Latest Ratios: P/E Ratio 16.5x · EV/EBITDA 5.4x · ROE 5.5%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $57M | $38M | $42M | $38M | $60M | $76M | $71M | $58M | $84M | — | — |
| Enterprise Value | $54M | $36M | $34M | $26M | $43M | $53M | $51M | $33M | $57M | — | — |
| P/E Ratio → | 16.48 | 10.70 | — | — | 24.74 | 9.58 | 17.03 | 8.93 | 16.38 | — | — |
| P/S Ratio | 0.34 | 0.23 | 0.29 | 0.32 | 0.43 | 0.53 | 0.79 | 0.63 | 0.98 | — | — |
| P/B Ratio | 0.90 | 0.59 | 0.67 | 0.58 | 0.87 | 1.10 | 1.27 | 1.06 | 1.66 | — | — |
| P/FCF | — | — | — | — | 11.91 | 19.54 | — | 26.07 | 9.29 | — | — |
| P/OCF | 22.66 | 15.28 | 30.72 | 15.14 | 5.51 | 8.52 | — | 8.43 | 8.54 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.22 | 0.23 | 0.22 | 0.31 | 0.37 | 0.57 | 0.35 | 0.67 | — | — |
| EV / EBITDA | 5.44 | 3.60 | 7.14 | 9.94 | 5.43 | 3.93 | 6.47 | 3.41 | 7.49 | — | — |
| EV / EBIT | 8.59 | 5.68 | 18.02 | — | 8.77 | 4.96 | 9.54 | 4.30 | 8.94 | — | — |
| EV / FCF | — | — | — | — | 8.51 | 13.51 | — | 14.76 | 6.34 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.1% | 16.1% | 15.3% | 14.4% | 15.8% | 19.1% | 17.7% | 19.3% | 22.1% | 25.9% | 24.8% |
| Operating Margin | 3.8% | 3.8% | 1.0% | -0.6% | 3.2% | 7.3% | 6.0% | 8.2% | 7.5% | 17.1% | 17.2% |
| Net Profit Margin | 2.1% | 2.1% | -0.6% | -1.7% | 1.8% | 5.5% | 4.6% | 7.0% | 6.0% | 15.0% | 17.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.5% | 5.5% | -1.3% | -3.0% | 3.5% | 12.6% | 7.5% | 12.3% | 12.1% | 37.1% | 55.2% |
| ROA | 4.0% | 4.0% | -1.0% | -2.4% | 2.9% | 10.0% | 5.9% | 10.2% | 10.0% | 27.0% | 36.3% |
| ROIC | 8.1% | 8.1% | 2.0% | -1.0% | 6.8% | 19.1% | 12.3% | 21.6% | 19.0% | 39.6% | 49.7% |
| ROCE | 9.5% | 9.5% | 2.2% | -1.0% | 6.3% | 16.2% | 9.4% | 14.2% | 14.6% | 41.3% | 55.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.08 | 0.02 | 0.01 | 0.02 | 0.03 | 0.02 | 0.01 | 0.03 | — |
| Debt / EBITDA | 0.86 | 0.86 | 1.09 | 0.38 | 0.10 | 0.12 | 0.24 | 0.09 | 0.09 | 0.08 | — |
| Net Debt / Equity | — | -0.03 | -0.13 | -0.18 | -0.25 | -0.34 | -0.35 | -0.46 | -0.53 | -0.22 | -0.17 |
| Net Debt / EBITDA | -0.22 | -0.22 | -1.74 | -4.34 | -2.17 | -1.75 | -2.51 | -2.62 | -3.49 | -0.58 | -0.30 |
| Debt / FCF | — | — | — | — | -3.41 | -6.03 | — | -11.31 | -2.95 | -1.78 | -0.51 |
| Interest Coverage | 3.89 | 3.89 | 1.09 | -0.14 | 6.32 | 50.60 | — | — | — | — | — |
Net cash position: cash ($11M) exceeds total debt ($9M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.70 | 2.70 | 2.75 | 3.45 | 3.97 | 4.94 | 4.36 | 5.44 | 7.30 | 4.65 | 2.55 |
| Quick Ratio | 1.31 | 1.31 | 1.01 | 1.39 | 1.60 | 2.85 | 2.47 | 3.15 | 4.46 | 1.95 | 0.93 |
| Cash Ratio | 0.50 | 0.50 | 0.67 | 0.84 | 1.23 | 1.82 | 1.47 | 2.41 | 3.58 | 1.09 | 0.31 |
| Asset Turnover | — | 1.85 | 1.72 | 1.46 | 1.65 | 1.68 | 1.23 | 1.38 | 1.43 | 1.60 | 1.83 |
| Inventory Turnover | 4.66 | 4.66 | 3.60 | 3.31 | 3.40 | 3.93 | 2.64 | 3.03 | 3.08 | 2.40 | 2.44 |
| Days Sales Outstanding | — | 12.46 | 7.70 | 16.87 | 6.20 | 29.09 | 50.22 | 20.94 | 17.27 | 27.90 | 36.18 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.3% | 6.7% | 5.9% | 6.5% | 4.2% | 3.1% | 3.2% | 3.9% | 1.4% | — | — |
| Payout Ratio | 71.8% | 71.8% | — | — | 102.7% | 29.9% | 54.6% | 35.0% | 22.2% | — | 49.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.1% | 9.3% | — | — | 4.0% | 10.4% | 5.9% | 11.2% | 6.1% | — | — |
| FCF Yield | — | — | — | — | 8.4% | 5.1% | — | 3.8% | 10.8% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 2.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 4.3% | 6.7% | 5.9% | 6.5% | 6.1% | 3.1% | 3.2% | 3.9% | 1.4% | — | — |
