olivLaw · US equity research
Jerash Holdings (US), Inc. JRSH
Apparel & Other Finishd Prods of Fabrics & Similar Matl · SIC 2300 · Vertical: Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300)
Jerash Holdings manufactures and exports knitted sportswear and outerwear from its factories in Jordan for global brands such as VF Corporation. The company reported revenue of 166.3 million USD for fiscal 2026, and in the first quarter of fiscal 2027 revenue rose to 50.2 million USD, as Jordan's role in US trade remains central.
At the close of 04 Nov 2026, Jerash Holdings (US), Inc. (JRSH) stock was 5.81 USD (−1.02% on the day), with market capitalisation 73.8 m USD, P/E 15.3 on diluted EPS of 0.38 USD over the last 12 months, dividend yield 3.44%, beta 0.57, 52-week range 2.86–6.47 USD. Latest reported quarter (Q1 2027): revenue of 50.2 m USD (+26.7% YoY), net income of 1.7 m USD (+427.1% YoY), diluted EPS 0.13 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.6
- weak (30–45)
- Bollinger (20, 2)
- 5.78 – 6.44
- in the lower half of the band · %B 0.04 · band width 10.7%
- SMA 50 / 200
- 5.81 / 4.26
- mixed trend
- MACD (12, 26, 9)
- 0.02 / 0.08
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.6% | −1.1% | −2.6 pp | — |
| 3 months | +21.0% | −0.5% | +21.5 pp | — |
| 6 months | +66.5% | +4.4% | +62.1 pp | — |
| Year to date | +90.5% | +12.3% | +78.2 pp | — |
| 1 year | +77.7% | +13.5% | +64.1 pp | +6.7% |
| 3 years | +81.0% | +76.4% | +4.6 pp | +2.9% |
| 5 years | −20.7% | +63.7% | −84.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40.2 m | 35.4 m | 29.3 m | 39.6 m | 42.0 m | 41.8 m | 42.9 m | 50.2 m |
| Cost of revenue | 33.2 m | 30.0 m | 24.0 m | 33.5 m | 35.7 m | 34.7 m | 35.5 m | 42.0 m |
| Gross profit | 7.1 m | 5.4 m | 5.2 m | 6.1 m | 6.3 m | 7.0 m | 7.4 m | 8.3 m |
| SG&A | 5.4 m | 4.2 m | 4.5 m | 4.9 m | 5.0 m | 4.9 m | 4.8 m | 5.4 m |
| Operating income | 1.1 m | 707.7 k | 433.5 k | 959.0 k | 1.1 m | 1.9 m | 2.3 m | 2.6 m |
| Depreciation & amortisation | 115.2 k | 115.3 k | 118.1 k | 117.0 k | 115.5 k | 114.9 k | 113.4 k | 102.2 k |
| Interest expense | 503.1 k | 364.9 k | 371.5 k | 355.8 k | 493.5 k | 393.2 k | 382.9 k | 549.4 k |
| Pre-tax income | 770.4 k | 456.0 k | 179.7 k | 652.5 k | 633.1 k | 1.5 m | 1.9 m | 2.1 m |
| Income tax | 105.9 k | 449.7 k | 323.8 k | 328.8 k | 153.8 k | 367.9 k | 269.5 k | 404.2 k |
| Net income | 655.3 k | -5.8 k | -152.6 k | 318.7 k | 461.6 k | 1.2 m | 1.6 m | 1.7 m |
| Diluted EPS | 0.05 | 0.00 | -0.01 ≈ | 0.03 | 0.04 | 0.09 | 0.12 ≈ | 0.13 |
| Operating cash flow | 4.6 m ≈ | -3.0 m ≈ | 1.9 m | -6.5 m | 6.8 m ≈ | -3.8 m ≈ | 6.0 m | 2.5 m |
| Capex | 218.0 k ≈ | 143.4 k ≈ | 459.4 k | 464.9 k | 379.5 k ≈ | 92.0 k ≈ | 4.2 m | 184.6 k |
| Dividends paid | 614.7 k ≈ | 614.7 k ≈ | 614.7 k | 635.0 k | 635.0 k ≈ | 635.0 k ≈ | 635.0 k | 635.0 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 21-quarter history (min 7.5, median 12.7, max 57.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 85.0 m | 93.0 m | 90.2 m | 143.4 m | 138.1 m | 117.2 m | 145.8 m | 166.3 m |
