DLH Holdings Corp. (DLHC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	-$0.17	-$0.93	-447.1%	—	$44.2M	—
Q2 26	-$0.16	-$0.1	+37.5%	—	$59.3M	—
Q1 26	-$0.07	-$0.05	+28.6%	—	$68.9M	—
Q3 25	$0.02	$0.02	0.0%	—	$83.3M	—
Q2 25	$0.07	$0.06	-14.3%	—	$89.2M	—
Q1 25	$0.07	$0.08	+14.3%	—	$90.8M	—
Q4 24	$0.11	$0.16	+45.5%	—	$96.4M	—
Q3 24	$0.14	$0.08	-42.9%	—	$100.7M	—
Q2 24	$0.13	$0.12	-7.7%	—	$101M	—
Q1 24	$0.12	$0.15	+25.0%	—	$97.8M	—
Q4 23	$0.13	$0.16	+23.1%	—	$101.5M	—
Q3 23	$0.1	$0.12	+20.0%	—	$102.2M	—
Q2 23	$0.16	$0.06	-62.5%	—	$99.4M	—
Q1 23	$0.19	$0.25	+31.6%	—	$72.7M	—
Q4 22	$0.25	$0.26	+4.0%	—	$67.2M	—
Q3 22	$0.23	$0.34	+47.8%	—	$66.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.09	—	—	$344.5M	—
FY24	—	$0.52	—	—	$395.9M	—
FY23	—	$0.11	—	—	$375.9M	—
FY22	—	$1.82	—	—	$395.2M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$85.6M	$115.7M	$133.2M	$160.4M	$209.2M	$246.1M	$395.2M	$375.9M	$395.9M	$344.5M
YoY change	+31%	+35.1%	+15.2%	+20.4%	+30.4%	+17.6%	+60.6%	-4.88%	+5.34%	-13%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	85.6M	115.7M	133.2M	160.4M	209.2M	246.1M	395.2M	375.9M	395.9M	344.5M
Cost of revenue	67.8M	89.8M	105.4M	124.6M	163.6M	194.6M	322.9M	296M	317M	279.3M
Gross profit	17.8M	25.9M	27.9M	35.8M	45.6M	51.5M	72.3M	79.9M	78.9M	65.2M
Gross margin	20.8%	22.3%	20.9%	22.3%	21.8%	20.9%	18.3%	21.2%	19.9%	18.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	12.5M	17.5M	16.8M	20.5M	24.2M	25.1M	30.7M	37.8M	37M	31.2M
Operating expenses	12.5M	17.5M	16.8M	20.5M	25.1M	26.1M	31.3M	39.5M	37M	31.2M
Operating income	4.1M	6.6M	8.8M	11.4M	13.5M	17.2M	33.3M	24.8M	24.9M	16.8M
Operating margin	4.75%	5.73%	6.59%	7.08%	6.43%	7%	8.42%	6.59%	6.29%	4.87%
Non-operating income, net	-822K	-102K	—	-1.4M	-930K	—	—	-7.7M	—	—
Pretax income	2.4M	5.4M	7.7M	7.5M	10M	13.4M	31.1M	820K	7.7M	1.8M
Income tax	-938K	2.1M	5.8M	2.2M	2.9M	3.3M	7.8M	-641K	350K	393K
Net income	3.4M	3.3M	1.8M	5.3M	7.1M	10.1M	23.3M	1.5M	7.4M	1.4M
Net margin	3.95%	2.84%	1.38%	3.32%	3.4%	4.12%	5.89%	0.39%	1.87%	0.4%
EBITDA	5M	8.1M	10.7M	14.4M	19.9M	24.5M	40.3M	38.2M	40.2M	32.3M
EPS	0.34	0.29	0.15	0.44	0.58	0.81	1.82	0.11	0.52	0.09
Diluted EPS	0.3	0.27	0.14	0.41	0.54	0.75	1.64	0.1	0.51	0.09

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	101.5M	97.8M	101M	100.7M	96.4M	90.8M	89.2M	83.3M	81.2M	68.9M	59.3M	44.2M
Cost of revenue	79.2M	79.1M	79.1M	81.6M	77.2M	72.4M	71.2M	67.4M	68.3M	55.4M	47.5M	36.8M
Gross profit	22.3M	18.8M	21.9M	19M	19.2M	18.4M	18M	15.9M	12.8M	13.5M	11.8M	7.4M
Gross margin	21.9%	19.2%	21.7%	18.9%	19.9%	20.3%	20.2%	19.1%	15.8%	19.6%	19.9%	16.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	10.1M	7.7M	11.7M	9M	8.5M	8.5M	8.6M	7.9M	6.3M	7.8M	7.5M	7.3M
