Jerash Holdings (US), Inc.
- Open
- 4.50
- Day high
- 4.58
- Day low
- 4.46
- Prev close
- 4.48
- Volume
- 3K
- Mkt cap
- $57M
- P/E (TTM)
- 16.6
- EPS (TTM)
- $0.27
- P/B
- 0.9
- P/S
- 0.3
- Yield
- 4.43%
- Per share
- $0.20
- ▼Insiders net selling -$1K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
Jerash Holdings (US), Inc. (JRSH) is a Consumer Cyclical company listed on NASDAQ. The stock is up 36% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
Jerash Holdings (US), Inc. (JRSH) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
JRSH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 15, 2026 | $-0.01 | $0.12 | +1300.0% | $43M | +18.5% |
| Nov 12, 2025 | $0.10 | $0.04 | -60.0% | $42M | -0.8% |
| Aug 12, 2025 | $0.14 | $0.03 | -78.6% | $40M | -3.3% |
| Jun 23, 2025 | $0.01 | $-0.01 | -200.0% | $29M | -10.5% |
| Aug 13, 2024 | $0.09 | $-0.11 | -222.2% | $41M | +3.0% |
| Feb 8, 2024 | $0.05 | $0.02 | -60.0% | $28M | +28.9% |
| Nov 13, 2023 | $0.07 | $0.03 | -57.1% | $33M | -9.1% |
| Feb 13, 2023 | $0.09 | $0.07 | -22.2% | $43M | +59.1% |
| Nov 10, 2022 | $0.19 | $0.14 | -26.3% | $38M | -7.2% |
| Aug 11, 2022 | $0.13 | $0.14 | +7.7% | $33M | -1.9% |
| Jun 23, 2022 | $0.07 | $-0.01 | -114.3% | $31M | +2.7% |
| Feb 10, 2022 | $0.10 | $0.13 | +30.0% | $37M | +17.2% |
JRSH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 23, 2026 | Lee Gilbert K.officer: Chief Financial Officer | Sell | 400 | $3.32 |
| Mar 27, 2024 | Lee Gilbert K.officer: Chief Financial Officer | Grant | 10,800 | — |
| Mar 27, 2024 | Ng Tsze Lun10 percent owner | Grant | 320,000 | — |
| Mar 27, 2024 | KORN BILLdirector | Grant | 4,500 | — |
| Mar 27, 2024 | Wei Yangdirector, officer: Vice President and Secretary | Grant | 25,200 | — |
| Mar 27, 2024 | Wei Yangdirector, officer: Vice President and Secretary | Grant | 41,400 | — |
| Mar 27, 2024 | Choi Lin Hungdirector, 10 percent owner, officer: Chairman/CEO/Pres./Treasurer | Grant | 320,000 | — |
| Mar 27, 2024 | Mak Chi Yandirector | Grant | 4,500 | — |
| Mar 27, 2024 | Saif Ibrahim H.director | Grant | 4,500 | — |
| Feb 17, 2023 | KORN BILLdirector | Grant | 2,500 | — |
| Feb 17, 2023 | Wei Yangdirector, officer: Vice President and Secretary | Grant | 14,000 | — |
| Feb 17, 2023 | Wei Yangdirector, officer: Vice President and Secretary | Grant | 23,000 | — |
| Feb 17, 2023 | Ng Tsze Lun10 percent owner | Grant | 125,000 | — |
| Feb 17, 2023 | Saif Ibrahim H.director | Grant | 2,500 | — |
| Feb 17, 2023 | Lee Gilbert K.officer: Chief Financial Officer | Grant | 6,000 | — |
Source: JRSH SEC Form 4 filings, latest Apr 23, 2026. For informational purposes only — not investment advice.
See the full JRSH insider & 13F page →Jerash Holdings (US), Inc. company profile
Overview
Jerash Holdings (US), Inc. (NASDAQ:JRSH) is a Jordan-based apparel manufacturer that went public in 2018. Founded in 2016 and headquartered in Fairfield, New Jersey, the company operates manufacturing facilities in Jordan where it produces customized and ready-made sportswear and outerwear for major global brands. The company leverages Jordan's strategic location and free trade agreements with the United States and European Union to serve international markets, particularly focusing on complex, higher-margin apparel manufacturing.
Business
Jerash Holdings operates in the global apparel manufacturing industry, specifically focusing on the production of sportswear and outerwear garments. The company manufactures a diverse range of products including t-shirts, jackets, pullovers, pants, shorts, crew neck shirts, polo shirts, and tank tops made from knitted fabrics. Additionally, the company produces personal protective equipment. The apparel manufacturing industry is characterized by labor-intensive production processes where companies like Jerash serve as contract manufacturers for major brand-name retailers. These manufacturers typically operate in countries with lower labor costs and favorable trade agreements, allowing global brands to outsource their production while maintaining quality standards and cost efficiency. Jerash's manufacturing operations are concentrated in Jordan, where the company operates multiple production facilities with an annual capacity of approximately 14-17 million garments. The company serves various brand-name retailers primarily in the United States, with some international customers. Key clients have included major brands such as The North Face, New Balance, Timberland, and Vans, with ongoing efforts to diversify the customer base through partnerships and joint ventures. The company operates as a single business segment focused on apparel manufacturing, with revenue generated entirely from the production and export of garments to international customers.
