 47.5% | 44.5% | 76.1% | 71.5% | 69.8% | 65.6% | 62.3% | 61.4% | 60.2% | 58.7% | 62.2% | 62.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed July 14, 2026); data from EODHD.
HIHO financial position
At the end of fiscal 2026 (March 31, 2026), Highway had total assets of $11.3 million (up 18.5% from a year earlier), total liabilities of $5.9 million and shareholders' equity of $4.9 million. It held $4.4 million in cash and short-term investments against $3.2 million of debt, a net cash position of $1.3 million. Its current ratio was 2.23. In the latest quarter (ended June 30, 2026) total assets were $10.5 million and equity $5.0 million.
Related: HIHO income statement, HIHO cash flow statement, HIHO key metrics. See the HIHO stock overview for the latest quote and news.
HIHO balance sheet FAQ
What are Highway's total assets?
Highway reported total assets of $11.3 million at the end of fiscal 2026 (March 31, 2026), compared with $9.6 million a year earlier.
How much debt does Highway have?
Highway had $3.2 million of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.64.
How much cash does Highway have?
Highway held $4.4 million in cash and short-term investments at the end of fiscal 2026; with $3.2 million of debt that is net cash of $1.3 million.
What is Highway's book value?
Highway's shareholders' equity (book value) was $4.9 million at the end of fiscal 2026, or $1.07 per share.
What is Highway's current ratio?
Highway had current assets of $7.1 million and current liabilities of $3.2 million, a current ratio of 2.23 (it can cover its short-term obligations).
How much goodwill does Highway have?
Highway carried $0.8 million of goodwill and intangible assets, 7.0% of total assets, at the end of fiscal 2026.