Operating expenses	10.1M	7.7M	11.7M	9M	8.5M	8.5M	8.6M	7.9M	6.3M	7.8M	7.5M	7.3M
Operating income	7.8M	6.8M	5.9M	5.8M	6.4M	5.6M	5.1M	3.8M	2.3M	1.4M	-55K	-3.9M
Operating margin	7.73%	6.97%	5.88%	5.72%	6.62%	6.21%	5.73%	4.51%	2.81%	2.08%	-0.09%	-8.89%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	-4.6M	2.2M	1.8M	1.6M	2.2M	1.5M	1.2M	215K	-1.2M	-2M	-3.2M	-7M
Income tax	-2M	10K	-60K	481K	-80K	389K	360K	-74K	-283K	-636K	-659K	9.8M
Net income	-2.6M	2.2M	1.8M	1.1M	2.3M	1.1M	878K	289K	-919K	-1.3M	-2.5M	-16.8M
Net margin	-2.59%	2.2%	1.79%	1.13%	2.38%	1.23%	0.98%	0.35%	-1.13%	-1.92%	-4.28%	-38%
EBITDA	3.9M	10.4M	9.8M	9.6M	10.3M	9.5M	9M	7.7M	6.2M	5.3M	3.8M	-353K
EPS	-0.19	0.15	0.13	0.08	—	0.08	0.06	0.02	—	-0.09	-0.17	-1.16
Diluted EPS	-0.19	0.15	0.12	0.08	—	0.08	0.06	0.02	—	-0.09	-0.17	-1.16

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	46.7M	—	68.4M	53.6M	89M	154.4M	157.4M	159.9M	132.6M	81.3M	50.1M
Enterprise value	65.5M	—	69M	105.4M	178.6M	196.6M	196.3M	351.4M	297.1M	226.1M	192.4M
Shares outstanding	10M	11.3M	11.9M	12M	12.3M	12.5M	12.8M	13.7M	14.2M	14.4M	14.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	13.8	—	37.3	10.1	12.5	15.2	6.76	109.5	17.9	59.7	64.9
P/S	0.55	—	0.51	0.33	0.43	0.63	0.4	0.43	0.33	0.24	0.2
P/B	1.47	—	1.74	1.18	1.67	2.35	1.71	1.56	1.2	0.72	0.55
EV/EBITDA	13.2	—	6.45	7.35	8.99	8.01	4.87	9.2	7.4	7	11.6
EV/Sales	0.77	—	0.52	0.66	0.85	0.8	0.5	0.93	0.75	0.66	0.76
Earnings yield	7.24%	—	2.68%	9.93%	7.99%	6.57%	14.8%	0.91%	5.58%	1.68%	1.54%
FCF yield	11.9%	—	19.6%	32.9%	21.7%	29.5%	0.24%	19%	20%	28.3%	43%
PEG	—	—	—	—	—	—	—	—	—	—	-0.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	20.8%	22.3%	20.9%	22.3%	21.8%	20.9%	18.3%	21.2%	19.9%	18.9%	16.7%
Operating margin	4.75%	5.73%	6.59%	7.08%	6.43%	7%	8.42%	6.59%	6.29%	4.87%	-8.89%
Net margin	3.95%	2.84%	1.38%	3.32%	3.4%	4.12%	5.89%	0.39%	1.87%	0.4%	-8.51%
ROE	10.6%	9.17%	4.66%	11.7%	13.3%	15.5%	25.3%	1.43%	6.72%	1.21%	-20.8%
ROA	5.2%	4.72%	2.94%	4.12%	3.88%	5.15%	13.8%	0.43%	2.35%	0.47%	-0.06%
ROIC	8.04%	7.68%	5.26%	8.28%	6.68%	12.1%	19.1%	8.43%	8.66%	5.05%	-0.12%
Return on tangible assets	-17.3%	-26.3%	-11.4%	-9.07%	-12.7%	-34.9%	-52.9%	-0.79%	-4.14%	-0.8%	11.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.73	0.81	1.09	0.91	0.78	0.93	1.13	0.96	0.99	1	0.68
Quick ratio	0.73	0.81	1.09	0.91	0.78	0.93	1.13	0.96	0.99	1	0.67
Debt / equity	0.7	0.6	0.18	1.18	1.7	1.01	0.42	1.87	1.5	1.28	1.51
Debt / assets	0.34	0.31	0.11	0.41	0.5	0.34	0.23	0.56	0.52	0.5	0.55
Net debt / EBITDA	3.78	2.05	0.06	3.61	4.51	1.72	0.96	5.01	4.1	4.49	9.42
Interest coverage	6.39	7.12	10.6	5.96	4.53	5.49	20.7	1.06	1.5	1.13	-0.17
