A Business at a Glance
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Jerash Holdings (US), Inc. (“Jerash Holdings”), through its wholly owned operating subsidiaries (together, the “Group,” “we,” “us,” or “our”), is principally engaged in the manufacturing and exporting of customized, ready-made sportswear and outerwear from knitted fabric produced in its facilities in the Hashemite Kingdom of Jordan (“Jordan”). Our website address is http://www.jerashholdings.com. Information available on our website is not a part of, and is not incorporated into, this Annual Report on Form 10-K. We are a manufacturer for several well-known brands and retailers, such as VF Corporation (which owns brands such as The North Face, Timberland, and Vans), New Balance, G-III (which licenses brands such as Calvin Klein, Tommy Hilfiger, DKNY, and Guess), Hugo Boss, American Eagle, and Skechers. Our production facilities include six factories and four warehouses and we currently employ approximately 6,000 people.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 153M | 146M | 117M | 138M | 143M | 93M |
| Net Income | 1.8M | -848K | -2.0M | 2.4M | 7.9M | 6.5M |
| EPS | $0.14 | $-0.07 | $-0.16 | $0.20 | $0.64 | $0.57 |
| Free Cash Flow | -2.9M | 414K | 1.2M | 10M | 6.0M | 2.2M |
| ROIC | 4.2% | -17.0% | -1.3% | 5.2% | 20.0% | 25.4% |
| Gross Margin | 16.2% | 15.3% | 14.4% | 15.8% | 19.1% | 19.3% |
| Debt/Equity | 0.00 | 0.32 | 0.25 | 0.23 | 0.23 | 0.23 |
| Dividends/Share | $0.20 | $0.20 | $0.20 | $0.20 | $0.19 | $0.20 |
| Operating Income | 4.4M | 1.4M | -665K | 4.4M | 10M | 7.7M |
| Operating Margin | 2.9% | 1.0% | -0.6% | 3.2% | 7.3% | 8.2% |
| ROE | 2.8% | -1.3% | -3.1% | 3.5% | 12.6% | 12.4% |
| Shares Outstanding | 13M | 12M | 13M | 12M | 12M | 11M |
| Metric | 2018 | 2019 | 2020 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 69M | 85M | 93M | 143M | 138M | 117M | 146M | 153M |
| Gross Margin | 25.9% | 22.1% | 19.3% | 19.1% | 15.8% | 14.4% | 15.3% | 16.2% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 12M | 6.3M | 7.7M | 10M | 4.4M | -665K | 1.4M | 4.4M |
| Op. Margin | 17.1% | 7.5% | 8.2% | 7.3% | 3.2% | -0.6% | 1.0% | 2.9% |
| Net Income | 10M | 5.1M | 6.5M | 7.9M | 2.4M | -2.0M | -848K | 1.8M |
| Net Margin | 15.0% | 6.0% | 7.0% | 5.5% | 1.8% | -1.7% | -0.6% | 1.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | 41.5% | 22.4% | 25.4% | 20.0% | 5.2% | -1.3% | -17.0% | 4.2% |
| ROE | 30.8% | 10.2% | 12.4% | 12.6% | 3.5% | -3.1% | -1.3% | 2.8% |
| ROA | 24.1% | 8.6% | 10.2% | 10.0% | 2.9% | -2.5% | -1.0% | 2.1% |
| Cash Flow | ||||||||
| Op. Cash Flow | 5.2M | 9.8M | 6.9M | 9.0M | 11M | 2.5M | 1.4M | -1.5M |
| Free Cash Flow | 4.3M | 9.0M | 2.2M | 6.0M | 10M | 1.2M | 414K | -2.9M |
| Owner Earnings | 3.8M | 4.9M | 5.1M | 5.9M | 8.0M | -1.0M | -3.1M | -6.0M |
| CapEx | 878K | 791K | 4.7M | 3.0M | 723K | 1.2M | 951K | 1.4M |
| Maint. CapEx | 1.2M | 1.3M | 1.5M | 2.1M | 2.4M | 2.5M | 2.7M | 2.7M |
| Growth CapEx | 0 | 0 | 3.2M | 806K | 0 | 0 | 0 | 0 |
| D&A | 1.2M | 1.3M | 1.5M | 2.1M | 2.4M | 2.5M | 2.7M | 2.7M |
| CapEx/OCF | N/A | 8.1% | 67.7% | 33.0% | 6.7% | 50.0% | 69.7% | 0.0% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 1.1M | 2.3M | 2.4M | 2.5M | 2.5M | 2.5M | 2.5M |
| Dividend Yield | N/A | 2.0% | 4.0% | 3.5% | 4.9% | 6.5% | 6.9% | 6.4% |
| Share Buybacks | 0 | 0 | 0 | 0 | 1.2M | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 2.4% | N/A | N/A | 0.0% |
| Stock-Based Comp | 117K | 3.6M | 278K | 947K | 414K | 986K | 1.8M | 1.8M |
| Debt Repayment | 0 | 0 | 0 | 0 | 7.2M | 7.5M | 14M | 14M |
| Balance Sheet | ||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.27 | 0.18 | 0.23 | 0.23 | 0.23 | 0.25 | 0.32 | 0.00 |
| Interest Coverage | 433.6 | 69.9 | 1242.2 | 49.8 | 5.7 | -0.6 | 0.8 | 0.8 |
| Equity | 34M | 50M | 54M | 69M | 68M | 64M | 63M | 64M |
| Total Assets | 43M | 59M | 67M | 85M | 84M | 80M | 83M | 84M |
