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DLH (DLHC) Financials

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$4.03 +0.02 (+0.50%)
Closing price 10/14/2026 04:00 PM Eastern
Extended Trading
$4.04 +0.00 (+0.12%)
As of 10/14/2026 04:10 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for DLH

Annual Income Statements for DLH

This table shows DLH's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 8.73 3.35 3.29 1.84 5.32 7.11 10 23 1.46 7.40 1.36
Consolidated Net Income / (Loss)		 8.73 3.38 3.29 1.84 5.32 7.11 10 23 1.46 7.40 1.36
Net Income / (Loss) Continuing Operations		 8.73 3.35 3.29 1.84 5.32 7.11 10 23 1.46 7.40 1.36
Total Pre-Tax Income 		3.24 2.45 5.40 7.67 7.50 10 13 31 0.82 7.75 1.76
Total Operating Income		 2.50 4.06 6.63 8.78 9.97 13 17 33 17 25 17
Total Gross Profit		 12 18 26 28 36 46 51 395 80 396 344
Total Revenue		 65 86 116 133 160 209 246 395 376 396 344
Operating Revenue		 65 86 116 133 160 209 246 395 376 396 344
Total Cost of Revenue		 54 68 90 105 125 164 195 0.00 296 0.00 0.00
Total Operating Expenses		 9.19 14 19 19 26 32 34 362 63 371 328
Selling, General & Admin Expense		 9.14 13 17 17 21 24 25 31 38 36 31
Depreciation Expense		 0.06 1.24 1.75 2.24 3.96 7.00 8.12 7.67 16 17 17
Other Operating Expenses / (Income)		 - - - 0.00 - 0.93 - 323 - 318 279
Total Other Income / (Expense), net		 0.74 -1.62 -1.23 -1.12 -2.47 -3.44 -3.78 -2.22 -16 -17 -15
Other Income / (Expense), net		 0.74 -1.62 -1.23 -1.12 -2.47 -3.44 -3.78 -2.22 -16 -17 -15
Income Tax Expense		 -5.49 -0.90 2.11 5.83 2.17 2.91 3.29 7.78 -0.64 0.35 0.39
Basic Earnings per Share		 $0.91 $0.34 $0.29 $0.15 $0.44 $0.58 $0.81 $1.82 $0.11 $0.52 $0.09
Weighted Average Basic Shares Outstanding		 9.57M 9.97M 11.35M 11.88M 12.02M 12.28M 12.55M 12.83M 13.70M 14.17M 14.39M
Diluted Earnings per Share		 $0.87 $0.30 $0.27 $0.14 $0.41 $0.54 $0.75 $1.64 $0.10 $0.51 $0.09
Weighted Average Diluted Shares Outstanding		 10.04M 11.22M 12.35M 12.87M 13.04M 13.11M 13.60M 14.18M 14.43M 14.41M 14.46M
Weighted Average Basic & Diluted Shares Outstanding		 9.55M 11.24M 11.88M 11.90M 12.10M 12.53M 12.71M 13.05M 14.07M 14.39M 14.49M

Quarterly Income Statements for DLH

This table shows DLH's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 2.15 1.81 1.14 2.30 1.12 0.88 0.29 -0.92 -1.32 -2.54 -17
Consolidated Net Income / (Loss)		 2.15 1.81 1.14 2.30 1.12 0.88 0.29 -0.92 -1.32 -2.54 -17
Net Income / (Loss) Continuing Operations		 2.15 1.81 1.14 2.30 1.12 0.88 0.29 -0.92 -1.32 -2.54 -17
Total Pre-Tax Income 		2.16 1.75 1.62 2.21 1.50 1.24 0.22 -1.20 -1.96 -3.19 -7.01
Total Operating Income		 6.82 5.94 5.76 6.38 5.64 5.12 3.76 2.28 1.44 -0.06 -3.93
Total Gross Profit		 19 101 101 175 18 18 83 152 13 12 44
Total Revenue		 98 101 101 96 91 89 83 81 69 59 44
Operating Revenue		 98 101 101 96 91 89 83 81 69 59 44
Total Cost of Revenue		 79 0.00 0.00 -79 73 72 0.00 -71 55 47 0.00
Total Operating Expenses		 12 95 95 169 12 13 80 150 12 12 48
Selling, General & Admin Expense		 7.70 12 9.01 7.12 8.07 8.24 7.63 6.26 7.76 7.53 7.34
Depreciation Expense		 4.25 4.24 4.27 4.28 4.31 4.27 4.31 4.30 4.30 4.30 4.00
Other Operating Expenses / (Income)		 - 79 82 - - - 68 - - - 37
Total Other Income / (Expense), net		 -4.66 -4.19 -4.14 -4.16 -4.13 -3.88 -3.54 -3.48 -3.40 -3.14 -3.08
Interest Expense		 - 4.19 4.14 - - 3.88 3.54 - - 3.14 3.08
Income Tax Expense		 0.01 -0.06 0.48 -0.08 0.39 0.36 -0.07 -0.28 -0.64 -0.66 9.77
Basic Earnings per Share		 $0.15 $0.13 $0.08 $0.16 $0.08 $0.06 $0.02 ($0.07) ($0.09) ($0.17) ($1.16)
Weighted Average Basic Shares Outstanding		 14.03M 14.21M 14.23M 14.17M 14.39M 14.39M 14.39M 14.39M 14.49M 14.49M 14.49M
Diluted Earnings per Share		 $0.15 $0.12 $0.08 $0.16 $0.08 $0.06 $0.02 ($0.07) ($0.09) ($0.17) ($1.16)
Weighted Average Diluted Shares Outstanding		 14.80M 14.95M 14.70M 14.41M 14.56M 14.45M 14.45M 14.46M 14.56M 14.49M 14.49M
Weighted Average Basic & Diluted Shares Outstanding		 14.23M 14.23M 14.18M 14.39M 14.39M 14.39M 14.39M 14.49M 14.49M 14.49M 14.49M