| Shares Outstanding | — | $13M | $12M | $12M | $13M | $12M | $11M | $11M | $11M | $11M | $13M |
Geopolitical and Trade Concentration
Based on recent market data, JRSH trades at a P/S ratio of 0.35 and an EV/EBITDA of 5.58, suggesting that investors are applying a significant discount compared to broader apparel peers, likely due to the inherent risks associated with its concentrated manufacturing footprint in Jordan.
The current valuation multiples appear to reflect a market skepticism regarding the sustainability of the company's duty-free cost advantage. While the low EV/EBITDA ratio might suggest an attractive entry point, it likely accounts for the high volatility in earnings and the lack of pricing power inherent in a contract manufacturing model.
According to historical financial data, ROIC has struggled to maintain positive momentum, peaking at only 2.8% in 2025Q4, which indicates that the company is currently failing to generate returns that meaningfully exceed its cost of capital in a consistent, compounding manner.
The persistent low ROIC is a direct consequence of the thin operating margins and the capital-intensive nature of maintaining manufacturing facilities. Investors should monitor whether future capacity expansions can drive sufficient throughput to improve these returns, or if the business model remains structurally limited by its low-margin, high-volume nature.
As reported in recent filings, the cash conversion cycle has fluctuated significantly, reaching 71 days in 2025Q4, which highlights the company's ongoing struggle to optimize inventory management and payment terms with its major global retail customers in a highly transactional, purchase-order-driven environment.
The variability in the CCC suggests that the company lacks the bargaining power to dictate favorable terms, leaving it vulnerable to shifts in customer demand and supply chain bottlenecks. The high DIO relative to peers warrants further investigation into whether this reflects seasonal inventory build-ups or potential obsolescence risks for custom apparel.
The P/E ratio is frequently misapplied to JRSH, as reported in various market analyses, because it obscures the extreme volatility of net income caused by non-recurring operational shifts and the company's reliance on working capital adjustments rather than core earnings growth to drive cash flow.
Investors should instead focus on EV/Sales or EV/EBITDA to better capture the underlying operational scale and enterprise value, as these metrics are less distorted by the company's thin net margins and periodic accounting fluctuations. Relying on P/E in this context may lead to a false sense of valuation stability.
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Quick answers to the most common questions about buying JRSH stock.
Jerash Holdings (US), Inc.'s current P/E ratio is 16.5x. The historical average is 14.6x. This places it at the 67th percentile of its historical range.
Jerash Holdings (US), Inc.'s current EV/EBITDA is 5.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.9x.
Jerash Holdings (US), Inc.'s return on equity (ROE) is 5.5%. The historical average is 23.2%.
Based on historical data, Jerash Holdings (US), Inc. is trading at a P/E of 16.5x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Jerash Holdings (US), Inc.'s current dividend yield is 4.33% with a payout ratio of 71.8%.
Jerash Holdings (US), Inc. has 16.1% gross margin and 3.8% operating margin.
Jerash Holdings (US), Inc.'s Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.