Dlh Holdings Financials
This page shows Dlh Holdings (DLHC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Debt-funded balance-sheet expansion left a cash-generative business whose interest and amortization now absorb most earnings.
After the balance-sheet step-up, operating cash flow stayed around$23M -$31M even as net income shrank to low single-digit millions, because amortization and interest reduce accounting profit much more than cash generation. That leaves earnings quality better than headline profit suggests, but also a thin cushion: operating income of$16.8M barely covered interest expense of$13.4M .
The jump in goodwill and debt recast the balance sheet around acquired intangibles; goodwill still sits at
This is a low-capex model—capital spending was only
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Dlh Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Dlh Holdings has an operating margin of 4.9%, meaning the company retains $5 of operating profit per $100 of revenue. This results in a moderate score of 60/100, indicating healthy but not exceptional operating efficiency. This is down from 6.3% the prior year.
Dlh Holdings's revenue declined 13% year-over-year, from $395.9M to $344.5M. This contraction results in a growth score of 20/100.
Dlh Holdings has elevated debt relative to equity (D/E of 1.06), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 17/100, reflecting increased financial risk.
Dlh Holdings's current ratio of 1.00 is below the typical benchmark, resulting in a score of 18/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Dlh Holdings has a free cash flow margin of 6.7%, earning a moderate score of 56/100. The company generates positive cash flow after capital investments, but with room for improvement.
Dlh Holdings's ROE of 1.2% shows moderate profitability relative to equity, earning a score of 56/100. This is down from 6.7% the prior year.
Dlh Holdings scores 1.68, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Dlh Holdings passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Dlh Holdings generates $17.05 in operating cash flow ($23.2M OCF vs $1.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Dlh Holdings earns $1.3 in operating income for every $1 of interest expense ($16.8M vs $13.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Dlh Holdings generated $344.5M in revenue in fiscal year 2025. This represents a decrease of 13.0% from the prior year.
Dlh Holdings's EBITDA was $34.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 19.0% from the prior year.
Dlh Holdings reported $1.4M in net income in fiscal year 2025. This represents a decrease of 81.6% from the prior year.
Dlh Holdings earned $0.09 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 82.4% from the prior year.
Cash & Balance Sheet
Dlh Holdings generated $23.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 13.4% from the prior year.
Dlh Holdings held $125K in cash against $120.0M in long-term debt as of fiscal year 2025.
Dlh Holdings had 14M shares outstanding in fiscal year 2025. This represents an increase of 0.7% from the prior year.
Margins & Returns
Dlh Holdings's gross margin was 18.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the prior year.
Dlh Holdings's operating margin was 4.9% in fiscal year 2025, reflecting core business profitability. This is down 1.4 percentage points from the prior year.
Dlh Holdings's net profit margin was 0.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.5 percentage points from the prior year.
Dlh Holdings's ROE was 1.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.5 percentage points from the prior year.
Capital Allocation