| Revenue YoY | +22.6% | +9.5% | −3.0% | +58.9% | −3.7% | −15.1% | +24.4% | +14.0% |
| Net income | 5.1 m | 6.5 m | 4.1 m | 7.9 m | 2.4 m | -2.0 m | -848.4 k | 3.5 m |
| Net income YoY | −50.9% | +26.7% | −35.9% | +90.8% | −69.4% | −182.9% | unavailable | unavailable |
| Diluted EPS | 0.45 | 0.57 | 0.37 | 0.67 | 0.19 | -0.16 | -0.07 | 0.27 |
| Diluted EPS YoY | −57.9% | +26.7% | −35.1% | +81.1% | −71.6% | −184.2% | unavailable | unavailable |
| net % | 6.0% | 7.0% | 4.6% | 5.5% | 1.8% | -1.7% | -0.6% | 2.1% |
| Free cash flow | 9.0 m | 2.2 m | -2.4 m | 6.0 m | 10.1 m | 1.2 m | 413.5 k | -2.6 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 10.8 m USD
- Financial debt
- 2.8 m USD
- Net debt
- -7.9 m USD
- Equity
- 64.9 m USD
- Total assets
- 89.9 m USD
- Debt / equity
- 0.04x
- Current ratio
- 2.70x
- ROE
- 5.5%
- ROA
- 4.1%
- FCF margin
- -1.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 90.2 m | 143.4 m | 138.1 m | 117.2 m | 145.8 m | 166.3 m | SEC (XBRL)· 18 Jun 2026verified |
| Cost of revenue | 74.2 m | 116.0 m | 116.3 m | 100.3 m | 123.5 m | 139.5 m | SEC (XBRL)· 18 Jun 2026verified |
| Gross profit | 16.0 m | 27.3 m | 21.8 m | 16.9 m | 22.3 m | 26.8 m | SEC (XBRL)· 18 Jun 2026verified |
| SG&A | 10.5 m | 15.9 m | 17.0 m | 16.6 m | 19.1 m | 19.6 m | SEC (XBRL)· 18 Jun 2026verified |
| Operating income | 5.4 m | 10.5 m | 4.4 m | -665.0 k | 1.4 m | 6.3 m | SEC (XBRL)· 18 Jun 2026verified |
| Depreciation & amortisation | 1.6 m | 2.1 m | 2.4 m | 2.5 m | 465.0 k | 460.9 k | SEC (XBRL)· 18 Jun 2026verified |
| EBITDA | 7.0 m ≈ | 12.6 m ≈ | 6.8 m ≈ | 1.9 m ≈ | 1.9 m ≈ | 6.8 m ≈ | SEC (XBRL)· 18 Jun 2026derived |
| Interest expense | — | 210.6 k | 768.1 k | 1.2 m | 1.7 m | 1.6 m | SEC (XBRL)· 18 Jun 2026verified |
| Pre-tax income | 5.5 m | 10.4 m | 4.1 m | -1.4 m | 151.2 k | 4.7 m | SEC (XBRL)· 18 Jun 2026verified |
| Income tax | 1.3 m | 2.5 m | 1.7 m | 672.5 k | 991.1 k | 1.1 m | SEC (XBRL)· 18 Jun 2026verified |
| Net income | 4.1 m | 7.9 m | 2.4 m | -2.0 m | -848.4 k | 3.5 m | SEC (XBRL)· 18 Jun 2026verified |
| Diluted EPS | 0.37 | 0.67 | 0.19 | -0.16 | -0.07 | 0.27 | SEC (XBRL)· 18 Jun 2026verified |
| Weighted average diluted shares | 11.3 m | 11.9 m | 12.7 m | 12.3 m | 12.3 m | 13.2 m | SEC (XBRL)· 18 Jun 2026verified |
| Dividend per share | — | — | 0.20 | 0.20 | 0.20 | 0.20 | SEC (XBRL)· 18 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 21.1 m | 25.2 m | 17.8 m | 12.4 m | 13.3 m | 10.8 m | SEC (XBRL)· 18 Jun 2026verified |
| Receivables | 12.0 m | 11.0 m | 2.2 m | 5.4 m | 3.1 m | 5.7 m | SEC (XBRL)· 18 Jun 2026verified |
| Inventories | 25.0 m | 28.3 m | 32.7 m | 27.2 m | 27.7 m | 30.0 m | SEC (XBRL)· 18 Jun 2026verified |
| Current assets | 64.7 m | 69.9 m | 57.3 m | 50.9 m | 54.4 m | 58.4 m | SEC (XBRL)· 18 Jun 2026verified |
| Property, plant & equipment, net | 5.7 m | 10.9 m | 22.4 m | 25.0 m | 25.0 m | 27.4 m | SEC (XBRL)· 18 Jun 2026verified |
| Goodwill | — | 499.3 k | 499.3 k | 499.3 k | 499.3 k | 499.3 k | SEC (XBRL)· 18 Jun 2026verified |