| Total Liabilities | 9.2M | 9.0M | 13M | 16M | 15M | 16M | 20M | 21M |
| Intangibles | N/A | N/A | N/A | 499K | 499K | 499K | 499K | 499K |
| Retained Earnings | 31M | N/A | N/A | N/A | 46M | 42M | 38M | 38M |
| Working Capital | 29M | 48M | 48M | 56M | 43M | 36M | 35M | 35M |
| Current Assets | 37M | 55M | 59M | 70M | 57M | 51M | 54M | 54M |
| Current Liabilities | 7.9M | 7.6M | 11M | 14M | 14M | 15M | 20M | 20M |
| Per Share Data | ||||||||
| EPS | 1.07 | 0.45 | 0.57 | 0.64 | 0.20 | -0.16 | -0.07 | 0.14 |
| Owner EPS | 0.39 | 0.43 | 0.45 | 0.48 | 0.65 | -0.08 | -0.25 | -0.47 |
| Book Value | 3.47 | 4.40 | 4.79 | 5.62 | 5.55 | 5.14 | 5.18 | 5.01 |
| Cash Flow/Share | 0.53 | 0.86 | 0.61 | 0.73 | 0.88 | 0.20 | 0.11 | 0.35 |
| Dividends/Share | N/A | 0.10 | 0.20 | 0.19 | 0.20 | 0.20 | 0.20 | 0.20 |
| Shares Out. | 9.7M | 11.4M | 11.4M | 12.3M | 12.3M | 12.5M | 12.1M | 12.7M |
| Valuation | ||||||||
| P/E Ratio | N/A | 12.5 | 6.2 | 8.4 | 20.5 | N/A | N/A | 22.1 |
| P/FCF | N/A | 7.1 | 18.1 | 11.1 | 4.9 | 27.7 | 96.0 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 8.9 |
| Price/Book | N/A | 1.3 | 0.7 | 1.0 | 0.7 | 0.5 | 0.6 | 0.6 |
| Price/Sales | N/A | 0.7 | 0.6 | 0.5 | 0.4 | 0.3 | 0.2 | 0.3 |
| FCF Yield | N/A | 14.1% | 5.5% | 9.0% | 20.3% | 3.6% | 1.0% | -7.5% |
| Market Cap | N/A | 64M | 40M | 66M | 50M | 34M | 40M | 39M |
| Avg. Price | N/A | 5.03 | 5.05 | 5.53 | 4.12 | 3.03 | 2.95 | 3.09 |
| Year-End Price | N/A | 5.60 | 3.56 | 5.39 | 4.04 | 2.75 | 3.28 | 3.09 |
Jerash Holdings (US), Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
Jerash Holdings (US), Inc. trades at 22.1x trailing earnings, compared to its 15-year median P/E of 10.4x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 6.5% with a gross margin of 16.8%. Total shareholder yield (dividends) is 6.4%. At current prices, the estimated annualized return to fair value is +5.5%.
Jerash Holdings (US), Inc. (JRSH) has a current P/E ratio of 22.1, compared to its historical median P/E of 10.4. The stock is currently considered Expensive based on its historical valuation range.
Jerash Holdings (US), Inc. (JRSH) has a 5-year average return on invested capital (ROIC) of 6.5%. This is below average and may indicate limited pricing power.
Jerash Holdings (US), Inc. (JRSH) has a market capitalization of $39M. It is classified as a small-cap stock.
Yes, Jerash Holdings (US), Inc. (JRSH) pays a dividend with a trailing twelve-month yield of 6.42%.
Based on historical P/E analysis, Jerash Holdings (US), Inc. (JRSH) appears expensive. The current P/E of 22.1 is 112% above its historical median of 10.4. The estimated fair value CAGR (P/E method) is -25.0%.
Jerash Holdings (US), Inc. (JRSH) operates in the Apparel & Other Finishd Prods Of Fabrics & Similar Matl industry, within the Consumer Cyclical sector.
Jerash Holdings (US), Inc. (JRSH) reported annual revenue of $146 million in its most recent fiscal year, based on SEC EDGAR filings.
Jerash Holdings (US), Inc. (JRSH) has a net profit margin of -0.6%. The company is currently unprofitable.
Jerash Holdings (US), Inc. (JRSH) generated $414 thousand in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Jerash Holdings (US), Inc. (JRSH) has a debt-to-equity ratio of 0.32. This indicates a conservatively financed balance sheet.
Jerash Holdings (US), Inc. (JRSH) reported earnings per share (EPS) of $-0.07 in its most recent fiscal year.
Jerash Holdings (US), Inc. (JRSH) has a return on equity (ROE) of -1.3%. A negative ROE may indicate losses or negative equity.
Jerash Holdings (US), Inc. (JRSH) has a 5-year average gross margin of 16.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 7 years of financial data for Jerash Holdings (US), Inc. (JRSH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Jerash Holdings (US), Inc. (JRSH) has a book value per share of $5.18, based on its most recent annual SEC filing.
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