Dlh Holdings invested $241K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 71.2% from the prior year.
DLHC Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $59.3M-14.0% | $68.9M-15.1% | $81.2M-2.6% | $83.3M-6.6% | $89.2M-1.7% | $90.8M-5.8% | $96.4M-4.3% | $100.7M |
| Cost of Revenue | $47.5M-14.3% | $55.4M-17.7% | $67.3M-0.5% | $67.6M-5.5% | $71.6M-1.6% | $72.8M-6.1% | $77.5M-5.5% | $82.0M |
| Gross Profit | $11.8M-12.8% | $13.5M-2.5% | $13.8M-11.8% | $15.7M-10.9% | $17.6M-2.2% | $18.0M-4.7% | $18.9M+1.2% | $18.7M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $7.5M-3.0% | $7.8M+6.9% | $7.3M-4.8% | $7.6M-7.4% | $8.2M+2.1% | $8.1M-2.0% | $8.2M-4.6% | $8.6M |
| Operating Income | -$55K-103.8% | $1.4M-37.0% | $2.3M-39.3% | $3.8M-26.6% | $5.1M-9.3% | $5.6M-11.6% | $6.4M+10.6% | $5.8M |
| Interest Expense | $2.7M-9.1% | $3.0M-14.0% | $3.5M-1.7% | $3.5M-8.7% | $3.9M-6.2% | $4.1M-0.7% | $4.2M+0.5% | $4.1M |
| Income Tax | -$659K-3.6% | -$636K-125.5% | -$282K-281.1% | -$74K-120.6% | $360K-7.5% | $389K+580.2% | -$81K-116.8% | $481K |
| Net Income | -$2.5M-91.5% | -$1.3M-43.9% | -$920K-418.3% | $289K-67.1% | $878K-21.3% | $1.1M-51.4% | $2.3M+101.5% | $1.1M |
| EPS (Diluted) | $-0.17-88.9% | $-0.09-50.0% | $-0.06-400.0% | $0.02-66.7% | $0.06-25.0% | $0.08-50.0% | $0.16+100.0% | $0.08 |
DLHC Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $276.7M-2.4% | $283.5M-2.5% | $290.7M-2.9% | $299.3M-2.4% | $306.6M-5.7% | $325.0M+3.4% | $314.4M-3.3% | $325.0M |
| Current Assets | $36.8M-7.2% | $39.6M-6.8% | $42.5M-14.2% | $49.6M-9.9% | $55.0M-18.6% | $67.6M+27.6% | $53.0M-13.9% | $61.5M |
| Cash & Equivalents | $131K-49.0% | $257K+105.6% | $125K-35.6% | $194K-1.0% | $196K-56.5% | $451K+31.9% | $342K-19.1% | $423K |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $33.6M-6.1% | $35.8M-6.6% | $38.4M-14.5% | $44.9M-13.1% | $51.7M-19.5% | $64.3M+28.9% | $49.8M-14.6% | $58.3M |
| Goodwill | $138.2M0.0% | $138.2M0.0% | $138.2M0.0% | $138.2M0.0% | $138.2M0.0% | $138.2M0.0% | $138.2M0.0% | $138.2M |
| Total Liabilities | $166.4M-2.8% | $171.3M-3.6% | $177.7M-4.3% | $185.6M-4.2% | $193.8M-9.3% | $213.6M+4.6% | $204.2M-5.6% | $216.4M |
| Current Liabilities | $42.3M+3.1% | $41.0M-3.9% | $42.7M-6.9% | $45.8M-8.2% | $49.9M-22.8% | $64.7M+21.5% | $53.2M-8.9% | $58.4M |
| Long-Term Debt | $110.5M-4.8% | $116.0M-3.3% | $120.0M-3.5% | $124.3M-4.6% | $130.3M-3.2% | $134.6M-2.0% | $137.3M-4.1% | $143.3M |
| Total Equity | $110.3M-1.7% | $112.2M-0.7% | $113.0M-0.7% | $113.7M+0.8% | $112.8M+1.3% | $111.4M+1.2% | $110.1M+1.4% | $108.6M |
| Retained Earnings | $7.4M-25.6% | $9.9M-11.8% | $11.2M-7.6% | $12.1M+2.4% | $11.8M+8.0% | $11.0M+11.3% | $9.8M+30.4% | $7.6M |
DLHC Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.8M+179.4% | -$4.8M-144.7% | $10.7M+11.6% | $9.6M-34.0% | $14.5M+225.7% | -$11.5M-192.8% | $12.4M+168.6% | $4.6M |
| Capital Expenditures | $0-100.0% | $39K+39.3% | $28K-86.8% | $212K+138.5% | -$551K-199.8% | $552K+164.1% | $209K+29.8% | $161K |
| Free Cash Flow | $3.8M+178.7% | -$4.8M-145.1% | $10.7M+13.8% | $9.4M-32.9% | $14.0M+215.4% | -$12.1M-198.9% | $12.2M+173.6% | $4.5M |
| Investing Cash Flow | $0+100.0% | -$39K-39.3% | -$28K+86.8% | -$212K-138.5% | $551K+199.8% | -$552K-164.1% | -$209K-29.8% | -$161K |
| Financing Cash Flow | -$3.9M-179.2% | $4.9M+146.1% | -$10.7M-14.5% | -$9.4M+38.9% | -$15.3M-225.5% | $12.2M+199.1% | -$12.3M-187.3% | -$4.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
DLHC Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.9%+0.3pp | 19.6%+2.5pp | 17.1%-1.8pp | 18.8%-0.9pp | 19.8%-0.1pp | 19.8%+0.2pp | 19.6%+1.1pp | 18.5% |
| Operating Margin | -0.1%-2.2pp | 2.1%-0.7pp | 2.8%-1.7pp | 4.5%-1.2pp | 5.7%-0.5pp | 6.2%-0.4pp | 6.6%+0.9pp | 5.7% |
