Jerash Holdings (US), Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Jerash Holdings (US), Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	62	69.3	85	93	90.2	143	138	117	146	166
Cost of revenue	46.6	51.3	66.2	75	74.2	116	116	100	123	139
Gross profit	15.4	18	18.8	18	16	27.3	21.8	16.9	22.3	26.8
Selling, general and administrative	4.71	6	8.83	10	10.5	15.9	17	16.6	19.1	19.6
Operating expenses	4.71	6.12	12.4	10.3	10.6	16.8	17.4	17.6	20.9	20.5
Operating income	10.7	11.8	6.35	7.67	5.39	10.5	4.41	-0.66	1.45	6.33
Interest expense						0.21	0.77	1.2	1.72	1.63
Other non-operating income	0.05	-0.03	0.02	-0.02	0.11	-0.04	-0.33	-0.7	-1.3	-1.58
Pre-tax income	10.6	11.8	6.37	7.64	5.5	10.4	4.08	-1.37	0.15	4.75
Income tax		1.4	1.26	1.17	1.35	2.52	1.66	0.67	0.99	1.12
Net income to minority interests	-0.04	-0.01	-0	-0.01	-0			-0.04	0.01	0.09
Net income	10.7	10.4	5.11	6.48	4.15	7.92	2.42	-2.01	-0.85	3.54
EBITDA	12	13.1	7.6	9.18	7.01	12.6	6.85	1.87	1.91	6.79
EPS, basic	1.22	1.07	0.46	0.57	0.37	0.67	0.19	-0.16	-0.07	0.28
EPS, diluted	1.22	1.07	0.45	0.57	0.37	0.67	0.19	-0.16	-0.07	0.27
Shares, basic (weighted)	8.79	9.74	11.2	11.3	11.3	11.8	12.6	12.3	12.3	12.7
Shares, diluted (weighted)	8.79	9.74	11.3	11.4	11.3	11.9	12.7	12.3	12.3	13.2
Dividend per share							0.20	0.20	0.20	0.20

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	3.65	8.6	27.2	26.1	21.1	25.2	17.8	12.4	13.3	10.8
Receivables	2.78	5.25	4.02	5.34	12	11	2.24	5.42	3.08	5.68
Inventory	19.2	20.3	21.1	22.6	25	28.3	32.7	27.2	27.7	30
Other current assets	1.3	1.53	2.63	2.76	2.33	3.23	2.96	2.75	3.65	3.35
Total current assets	30.3	36.9	55.4	59	64.7	69.9	57.3	50.9	54.4	58.4
Property, plant and equipment	3.16	2.82	2.36	6.17	5.7	10.9	22.4	25	25	27.4
Lease right-of-use assets			0	1.15	1.6	1.83	0.97	1.26	0.85	1.04
Goodwill						0.5	0.5	0.5	0.5	0.5
Total assets	33.9	43.3	59.3	67.5	73.2	85.3	83.7	80.2	83	89.9
Accounts payable	10.3	4.78	3.38	6.38	7.92	4.84	5.78	6.34	6.51	7.17
Accrued liabilities	0.46	1.18	1.54	2.25	2.33	3.12	2.93	4.18	4.34	5.53
Deferred revenue							0.93	0.01	0.49	0.24
Short-term debt						0.3
Total current liabilities	11.9	7.92	7.59	10.9	14.8	14.1	14.4	14.8	19.8	21.6
Lease liabilities				0.65	0.94	0.87	0.29	0.62	0.29	0.54
Total liabilities	11.9	9.21	8.99	12.7	16.9	16	15.5	15.8	20.1	24.9
Total debt										2.82
Paid-in capital	1.09	2.74	15	15.2	15.3	22.5	22.9	23.9	25.7	26.6
Retained earnings	20.5	30.9	34.8				46.2	41.7	38.4	39.4
Treasury stock							-1.17	-1.17	-1.17	-1.17
Other comprehensive income	-0.01	-0.02	-0.01	-0.01	-0.02	0.13	-0.12	-0.49	-0.51	-0.46
Shareholders' equity	21.7	33.7	50	54.4	56.4	69.3	68.2	64.4	62.8	64.8
Minority interests	0.32	0.31	0.31	0.3	0.3			0.04	0.05	0.14
Total equity	22	34.1	50.3	54.4	56.4	69.3	68.2	64.4	62.9	64.9
Total liabilities and equity	33.9	43.3	59.3	67.5	73.2	85.3	83.7	80.2	83	89.9
Shares outstanding	8.79	9.9	11.3	11.3	12.5	12.3	12.3	12.3	12.7	12.7

