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what it is
Jerash makes sportswear and outerwear in Jordan for bigger apparel brands like The North Face, New Balance, and Skechers.
how it gets paid
Last year Jrsh made $146M in revenue. crew neck shirts was the main engine at $54.0M, or 37% of sales.
why it's growing
Revenue grew 24.4% last year. Gross margin at 15.0% mattered most, because margin compression is the quiet part in a business with only a 4.0% operating margin.
what just happened
Latest quarter revenue hit $42.0M, up 4.3% vs. prior year, while diluted EPS landed at $0.00 as margins tightened.
At a glance
B balance sheet — gets the job done, barely
35/100 earnings predictability — expect surprises
48.2x trailing p/e — you're paying up for this one
6.6% dividend yield — cash in your pocket every quarter
3.5% return on capital — nothing to write home about
xvary composite: 53/100 — below average
What they do
Jerash makes sportswear and outerwear in Jordan for bigger apparel brands like The North Face, New Balance, and Skechers.
Jerash wins because it is already inside big-brand supply chains, with 24 million pieces of annual capacity across six factories and four warehouses as of March 31, 2025. Capacity → how much product it can make → so what: if a customer wants volume fast, you care whether the factory floor already exists. Jordan's apparel exports to the U.S. faced an effective 15% tariff in 2025 calls, which management said was more favorable than other sourcing regions, and that price gap matters when your customers are squeezing every cent.
How they make money
$146M
annual revenue · their business grew +24.4% last year
crew neck shirts
$54.0M
jackets
$36.5M
polo shirts and t-shirts
$29.2M
pants and shorts
$26.3M
The products that matter
outsourced apparel manufacturing
VF Corporation brands
~$110M · 75% of revenue
This customer bucket drives roughly three quarters of the $146M business, which is why every order cycle matters more than any broad retail headline.
concentration risk
apparel production for other labels
other U.S. brands
~$36M · 25% of revenue
This is the diversification bucket, and right now it is only about one quarter of sales. If it grows, the risk profile changes with it.
diversification watch
capacity expansion
Jordan plant acquisition
$3.4M · up to 40% more capacity
Management says the Feb. 5, 2026 plant acquisition could lift manufacturing capacity by 40% over one to two years. That's meaningful for a company this small.
execution bet
Key numbers
6.6%
dividend yield
You are being paid like this is a stable income stock, even while the company is expected to lose $0.07 a share for the year.
$146M
annual revenue
This is a real business, but it is being valued at only about $39M, or roughly 0.27 times sales.
4.0%
operating margin
Operating margin → profit after core business costs → so what: Jerash does not need a big mistake to have a bad year.
$0M
long-term debt
Zero long-term debt gives Jerash more room to survive a weak year than most tiny manufacturers get.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 65 / 100
- long-term debt $0M (0% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for JRSH right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest quarter revenue hit $42.0M, up 4.3% vs. prior year, while diluted EPS landed at $0.00 as margins tightened.
The annual picture still looks uneven. Fiscal 2025 revenue was $146M, but full-year EPS was -$0.07 in the base data, which tells you sales recovery has been much better than profit recovery.
$42.0M
revenue
$0.00
eps
15.0%
gross margin
the number that mattered
Gross margin at 15.0% mattered most, because margin compression is the quiet part in a business with only a 4.0% operating margin.
source: company earnings report, 2025
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What could go wrong
the top risk is VF Corporation customer concentration — roughly $110M of annual revenue tied to one relationship.
high
VF Corporation concentration
Approximately 75% of revenue comes from VF Corp brands. That is concentration by any standard.
If that business slips, roughly $110M of the $146M revenue base is exposed.
high
Jordan tariff and sourcing economics
The Jordan manufacturing footprint only helps if the tariff and cost setup stays favorable for U.S. customers.
A negative tariff reset would pressure the entire ~$146M revenue base, not just one line item.
med
thin margin economics
Gross margin was 16.9% last quarter and management guided to 14–16% next quarter. There is not much room for mistakes.
A 100 basis point margin move changes gross profit by about $1.5M on $146M of annual revenue.
med
dividend sustainability
The stock yields 6.6% while analysts expect a full-year loss of -$0.07 per share. That mismatch is the whole question.
If the payout is cut, one of the few obvious reasons income investors own the stock disappears.
This risk stack exposes most of the company: roughly $110M depends on one customer, all ~$146M depends on favorable sourcing economics, and the margin cushion is only mid-teens.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the metric
gross margin versus the 14–16% guide
This is the heartbeat of the story. The last quarter printed 16.9%. If margins slide back into the low end of guidance, the recovery case weakens fast.
customer risk
VF Corporation order trends
Roughly $110M of annual revenue sits here. Any order softness matters more than broad apparel commentary.
next print
Q1 FY27 revenue guidance
Management guided to a 2%–7% decline from last year. The next report tells you whether that was conservatism or the start of a slowdown.
capacity
$3.4M plant acquisition execution
Management says the deal can increase capacity by 40% over one to two years. If that shows up in volume and mix, the earnings power changes.
Analyst rankings
earnings predictability
35 / 100
In human-speak, analysts do not trust smooth quarterly execution here. Expect uneven results.
source: institutional data
Institutional activity
institutional ownership data for JRSH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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