Revenue model
Jerash Holdings generates revenue through a contract manufacturing business model, where the company produces garments according to specifications provided by brand-name retailers and apparel companies. The company's customers are primarily large retail brands and apparel companies that outsource their manufacturing to reduce costs and focus on design, marketing, and distribution. The company's revenue is directly tied to the volume of garments produced and the pricing negotiated with each customer. Pricing typically depends on the complexity of the garment, materials used, order volume, and market conditions. Higher-margin products tend to be more complex garments requiring specialized manufacturing capabilities. Several factors significantly impact Jerash's profitability margins. Positive margin drivers include the company's strategic location in Jordan, which benefits from free trade agreements with the US and EU, eliminating tariffs and providing cost advantages over competitors in other regions. The company's focus on complex, higher-margin products and its established relationships with premium brands also support better pricing. Additionally, Jordan's relatively stable political environment and skilled workforce contribute to operational efficiency. Negative margin pressures include fluctuations in raw material costs, particularly fabric and textile inputs, labor cost inflation, and intense competition from other low-cost manufacturing countries in Asia and elsewhere. Economic downturns significantly impact the company as retail customers reduce orders and shift toward lower-priced, lower-margin products. Currency fluctuations, shipping costs, and changes in trade policies also affect profitability. The company has experienced margin compression during challenging retail environments when customers prioritize cost reduction over quality and complexity.
Competitive moat
Jerash Holdings operates in a highly competitive industry with limited sustainable competitive advantages. The company's primary competitive positioning stems from its geographic advantages through Jordan's free trade agreements with the US and EU, which provide tariff-free access to major markets. This creates a cost advantage over competitors in countries without such trade benefits. The company has developed specialized manufacturing capabilities for complex apparel items, which typically command higher margins than basic garments. Its established relationships with major brands like The North Face and New Balance provide some customer stickiness, as switching manufacturing partners involves significant time and cost for testing, certification, and quality assurance. However, these competitive advantages are relatively weak and easily replicable. Other manufacturers in Jordan and countries with similar trade agreements can offer comparable services. The apparel manufacturing industry is characterized by low barriers to entry, abundant global capacity, and intense price competition. Customers can relatively easily switch between manufacturers, and brand loyalty in contract manufacturing is primarily driven by cost, quality, and delivery reliability rather than unique capabilities. The company faces significant competitive threats from manufacturers in Asia, particularly China, Vietnam, and Bangladesh, which often offer lower labor costs despite potential tariff disadvantages. Additionally, automation and technological advances in manufacturing could erode labor cost advantages over time. The company's moat is therefore narrow and primarily dependent on maintaining operational efficiency, quality standards, and competitive pricing while leveraging its trade agreement benefits.
Risks & safety
Jerash Holdings presents a mixed margin of safety profile with some strengths but notable concerns about operational performance and cash generation. **Liquidity and Solvency:** - Strong current ratio of 3.13x indicates solid short-term liquidity - Cash position of $13.2 million provides reasonable cushion - Very low debt-to-equity ratio of 0.09x indicates minimal financial leverage - No significant solvency risk in the near term **Valuation Metrics:** - Price-to-book ratio of 0.67x suggests potential undervaluation - EV/EBITDA of 5.0x appears reasonable for the industry - Graham net-net ratio of 0.94x indicates trading near net current asset value **Operational Concerns:** - Negative free cash flow of -$3.5 million in recent quarter - Minimal net income of only $6,314 in Q3 2024 - Declining revenue trend from $40.9M to $35.4M over recent quarters - Volatile profitability with losses in some periods **Other Considerations:** - Industry cyclicality creates earnings volatility - Dependence on major customers creates concentration risk - Geopolitical risks from Middle East operations
Recent development
Over the past few years, Jerash Holdings has pursued several strategic initiatives to diversify its customer base and enhance its manufacturing capabilities. The company has significantly expanded its relationship with Timberland, projecting production to increase from 600,000 pieces in 2023 to 1.3 million pieces, making it a major customer alongside traditional partners like The North Face and New Balance. A key strategic move has been the formation of a joint venture with Busana Apparel Group, which has secured commitments from five premium brand customers and is projected to generate $8-9 million in incremental revenue over 12 months. This partnership represents an important step in customer diversification and access to new market segments. The company has also initiated partnerships focused on sustainable manufacturing, including a joint venture with Newtech Textile (NTX) to develop state-of-the-art fabric facilities in Jordan. This sustainable textile manufacturing initiative aims to reduce water usage by 90%, energy consumption by 65%, and carbon footprint by over 50%, positioning Jerash to meet growing ESG demands from customers. Capacity expansion has been another focus area, with the company acquiring the MK Factory (71,000 square feet) to add 2.5-3.5 million garments of annual capacity, bringing total capacity from 14 million to approximately 17.3 million pieces annually. The company has also been exploring construction of new facilities to support anticipated growth from new partnerships. Despite these strategic initiatives, the company has faced significant challenges from weak retail market conditions, with customers increasingly ordering lower-priced, lower-margin products. This has resulted in compressed margins and volatile financial performance, though management remains focused on maintaining full production capacity and targeting gross margins of 15-16%.
JRSH company profile · for informational purposes only — not investment advice.
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