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DLH Holdings Corp.

DLHC Industrials Specialty Business Services

DLH Holdings Corp.’s revenue for fiscal 2025 (year ended September 2025) was $344.5 million, down 13.0% from fiscal 2024.

Revenue
−46.9%
EPS
−5,900.0%
Free cash flow
−55.1%
Total debt
−8.70%

Quarter to June 2026, against a year earlier

3.61 0.02 −0.55%
Market cap
$52.6M
P/E
0.0×
Fwd P/E
−4.8×
Dividend yield
—
F-score
5/9
Altman Z
1.70
Beneish M
−3.00
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.69
Sold, $m 0.74
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 2 1 3 — 1 4 8 8 10 8 — —
Sell — — — — — — — — — — 1 —
Insider Ownership 17.55%

Capital & Financial Ratios $m

Size
Market Cap 52.61
Revenue ttm 253.54
Net income ttm (21.56)
Free cash flow ttm 13.83
Net debt Q 126.08
Valuation
P/E 0.00
Forward P/E (4.75) (negative: loss-making)
Price / sales 0.21
Forward P/S Powerpack
Price / FCF 3.85
Price / book 0.57
Financial health
Current ratio Q 0.67 (below 1: weak)
Debt / equity Q 1.35
Interest coverage Q (1.28)
Growth
Revenue growth Q −46.94% (below 0%: shrinking)
Operating income growth Q −204.71% (below 0%: shrinking)
EPS, this year −944.44% (below 0%: weak)
EPS, next year A +9.21%
Revenue, next year A −39.22% (below 0%: weak)
EPS, past 5 yrs −30.12% (below 0%: weak)
EPS, next 5 yrs A +15.50% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.7×, against a ten-year median of 0.7×; over the ten years it ranged from 0.4× in 2016 to 1.2× in 2023.
P/S against its own 10 years 3.52%
10-year low 10-year high
P/B against its own 10 years 1.54%
10-year low 10-year high
EV/Sales against its own 10 years 43.26%
10-year low 10-year high
EV/FCF against its own 10 years 65.03%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 0 0 0 0
Receivables 59 50 38 24
Inventory — — — —
Other 3 3 4 4
62 53 43 29
2023 2024 2025 Q'26
Payables 30 25 19 10
ST’ Debt 17 12 8 21
Other 1 0 0 0
65 53 43 43

Compound Annual Growth %

10y 5y 3y
Sales 18.09% 10.49% (4.47%)
Cash Flow 27.89% 3.60% 165.32%
Earnings (16.95%) (28.15%) (61.18%)
Book Value 17.32% 16.15% 7.06%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.17 Actual −0.44

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.02 −0.06 Miss by 0.08
Q1 FY26 −0.07 −0.09 Miss by 0.02
Q2 FY26 −0.16 −0.17 Miss by 0.01
Q3 FY26 −0.17 −0.44 Miss by 0.27
Q4 FY26 −0.28 — Reports 9 December 2026

