DLH Holdings Corp. (DLHC) vs Wilhelmina International, Inc. (WHLM)

DLH Holdings Corp. and Wilhelmina International, Inc. are both Specialty Business Services companies. DLH Holdings Corp. is the larger, with a market value of $52.6M against $17.2M — 3.1× the size. DLH Holdings Corp. has negative trailing earnings, so its P/E is not meaningful; Wilhelmina International, Inc. trades at 15.0×. Wilhelmina International, Inc. grew revenue faster over the last twelve months: 6.07% against −29.5%. Wilhelmina International, Inc. has the higher net margin (3.02% vs −8.51%) and the higher return on invested capital (2.46% vs −0.08%). Across the 20 metrics below, Wilhelmina International, Inc. leads on 16 and DLH Holdings Corp. on 4.

Valuation

Metric DLHC WHLM Specialty Business Services median
P/E n/m 14.99 26.30
P/S 0.21 0.42 1.10
P/B 0.57 0.30 2.32
Price to free cash flow 3.85 5.92 17.44
EV/EBITDA 9.77 n/m 10.90
EV/Sales 0.71 (0.27) 1.46
Earnings yield (40.33%) 6.67% 2.01%
Free cash flow yield 26.01% 16.89% 1.41%

Profitability

Metric DLHC WHLM Specialty Business Services median
Gross margin 18.35% 100.00% 33.75%
Operating margin (0.11%) 2.68% 3.53%
Net margin (8.51%) 3.02% 1.88%
Free cash flow margin 5.46% 7.14% 3.18%
Return on equity (20.84%) 2.17% 0.00%
Return on assets (7.78%) 1.32% 0.00%
Return on invested capital (0.08%) 2.46% 0.00%

Growth

Metric DLHC WHLM Specialty Business Services median
Revenue growth (TTM) (29.52%) 6.07% 6.08%
EPS growth (last fiscal year) (82.35%) 50.00% 3.41%
Revenue growth, 5-year CAGR 10.49% (25.26%) 7.60%
Net income growth, 5-year CAGR (28.15%) 0.00% 0.00%

Health

Metric DLHC WHLM Specialty Business Services median
Debt to equity 1.35 0.00 0.24
Current ratio 0.67 1.74 1.79
Net debt to EBITDA 3.58 (17.53) 0.69

Dividend

Metric DLHC WHLM Specialty Business Services median
Dividend yield — — 2.21%
Payout ratio — — 0.37

Size

Metric DLHC WHLM Specialty Business Services median
Market cap 52.61m 17.24m 725.94m

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