公司概述
Jerash Holdings (US), Inc. operates within the consumer cyclical sector, specifically focusing on the apparel manufacturing industry where it designs, manufactures, and exports customized sportswear and outerwear through knitted fabrics. The company's product portfolio includes a diverse range of items such as t-shirts, jackets, vests, pants, shorts, polo shirts, and personal protective equipment, catering to various client brands. In terms of scale, the company holds a market capitalization of $38.73M and generates annual revenue of $152.62M, supported by an employee base of 6,000 individuals. These financial figures position the entity as a small-cap manufacturer with significant operational capacity relative to its valuation, indicating a business model that leverages a substantial workforce to generate revenue in a competitive global market.
财务健康
The company reported a trailing twelve-month revenue of $152.62M accompanied by a net income of $1.80M and an EBITDA of $7.41M, revealing a distinct gap between top-line revenue and bottom-line earnings that highlights a cost structure where operating expenses significantly erode pre-tax profits. The free cash flow stands at -$3,115,546, which indicates that current cash generation is insufficient to cover capital expenditures, suggesting limited financial flexibility for immediate reinvestment without external financing. Profitability metrics show a gross margin of 16.2%, an operating margin of 4.7%, and a profit margin of 1.2%, collectively indicating a low-margin business model typical of manufacturing that relies on high volume to sustain operations. Regarding liquidity and leverage, the company maintains cash reserves of $11.45M against total debt of $9.70M, while the debt-to-equity ratio is recorded at 15.25, suggesting a highly leveraged balance sheet where debt obligations are substantial relative to equity. The current ratio of 2.79 demonstrates strong short-term liquidity, implying that the firm possesses more than double the current assets necessary to meet its short-term liabilities. Return metrics further illustrate management effectiveness, with a return on equity of 2.9% and a return on assets of 3.4%, reflecting that management generates modest returns on the capital deployed by shareholders and the total asset base.
估值评估
Valuation multiples for Jerash Holdings show a trailing P/E ratio of 21.79 compared to a forward P/E of 8.03, implying a market expectation of significant future earnings expansion or a re-rating of the stock to align with lower historical multiples. The price-to-book ratio is 0.61, indicating that the market values the company at a significant discount to its book value, which may reflect concerns over the quality of assets or future profitability challenges. Alternative valuation metrics include a price-to-sales ratio of 0.25 and an EV/EBITDA of 5.00, suggesting that the market prices the company based primarily on revenue generation rather than current earnings power or cash flow. The stock has traded within a 52-week range with a high of $3.60 and a low of $2.81, and without a specific current price provided in the data, the valuation must be assessed strictly against these historical bounds and the disparate P/E multiples. The beta value is 1.02, which indicates that the stock's price volatility is nearly identical to the broader market, suggesting that systematic risk factors drive price movements rather than idiosyncratic company-specific events.
Growth & Income
Revenue growth year-over-year stands at 18.0%, while earnings growth is marked as N/A due to the low absolute net income figures relative to the revenue base. The disparity between robust revenue expansion and the lack of reported earnings growth implies that top-line gains are being absorbed by fixed costs or leverage effects before translating into bottom-line profit. The company pays a dividend yield of 6.5% with a payout ratio of 142.9%, indicating that dividends are funded by cash reserves or debt rather than current earnings, which raises questions regarding the sustainability of the payout given the negative free cash flow and low return on equity. Consequently, the overall growth and income profile presents a dichotomy where top-line expansion is strong, but income generation and dividend sustainability face structural headwinds from high leverage and thin margins.