NASDAQ : DLHC
DLH Holdings Corp. — Financial statements
Industrials · Specialty Business Services · United States
Last price 3.66 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 53.04M
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Financial statements
DLH Holdings Corp. (DLHC) reported revenue of 253.54M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 253.54M | 344.50M | 395.94M | 375.87M | 395.17M | 246.09M |
| Cost of Revenue | 207.55M | 279.33M | 318.45M | 296.02M | 322.89M | 194.61M |
| Gross Profit | 45.99M | 65.16M | 77.49M | 79.86M | 72.29M | 51.48M |
| Selling, General & Admin | 29.37M | 31.20M | 35.54M | 39.53M | 31.34M | 26.14M |
| Operating Expenses | 46.27M | 48.38M | 52.59M | 55.09M | 39.01M | 34.26M |
| Operating Income | -270.00K | 16.79M | 24.90M | 24.76M | 33.28M | 17.22M |
| Interest Expense | -13.10M | -15.03M | -17.15M | -16.27M | -2.24M | -3.78M |
| Interest & Investment Income | 23.00K | |||||
| EBT Excluding Unusual Items | -13.37M | 1.75M | 7.75M | 8.49M | 31.06M | 13.44M |
| Asset Writedown | -7.67M | |||||
| Pretax Income | -13.37M | 1.75M | 7.75M | 820.00K | 31.06M | 13.44M |
| Income Tax Expense | 8.20M | 393.00K | 350.00K | -641.00K | 7.78M | 3.29M |
| Net Income | -21.57M | 1.36M | 7.40M | 1.46M | 23.29M | 10.14M |
| Net Income to Common | -21.57M | 1.36M | 7.40M | 1.46M | 23.29M | 10.14M |
| Shares Outstanding (Basic) | 14.47M | 14.39M | 14.17M | 13.70M | 12.83M | 12.55M |
| Shares Outstanding (Diluted) | 14.47M | 14.46M | 14.40M | 14.43M | 14.18M | 13.60M |
| EPS (Basic) | -1.49 | 0.09 | 0.52 | 0.11 | 1.82 | 0.81 |
| EPS (Diluted) | -1.49 | 0.09 | 0.51 | 0.10 | 1.64 | 0.75 |
| Free Cash Flow | 13.83M | 22.98M | 26.53M | 30.41M | 371.00K | 45.56M |
| Free Cash Flow Per Share | 0.96 | 1.59 | 1.84 | 2.11 | 0.03 | 3.35 |
| Gross Margin | 18.14% | 18.92% | 19.57% | 21.25% | 18.29% | 20.92% |
| Operating Margin | -0.11% | 4.87% | 6.29% | 6.59% | 8.42% | 7.00% |
| Profit Margin | -8.51% | 0.40% | 1.87% | 0.39% | 5.89% | 4.12% |
| Free Cash Flow Margin | 5.46% | 6.67% | 6.70% | 8.09% | 0.09% | 18.51% |
| EBITDA | 16.63M | 33.97M | 41.95M | 40.33M | 40.94M | 25.34M |
| EBITDA Margin | 6.56% | 9.86% | 10.60% | 10.73% | 10.36% | 10.30% |
| D&A For EBITDA | 16.90M | 17.18M | 17.05M | 15.56M | 7.67M | 8.12M |
| EBIT | -270.00K | 16.79M | 24.90M | 24.76M | 33.28M | 17.22M |
| EBIT Margin | -0.11% | 4.87% | 6.29% | 6.59% | 8.42% | 7.00% |
| Effective Tax Rate | 22.39% | 4.52% | 25.03% | 24.51% |
Balance sheet
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 235.00K | 125.00K | 342.00K | 215.00K | 228.00K | 24.05M |
| Cash & Short-Term Investments | 235.00K | 125.00K | 342.00K | 215.00K | 228.00K | 24.05M |
| Accounts Receivable | 24.41M | 38.39M | 49.85M | 59.12M | 40.50M | 33.45M |
| Other Receivables | 673.00K | 1.11M | 906.00K | 994.00K | 945.00K | 995.00K |
| Receivables | 25.08M | 39.51M | 50.76M | 60.11M | 41.44M | 34.44M |
| Prepaid Expenses | 3.39M | 2.91M | 1.86M | 2.07M | 1.93M | 3.27M |
| Total Current Assets | 28.70M | 42.54M | 52.96M | 62.40M | 43.60M | 61.76M |
| Property, Plant & Equipment | 8.01M | 10.04M | 8.51M | 11.25M | 18.55M | 21.83M |
| Goodwill | 138.16M | 138.16M | 138.16M | 138.16M | 65.64M | 65.64M |
| Other Intangible Assets | 79.82M | 91.86M | 108.32M | 124.78M | 40.88M | 47.47M |
| Long-Term Deferred Tax Assets | 7.95M | 6.25M | 3.07M | |||