Annual Cash Flow Statements for DLH

This table details how cash moves in and out of DLH's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025
Net Change in Cash & Equivalents		 1.65 -2.13 1.50 1.43 -4.57 -0.43 23 -24 -0.01 0.13 -0.22
Net Cash From Operating Activities		 1.98 6.04 6.52 14 18 19 46 1.24 31 27 23
Net Cash From Continuing Operating Activities		 1.98 6.04 6.52 14 18 19 46 1.24 31 27 23
Net Income / (Loss) Continuing Operations		 8.73 3.38 3.29 1.84 5.32 7.11 10 23 1.46 7.40 1.36
Consolidated Net Income / (Loss)		 8.73 3.38 3.29 1.84 5.32 7.11 10 23 1.46 7.40 1.36
Depreciation Expense		 0.06 1.24 1.72 2.24 3.96 7.00 8.12 7.67 16 17 17
Amortization Expense		 0.00 0.29 0.27 0.28 0.98 0.72 0.79 0.66 2.18 1.84 1.74
Non-Cash Adjustments To Reconcile Net Income		 -0.37 0.47 0.69 1.38 0.79 0.79 1.66 2.61 4.99 1.90 1.46
Changes in Operating Assets and Liabilities, net		 -6.43 0.66 0.55 8.35 6.99 3.82 25 -33 6.84 -0.82 1.47
Net Cash From Investing Activities		 -0.14 -33 -1.31 -0.65 -67 -33 -0.04 -0.87 -181 -0.84 -0.24
Net Cash From Continuing Investing Activities		 -0.14 -33 -1.31 -0.65 -67 -33 -0.04 -0.87 -181 -0.84 -0.24
Purchase of Property, Plant & Equipment		 -0.14 -0.50 -1.06 -0.65 -0.41 -0.15 -0.10 -0.87 -0.63 -0.84 -0.24
Net Cash From Financing Activities		 -0.19 25 -3.71 -12 45 13 -23 -24 150 -26 -23
Net Cash From Continuing Financing Activities		 -0.19 25 -3.71 -12 45 13 -23 -24 150 -26 -23
Repayment of Debt		 -0.01 -1.43 -3.84 -12 -25 -20 -54 -42 -224 -387 -276
Issuance of Debt		 0.00 23 - 0.00 70 33 31 17 373 362 253
Issuance of Common Equity		 - 2.52 - - - - - 0.84 1.11 0.26 0.00
Other Financing Activities, net		 -0.18 0.04 0.13 0.05 0.04 0.06 0.37 -0.28 -0.65 -1.86 0.00
Cash Interest Paid		 0.04 0.45 0.88 0.80 1.50 2.81 2.94 1.53 14 16 14
Cash Income Taxes Paid		 0.00 0.12 0.34 0.88 0.54 0.92 0.94 9.28 5.60 3.26 2.05

Quarterly Cash Flow Statements for DLH

This table details how cash moves in and out of DLH's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -0.08 0.11 0.19 -0.08 0.11 -0.26 -0.00 -0.07 0.13 -0.13 0.10
Net Cash From Operating Activities		 5.07 5.23 4.63 12 -12 15 9.57 11 -4.77 3.79 4.20
Net Cash From Continuing Operating Activities		 5.07 5.23 4.63 12 -12 15 9.57 11 -4.77 3.79 4.20
Net Income / (Loss) Continuing Operations		 2.15 1.81 1.14 2.30 1.12 0.88 0.29 -0.92 -1.32 -2.54 -17
Consolidated Net Income / (Loss)		 2.15 1.81 1.14 2.30 1.12 0.88 0.29 -0.92 -1.32 -2.54 -17
Depreciation Expense		 4.25 4.24 4.27 4.28 4.31 4.27 4.31 4.30 4.30 4.30 4.00
Amortization Expense		 0.64 0.40 0.40 0.40 0.46 0.42 0.43 0.43 0.43 0.42 0.43
Non-Cash Adjustments To Reconcile Net Income		 0.62 0.95 0.72 -0.39 0.19 0.53 0.56 0.18 0.65 0.62 -0.22
Changes in Operating Assets and Liabilities, net		 -2.60 -2.18 -1.90 5.85 -18 8.41 3.99 6.69 -8.83 0.98 17
Net Cash From Financing Activities		 -4.98 -4.83 -4.28 -12 12 -15 -9.36 -11 4.94 -3.91 -4.10
Net Cash From Continuing Financing Activities		 -4.98 -4.83 -4.28 -12 12 -15 -9.36 -11 4.94 -3.91 -4.10
Repayment of Debt		 -74 -96 -100 -117 -48 -73 -64 -92 -62 -49 -47
Issuance of Debt		 70 92 96 105 60 58 54 81 67 45 43
Cash Interest Paid		 3.97 3.90 3.78 4.39 3.59 3.57 3.25 3.09 3.00 2.27 2.68
Cash Income Taxes Paid		 0.00 1.80 0.48 0.98 0.03 0.48 0.06 1.49 0.00 0.72 0.06

Annual Balance Sheets for DLH

This table presents DLH's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025
Total Assets		 29 65 70 63 129 184 197 169 340 314 291
Total Current Assets		 10 11 17 17 27 37 62 44 62 53 43
Cash & Equivalents		 5.56 3.43 4.93 6.36 1.79 1.36 24 0.23 0.22 0.34 0.13
Accounts Receivable		 3.29 6.64 12 10 23 33 33 40 59 50 38
Other Current Assets		 0.43 0.54 0.60 0.76 1.83 3.50 4.27 2.88 3.07 2.77 4.02
Plant, Property, & Equipment, net		 0.34 0.64 1.39 1.57 5.34 3.34 1.91 1.70 1.59 1.83 1.27
Total Noncurrent Assets		 18 54 51 44 97 143 133 124 276 260 247
Goodwill		 8.60 42 26 26 53 67 66 66 138 138 138
Intangible Assets		 - - 15 13 41 53 47 41 125 108 92
Noncurrent Deferred & Refundable Income Taxes		 9.33 11 9.64 4.14 2.35 0.04 - 0.00 3.07 6.25 7.95
Other Noncurrent Operating Assets		 0.11 0.11 0.14 0.09 0.76 23 20 17 9.84 6.87 8.88
Total Liabilities & Shareholders' Equity		 29 65 70 63 129 184 197 169 340 314 291
Total Liabilities		 5.76 33 34 23 84 130 132 77 237 204 178
Total Current Liabilities		 5.65 15 21 16 29 48 66 39 65 53 43
Short-Term Debt		 0.00 3.56 6.52 - 0.00 6.73 - 0.00 17 12 8.07
Accounts Payable		 2.85 7.14 11 11 21 29 33 27 30 25 19
Current Employee Benefit Liabilities		 2.80 3.62 3.72 4.98 8.85 11 9.13 9.44 14 13 12
Other Current Liabilities		 0.00 0.20 0.31 - 0.00 2.05 2.26 2.24 4.10 3.05 3.21
Total Noncurrent Liabilities		 0.11 19 12 7.19 54 82 65 38 173 151 135
Long-Term Debt		 - - - - 54 61 45 20 155 137 120
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - 0.00 1.18 1.53 - - 0.00
Other Noncurrent Operating Liabilities		 0.11 19 12 7.19 0.57 22 19 16 17 14 15
Total Equity & Noncontrolling Interests		 23 32 36 39 46 53 66 92 102 110 113
Total Preferred & Common Equity		 23 32 36 39 46 53 66 92 102 110 113
Total Common Equity		 23 32 36 39 46 53 66 92 102 110 113
Common Stock		 76 82 83 84 85 86 88 91 100 100 102
Retained Earnings		 -54 -50 -47 -45 -40 -32 -22 0.99 2.45 9.85 11