| Total assets | 73.2 m | 85.3 m | 83.7 m | 80.2 m | 83.0 m | 89.9 m | SEC (XBRL)· 18 Jun 2026verified |
| Accounts payable | 7.9 m | 4.8 m | 5.8 m | 6.3 m | 6.5 m | 7.2 m | SEC (XBRL)· 18 Jun 2026verified |
| Short-term debt | — | 300.2 k | — | — | — | — | SEC (XBRL)· 14 Nov 2023verified |
| Long-term debt | — | — | — | — | — | 2.8 m | SEC (XBRL)· 18 Jun 2026verified |
| Current liabilities | 14.8 m | 14.1 m | 14.4 m | 14.8 m | 19.8 m | 21.6 m | SEC (XBRL)· 18 Jun 2026verified |
| Total liabilities | 16.9 m | 16.0 m | 15.5 m | 15.8 m | 20.1 m | 24.9 m | SEC (XBRL)· 18 Jun 2026verified |
| Equity | 56.4 m | 69.3 m | 68.2 m | 64.4 m | 62.9 m | 64.9 m | SEC (XBRL)· 18 Jun 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.5 m | 9.0 m | 10.8 m | 2.5 m | 1.4 m | 2.5 m | SEC (XBRL)· 18 Jun 2026verified |
| Capex | 890.5 k | 3.0 m | 722.8 k | 1.2 m | 951.1 k | 5.1 m | SEC (XBRL)· 18 Jun 2026verified |
| Free cash flow | -2.4 m ≈ | 6.0 m ≈ | 10.1 m ≈ | 1.2 m ≈ | 413.5 k ≈ | -2.6 m ≈ | SEC (XBRL)· 18 Jun 2026derived |
| Investing cash flow | -894.3 k | -8.7 m | -13.8 m | -5.1 m | -2.4 m | -5.8 m | SEC (XBRL)· 18 Jun 2026verified |
| Financing cash flow | -1.7 m | 3.3 m | -4.0 m | -2.4 m | 2.1 m | 671.3 k | SEC (XBRL)· 18 Jun 2026verified |
| Dividends paid | 2.3 m | 2.4 m | 2.5 m | 2.5 m | 2.5 m | 2.5 m | SEC (XBRL)· 18 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 68 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 73.8 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet77
- Growth68
- Quality65
- Returns70
- Valuation63
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.63 – 14.61 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)9.83 – 14.61 (Mid 11.68)WACC 9.1% · starting FCFF 8.1 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -24.9%
- Peers: EV/EBITDA3.45 – 9.13 (Mid 3.69)6 companies used · median multiple 4.2x · quartiles 3.9x – 12.4xAS, CRI, GIII, GIL, LEVI, LULU
- Peers: P/E4.22 – 12.85 (Mid 6.29)11 companies used · median multiple 16.6x · quartiles 11.1x – 33.9xAS, BRIA, COLM, CRI, FIGS, GIII, GIL, LEVI, LULU, NCI, SGC
- Dividend discount (DDM)2.63 – 3.53 (Mid 3.01)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 68/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.8% | 64 (vs peers) | 10% |
| Net margin · Quality | 2.8% | 31 (vs peers) | 6% |
| FCF conversion · Quality | 135.9% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 6.4% | 53 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 12.4% | 83 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | -1.3x | 88 (vs peers) | 10% |
| Interest coverage · Balance sheet | 4.4x | 45 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 15.3x | 64 (vs peers) | 10% |
| EV/EBITDA · Valuation | 7.4x | 33 (vs peers) | 10% |
| FCF yield · Valuation | 9.0% | 100 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 3.4% | 49 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 38.1% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet77/100 · 3/3 factors with a value
- Growth68/100 · 2/2 factors with a value
- Quality65/100 · 3/3 factors with a value
