One-glance verdict
Within fair range
$4.64 our estimate vs market $6.10
Wall Street consensus: $6.50 (40.1% higher than our fair-value estimate)
31% above our estimate
Fundamentals snapshot
Jerash Holdings (US), Inc.
JRSH · NCM · Consumer Cyclical · Apparel Manufacturing
Current price
$6.10
52-week range
$2.85 - $6.67
Market cap
$77.47M
Balance sheet
Healthy
3.89x Stretched
Net cash $3.45M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Revenue grew 6.4% last year.
- Reward Returns 7.7% on equity, ahead of 50% of its peers.
- Reward Free cash flow was positive in 7/10 years.
What this company does
Jerash Holdings (US), Inc.
Jerash Holdings makes and sells custom sportswear like jackets and t-shirts to brands and stores around the world. Their main income comes from selling these clothing items, and how well they manage their production costs (their margins, which is the profit left after paying for making the clothes) is important for their overall success.
How the company got here
Jerash Holdings (US), Inc. was founded in 2016 and is based in Fairfield, New Jersey. The company's roots trace back to 1999 in Jordan, where it began as a single garment factory. Over the years, it has grown into a vertically integrated manufacturing enterprise. A key turning point was its listing on the Nasdaq Stock Market, which brought increased transparency and governance standards. The company has expanded its operations significantly, now employing thousands of people across multiple production facilities.
What it actually does
Jerash Holdings manufactures and exports customized, ready-made sportswear and outerwear. Think of the athletic or casual wear you might buy from popular brands – Jerash is the company that makes these items for those brands. They work with knitted fabrics to create products like jackets, polo shirts, t-shirts, pants, and shorts. In addition to sportswear, they also produce personal protective equipment (PPE), such as face masks and medical scrubs.
Sportswear and Outerwear Manufacturing
This is the core business of Jerash Holdings. The company produces a wide range of athletic and casual clothing, including jackets, polo shirts, t-shirts, pants, and shorts, all made from knitted fabrics. They serve as a contract manufacturer, meaning they produce these items for well-known global brands and retailers. Companies like VF Corporation (which owns The North Face, Vans, and Timberland), New Balance, and Skechers rely on Jerash to produce their apparel. This segment is the primary driver of the company's revenue, with a significant portion coming from sales in the United States.
Personal Protective Equipment (PPE)
Jerash Holdings also has a segment dedicated to the production of personal protective equipment. This includes items like branded and disposable face masks, medical scrubs, protective coveralls, and surgical gowns. While sportswear is their main focus, this PPE division allows them to diversify their product offerings and cater to different market needs, especially those that emerged during health crises. This part of the business contributes to their overall manufacturing output.
What management is betting on now
Jerash Holdings is focused on expanding its manufacturing capacity and adapting its supply chain to meet the demands of global brands. They are investing in their facilities, which include multiple factory units and warehouses in Jordan, to increase production volume. The company also emphasizes responsible operations, focusing on environmental sustainability through initiatives like solar power and water recycling, and investing in its workforce by providing fair wages and development programs. Management aims to maintain transparency and accountability as a publicly listed company while growing its business.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q2
$4.41M
FY2025 Q3
$-3.15M
FY2025 Q4
$1.49M
FY2026 Q1
$-6.94M
FY2026 Q2
$6.42M
FY2026 Q3
$-3.90M
FY2026 Q4
$1.79M
FY2027 Q1
$2.35M
Revenue
$50.23M
Net income
$1.68M
Diluted EPS
0.13
Operating cash flow
$2.53M
Free cash flow
$2.35M
Fetching…
Sources
Revenue
$42.90M
Net income
$1.59M
Diluted EPS
0.11
Operating cash flow
$5.99M
Free cash flow
$1.79M
Fetching…
Sources
Revenue
$41.77M
Net income
$1.17M
Diluted EPS
0.09
Operating cash flow
$-3.81M
Free cash flow
$-3.90M
Fetching…
Sources
Revenue
$41.97M
Net income
$461.61K
Diluted EPS
0.04
Operating cash flow
$6.80M
Free cash flow
$6.42M
Fetching…
Sources
Revenue
$39.63M
Net income
$318.68K
Diluted EPS
0.03
Operating cash flow
$-6.48M
Free cash flow
$-6.94M
Fetching…
Sources
Revenue
$29.25M
Net income
$-152.63K
Diluted EPS
-0.01
Operating cash flow
$1.95M
Free cash flow
$1.49M
Fetching…
Sources
Revenue
$35.38M
Net income
$-5.81K
Diluted EPS
0.00
Operating cash flow
$-3.01M
Free cash flow
$-3.15M
Fetching…
Sources
Revenue
$40.24M
Net income
$655.29K
Diluted EPS
0.05
Operating cash flow
$4.63M
Free cash flow
$4.41M
Fetching…
Sources
Is it cheap or expensive?
Fair value $4.64 vs current price $6.10
Wall Street consensus is the average analyst price target: $6.50 (40.1% higher than our fair-value estimate).
Our most-likely fair value is $4.64 a share — about 23.9% away from today's price of $6.10, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net cash $3.5M - more cash than debt. Interest coverage 3.9x.
Net debt
$-3.45M
Interest coverage
3.89x
Jerash Holdings (US), Inc.'s profit covers its interest bill about 3.9 times over. which is stronger than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
JRSH
BASELINE
Jerash Holdings (US), Inc.
Total debt $8.95M Interest coverage 3.89x This is the baseline the peer rows are being compared against.
Total debt $114.48M Interest coverage 2.70x -31% vs JRSH Carries about 1.4x less debt cushion than JRSH.
Total debt $93.27M Interest coverage 2.60x -33% vs JRSH Carries about 1.5x less debt cushion than JRSH.
Total debt $38.94M Interest coverage -6.36x -100% vs JRSH This peer has almost no interest-payment cushion compared with JRSH.
Total debt $175.50M Interest coverage -0.72x -100% vs JRSH This peer has almost no interest-payment cushion compared with JRSH.
Total debt $524.09M Interest coverage 4.32x +11% vs JRSH Has roughly the same debt cushion as JRSH.
What you should know
The case for and against JRSH
3 Rewards
0 Risks
Rewards
-
Revenue grew 6.4% last year.
-
Returns 7.7% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 7/10 years.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
16.05x
Forward P/E
9.68x
P/B
1.17x
P/S
0.44x
EV/EBITDA
6.64x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
16.4%
Operating margin
5.2%
Net margin
2.8%
ROE
7.7%
ROA
5.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.14x
Current ratio
3.11x
Quick ratio
1.01x
Total debt
$8.95M
Total cash
$12.40M
Growth
How the business has been compounding
Revenue TTM
$176.86M
Revenue 5Y CAGR
3.8%
EPS TTM
0.38
EPS 5Y CAGR
12.4%
Cash flow
How much cash the business throws off
Operating CF TTM
$11.51M
Free CF TTM
$-2.63M
FCF margin
-1.5%
Dividend
Shareholder payout
Yield
3.3%
Payout ratio
52.6%
Last ex-div date
2026-08-17