Quarterly Balance Sheets for DLH

This table presents DLH's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 12/31/2024 3/31/2025 6/30/2025 12/31/2025 3/31/2026 6/30/2026
Total Assets		 331 326 325 325 307 299 284 277 255
Total Current Assets		 59 58 62 68 55 50 40 37 29
Cash & Equivalents		 0.13 0.24 0.42 0.45 0.20 0.19 0.26 0.13 0.24
Accounts Receivable		 56 55 58 64 52 45 36 34 24
Other Current Assets		 2.92 2.22 2.74 2.85 3.13 4.48 3.54 3.01 4.06
Plant, Property, & Equipment, net		 1.63 1.79 1.79 2.19 1.49 1.43 1.13 0.94 0.76
Total Noncurrent Assets		 271 266 262 255 250 248 243 239 225
Goodwill		 138 138 138 138 138 138 138 138 138
Intangible Assets		 121 117 112 104 100 96 88 84 80
Noncurrent Deferred & Refundable Income Taxes		 3.08 3.03 3.38 5.47 4.72 4.81 8.45 9.31 0.00
Other Noncurrent Operating Assets		 9.18 8.50 7.68 7.41 7.11 9.37 8.38 7.88 7.36
Total Liabilities & Shareholders' Equity		 331 326 325 325 307 299 284 277 255
Total Liabilities		 227 219 216 214 194 186 171 166 162
Total Current Liabilities		 58 56 58 65 50 46 41 42 43
Short-Term Debt		 16 17 18 28 17 14 17 19 21
Accounts Payable		 22 23 23 19 17 14 14 12 10
Current Employee Benefit Liabilities		 16 12 14 15 12 15 6.00 7.18 7.84
Other Current Liabilities		 3.92 4.24 3.37 3.25 3.07 3.09 3.36 3.22 2.93
Total Noncurrent Liabilities		 168 163 158 149 144 140 130 124 119
Long-Term Debt		 152 148 143 135 130 124 116 111 105
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - - - 1.11
Other Noncurrent Operating Liabilities		 17 15 15 14 14 16 14 14 13
Total Equity & Noncontrolling Interests		 105 107 109 111 113 114 112 110 93
Total Preferred & Common Equity		 105 107 109 111 113 114 112 110 93
Total Common Equity		 105 107 109 111 113 114 112 110 93
Common Stock		 100 100 101 100 101 102 102 103 103
Retained Earnings		 4.60 6.41 7.55 11 12 12 9.89 7.35 -9.44