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	10.6	10.4	5.11	6.47	4.15	7.92	2.42	-2.04	-0.84	3.63
Depreciation and amortization	1.32	1.22	1.26	1.52	1.62	2.15	2.43	2.54	0.47	0.46
Stock-based compensation	0	0.12	3.59	0.28	0.07	0.95	0.41	0.99	1.76	0.9
Deferred income tax		0	-0.08	0.06	-0.01	-0.2	1.66	0.67	0.99	1.12
Change in receivables	-2.78	-2.47	1.23	-1.32	-6.7	0.76	8.81	-2.99	2.36	-2.67
Change in inventory	-2.68	-1.15	-0.77	-1.56	-2.4	-3.22	-4.4	5.42	-0.46	-2.25
Change in payables	9.98	-5.47	-1.4	3	1.55	-3.08	0.94	0.56	0.17	0.66
Cash from operations	7.68	5.16	9.78	6.91	-1.5	8.96	10.8	2.48	1.36	2.49
Capital expenditures	-0.49	-0.88	-0.79	-4.68	-0.89	-2.96	-0.72	-1.24	-0.95	-5.13
Acquisitions						-2.7
Purchases of investments					-9.69	-0.5	-2.2
Cash from investing	-0.83	-0.54	-1.6	-4.93	-0.89	-8.67	-13.8	-5.14	-2.37	-5.79
Stock issued		0	8.93			6.27
Share buybacks							-1.17
Dividends paid	-5.31	0	-1.13	-2.27	-2.27	-2.37	-2.48	-2.46	-2.46	-2.54
Cash from financing	-6	3.45	7.47	-2.91	-1.65	3.29	-3.95	-2.43	2.05	0.67
Exchange rate effect	-0.02	-0	-0	0.01	-0.01		-0.25	-0.29	-0.02	0.03
Net change in cash	0.83	8.06	15.6	-0.92	-4.05	3.72	-7.17	-5.37	1.03	-2.6
Free cash flow	7.19	4.29	8.98	2.23	-2.39	6.01	10.1	1.24	0.41	-2.63
Interest paid		0.03	0.09	0.01		0.21	0.77	1.2	1.72	1.63
Income taxes paid		0	0.18	1.48	0.77	1.76	1.75	2.25	1.4	1.27

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.68 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	16.4%	Gross profit / revenue.
Operating margin	4.5%	Operating income / revenue.
EBITDA margin	4.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.5%	Pre-tax income / revenue.
Net margin	2.8%	Net income / revenue.
FCF margin	3.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.5%	Cash from operations / revenue.
Effective tax rate	19.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.6%	Net income / average total assets.
Return on invested capital (ROIC)	11.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	11.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.7%	Capital expenditures / revenue.
D&A / revenue	0.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	20.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	337.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	12.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	3.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	255.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-0.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	13.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-3.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	12.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-6.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	82.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-38.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-737.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	3.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	7.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.11x	Current assets / current liabilities.
Quick ratio	1.11x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.78x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.04x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	3.2%	Total debt / total assets.
Liabilities / assets	24.3%	Total liabilities / total assets.
Net debt	-$11.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.34x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.40x	Operating income / interest expense.
Working capital	$38.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$65.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.02x	Revenue / average total assets.
Fixed asset turnover	6.59x	Revenue / average property, plant and equipment.
Inventory turnover	5.56x	Cost of revenue / average inventory.
Days inventory	66 days	365 x average inventory / cost of revenue.
Receivables turnover	30.0x	Revenue / average receivables.
Days sales outstanding	12 days	365 x average receivables / revenue.
Days payables	8 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	70 days	Days inventory + days sales outstanding - days payables.
FCF conversion	135.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	42.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.37	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$13.21	Revenue / diluted weighted shares.
FCF per share	$0.50	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.86	Cash from operations / diluted weighted shares.
Book value per share	$5.20	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.16	Tangible book value / shares outstanding.
Cash per share	$1.11	(Cash + short-term investments) / shares outstanding.
Payout ratio	51.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	38.1%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$72.1M	Share price x shares outstanding.
Enterprise value	$60.8M	Market cap + total debt - cash - short-term investments.
P/E	14.7x	Market cap / net income. Only when net income is positive.
P/S	0.41x	Market cap / revenue.
P/B	1.09x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.10x	Market cap / tangible book value, when positive.
P/FCF	10.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.27x	Market cap / cash from operations, when positive.
EV/Sales	0.34x	Enterprise value / revenue.
EV/EBIT	7.61x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.20x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.14x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.2%	Free cash flow / market cap.
Earnings yield	6.8%	Net income / market cap (the inverse of P/E).
Dividend yield	3.5%	Dividends paid over the period / market cap.
Shareholder yield	3.5%	(Dividends paid + share buybacks) / market cap.
PEG	1.18x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Jerash Holdings (US), Inc.'s revenue in fiscal 2026?

Jerash Holdings (US), Inc. reported revenue of $166.3M for fiscal 2026, 14% higher than the year before.

Was Jerash Holdings (US), Inc. profitable in fiscal 2026?

Yes. Net income was $3.5M, a net margin of 2.1%.

How much free cash flow did Jerash Holdings (US), Inc. generate in fiscal 2026?

Cash from operations of $2.5M minus capital expenditures of $5.1M left free cash flow of -$2.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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