| Other Long-Term Assets | 115.00K | 115.00K | 186.00K | 186.00K | 328.00K | 464.00K |
| Total Assets | 254.81M | 290.66M | 314.38M | 339.84M | 169.01M | 197.17M |
| Accounts Payable | 7.60M | 12.30M | 13.42M | 12.60M | 11.89M | 16.68M |
| Accrued Expenses | 10.63M | 19.10M | 24.72M | 30.89M | 24.42M | 25.16M |
| Current Portion of Long-Term Debt | 21.37M | 8.07M | 12.06M | 17.19M | ||
| Current Portion of Leases | 2.87M | 2.92M | 2.65M | 3.46M | 2.23M | 2.26M |
| Current Unearned Revenue | 22.27M | |||||
| Other Current Liabilities | 57.00K | 287.00K | 394.00K | 638.00K | ||
| Total Current Liabilities | 42.53M | 42.67M | 53.24M | 64.79M | 38.54M | 66.38M |
| Long-Term Debt | 104.94M | 119.97M | 137.32M | 155.15M | 20.42M | 44.64M |
| Long-Term Leases | 11.96M | 14.02M | 12.79M | 15.91M | 16.46M | 19.37M |
| Long-Term Deferred Tax Liabilities | 1.11M | 1.53M | 1.18M | |||
| Other Long-Term Liabilities | 999.00K | 1.05M | 902.00K | 1.56M | ||
| Total Liabilities | 161.54M | 177.71M | 204.25M | 237.40M | 76.95M | 131.56M |
| Common Stock | 14.00K | 14.00K | 14.00K | 14.00K | 13.00K | 13.00K |
| Additional Paid-In Capital | 102.69M | 101.73M | 100.27M | 99.97M | 91.06M | 87.89M |
| Retained Earnings | -9.44M | 11.21M | 9.85M | 2.45M | 990.00K | -22.30M |
| Shareholders' Equity | 93.26M | 112.96M | 110.13M | 102.44M | 92.06M | 65.61M |
| Total Liabilities & Equity | 254.81M | 290.66M | 314.38M | 339.84M | 169.01M | 197.17M |
| Total Debt | 141.14M | 144.97M | 164.81M | 191.71M | 39.11M | 66.27M |
| Net Cash (Debt) | -140.91M | -144.85M | -164.47M | -191.49M | -38.88M | -42.22M |
| Net Cash Per Share | -9.74 | -10.02 | -11.42 | -13.27 | -2.74 | -3.11 |
| Filing Date Shares Outstanding | 14.49M | 14.49M | 14.39M | 14.07M | 13.05M | 12.71M |
| Total Common Shares Outstanding | 14.49M | 14.50M | 14.39M | 13.95M | 13.05M | 12.71M |
| Working Capital | -13.83M | -134.00K | -285.00K | -2.39M | 5.06M | -4.61M |
| Book Value Per Share | 6.44 | 7.79 | 7.65 | 7.34 | 7.06 | 5.16 |
| Tangible Book Value | -124.72M | -117.07M | -136.35M | -160.50M | -14.47M | -47.50M |
| Tangible Book Value Per Share | -8.61 | -8.07 | -9.47 | -11.51 | -1.11 | -3.74 |
| Machinery | 5.43M | 5.39M | 9.11M | 8.27M | 7.62M | 2.22M |
| Leasehold Improvements | 1.57M | 1.57M | 1.61M | 1.61M | 1.61M | 1.59M |
| Order Backlog | 514.30M | 690.30M | 704.80M | 482.50M | 651.50M |
Cash flow statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -21.57M | 1.36M | 7.40M | 1.46M | 23.29M | 10.14M |
| Depreciation & Amortization | 16.90M | 17.18M | 17.05M | 15.56M | 7.67M | 8.12M |
| Other Amortization | 1.72M | 1.74M | 1.84M | 2.18M | 664.00K | 792.00K |
| Asset Writedown & Restructuring Costs | 7.67M | |||||
| Stock-Based Compensation | 1.23M | 1.46M | 1.90M | 1.92M | 2.61M | 1.66M |
| Other Operating Activities | 5.92M | -1.70M | -3.17M | -4.60M | 358.00K | 1.21M |
| Change in Accounts Receivable | 20.51M | 11.46M | 9.27M | 6.84M | -7.05M | -906.00K |
| Change in Accounts Payable | -3.28M | -6.04M | -4.41M | -75.00K | -5.86M | 4.14M |
| Change in Unearned Revenue | -22.27M | 22.27M | ||||
| Change in Other Net Operating Assets | -7.53M | -2.24M | -2.50M | 67.00K | 1.84M | -1.77M |
| Operating Cash Flow | 13.90M | 23.22M | 27.37M | 31.03M | 1.24M | 45.66M |
| Capital Expenditures | -67.00K | -241.00K | -836.00K | -625.00K | -872.00K | -103.00K |
| Cash Acquisitions | -180.57M | 59.00K | ||||