Annual Metrics And Ratios for DLH

This table displays calculated financial ratios and metrics derived from DLH's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 9/30/2025
DEI Shares Outstanding		 9,550,536.00 10,406,547.00 11,599,776.00 11,899,494.00 12,036,161.00 12,354,406.00 12,544,906.00 12,961,269.00 13,756,969.00 14,182,891.00 14,386,468.00
DEI Adjusted Shares Outstanding		 9,550,536.00 10,406,547.00 11,599,776.00 11,899,494.00 12,036,161.00 12,354,406.00 12,544,906.00 12,961,269.00 13,756,969.00 14,182,891.00 14,386,468.00
DEI Earnings Per Adjusted Shares Outstanding		 0.91 0.32 0.28 0.15 0.44 0.58 0.81 1.80 0.11 0.52 0.09
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 8.02% 31.00% 35.12% 15.19% 20.38% 30.42% 17.64% 60.58% -4.88% 5.34% -12.99%
EBITDA Growth		 276.14% 20.76% 85.83% 37.72% 22.10% 42.72% 25.94% 76.28% -52.87% 43.49% -22.38%
EBIT Growth		 326.32% -24.51% 120.85% 41.91% -2.23% 33.69% 34.12% 131.14% -97.36% 844.76% -77.35%
NOPAT Growth		 24.86% -17.32% -27.41% -47.88% 236.65% 34.97% 36.04% 91.89% 22.06% -21.92% -45.21%
Net Income Growth		 62.93% -61.23% -2.84% -44.16% 189.98% 33.62% 42.61% 129.55% -93.73% 406.30% -81.59%
EPS Growth		 61.11% -65.52% -10.00% -48.15% 192.86% 31.71% 38.89% 118.67% -93.90% 410.00% -82.35%
Operating Cash Flow Growth		 19.10% 204.59% 8.01% 115.77% 28.15% 7.83% 134.77% -97.28% 2,396.62% -11.82% -15.16%
Free Cash Flow Firm Growth		 -157.14% -1,292.26% 83.42% 532.63% -983.29% 78.37% 472.74% -102.40% -11,817.81% 129.71% -20.03%
Invested Capital Growth		 74.19% 84.33% 17.34% -11.70% 194.62% 22.52% -27.78% 30.23% 144.60% -5.61% -7.06%
Revenue Q/Q Growth		 2.21% 13.42% 2.91% 1.60% 15.64% -1.64% 6.26% 0.52% 10.02% -1.27% -4.23%
EBITDA Q/Q Growth		 208.81% -13.58% 7.78% 8.77% 10.12% -3.04% 8.05% 2.32% -24.52% -29.46% -47.99%
EBIT Q/Q Growth		 225.63% -40.15% 23.45% 9.95% -3.82% -2.79% 10.75% 3.30% -91.53% -58.43% -91.60%
NOPAT Q/Q Growth		 -27.06% -33.48% -33.84% 61.53% 6.54% -4.90% 15.11% 1.20% 80.62% -54.29% -29.52%
Net Income Q/Q Growth		 65.77% -63.36% -29.06% 64.08% -3.46% -2.77% 17.64% 2.45% -80.60% 199.11% -70.24%
EPS Q/Q Growth		 0.00% 0.00% -32.50% 100.00% -6.82% -3.57% 19.05% 1.86% -81.48% 218.75% -71.88%
Operating Cash Flow Q/Q Growth		 51.49% 44.46% -14.51% 47.46% 4.65% 10.56% 89.23% -95.13% 47.78% -11.63% -7.03%
Free Cash Flow Firm Q/Q Growth		 -114.28% 72.01% -122.61% -61.32% 5.01% -169.20% 665.54% -104.55% -201.24% 118.05% -12.30%
Invested Capital Q/Q Growth		 76.07% -36.79% -25.05% -4.16% -3.97% 27.53% -23.75% -1.01% 0.00% -3.69% -4.36%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 17.89% 20.82% 22.35% 20.91% 22.35% 21.79% 20.92% 100.00% 21.25% 100.00% 100.00%
EBITDA Margin		 5.04% 4.65% 6.39% 7.64% 7.75% 8.48% 9.08% 9.97% 4.94% 6.73% 6.00%
Operating Margin		 3.82% 4.75% 5.73% 6.59% 6.21% 6.44% 7.00% 8.42% 4.55% 6.29% 4.87%
EBIT Margin		 4.96% 2.86% 4.67% 5.75% 4.67% 4.79% 5.46% 7.86% 0.22% 1.96% 0.51%
Profit (Net Income) Margin		 13.36% 3.95% 2.84% 1.38% 3.32% 3.40% 4.12% 5.89% 0.39% 1.87% 0.40%
Tax Burden Percent		 269.38% 138.35% 60.87% 23.95% 71.03% 71.00% 75.49% 74.97% 178.17% 95.48% 77.61%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 -169.38% -36.79% 39.13% 76.05% 28.97% 29.00% 24.51% 25.03% -78.17% 4.52% 22.39%
Return on Invested Capital (ROIC)		 49.35% 22.59% 11.64% 5.97% 10.85% 8.82% 12.65% 25.14% 15.74% 8.91% 5.21%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.01% 102.79% -75.22% 17.18% 3.13% 4.67% 6.05% 17.00% -14.40% -1.29% -3.21%
Return on Net Nonoperating Assets (RNNOA)		 -1.81% -10.20% -1.91% -1.09% 1.67% 5.55% 4.39% 4.40% -14.24% -1.95% -3.99%
Return on Equity (ROE)		 47.54% 12.39% 9.72% 4.88% 12.53% 14.37% 17.04% 29.54% 1.50% 6.96% 1.22%
Cash Return on Invested Capital (CROIC)		 -4.77% -36.73% -4.32% 18.39% -87.78% -11.43% 44.91% -1.12% -68.18% 14.68% 12.53%
Operating Return on Assets (OROA)		 11.04% 5.22% 8.02% 11.59% 7.82% 6.41% 7.06% 16.97% 0.32% 2.37% 0.58%
Return on Assets (ROA)		 29.74% 7.22% 4.88% 2.78% 5.55% 4.55% 5.33% 12.72% 0.57% 2.26% 0.45%
Return on Common Equity (ROCE)		 47.54% 12.39% 9.72% 4.88% 12.53% 14.37% 17.04% 29.54% 1.50% 6.96% 1.22%
Return on Equity Simple (ROE_SIMPLE)		 38.17% 10.65% 9.17% 4.66% 11.68% 13.31% 15.46% 25.30% 1.43% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 6.72 5.56 4.04 2.10 7.08 9.56 13 25 30 24 13
NOPAT Margin		 10.29% 6.49% 3.49% 1.58% 4.41% 4.57% 5.28% 6.31% 8.10% 6.00% 3.78%
Net Nonoperating Expense Percent (NNEP)		 42.35% -80.20% 86.86% -11.21% 7.72% 4.15% 6.60% 8.15% 30.15% 10.20% 8.42%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - 9.16% 5.41%
Cost of Revenue to Revenue		 82.11% 79.18% 77.65% 79.09% 77.65% 78.21% 79.08% 0.00% 78.75% 0.00% 0.00%
SG&A Expenses to Revenue		 13.98% 14.62% 15.10% 12.64% 12.80% 11.57% 10.18% 7.78% 10.06% 8.98% 9.06%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 14.07% 16.08% 16.62% 14.32% 16.13% 15.36% 13.92% 91.58% 16.70% 93.71% 95.13%
Earnings before Interest and Taxes (EBIT)		 3.24 2.45 5.40 7.67 7.50 10 13 31 0.82 7.75 1.76
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 3.30 3.98 7.39 10 12 18 22 39 19 27 21
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.19 1.54 2.10 1.74 1.18 1.68 2.35 1.73 1.57 1.21 0.72
Price to Tangible Book Value (P/TBV)		 1.90 0.00 0.00 1,070.95 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.42 0.57 0.65 0.51 0.33 0.43 0.63 0.40 0.43 0.34 0.24
Price to Earnings (P/E)		 3.11 14.59 22.86 37.33 10.08 12.59 15.21 6.83 109.89 17.95 59.68
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 32.18% 6.86% 4.37% 2.68% 9.92% 7.94% 6.57% 14.64% 0.91% 5.57% 1.68%
Enterprise Value to Invested Capital (EV/IC)		 1.25 1.53 2.05 1.88 1.08 1.30 2.03 1.60 1.21 1.09 0.87
Enterprise Value to Revenue (EV/Rev)		 0.33 0.57 0.66 0.47 0.66 0.74 0.71 0.45 0.89 0.71 0.61
Enterprise Value to EBITDA (EV/EBITDA)		 6.54 12.30 10.38 6.11 8.49 8.76 7.83 4.55 17.92 10.58 10.12
Enterprise Value to EBIT (EV/EBIT)		 6.66 20.01 14.21 8.11 14.08 15.52 13.01 5.77 405.69 36.37 119.20
Enterprise Value to NOPAT (EV/NOPAT)		 3.21 8.80 19.02 29.57 14.90 16.27 13.45 7.18 10.92 11.85 16.06
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.87 8.10 11.77 4.42 5.85 7.99 3.83 144.19 10.72 10.30 9.01
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 9.59 0.00 0.00 3.79 0.00 0.00 7.19 6.68
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.11 0.18 0.00 1.18 1.26 0.68 0.22 1.68 1.36 1.13
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 1.18 1.13 0.68 0.22 1.51 1.25 1.06
Financial Leverage		 -0.26 -0.10 0.03 -0.06 0.54 1.19 0.73 0.26 0.99 1.51 1.24
Leverage Ratio		 1.60 1.71 1.99 1.76 2.26 3.16 3.20 2.32 2.62 3.08 2.71
Compound Leverage Factor		 1.60 1.71 1.99 1.76 2.26 3.16 3.20 2.32 2.62 3.08 2.71
Debt to Total Capital		 0.00% 10.07% 15.38% 0.00% 54.06% 55.73% 40.49% 18.15% 62.72% 57.56% 53.13%
Short-Term Debt to Total Capital		 0.00% 10.07% 15.38% 0.00% 0.00% 5.57% 0.00% 0.00% 6.26% 4.65% 3.35%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 54.06% 50.16% 40.49% 18.15% 56.46% 52.91% 49.78%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 89.93% 84.62% 100.00% 45.94% 44.27% 59.51% 81.85% 37.28% 42.44% 46.87%
Debt to EBITDA		 0.00 0.89 0.88 0.00 4.31 3.79 2.00 0.52 9.28 5.61 6.19
Net Debt to EBITDA		 0.00 0.03 0.21 0.00 4.17 3.71 0.92 0.51 9.27 5.59 6.19
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 4.31 3.41 2.00 0.52 8.36 5.15 5.80
Debt to NOPAT		 0.00 0.64 1.62 0.00 7.57 7.04 3.43 0.82 5.66 6.28 9.83
Net Debt to NOPAT		 0.00 0.02 0.39 0.00 7.32 6.90 1.58 0.81 5.65 6.27 9.82
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 7.57 6.34 3.43 0.82 5.09 5.78 9.21
Altman Z-Score		 3.06 1.17 2.24 3.34 1.36 1.42 1.99 4.23 1.52 1.77 1.53
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.82 0.73 0.81 1.09 0.91 0.78 0.93 1.13 0.96 0.99 1.00
Quick Ratio		 1.57 0.69 0.79 1.04 0.85 0.71 0.87 1.06 0.92 0.94 0.90
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -0.65 -9.04 -1.50 6.48 -57 -12 46 -1.11 -132 39 31
Operating Cash Flow to CapEx		 1,396.48% 1,212.85% 613.16% 2,152.45% 4,454.07% 12,796.71% 44,334.95% 142.55% 4,965.28% 3,273.45% 9,633.20%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 2.23 1.83 1.72 2.01 1.67 1.34 1.29 2.16 1.48 1.21 1.14
Accounts Receivable Turnover		 8.35 17.25 12.47 12.01 9.57 7.50 7.46 10.69 7.55 7.27 7.81
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 327.55 174.70 113.67 90.12 46.43 48.19 93.73 218.57 228.22 231.54 221.97
Accounts Payable Turnover		 14.13 13.57 9.96 9.65 7.89 6.65 6.35 0.00 10.47 0.00 0.00
Days Sales Outstanding (DSO)		 43.73 21.16 29.27 30.40 38.12 48.65 48.94 34.15 48.37 50.23 46.75
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 25.84 26.89 36.64 37.83 46.28 54.90 57.48 0.00 34.87 0.00 0.00
Cash Conversion Cycle (CCC)		 17.89 -5.74 -7.37 -7.44 -8.15 -6.24 -8.54 34.15 13.49 50.23 46.75
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 17 32 37 33 97 119 86 112 275 259 241
Invested Capital Turnover		 4.80 3.48 3.34 3.78 2.46 1.93 2.39 3.98 1.94 1.48 1.38
Increase / (Decrease) in Invested Capital		 7.37 15 5.53 -4.38 64 22 -33 26 162 -15 -18
Enterprise Value (EV)		 22 49 77 62 106 155 175 179 333 282 209
Market Capitalization		 27 49 75 69 54 90 154 159 161 133 81
Book Value per Share		 $2.39 $3.05 $3.09 $3.31 $3.79 $4.33 $5.23 $7.10 $7.48 $7.77 $7.85
Tangible Book Value per Share		 $1.49 ($1.01) ($0.45) $0.01 ($4.02) ($5.37) ($3.79) ($1.12) ($11.71) ($9.61) ($8.14)
Total Capital		 23 35 42 39 99 121 110 112 275 260 241
Total Debt		 0.00 3.56 6.52 0.00 54 67 45 20 172 149 128
Total Long-Term Debt		 0.00 0.00 0.00 0.00 54 61 45 20 155 137 120
Net Debt		 -5.56 0.13 1.59 -6.36 52 66 21 20 172 149 128
Capital Expenditures (CapEx)		 0.14 0.50 1.06 0.65 0.41 0.15 0.10 0.87 0.63 0.84 0.24
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.95 -3.78 -2.42 -4.89 -4.43 -5.19 -29 4.83 15 11 7.81
Debt-free Net Working Capital (DFNWC)		 4.61 -0.35 2.52 1.46 -2.64 -3.84 -4.61 5.06 15 12 7.93
Net Working Capital (NWC)		 4.61 -3.91 -4.00 1.46 -2.64 -11 -4.61 5.06 -2.39 -0.29 -0.13
Net Nonoperating Expense (NNE)		 -2.00 2.18 0.75 0.27 1.76 2.44 2.86 1.66 29 16 12
Net Nonoperating Obligations (NNO)		 -5.56 0.13 1.59 -6.36 52 66 21 20 172 149 128
Total Depreciation and Amortization (D&A)		 0.06 1.53 1.99 2.52 4.94 7.72 8.91 8.33 18 19 19
Debt-free, Cash-free Net Working Capital to Revenue		 -1.45% -4.41% -2.09% -3.67% -2.76% -2.48% -11.65% 1.22% 3.88% 2.89% 2.27%
Debt-free Net Working Capital to Revenue		 7.05% -0.41% 2.17% 1.10% -1.64% -1.83% -1.87% 1.28% 3.94% 2.97% 2.30%
Net Working Capital to Revenue		 7.05% -4.57% -3.46% 1.10% -1.64% -5.05% -1.87% 1.28% -0.63% -0.07% -0.04%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.91 $0.34 $0.29 $0.15 $0.44 $0.58 $0.81 $0.00 $0.11 $0.52 $0.09
Adjusted Weighted Average Basic Shares Outstanding		 9.57M 9.97M 11.35M 11.88M 12.02M 12.28M 12.55M 0.00 13.70M 14.17M 14.39M
Adjusted Diluted Earnings per Share		 $0.87 $0.30 $0.27 $0.14 $0.41 $0.54 $0.75 $0.00 $0.10 $0.51 $0.09
Adjusted Weighted Average Diluted Shares Outstanding		 10.04M 11.22M 12.35M 12.87M 13.04M 13.11M 13.60M 0.00 14.43M 14.41M 14.46M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 9.55M 11.24M 11.88M 11.90M 12.10M 12.53M 12.71M 0.00 14.07M 14.39M 14.49M
Normalized Net Operating Profit after Tax (NOPAT)		 1.75 2.84 4.04 6.15 8.07 9.56 14 25 19 24 13
Normalized NOPAT Margin		 2.67% 3.32% 3.49% 4.61% 5.03% 4.57% 5.62% 6.43% 4.94% 6.00% 3.78%
Pre Tax Income Margin		 4.96% 2.86% 4.67% 5.75% 4.67% 4.79% 5.46% 7.86% 0.22% 1.96% 0.51%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 2.97% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for DLH

This table displays calculated financial ratios and metrics derived from DLH's official financial filings.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 13,756,969.00 14,230,708.00 14,232,891.00 14,182,891.00 14,386,468.00 14,386,468.00 14,386,468.00 14,386,468.00 - 14,493,035.00 14,493,035.00
DEI Adjusted Shares Outstanding		 13,756,969.00 14,230,708.00 14,232,891.00 14,182,891.00 14,386,468.00 14,386,468.00 14,386,468.00 14,386,468.00 - 14,493,035.00 14,493,035.00
DEI Earnings Per Adjusted Shares Outstanding		 0.16 0.13 0.08 0.16 0.08 0.06 0.02 -0.06 - -0.17 -1.16
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 34.52% 1.60% -1.51% -5.02% -7.22% -11.68% -17.23% -15.80% -24.11% -33.57% -46.94%
EBITDA Growth		 47.96% 66.69% 45.51% 3,907.61% -11.17% -7.37% -18.60% -36.62% -55.76% -52.37% -94.09%
EBIT Growth		 3.35% 401.01% 163.15% 237.21% -30.40% -13.92% -34.84% -64.26% -230.32% -101.08% -204.71%
NOPAT Growth		 133.98% 52.14% -28.16% 8,330.19% -38.43% -40.97% 24.57% -75.86% -75.95% -101.06% -154.53%
Net Income Growth		 39.04% 125.09% -34.46% 187.30% -48.16% -51.55% -74.63% -140.09% -218.74% -388.72% -5,908.65%
EPS Growth		 36.36% 100.00% -33.33% 184.21% -46.67% -50.00% -75.00% -143.75% -212.50% -383.33% -5,900.00%
Operating Cash Flow Growth		 -36.40% 570.75% -43.09% -22.46% -327.53% 177.30% 106.72% -14.11% 58.66% -73.90% -56.09%
Free Cash Flow Firm Growth		 116.32% -317.91% -322.66% 113.56% -86.85% 105.64% 108.41% -9.59% 690.72% 32.43% 33.55%
Invested Capital Growth		 -7.13% 0.00% 0.00% -5.61% 0.20% -4.18% -6.40% -7.06% -10.18% -7.64% -12.91%
Revenue Q/Q Growth		 -3.57% 3.23% -0.31% -4.28% -5.81% -1.73% -6.58% -2.62% -15.12% -13.97% -25.38%
EBITDA Q/Q Growth		 2,456.52% 49.99% -1.42% 6.02% -43.33% 56.40% -13.37% -17.44% -60.45% 68.37% -89.25%
EBIT Q/Q Growth		 146.50% 174.97% -3.01% 10.64% -76.41% 240.09% -26.59% -39.31% -186.00% 97.19% -7,049.09%
NOPAT Q/Q Growth		 8,557.46% -9.46% -34.07% 63.12% -36.77% -13.20% 39.14% -68.39% -36.99% -103.83% -7,049.09%
Net Income Q/Q Growth		 181.82% -15.76% -37.14% 101.49% -51.42% -21.26% -67.08% -418.34% -43.91% -91.47% -562.21%
EPS Q/Q Growth		 178.95% -20.00% -33.33% 100.00% -50.00% -25.00% -66.67% -450.00% -28.57% -88.89% -582.35%
Operating Cash Flow Q/Q Growth		 -68.38% 3.14% -11.47% 168.57% -192.79% 225.70% -34.01% 11.59% -144.66% 179.37% 11.01%
Free Cash Flow Firm Q/Q Growth		 117.08% -1,056.94% 0.05% 108.30% -83.44% 310.86% 48.86% -10.72% 44.80% -31.19% 50.12%
Invested Capital Q/Q Growth		 -0.69% -0.50% -0.82% -3.69% 5.42% -4.85% -3.12% -4.36% 1.88% -2.16% -8.65%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 19.18% 100.00% 100.00% 182.05% 19.84% 19.75% 100.00% 187.74% 19.59% 19.87% 100.00%
EBITDA Margin		 7.21% 10.48% 10.36% 11.48% 6.90% 10.99% 10.19% 8.64% 4.03% 7.88% 1.14%
Operating Margin		 6.97% 5.88% 5.72% 6.62% 6.21% 5.73% 4.51% 2.81% 2.08% -0.09% -8.89%
EBIT Margin		 2.21% 5.88% 5.72% 6.62% 1.66% 5.73% 4.51% 2.81% -2.85% -0.09% -8.89%
Profit (Net Income) Margin		 2.20% 1.79% 1.13% 2.38% 1.23% 0.98% 0.35% -1.13% -1.92% -4.28% -37.96%
Tax Burden Percent		 99.54% 103.42% 70.31% 103.66% 74.14% 70.92% 134.42% 76.54% 67.55% 79.37% 239.34%
Interest Burden Percent		 100.00% 29.49% 28.11% 34.72% 100.00% 24.20% 5.73% -52.74% 100.00% 5,807.27% 178.38%
Effective Tax Rate		 0.46% -3.42% 29.69% -3.66% 25.86% 29.08% -34.42% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 9.82% 18.06% 11.99% 10.17% 6.56% 5.77% 8.36% 2.71% 1.82% -0.08% -6.70%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.25% 12.79% 8.36% 7.49% 4.70% 4.01% 5.18% 0.89% 0.24% -1.88% -17.32%
Return on Net Nonoperating Assets (RNNOA)		 12.75% 19.71% 12.36% 11.31% 7.16% 5.69% 6.95% 1.11% 0.31% -2.33% -22.11%
Return on Equity (ROE)		 22.58% 37.77% 24.35% 21.49% 13.72% 11.46% 15.32% 3.82% 2.13% -2.41% -28.81%
Cash Return on Invested Capital (CROIC)		 23.77% -168.92% -161.34% 14.68% 7.60% 11.38% 13.71% 12.53% 14.12% 10.02% 13.72%
Operating Return on Assets (OROA)		 2.54% 7.27% 7.06% 8.01% 1.96% 6.84% 5.19% 3.20% -3.02% -0.09% -8.14%
Return on Assets (ROA)		 2.52% 2.22% 1.40% 2.88% 1.46% 1.17% 0.40% -1.29% -2.04% -4.29% -34.73%
Return on Common Equity (ROCE)		 22.58% 37.77% 24.35% 21.49% 13.72% 11.46% 15.32% 3.82% 2.13% -2.41% -28.81%
Return on Equity Simple (ROE_SIMPLE)		 1.97% 2.88% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 6.79 6.15 4.05 6.61 4.18 3.63 5.05 1.60 1.01 -0.04 -2.75
NOPAT Margin		 6.94% 6.08% 4.02% 6.86% 4.60% 4.07% 6.06% 1.97% 1.46% -0.07% -6.22%
Net Nonoperating Expense Percent (NNEP)		 2.57% 5.27% 3.63% 2.69% 1.86% 1.76% 3.19% 1.82% 1.58% 1.80% 10.62%
Return On Investment Capital (ROIC_SIMPLE)		 2.49% 2.26% 1.50% 2.55% 1.53% 1.39% 2.00% 0.66% 0.41% -0.02% -1.25%
Cost of Revenue to Revenue		 80.82% 0.00% 0.00% -82.05% 80.16% 80.25% 0.00% -87.74% 80.41% 80.13% 0.00%
SG&A Expenses to Revenue		 7.87% 11.59% 8.95% 7.38% 8.89% 9.23% 9.43% 7.71% 11.27% 12.71% 16.59%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 12.21% 94.12% 94.28% 175.43% 13.63% 14.01% 95.49% 184.93% 17.51% 19.96% 108.89%
Earnings before Interest and Taxes (EBIT)		 2.16 5.94 5.76 6.38 1.50 5.12 3.76 2.28 -1.96 -0.06 -3.93
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 7.06 11 10 11 6.27 9.80 8.49 7.01 2.77 4.67 0.50
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 1.77 1.38 1.21 1.04 0.52 0.74 0.72 0.73 0.76 0.82
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.00 0.47 0.37 0.34 0.30 0.15 0.23 0.24 0.25 0.29 0.30
Price to Earnings (P/E)		 0.00 61.47 60.78 17.95 18.16 10.74 18.36 59.68 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 1.63% 1.65% 5.57% 5.51% 9.31% 5.45% 1.68% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 1.30 1.15 1.09 1.01 0.79 0.88 0.87 0.88 0.89 0.92
Enterprise Value to Revenue (EV/Rev)		 0.00 0.88 0.78 0.71 0.71 0.54 0.62 0.61 0.67 0.73 0.80
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 8.97 8.23 10.58 10.73 4.93 5.59 10.12 12.52 8.13 11.02
Enterprise Value to EBIT (EV/EBIT)		 0.00 17.69 16.68 36.37 39.11 8.97 10.64 119.20 0.00 28.88 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 8.38 5.97 11.85 13.03 10.87 12.02 16.06 24.42 41.26 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 10.25 10.04 10.30 25.78 10.25 8.90 9.01 7.17 11.12 14.55
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 7.19 13.37 6.79 6.22 6.68 5.88 8.55 6.26
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.60 1.54 1.48 1.36 1.46 1.31 1.22 1.13 1.19 1.18 1.35
Long-Term Debt to Equity		 1.45 1.38 1.32 1.25 1.21 1.15 1.09 1.06 1.03 1.00 1.13
Financial Leverage		 1.76 1.54 1.48 1.51 1.52 1.42 1.34 1.24 1.32 1.24 1.28
Leverage Ratio		 3.40 3.05 2.99 3.08 3.04 2.88 2.81 2.71 2.72 2.61 2.68
Compound Leverage Factor		 3.40 0.90 0.84 1.07 3.04 0.70 0.16 -1.43 2.72 151.82 4.78
Debt to Total Capital		 61.58% 60.69% 59.70% 57.56% 59.28% 56.62% 54.89% 53.13% 54.33% 54.10% 57.53%
Short-Term Debt to Total Capital		 5.91% 6.33% 6.55% 4.65% 10.08% 6.55% 5.57% 3.35% 7.09% 8.10% 9.73%
Long-Term Debt to Total Capital		 55.67% 54.36% 53.16% 52.91% 49.19% 50.07% 49.32% 49.78% 47.24% 46.00% 47.79%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 38.42% 39.31% 40.30% 42.44% 40.72% 43.38% 45.11% 46.87% 45.67% 45.90% 42.47%
Debt to EBITDA		 8.06 4.18 4.26 5.61 6.28 3.53 3.48 6.19 7.77 4.93 6.88
Net Debt to EBITDA		 8.05 4.17 4.25 5.59 6.26 3.53 3.48 6.19 7.75 4.93 6.87
Long-Term Debt to EBITDA		 7.28 3.74 3.79 5.15 5.21 3.12 3.13 5.80 6.75 4.20 5.72
Debt to NOPAT		 3.62 3.91 3.09 6.28 7.62 7.80 7.48 9.83 15.15 25.04 -663.41
Net Debt to NOPAT		 3.62 3.90 3.09 6.27 7.60 7.79 7.47 9.82 15.12 25.01 -662.18
Long-Term Debt to NOPAT		 3.27 3.50 2.75 5.78 6.33 6.90 6.73 9.21 13.17 21.29 -551.17
Altman Z-Score		 0.00 1.85 1.75 1.76 1.59 1.54 1.59 1.54 1.44 1.37 1.11
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.01 1.03 1.05 0.99 1.04 1.10 1.08 1.00 0.97 0.87 0.67
Quick Ratio		 0.96 0.99 1.01 0.94 1.00 1.04 0.98 0.90 0.88 0.80 0.58
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 28 -265 -265 22 3.64 15 22 20 29 20 30
Operating Cash Flow to CapEx		 2,914.37% 1,791.10% 2,875.78% 5,949.76% -2,090.22% 0.00% 4,514.62% 38,142.86% -12,230.77% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -63.28 -63.97 0.00 0.00 3.86 6.29 0.00 0.00 6.31 9.66
Operating Cash Flow to Interest Expense		 0.00 1.25 1.12 0.00 0.00 3.74 2.70 0.00 0.00 1.21 1.36
Operating Cash Flow Less CapEx to Interest Expense		 0.00 1.18 1.08 0.00 0.00 3.88 2.64 0.00 0.00 1.21 1.36
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.15 1.24 1.23 1.21 1.19 1.19 1.15 1.14 1.06 1.00 0.92
Accounts Receivable Turnover		 6.64 7.26 6.87 7.27 6.49 7.04 6.97 7.81 6.44 6.86 7.31
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 229.13 225.28 224.04 231.54 203.92 230.34 223.29 221.97 194.58 240.97 231.23
Accounts Payable Turnover		 13.64 12.89 12.80 0.00 0.00 3.23 16.77 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 54.96 50.28 53.10 50.23 56.25 51.87 52.39 46.75 56.63 53.23 49.90
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 26.77 28.32 28.51 0.00 0.00 112.93 21.76 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 28.19 21.96 24.59 50.23 56.25 -61.06 30.62 46.75 56.63 53.23 49.90
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 273 271 269 259 273 260 252 241 245 240 219
Invested Capital Turnover		 1.42 2.97 2.98 1.48 1.42 1.42 1.38 1.38 1.24 1.17 1.08
Increase / (Decrease) in Invested Capital		 -21 271 269 -15 0.54 -11 -17 -18 -28 -20 -33
Enterprise Value (EV)		 0.00 353 311 282 277 205 222 209 215 214 202
Market Capitalization		 0.00 189 150 133 116 58 84 81 82 84 76
Book Value per Share		 $7.47 $7.50 $7.63 $7.77 $7.75 $7.84 $7.90 $7.85 $7.74 $7.61 $6.44
Tangible Book Value per Share		 ($10.98) ($10.40) ($9.98) ($9.61) ($9.10) ($8.72) ($8.37) ($8.14) ($7.85) ($7.70) ($8.61)
Total Capital		 273 272 270 260 274 260 252 241 246 240 220
Total Debt		 168 165 161 149 162 147 138 128 133 130 126
Total Long-Term Debt		 152 148 143 137 135 130 124 120 116 111 105
Net Debt		 168 165 160 149 162 147 138 128 133 130 126
Capital Expenditures (CapEx)		 0.17 0.29 0.16 0.21 0.55 -0.55 0.21 0.03 0.04 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 17 19 20 11 30 22 18 7.81 16 14 7.31
Debt-free Net Working Capital (DFNWC)		 17 19 21 12 30 22 18 7.93 16 14 7.54
Net Working Capital (NWC)		 0.57 1.71 3.07 -0.29 2.89 5.12 3.76 -0.13 -1.38 -5.51 -14
Net Nonoperating Expense (NNE)		 4.64 4.33 2.91 4.31 3.06 2.75 4.76 2.52 2.33 2.50 14
Net Nonoperating Obligations (NNO)		 168 165 160 149 162 147 138 128 133 130 126
Total Depreciation and Amortization (D&A)		 4.90 4.64 4.67 4.69 4.76 4.69 4.74 4.73 4.73 4.72 4.43
Debt-free, Cash-free Net Working Capital to Revenue		 4.13% 4.63% 5.06% 2.89% 7.72% 5.82% 4.90% 2.27% 4.89% 4.72% 2.88%
Debt-free Net Working Capital to Revenue		 4.16% 4.69% 5.17% 2.97% 7.84% 5.88% 4.95% 2.30% 4.97% 4.76% 2.97%
Net Working Capital to Revenue		 0.14% 0.42% 0.77% -0.07% 0.74% 1.36% 1.05% -0.04% -0.43% -1.88% -5.45%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.15 $0.13 $0.08 $0.16 $0.08 $0.06 $0.02 ($0.07) ($0.09) ($0.17) ($1.16)
Adjusted Weighted Average Basic Shares Outstanding		 14.03M 14.21M 14.23M 14.17M 14.39M 14.39M 14.39M 14.39M 14.49M 14.49M 14.49M
Adjusted Diluted Earnings per Share		 $0.15 $0.12 $0.08 $0.16 $0.08 $0.06 $0.02 ($0.07) ($0.09) ($0.17) ($1.16)
Adjusted Weighted Average Diluted Shares Outstanding		 14.80M 14.95M 14.70M 14.41M 14.56M 14.45M 14.45M 14.46M 14.56M 14.49M 14.49M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 14.23M 14.23M 14.18M 14.39M 14.39M 14.39M 14.39M 14.49M 14.49M 14.49M 14.49M
Normalized Net Operating Profit after Tax (NOPAT)		 6.79 4.16 4.05 4.46 4.18 3.63 2.63 1.60 1.01 -0.04 -2.75
Normalized NOPAT Margin		 6.94% 4.12% 4.02% 4.63% 4.60% 4.07% 3.15% 1.97% 1.46% -0.07% -6.22%
Pre Tax Income Margin		 2.21% 1.73% 1.61% 2.30% 1.66% 1.39% 0.26% -1.48% -2.85% -5.39% -15.86%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 1.42 1.39 0.00 0.00 1.32 1.06 0.00 0.00 -0.02 -1.28
NOPAT to Interest Expense		 0.00 1.47 0.98 0.00 0.00 0.94 1.43 0.00 0.00 -0.01 -0.89
EBIT Less CapEx to Interest Expense		 0.00 1.35 1.35 0.00 0.00 1.46 1.00 0.00 0.00 -0.02 -1.28
NOPAT Less CapEx to Interest Expense		 0.00 1.40 0.94 0.00 0.00 1.08 1.37 0.00 0.00 -0.01 -0.89
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

DLH Holdings Corp. (NASDAQ: DLHC) is showing a sharp deterioration in revenue and profitability, despite continued positive operating cash flow in the latest quarter. Revenue fell to $44.2 million in Q3 2026, down from $59.3 million in Q2 2026 and $83.3 million in the restated Q3 2025 results. This continues a broader decline from approximately $98 million to $101 million per quarter in early 2024.

The company reported a $16.8 million net loss in Q3 2026, or $1.16 per diluted share, compared with losses of $2.5 million in Q2 and $1.3 million in Q1. Q3 results were also substantially weaker than the $289,000 profit reported in the restated Q3 2025 quarter.

  • Operating cash flow remained positive. DLH generated $4.2 million of operating cash flow in Q3 2026, following $3.8 million in Q2. Working-capital changes contributed $16.8 million in Q3, helping offset the reported net loss.
  • Debt balances have declined from the prior year. Short- and long-term debt totaled approximately $126.3 million at June 30, 2026, down from $138.3 million at June 30, 2025 and $133.5 million at December 31, 2025.
  • Capital spending remains limited. DLH spent only about $39,000 on property and equipment in Q3 2026, compared with $212,000 in Q3 2025, reducing near-term investment cash requirements.
  • Accounts receivable declined to $24.4 million. This is lower than $33.6 million in Q2 2026 and $44.9 million in Q3 2025, which may reflect lower business activity but could also support near-term cash collection.
  • Financing activity continues to involve substantial refinancing. During Q3, DLH repaid $46.6 million of debt and issued $42.6 million, producing a net financing cash outflow of $4.1 million. This suggests ongoing debt management rather than meaningful deleveraging through operating earnings.
  • Revenue has declined materially across the reported period. Quarterly revenue fell from $100.7 million in Q3 2024 to $83.3 million in Q3 2025 and $44.2 million in Q3 2026. Q1 and Q2 revenue also declined year over year in both 2025 and 2026.
  • Profitability has weakened sharply. Q3 2026 operating income was negative $3.9 million, compared with positive operating income of $3.8 million in the restated Q3 2025 quarter. The company also recorded a $3.1 million interest expense in Q3, further pressuring pretax results.
  • Net losses accelerated during fiscal 2026. The quarterly net loss widened from $1.3 million in Q1 to $2.5 million in Q2 and $16.8 million in Q3. Q3 also included $9.8 million of income tax expense despite a pretax loss, making the reported earnings decline especially severe.
  • Liquidity is very thin. DLH held only $235,000 of cash at June 30, 2026, while current liabilities were $42.5 million. Total current assets of $28.7 million were below current liabilities, producing a current ratio of approximately 0.67.
  • Shareholders’ equity has contracted. Total equity declined to $93.3 million at June 30, 2026 from $110.3 million in Q2 and $113.7 million in the restated Q3 2025 balance sheet. Retained earnings moved from positive $7.4 million in Q2 to negative $9.4 million in Q3.

Overall, DLH’s latest statements point to a company under significant operating pressure. Positive operating cash flow and lower debt provide some support, but the combination of falling revenue, accelerating losses, minimal cash, negative working-capital liquidity and rising interest costs creates a challenging financial profile. Investors should also note that several prior-period figures were restated and that some historical income-statement classifications appear inconsistent, so reported period-to-period comparisons should be interpreted cautiously.

10/15/26 03:15 AM ETAI Generated. May Contain Errors.

DLH Financials - Frequently Asked Questions

According to the most recent income statement we have on file, DLH's fiscal year ends in September. Their fiscal year 2025 ended on September 30, 2025.

DLH's net income appears to be on an upward trend, with a most recent value of $1.36 million in 2025, falling from $8.73 million in 2015. The previous period was $7.40 million in 2024. See where experts think DLH is headed by visiting DLH's forecast page.

DLH's total operating income in 2025 was $16.79 million, based on the following breakdown:
  • Total Gross Profit: $344.50 million
  • Total Operating Expenses: $327.71 million

Over the last 10 years, DLH's total revenue changed from $65.35 million in 2015 to $344.50 million in 2025, a change of 427.2%.

In the past 10 quarters, DLH's cash and equivalents has ranged from $131 thousand in Q1 2024 to $451 thousand in Q1 2025, and is currently $235 thousand as of their latest financial filing in Q3 2026.

DLH had total debt of $128.03 million at the end of 2025, a 14.3% decrease from 2024, and none in 2015.

Over the last 10 years, DLH's book value per share changed from 2.39 in 2015 to 7.85 in 2025, a change of 227.9%.


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Financial statements for NASDAQ:DLHC last updated on 7/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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