- Returns70/100 · 2/2 factors with a value
- Valuation63/100 · 3/3 factors with a value
Memo
Jerash Holdings (US), Inc. (JRSH). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 166.3 m USD in 2026; YoY growth 14.0%; net margin 2.8%; ROE 7.6%; net debt/EBITDA -1.3x.
The estimated value range is 3.84–10.99 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 4.99 USD, the price of 5.81 USD leaves a potential of -14.1% (value / price − 1) and a margin of safety of -16.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 68/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 135.9%
- EPS CAGR 3Y: 12.4%
- Net debt / EBITDA: -1.3x
- Current ratio: 3.1x
- FCF yield: 9.0%
- Payout ratio (FCF): 38.1%
What contradicts it
- The valuation methods diverge
Versus the vertical median
Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASAmer Sports, Inc. | 17.9 bn | 42.2 | 7.9% | 6.5% | +26.7% | −14% / unavailable |
| LULUlululemon athletica inc. | 11.8 bn | 9.2 | 30.9% | 12.8% | +4.9% | −39% / −75% |
| GILGildan Activewear Inc. | 8.0 bn | 16.6 | 15.9% | 11.0% | +10.7% | −22% / +19% |
| COLMColumbia Sportswear Company | 3.6 bn | 18.4 | 12.7% | 6.0% | +0.9% | +32% / −9% |
| GIIIG III Apparel Group Ltd | 1.4 bn | 10.8 | 7.7% | 4.8% | −7.0% | +14% / +15% |
| CRICarter’s, Inc. | 1.2 bn | 5.5 | 22.9% | 7.4% | unavailable | +5% / −51% |
| LEVILevi Strauss & Co | 894.9 m | 15.9 | 25.8% | 8.8% | +4.1% | +8% / +54% |
| SGCSuperior Group Of Companies, Inc. | 224.5 m | 25.6 | 4.3% | 1.4% | +0.1% | +45% / +18% |
| JRSHJerash Holdings (US), Inc. | 73.8 m | 15.3 | 7.6% | 2.8% | +14.0% | +78% / +81% |
| PASWPing An Biomedical Co., Ltd. | 60.1 m | — | -28.4% | -37.6% | unavailable | +541% / unavailable |
| BRIABrilliA Inc | 34.5 m | 11.5 | 21.5% | 4.4% | +15.1% | −23% / unavailable |
| NCINeo-Concept International Group Holdings Limited | 12.8 m | 63.1 | 0.6% | 0.2% | −41.9% | −93% / unavailable |
| LANVLanvin Group Holdings Limited | — | — | -200.4% | -50.3% | −22.9% | −60% / −79% |
| GOOSCanada Goose Holdings Inc. | — | — | 19.8% | 7.0% | +1.1% | −36% / −20% |
| UAUnder Armour, Inc. | — | — | -29.8% | -10.0% | −3.8% | +26% / −27% |
| FIGSFIGS, Inc. | 0 | 67.0 | 14.8% | 8.7% | +13.6% | +124% / +202% |
| ZGNErmenegildo Zegna N.V. | — | — | 10.1% | 5.1% | −1.5% | +39% / +30% |
1- and 3-year price returns: for JRSH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.56 Total return -36% · Per year -36% | 6.28 Total return 12% · Per year 12% | 9.46 Total return 67% · Per year 67% |
| 3 years | 3.58 Total return -30% · Per year -11% | 7.11 Total return 34% · Per year 10% | 11.73 Total return 117% · Per year 29% |
| 5 years | 3.61 Total return -24% · Per year -5% | 8.05 Total return 60% · Per year 10% | 14.56 Total return 179% · Per year 23% |
- Exit P/E± 1.78
- Net margin± 1.24
- Annual revenue growth± 1.00
- Annual dilution± 0.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Jerash Holdings manufactures and exports knitted sportswear and outerwear from its factories in Jordan for global brands such as VF Corporation. The company reported revenue of 166.3 million USD for fiscal 2026 1, and in the first quarter of fiscal 2027 revenue rose to 50.2 million USD 3, as Jordan's role in US trade remains central.