Effective tax rate	0%	39.1%	76.1%	29%	29%	24.5%	25%	0%	4.52%	22.4%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.59	10.2	11.2	13.3	17	19.6	30.8	27.4	27.9	23.9	17.5
EPS (basic)	0.34	0.29	0.15	0.44	0.58	0.81	1.82	0.11	0.52	0.09	0.09
EPS (diluted)	0.3	0.27	0.14	0.41	0.54	0.75	1.64	0.1	0.51	0.09	-1.49
Book value per share	3.19	3.16	3.32	3.79	4.35	5.23	7.18	7.48	7.77	7.85	6.43
FCF per share	0.56	0.48	1.13	1.47	1.57	3.63	0.03	2.22	1.87	1.6	0.95
Cash per share	0.34	0.43	0.53	0.15	0.11	1.92	0.02	0.02	0.02	0.01	0.02
Capex per share	0.05	0.09	0.06	0.03	0.01	0.01	0.07	0.05	0.06	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.58%	0.92%	0.49%	0.25%	0.07%	0.04%	0.22%	0.17%	0.21%	—	—
Capex / operating cash flow	55.1%	43.5%	5.1%	2.27%	0.8%	0.22%	94.4%	2.18%	2.95%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$101.5M	$97.8M	$101M	$100.7M	$96.4M	$90.8M	$89.2M	$83.3M	$81.2M	$68.9M	$59.3M	$44.2M
YoY change	+50.9%	+34.5%	+1.6%	-1.51%	-5.03%	-7.22%	-11.7%	-17.2%	-15.8%	-24.1%	-33.6%	-46.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.4M	4.9M	6.4M	1.8M	1.4M	24.1M	228K	215K	342K	125K
Receivables	5.3M	11.9M	10.1M	18.9M	24.6M	26.1M	32.8M	38.6M	25.9M	16.4M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	10.6M	17.4M	17.4M	26.8M	37.4M	61.8M	43.6M	62.4M	53M	42.5M
Property, plant & equipment	644K	1.4M	1.6M	5.3M	25.8M	21.8M	18.6M	11.2M	8.5M	10M
Goodwill & intangibles	84.6M	82.2M	78.7M	187.9M	239.5M	226.2M	213.1M	525.9M	493M	460.1M
Total assets	65.1M	69.7M	62.5M	129.3M	183.6M	197.2M	169M	339.8M	314.4M	290.7M
Accounts payable	4.3M	5.2M	3.4M	10.1M	14.6M	16.7M	11.9M	12.6M	13.4M	12.3M
Short-term debt	3.6M	6.5M	—	—	8.8M	2.3M	2.2M	20.7M	14.7M	11M
Total current liabilities	14.5M	21.4M	15.9M	29.5M	48M	66.4M	38.5M	64.8M	53.2M	42.7M
Long-term debt	18.7M	15.1M	7M	53.6M	82.2M	64M	36.9M	171.1M	150.1M	134M
Total liabilities	33.3M	33.9M	23.1M	83.7M	130.1M	131.6M	77M	237.4M	204.2M	177.7M
Shareholders' equity	31.8M	35.9M	39.4M	45.6M	53.4M	65.6M	92.1M	102.4M	110.1M	113M
Total debt	22.2M	21.6M	7M	53.6M	90.9M	66.3M	39.1M	191.7M	164.8M	145M
Net debt	18.8M	16.7M	603K	51.8M	89.6M	42.2M	38.9M	191.5M	164.5M	144.8M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	215K	131K	238K	423K	342K	451K	196K	194K	125K	257K	131K	235K
Receivables	38.6M	36.3M	33.6M	35.3M	25.9M	32.8M	29.8M	25.1M	16.4M	14.4M	18.1M	17.1M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	62.4M	58.6M	57.9M	61.5M	53M	67.6M	55M	49.6M	42.5M	39.6M	36.8M	28.7M
Property, plant & equipment	11.2M	10.6M	10.1M	9.3M	8.5M	9.4M	8.4M	10.7M	10M	9.4M	8.7M	8M
Goodwill & intangibles	525.9M	517.6M	509.4M	501.2M	493M	484.7M	476.5M	468.3M	460.1M	451.8M	443.6M	436M