| Investing Cash Flow | -67.00K | -241.00K | -836.00K | -181.20M | -872.00K | -44.00K |
| Long-Term Debt Issued | 253.18M | 361.72M | 373.27M | 17.00M | 30.95M | |
| Long-Term Debt Repaid | -276.17M | -386.52M | -215.91M | -41.75M | -54.20M | |
| Net Debt Issued (Repaid) | -13.54M | -22.99M | -24.80M | 157.36M | -24.75M | -23.25M |
| Issuance of Common Stock | 261.00K | 1.11M | 837.00K | 366.00K | ||
| Repurchase of Common Stock | -93.00K | -1.86M | -650.00K | -281.00K | ||
| Other Financing Activities | -159.00K | -202.00K | -7.67M | -43.00K | ||
| Financing Cash Flow | -13.79M | -23.19M | -26.40M | 150.15M | -24.19M | -22.93M |
| Net Cash Flow | 41.00K | -217.00K | 127.00K | -13.00K | -23.82M | 22.69M |
| Free Cash Flow | 13.83M | 22.98M | 26.53M | 30.41M | 371.00K | 45.56M |
| Free Cash Flow Margin | 5.46% | 6.67% | 6.70% | 8.09% | 0.09% | 18.51% |
| Free Cash Flow Per Share | 0.96 | 1.59 | 1.84 | 2.11 | 0.03 | 3.35 |
| Levered Free Cash Flow | 21.57M | 24.60M | 28.76M | 13.37M | -4.01M | 42.12M |
| Unlevered Free Cash Flow | 28.03M | 32.25M | 37.64M | 21.35M | -3.27M | 43.69M |
| Cash Interest Paid | 11.04M | 13.51M | 16.04M | 14.15M | 1.53M | 2.94M |
| Cash Income Tax Paid | 2.27M | 2.05M | 3.26M | 5.60M | 9.28M | 936.00K |
| Change in Working Capital | 9.70M | 3.17M | 2.35M | 6.84M | -33.34M | 23.74M |
Ratios
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 53.62M | 81.28M | 132.75M | 162.21M | 159.03M | 154.30M |
| Enterprise Value | 194.53M | 236.98M | 309.64M | 369.74M | 204.01M | 227.23M |
| Last Close Price | 3.63 | 5.65 | 9.36 | 11.67 | 12.27 | 12.30 |
| PE Ratio | 59.68 | 17.95 | 111.03 | 6.83 | 15.21 | |
| Forward PE | 73.33 | 15.54 | 12.52 | 12.39 | 11.49 | |
| PS Ratio | 0.21 | 0.24 | 0.34 | 0.43 | 0.40 | 0.63 |
| PB Ratio | 0.56 | 0.72 | 1.21 | 1.58 | 1.73 | 2.35 |
| P/FCF Ratio | 3.88 | 3.54 | 5.00 | 5.33 | 428.67 | 3.39 |
| P/OCF Ratio | 3.86 | 3.50 | 4.85 | 5.23 | 127.94 | 3.38 |
| PEG Ratio | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | |
| EV/Sales Ratio | 0.77 | 0.69 | 0.78 | 0.98 | 0.52 | 0.92 |
| EV/EBITDA Ratio | 11.70 | 6.98 | 7.38 | 9.17 | 4.98 | 8.97 |
| EV/EBIT Ratio | 14.12 | 12.44 | 14.93 | 6.13 | 13.19 | |
| EV/FCF Ratio | 14.06 | 10.31 | 11.67 | 12.16 | 549.90 | 4.99 |
| Debt / Equity Ratio | 1.51 | 1.28 | 1.50 | 1.87 | 0.42 | 1.01 |
| Debt / EBITDA Ratio | 6.97 | 3.81 | 3.62 | 4.32 | 0.88 | 2.30 |
| Debt / FCF Ratio | 10.20 | 6.31 | 6.21 | 6.30 | 105.42 | 1.46 |
| Net Debt / Equity Ratio | 1.51 | 1.28 | 1.49 | 1.87 | 0.42 | 0.64 |
| Net Debt / EBITDA Ratio | 8.47 | 4.26 | 3.92 | 4.75 | 0.95 | 1.67 |
| Net Debt / FCF Ratio | 10.19 | 6.30 | 6.20 | 6.30 | 104.81 | 0.93 |
| Asset Turnover | 0.92 | 1.14 | 1.21 | 1.48 | 2.16 | 1.29 |
| Quick Ratio | 0.59 | 0.93 | 0.96 | 0.93 | 1.08 | 0.88 |
| Current Ratio | 0.68 | 1.00 | 0.99 | 0.96 | 1.13 | 0.93 |
| Return on Equity (ROE) | -20.84% | 1.22% | 6.96% | 1.50% | 29.54% | 17.04% |
| Return on Assets (ROA) | -0.06% | 3.47% | 4.76% | 6.08% | 11.36% | 5.66% |
| Return on Invested Capital (ROIC) | -0.11% | 4.89% | 8.36% | 11.66% | 20.90% | 10.37% |
| Return on Capital Employed (ROCE) | -0.10% | 6.80% | 9.50% | 9.00% | 25.50% | 13.20% |
| Earnings Yield | -40.34% | 1.68% | 5.57% | 0.90% | 14.64% | 6.58% |
| FCF Yield | 25.79% | 28.27% | 19.98% | 18.75% | 0.23% | 29.53% |
| Buyback Yield / Dilution | -0.88% | -0.37% | 0.18% | -1.78% | -4.28% | -3.75% |