SWOT
Strengths
- The company benefits from preferential US market access under the free trade agreement with Jordan and from an integrated manufacturing platform with owned and leased factories 13.
- Revenue and gross margin growth in the first quarter of fiscal 2027 indicate better operating efficiency through automation and economies of scale 3.
- The company has long-standing relationships with several sportswear and outerwear customers, including major US brands 1.
Weaknesses
Opportunities
- New customers in Korea and other regions could diversify the revenue base and reduce current concentration 23.
- If demand grows, expanding capacity through the new Amman factory could support higher volumes 13.
- The US-Jordan trade agreement could attract new orders from brands seeking suppliers outside Asia 23.
Threats
- Loss or reduction of orders from the main customer could sharply affect revenue and operating results 1.
- US tariff changes and regional geopolitical instability could alter the price advantage of products made in Jordan 123.
- The cyclicality of the retail industry and shifts in consumer preferences could reduce customer orders 1.
Risks
- Dependence on VF Corporationhigh
A major part of sales comes from one customer, and the relationship is not secured by long-term contracts, so revenue is sensitive to that customer's decisions 1.
- Tariffs and trade policyhigh
Changes in US tariffs could alter the competitiveness of products made in Jordan, and the final level depends on tariff categories and bilateral agreements 12.
- Geopolitical and logistics riskmedium
Tensions in the Middle East could affect transport and the cost of raw materials imported from Asia, with an impact on margins 3.
- Liquidity and financingmedium
The company uses several bank facilities and a loan for its new property, and working capital needs could rise if volumes expand 12.
- Retail cyclicalitylow
Retail customers are exposed to economic variations and fashion shifts, which can lead to smaller or delayed orders 1.
Investment thesis
What would need to be true (bull case)
- If revenue stays on the path of the first quarter of fiscal 2027 and margins improve through automation, the company could show better profitability 3.
- The trade agreement with the US and customer diversification could create growth opportunities and reduce dependence on the main customer 23.
- Capacity expansion through the new factory could allow the company to take on additional orders from existing and new customers 13.
What would break the thesis
- If the main customer reduces volumes, revenue could fall quickly given the absence of long-term contracts 1.
- Changes in tariffs or a tightening of the trade regime could erode the price advantage of production in Jordan 12.
- Higher transport and logistics costs could squeeze margins, especially if the guidance for the next quarter is confirmed 3.
