Jerash Holdings (US), Inc. (JRSH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-105.8%

-$0.35

vs $6.08 price

Levered DCF

$1.27

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.68

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	10.32×	-49.42×	-19.25×	24.74×	9.58×	17.03×	8.93×	16.22×
P/B	0.57×	0.67×	0.59×	0.87×	1.1×	1.27×	1.06×	1.67×
P/S	0.22×	0.29×	0.32×	0.43×	0.53×	0.79×	0.62×	0.98×
EV / EBITDA	3.44×	6.55×	8.43×	5.12×	3.87×	6.48×	3.35×	7.5×
Gross margin	16.1%	15.3%	14.4%	15.8%	19.1%	17.7%	19.3%	22.1%
Operating margin	3.8%	1.0%	-0.6%	3.2%	7.3%	6.0%	8.2%	7.5%
Net margin	2.1%	-0.6%	-1.7%	1.8%	5.5%	4.6%	7.0%	6.0%
Current ratio	2.7×	2.75×	3.44×	3.97×	4.94×	4.36×	5.44×	7.3×
Debt / equity	0.13×	0.08×	0.02×	0.01×	0.03×	0.03×	0.02×	0.01×
Interest coverage	3.89×	0.84×	-0.55×	5.75×	49.81×	0×	0×	0×
Dividend yield	6.9%	5.9%	6.5%	4.2%	3.1%	3.2%	3.9%	1.4%
Payout ratio	71.8%	-289.8%	-122.6%	102.7%	29.9%	54.6%	35.0%	22.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.5%	-1.4%	-3.1%	3.5%	11.4%	7.4%	11.9%	10.2%
Return on invested capital	6.6%	-11.8%	-1.0%	3.8%	11.0%	6.8%	11.4%	9.7%
Return on assets	3.9%	-1.0%	-2.5%	2.9%	9.3%	5.7%	9.6%	8.6%
Free cash flow yield	-7.2%	-1.6%	-6.2%	8.4%	5.2%	-3.3%	3.9%	10.8%
Earnings yield	9.6%	-2.0%	-5.3%	4.1%	10.4%	5.8%	11.2%	6.1%
Enterprise value	$34.5M	$33.7M	$26.4M	$42.4M	$52.6M	$51.5M	$32.4M	$57M
Net debt / EBITDA	-0.22×	-1.6×	-3.65×	-2.06×	-1.71×	-2.51×	-2.62×	-3.49×
Cash conversion cycle (days)	72	70	93	91	103	149	110	117