EPS $

Dec Mar Jun Sep Year
’26 (0.09) (0.17) (1.16) — —
’25 0.08 0.06 0.02 (0.06) 0.09
’24 0.15 0.12 0.08 0.16 0.51
’23 0.11 0.06 0.12 (0.18) 0.10
’22 0.55 0.50 0.34 0.24 1.64
’21 0.13 0.19 0.21 0.21 0.75
’20 0.12 0.16 0.16 0.10 0.54
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 69 59 44 — —
’25 91 89 83 81 344
’24 98 101 101 96 396
’23 73 99 102 101 376
’22 153 109 66 67 395
’21 58 62 62 65 246
’20 52 55 51 51 209
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 (5) 4 4 — —
’25 (12) 15 10 11 23
’24 5 5 5 12 27
’23 8 (1) 8 16 31
’22 (16) 1 10 6 1
’21 (9) 15 9 30 46
’20 (3) 4 10 9 19
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (5) 4 4 — —
’25 (12) 15 9 11 23
’24 5 5 4 12 27
’23 8 (1) 8 16 30
’22 (16) 1 10 5 0
’21 (9) 15 9 30 46
’20 (3) 4 10 9 19
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 86 116 133 160 209 246 395 376 396 344 254 +16.7% 209 175 — (28.7%)
Gross margin, % 20.82 22.35 20.91 22.35 21.79 20.92 18.29 21.25 19.57 18.92 18.35 (1.9) pt
EBT 2 5 8 7 10 13 31 1 8 2 (13) (3.6%)
EBT margin, % 2.86 4.67 5.75 4.67 4.79 5.46 7.86 0.22 1.96 0.51 (5.27) (2.3) pt
Net income 3 3 2 5 7 10 23 1 7 1 (22) (9.6%)
Per share, $
Per share, $ Revenue 8.59 10.20 11.21 13.35 17.03 19.61 30.80 27.43 27.94 23.95 17.49 +12.1%
Earnings 0.34 0.29 0.15 0.44 0.58 0.81 1.82 0.11 0.52 0.09 (1.48) (13.7%)
Cash flow 0.61 0.58 1.18 1.50 1.58 3.64 0.10 2.26 1.93 1.61 0.96 +11.5%
Capex (0.05) (0.09) (0.05) (0.03) (0.01) (0.01) (0.07) (0.05) (0.06) (0.02) 0.00 (11.4%)
Free cash flow 0.56 0.48 1.13 1.47 1.57 3.63 0.03 2.22 1.87 1.60 0.95 +12.4%
Book value 3.19 3.16 3.32 3.79 4.35 5.23 7.18 7.48 7.77 7.85 6.44 +10.5%
Shares, m 10 11 12 12 12 13 13 14 14 14 14 +4.2%
Valuation, ×
Valuation, × P/E 13.79 22.52 36.56 9.91 12.50 15.19 6.74 98.92 18.00 56.50 0.00 29.1
P/S 0.55 0.64 0.52 0.33 0.43 0.63 0.40 0.43 0.34 0.24 0.21 0.4
P/B 1.47 2.07 1.76 1.18 1.67 2.35 1.71 1.59 1.20 0.72 0.57 1.6
EV/Sales 0.81 0.85 0.56 0.66 0.74 0.72 0.46 0.89 0.71 0.61 0.71 0.7
EV/FCF 12.46 17.92 5.51 6.05 8.03 3.89 560.27 11.01 10.62 9.11 12.96 64.5
Cash, $m
Cash, $m Operating cash flow 6 7 14 18 19 46 1 31 27 23 14 +16.1%
Capex 0 (1) (1) 0 0 0 (1) (1) (1) 0 0 (7.7%)
Free cash flow 6 5 13 18 19 46 0 30 27 23 14 +17.1%
Balance, $m
Balance, $m Working capital (4) (4) 1 (3) (11) (5) 5 (2) 0 0 (14) (31.3%)
Net debt 19 17 1 52 66 23 22 172 149 128 126 +23.8%
Shareholders’ equity 32 36 39 46 53 66 92 102 110 113 93 +15.1%
Returns, %
Returns, % ROA 7.22 4.88 2.78 5.55 4.55 5.33 12.72 0.57 2.26 0.45 (7.78) (6.8) pt
ROIC 5.02 7.88 13.64 6.40 7.05 12.17 18.17 3.89 6.00 4.36 (0.08) (0.7) pt
ROE 12.39 9.72 4.88 12.53 14.37 17.04 29.54 1.50 6.96 1.22 (20.84) (11.2) pt
People
People Employees 1,400 1,400 1,500 1,900 2,200 2,300 2,400 3,200 2,800 2,300 — +5.7%
Revenue/emp, $m 0.06 0.08 0.09 0.08 0.10 0.11 0.16 0.12 0.14 0.15 — +10.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

DLH Holdings Corp. vs peers in Specialty Business Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TISI Team, Inc. $104.0M — (loss-making) 0.3× −7.80% (below 0%: shrinking) n/m +47.47% (above 0%: growing) 23.79% 0.95% Compare
WFCF Where Food Comes From Inc. $77.0M 54.7× 29.4× +0.75% (above 0%: growing) −27.27% (below 0%: shrinking) −18.92% (below 0%: shrinking) 40.58% 10.06% Compare
DLHC DLH Holdings Corp. $52.6M — (loss-making) — (loss-making) −46.94% (below 0%: shrinking) n/m −55.09% (below 0%: shrinking) 16.75% (8.89%)
YSXT YSX Tech Co., Ltd $40.2M — — — — −299.01% (below 0%: shrinking) — — Compare
NTIP Network-1 Technologies, Inc. $36.6M — (loss-making) — (loss-making) −72.07% (below 0%: shrinking) n/m −22.09% (below 0%: shrinking) 72.00% 0.00% Compare
PC Premium Catering (Holdings) Limited $19.5M — — — — −1,294.44% (below 0%: shrinking) — — Compare
SST System1, Inc. $18.6M — (loss-making) 23.1× −61.34% (below 0%: shrinking) n/m −127.61% (below 0%: shrinking) 80.38% (27.45%) Compare
ANPA Rich Sparkle Holdings Limited $17.5M — — — — — — — Compare
WHLM Wilhelmina International, Inc. $17.2M 15.0× 5.2× −0.83% (below 0%: shrinking) −60.00% (below 0%: shrinking) −80.08% (below 0%: shrinking) 100.00% 2.22% Compare
Median of peers $28.0M — 14.2× −7.80% — −80.08% 72.00% 0.95%

All 45 Specialty Business Services stocks →

Pay and ownership Proxy statement filed 28 January 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 2.12m 1.43m 61.82
2024 2.44m 1.72m 78.85
2023 2.12m 1.87m 94.11
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

DLH Holdings Corp. (DLHC) Latest News

13 Oct

Impact 3 · · GlobeNewswire
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30 Jul

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30 Jun

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25 Jun

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7 May

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9 Feb

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16 Dec

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12 Dec

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29 Oct

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stockrow.com/DLHC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com