| Net Margin | -4.3%-2.4pp | -1.9%-0.8pp | -1.1%-1.5pp | 0.4%-0.6pp | 1.0%-0.3pp | 1.2%-1.2pp | 2.4%+1.3pp | 1.1% |
| Return on Equity | -2.3%-1.1pp | -1.2%-0.4pp | -0.8%-1.1pp | 0.3%-0.5pp | 0.8%-0.2pp | 1.0%-1.1pp | 2.1%+1.0pp | 1.1% |
| Return on Assets | -0.9%-0.4pp | -0.5%-0.1pp | -0.3%-0.4pp | 0.1%-0.2pp | 0.3%-0.1pp | 0.3%-0.4pp | 0.7%+0.4pp | 0.4% |
| Current Ratio | 0.87-0.1 | 0.97-0.0 | 1.00-0.1 | 1.08-0.0 | 1.10+0.1 | 1.04+0.0 | 0.99-0.1 | 1.05 |
| Debt-to-Equity | 1.00-0.0 | 1.03-0.0 | 1.06-0.0 | 1.09-0.1 | 1.15-0.1 | 1.21-0.0 | 1.25-0.1 | 1.32 |
| FCF Margin | 6.4%+13.4pp | -7.0%-20.1pp | 13.1%+1.9pp | 11.2%-4.4pp | 15.6%+29.0pp | -13.3%-26.0pp | 12.7%+8.2pp | 4.4% |
Note: The current ratio is below 1.0 (1.00), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Dlh Holdings's annual revenue?
Dlh Holdings (DLHC) reported $344.5M in total revenue for fiscal year 2025. This represents a -13.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Dlh Holdings's revenue growing?
Dlh Holdings (DLHC) revenue declined by 13% year-over-year, from $395.9M to $344.5M in fiscal year 2025.
Is Dlh Holdings profitable?
Yes, Dlh Holdings (DLHC) reported a net income of $1.4M in fiscal year 2025, with a net profit margin of 0.4%.
What is Dlh Holdings's EBITDA?
Dlh Holdings (DLHC) had EBITDA of $34.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Dlh Holdings have?
As of fiscal year 2025, Dlh Holdings (DLHC) had $125K in cash and equivalents against $120.0M in long-term debt.
What is Dlh Holdings's gross margin?
Dlh Holdings (DLHC) had a gross margin of 18.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Dlh Holdings's operating margin?
Dlh Holdings (DLHC) had an operating margin of 4.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Dlh Holdings's net profit margin?
Dlh Holdings (DLHC) had a net profit margin of 0.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Dlh Holdings's return on equity (ROE)?
Dlh Holdings (DLHC) has a return on equity of 1.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Dlh Holdings's free cash flow?
Dlh Holdings (DLHC) generated $23.0M in free cash flow during fiscal year 2025. This represents a -13.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Dlh Holdings's operating cash flow?
Dlh Holdings (DLHC) generated $23.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Dlh Holdings's total assets?
Dlh Holdings (DLHC) had $290.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Dlh Holdings's capital expenditures?
Dlh Holdings (DLHC) invested $241K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Dlh Holdings's current ratio?
Dlh Holdings (DLHC) had a current ratio of 1.00 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Dlh Holdings's debt-to-equity ratio?
Dlh Holdings (DLHC) had a debt-to-equity ratio of 1.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Dlh Holdings's return on assets (ROA)?
Dlh Holdings (DLHC) had a return on assets of 0.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Dlh Holdings's Altman Z-Score?
Dlh Holdings (DLHC) has an Altman Z-Score of 1.68, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Dlh Holdings's Piotroski F-Score?
Dlh Holdings (DLHC) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Dlh Holdings's earnings high quality?
Dlh Holdings (DLHC) has an earnings quality ratio of 17.05x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Dlh Holdings cover its interest payments?
Dlh Holdings (DLHC) has an interest coverage ratio of 1.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Dlh Holdings?
Dlh Holdings (DLHC) scores 38 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.