Total assets	339.8M	331.3M	325.9M	325M	314.4M	325M	306.6M	299.3M	290.7M	283.5M	276.7M	254.8M
Accounts payable	12.6M	9.2M	13.4M	12.5M	13.4M	13.3M	13M	9.9M	12.3M	9.9M	9.4M	7.6M
Short-term debt	20.7M	19.5M	20.4M	20.5M	14.7M	30.3M	19.8M	16.8M	11M	20.6M	22.5M	24.2M
Total current liabilities	64.8M	58.1M	56.2M	58.4M	53.2M	64.7M	49.9M	45.8M	42.7M	41M	42.3M	42.5M
Long-term debt	171.1M	166.9M	161.9M	156.8M	150.1M	148M	142.9M	139.1M	134M	129.2M	123.1M	116.9M
Total liabilities	237.4M	226.5M	219.2M	216.4M	204.2M	213.6M	193.8M	185.6M	177.7M	171.3M	166.4M	161.5M
Shareholders' equity	102.4M	104.8M	106.8M	108.6M	110.1M	111.4M	112.8M	113.7M	113M	112.2M	110.3M	93.3M
Total debt	191.7M	186.4M	182.3M	177.3M	164.8M	178.3M	162.7M	155.9M	145M	149.8M	145.6M	141.1M
Net debt	191.5M	186.3M	182M	176.9M	164.5M	177.9M	162.5M	155.7M	144.8M	149.5M	145.4M	140.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	3.4M	3.3M	1.8M	5.3M	7.1M	10.1M	23.3M	1.5M	7.4M	1.4M
Depreciation & amortization	1.2M	1.7M	2.2M	4M	7M	8.1M	7.7M	15.6M	17.1M	17.2M
Stock-based compensation	465K	662K	1.4M	790K	910K	1.7M	2.6M	1.9M	1.9M	1.5M
Change in working capital	-3.4M	-5.3M	1.6M	5M	1M	25.2M	-33.7M	12.1M	3.3M	3.9M
Operating cash flow	904K	2.4M	12.8M	17.9M	19M	47.2M	924K	28.6M	28.3M	23.2M
Capital expenditure	-498K	-1.1M	-654K	-405K	-152K	-103K	-872K	-625K	-836K	—
Investing cash flow	-32.7M	-1.3M	-654K	-67.5M	-32.8M	-44K	-872K	-181.2M	-836K	—
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	—	—	0	-211K	0	—	—	—	—
Financing cash flow	24.5M	-3.8M	-12M	44.8M	12.9M	-22.9M	-25M	158.6M	-26.7M	-23.2M
Net change in cash	-7.3M	-2.7M	119K	-4.8M	-922K	24.2M	-25M	6M	812K	24K
Free cash flow	5.5M	5.5M	13.4M	17.6M	19.3M	45.6M	371K	30.4M	26.5M	23M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	-2.6M	2.2M	1.8M	1.1M	2.3M	1.1M	877K	289K	-919K	-1.3M	-2.5M	-16.8M
Depreciation & amortization	4.3M	4.3M	4.2M	4.3M	4.3M	4.3M	4.3M	4.3M	4.3M	4.3M	4.3M	4M
Stock-based compensation	-98K	620K	953K	717K	-392K	193K	532K	559K	180K	647K	617K	-219K
Change in working capital	14.5M	-4.5M	1.7M	-4M	10.1M	-20.7M	10.3M	1.5M	12.7M	-2.2M	657K	5.7M
Operating cash flow	12.1M	3.2M	9.2M	2.2M	13.8M	-13.8M	17.2M	7M	10.7M	-4.8M	3.8M	4.2M
Capital expenditure	-45K	-174K	-292K	-161K	-209K	-552K	551K	-212K	—	—	—	—
Investing cash flow	94K	-174K	-292K	-161K	-209K	-552K	551K	-212K	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-84M	-69.3M	65M	-4.3M	-12.3M	-35.3M	-73.2M	-9.4M	-10.7M	-57.4M	-48.5M	-4.1M
Net change in cash	-71.8M	-66.3M	73.9M	-2.3M	1.3M	-49.7M	-55.5M	-2.6M	-41K	-62.2M	-44.8M	104K
Free cash flow	16M	4.9M	4.9M	4.5M	12.2M	-12.1M	15.1M	9.4M	10.7M	-4.8M	3.8M	4.2M

DLH Holdings Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement