DLH Holdings Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DLH Holdings Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue		116	133	160	209	246	395	376	396	344
Cost of revenue				125	164	195	323	296	318	279
Gross profit	17.8	25.9	30.2	35.8	45.6	51.5	72.3	79.9	77.5	65.2
General and administrative	12.5	17.5	16.8	20.5	24.2	25.1	30.7	37.8	35.5	31.2
Operating expenses			124	150
Operating income	4.06	6.63	8.78	9.97	13.5	17.2	33.3	17.1	24.9	16.8
Interest expense	0.45	0.88	0.8	1.51	2.84	2.99	1.57	14.2	15.4	13.4
Interest income							0.02	0.06	0.04	0.07
Other non-operating income	-0.82	-1.23	-1.12	-2.47	-3.44	-3.78	-2.22	-16.3	-17.2	-15
Pre-tax income	2.45	5.4	7.67	7.5	10	13.4	31.1	0.82	7.75	1.76
Income tax	-0.94	2.11	5.83	2.17	2.91	3.29	7.78	-0.64	0.35	0.39
Net income	3.38	3.29	1.84	5.32	7.11	10.1	23.3	1.46	7.4	1.36
EBITDA	5.31	8.38	11	13.9	20.5	25.3	40.9	32.7	42	34
EPS, basic	0.34	0.29	0.15	0.44	0.58	0.81	1.82	0.11	0.52	0.09
EPS, diluted	0.30	0.27	0.14	0.41	0.54	0.75	1.64	0.10	0.51	0.09
Shares, basic (weighted)	9.97	11.3	11.9	12	12.3	12.5	12.8	13.7	14.2	14.4
Shares, diluted (weighted)	11.2	12.4	12.9	13	13.1	13.6	14.2	14.4	14.4	14.5

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4.93	4.93	6.36	1.79	1.36	24.1	0.23	0.22	0.34	0.13
Receivables	6.64	11.9	10.3	23.2	32.5	33.4	40.5	59.1	49.8	38.4
Other current assets	0.54	0.6	0.76	1.83	3.5	4.27	2.88	3.07	2.77	4.02
Total current assets	10.6	17.4	17.4	26.8	37.4	61.8	43.6	62.4	53	42.5
Property, plant and equipment	0.64	1.39	1.57	5.34	3.34	1.91	1.7	1.59	1.83	1.27
Lease right-of-use assets					22.4	19.9	16.9	9.66	6.68	8.76
Goodwill	34.7	26	26	52.8	67.1	65.6	65.6	138	138	138
Intangible assets	42.3	15.1	13.4	41.2	52.6	47.5	40.9	125	108	91.9
Other non-current assets							0.33	0.19	0.19	0.12
Total assets	65.1	69.7	62.5	129	184	197	169	340	314	291
Accounts payable	4.32	5.21	3.39	10.1	14.6	16.7	11.9	12.6	13.4	12.3
Accrued liabilities	3.62	3.72	4.98	8.85	10.6	9.13	9.44	13.8	12.8	12.2
Deferred revenue			0	0.09	0	22.3	0	0	0	0
Short-term debt			0	0	6.73	0	0	17.2	12.1	8.07
Total current liabilities	14.5	21.4	15.9	29.5	48	66.4	38.5	64.8	53.2	42.7
Long-term debt			6.96	53.6	60.5	44.6	20.4	155	137	120
Lease liabilities					21.6	19.4	16.5	15.9	12.8	14
Other non-current liabilities	18.8	12.4	0.23	0.57	0		0	1.56	0.9	1.05
Total liabilities	33.3	33.9	23.1	83.7	130	132	77	237	204	178
Total debt	23.4	19.7	7.71	56	70	44.6	20.4	172	149	128
Paid-in capital	81.9	82.7	84.3	85.1	85.9	87.9	91.1	100	100	102
Retained earnings	-50.1	-46.8	-44.9	-39.6	-32.4	-22.3	0.99	2.45	9.85	11.2
Treasury stock				0
Shareholders' equity	31.8	35.9	39.4	45.6	53.4	65.6	92.1	102	110	113
Total equity	31.8	35.9	39.4	45.6	53.4	65.6	92.1	102	110	113
Total liabilities and equity	65.1	69.7	62.5	129	184	197	169	340	314	291
Shares outstanding	11.1	11.8	11.9	12	12.4	12.7	13	14	14.4	14.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3.38	3.29	1.84	5.32	7.11	10.1	23.3	1.46	7.4	1.36
Depreciation and amortization	1.24	1.75	2.24	3.96	7	8.12	7.67	15.6	17.1	17.2
Stock-based compensation	0.47	0.66	1.38				2.61	1.92	1.9	1.46
Deferred income tax	-1.11	1.78	5.5	1.79	2.31	1.21	0.42	-4.46	-3.18	-1.7
Change in receivables	-3.35	-5.27	1.63	0.62	-5.41	-0.91	-7.05	6.85	9.27	11.5
Change in payables	5.11	3.95	0.05	5.26	7.19	4.14	-5.86	-0.08	-4.41	-6.04
Cash from operations	6.04	6.52	14.1	18	19.5	45.7	1.24	31	27.4	23.2
Capital expenditures	-0.5	-1.06	-0.65	-0.41	-0.15	-0.1	-0.87	-0.63	-0.84	-0.24
Acquisitions	-32.2	-0.25	0	-67.1	-32.7	0.06	0	-181	0
Cash from investing	-32.7	-1.31	-0.65	-67.5	-32.8	-0.04	-0.87	-181	-0.84	-0.24
Debt issued			0	70	33	31	17	168	0
Debt repaid			-12	-21.7	-19	-54.2	-41.8	-20.2	-27.3	-19
Stock issued	2.52	0	0.05	0.04	0.06	0.37	0.84
Share buybacks				0	-0.21	0
Cash from financing	24.6	-3.71	-12	44.9	12.9	-22.9	-24.2	150	-26.4	-23.2
Net change in cash	-2.13	1.5	1.43	-4.57	-0.43	22.7	-23.8	-0.01	0.13	-0.22
Free cash flow	5.54	5.46	13.4	17.6	19.3	45.6	0.37	30.4	26.5	23
Interest paid	0.45	0.88	0.8	1.5	2.81	2.94	1.53	14.2	16	13.5
Income taxes paid	0.12	0.34	0.88	0.54	0.92	0.94	9.28	5.6	3.26	2.05

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.55 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.3%	Gross profit / revenue.
Operating margin	-0.1%	Operating income / revenue.
EBITDA margin	6.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-5.3%	Pre-tax income / revenue.
Net margin	-8.5%	Net income / revenue.
FCF margin	5.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.5%	Cash from operations / revenue.
Return on equity (ROE)	-23.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-8.5%	Net income / average total assets.
Return on invested capital (ROIC)	-0.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	6.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-13.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-15.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-32.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-20.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-19.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-6.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-81.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-61.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-28.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-82.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-62.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-30.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-15.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	165.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-13.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	295.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-7.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	19.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.67x	Current assets / current liabilities.
Quick ratio	0.58x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.35x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	49.6%	Total debt / total assets.
Liabilities / assets	63.4%	Total liabilities / total assets.
Net debt	$126.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	7.58x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.02x	Operating income / interest expense.
Working capital	-$13.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	85.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$124.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.00x	Revenue / average total assets.
Fixed asset turnover	333x	Revenue / average property, plant and equipment.
Receivables turnover	10.4x	Revenue / average receivables.
Days sales outstanding	35 days	365 x average receivables / revenue.
Days payables	13 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	0.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.48	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$17.49	Revenue / diluted weighted shares.
FCF per share	$0.95	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.96	Cash from operations / diluted weighted shares.
Book value per share	$6.44	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$8.61	Tangible book value / shares outstanding.
Cash per share	$0.02	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$51.5M	Share price x shares outstanding.
Enterprise value	$177.5M	Market cap + total debt - cash - short-term investments.
P/S	0.20x	Market cap / revenue.
P/B	0.55x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	3.72x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.70x	Market cap / cash from operations, when positive.
EV/Sales	0.70x	Enterprise value / revenue.
EV/EBITDA	10.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	12.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	26.9%	Free cash flow / market cap.
Earnings yield	-41.9%	Net income / market cap (the inverse of P/E).

What was DLH Holdings Corp.'s revenue in fiscal 2025?

DLH Holdings Corp. reported revenue of $344.5M for fiscal 2025, 13% lower than the year before.

Was DLH Holdings Corp. profitable in fiscal 2025?

Yes. Net income was $1.4M, a net margin of 0.4%.

How much free cash flow did DLH Holdings Corp. generate in fiscal 2025?

Cash from operations of $23.2M minus capital expenditures of $241.0K left free cash flow of $23.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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