What to watch
- Delivery of revenue and gross margin guidance for the second quarter of fiscal 2027Q2 2027
- Trend in orders from the main customer and its share of salesnext 10-K
- Commissioning of the new Amman factory and its effect on capacity2027
- Application of US tariffs and the US-Jordan agreement to exported product categories2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Jerash Holdings (US), Inc. through its wholly owned operating subsidiaries manufactures and exports customized, ready-made sportswear and outerwear from knitted fabric, produced mainly in the Hashemite Kingdom of Jordan 1. The company presents itself as a manufacturer for several well-known brands and retailers, including VF Corporation, New Balance, G-III, Hugo Boss, American Eagle and Acushnet 1. Total annual capacity at its facilities was approximately 24 million pieces as of March 31, 2026, with approximately 6,300 employees 1.
The legal structure includes a Delaware holding company and several subsidiaries in Jordan, Hong Kong and China, some of which have ceased operations or are being dissolved, such as the J&B joint venture, whose dissolution is expected to complete in April 2027 1. The company operates several factories in the Al Tajamouat industrial city in Amman, as well as facilities in Al-Hasa and Balama 1.
In August 2026 Jerash said it is expanding production capacity to meet growing customer demand, and its release takes into account Middle East developments and higher transport costs for raw materials from Asia 3. The company continues to depend heavily on a few large customers for revenue 1.
Segments
Market context
The market for contract sportswear and outerwear is highly competitive, with competition on price, quality and customer service, and Jerash products compete with those of other manufacturers in Asia, Israel, Europe, the United States and South and Central America 1. Revenue depends on consumer cycles, since retail customers are subject to substantial cyclical variations 1.
Preferential access to the US under the US-Jordan Free Trade Agreement was essential to price competitiveness, and tariff changes in 2025 and 2026 altered that advantage 12. If tariffs on imports from Jordan remain low, the competitive position could stay favorable in the US market 2.
Trends
- US tariff changesmixed
US tariffs on imports from Jordan have changed several times, and in July 2026 a 10% tariff was announced with exceptions covering most garment categories made by Jerash 2. The impact depends on the comparative tariff levels for Jordan versus other countries 12.
- US-Jordan trade agreementtailwind
In July 2026 the US and Jordan entered into an agreement to enhance reciprocity in their bilateral relationship, under which the US commits to preferential tariff treatment for originating goods of Jordan in future tariff actions, with certain exceptions 2. Management said this framework strengthens Jerash as a preferred manufacturing source 3.
- Diversifying customer demandtailwind
The company expanded sales to new customers and to regions such as China, Hong Kong and Korea, and sales to customers outside the US grew in the first quarter of fiscal 2027 2. Diversification aims to reduce dependence on one large customer 1.
- Logistics costs and geopoliticsheadwind
Management flagged that geopolitical developments in the Middle East could affect export logistics and transport costs for raw materials from Asia 3. Cost pressures could reduce gross margin, as the guidance for the second quarter suggests 3.
Competitive position
Competitors are other apparel manufacturers in Asia, Israel, Europe, the United States and South and Central America, some with lower cost bases, longer operating histories and larger customer bases 1. Jerash argues its advantage lies in its Jordan-based manufacturing platform and customer relationships 3.
Competition focuses on price, quality, lead time and efficiency of supply, and the shift of production to low-labor-cost countries has added pressure on Jordanian producers 1. Jordan's tariff advantage, if it holds, could partly offset higher labor costs 2.
- Suzhou Unitex
Important customer whose sales grew in fiscal 2026 1.
- Tharanco
US customer introduced in recent years with growing sales 1.
- G-III Apparel Group
Company that licenses and sells brands such as Calvin Klein and Tommy Hilfiger and is a Jerash customer 1.
- New Balance
Large customer whose share of Jerash sales rose in fiscal 2026 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Material agreement · Departure or appointment of officers · Financial statements and exhibits
- Current report11 Sept 2026Shareholder vote · Other events · Financial statements and exhibits
- Quarterly report12 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report07 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Proxy statement28 Jul 2026
- Current report21 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Annual report18 Jun 2026
- Current report15 Jun 2026Results of operations · Financial statements and exhibits
- Current report04 May 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Jerash Holdings (US), Inc. · 18 Jun 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Jerash Holdings (US), Inc. · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Jerash Holdings (US), Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.