Public Policy Holding Co Inc Financials
This page shows Public Policy Holding Co Inc (PPHC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 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).
An asset-light cash engine still produces free cash flow, but incremental revenue growth is arriving through thinner margins.
From FY2024 to FY2025, revenue rose24.7% while free cash flow climbed to$24.8M . At the same time, gross margin fell from11.6% to10.0% , so the extra sales added cash but not enough gross profit to absorb a larger overhead and interest burden. That is the pattern of healthy cash conversion paired with weaker incremental profitability.
The gap between a
Debt-to-equity moved from 0.3x to 0.5x, and goodwill still makes up a meaningful share of equity, so the capital base is becoming less conservative even without heavy fixed-asset needs. The current ratio slipped to 1.1x, so cash still covered the
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 Public Policy Holding Co Inc'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.
Public Policy Holding Co Inc has an operating margin of -18.2%, meaning the company retains $-18 of operating profit per $100 of revenue. This results in a moderate score of 36/100, indicating healthy but not exceptional operating efficiency. This is down from -12.1% the prior year.
Public Policy Holding Co Inc's revenue surged 24.7% year-over-year to $186.5M, reflecting rapid business expansion. This strong growth earns a score of 86/100.
Public Policy Holding Co Inc has a moderate D/E ratio of 0.51. This balance of debt and equity financing earns a leverage score of 60/100.
Public Policy Holding Co Inc's current ratio of 1.11 is below the typical benchmark, resulting in a score of 24/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Public Policy Holding Co Inc converts 13.3% of revenue into free cash flow ($24.8M). This strong cash generation earns a score of 73/100.
Public Policy Holding Co Inc's ROE of -52.1% shows moderate profitability relative to equity, earning a score of 33/100. This is down from -29.5% the prior year.
Public Policy Holding Co Inc scores 0.54, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($269.8M) relative to total liabilities ($127.6M). 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.
Public Policy Holding Co Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Public Policy Holding Co Inc generates $-0.64 in operating cash flow ($24.8M OCF vs -$39.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Public Policy Holding Co Inc earns $-10.0 in operating income for every $1 of interest expense (-$33.9M vs $3.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Public Policy Holding Co Inc generated $186.5M in revenue in fiscal year 2025. This represents an increase of 24.7% from the prior year.
Public Policy Holding Co Inc's EBITDA was -$28.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 103.0% from the prior year.
Public Policy Holding Co Inc reported -$39.0M in net income in fiscal year 2025. This represents a decrease of 62.8% from the prior year.
Public Policy Holding Co Inc earned $-2.37 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1.3% from the prior year.
Cash & Balance Sheet
Public Policy Holding Co Inc generated $24.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 51.5% from the prior year.
Public Policy Holding Co Inc held $20.4M in cash against $37.9M in long-term debt as of fiscal year 2025.
Public Policy Holding Co Inc had 25M shares outstanding in fiscal year 2025. This represents an increase of 4.8% from the prior year.
Margins & Returns
Public Policy Holding Co Inc's gross margin was 10.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.6 percentage points from the prior year.
Public Policy Holding Co Inc's operating margin was -18.2% in fiscal year 2025, reflecting core business profitability. This is down 6.0 percentage points from the prior year.
Public Policy Holding Co Inc's net profit margin was -20.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.9 percentage points from the prior year.
Public Policy Holding Co Inc's ROE was -52.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 22.6 percentage points from the prior year.
Capital Allocation
Public Policy Holding Co Inc invested $11K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 80.4% from the prior year.
PPHC Income Statement
| Metric | Q1'26 | Q4'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|
| Revenue | $50.1M | N/A | $39.3M | N/A |
| Cost of Revenue | $41.0M | N/A | $35.4M | N/A |
| Gross Profit | $9.2M | N/A | $4.0M | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A |
| SG&A Expenses | $9.3M | N/A | $7.5M | N/A |
| Operating Income | -$8.2M | N/A | -$5.9M | N/A |
| Interest Expense | $801K | N/A | $635K | N/A |
| Income Tax | $2.7M | N/A | $4.1M | N/A |
| Net Income | -$11.5M | N/A | -$10.6M | N/A |
| EPS (Diluted) | $-0.49 | N/A | $-0.63 | N/A |
PPHC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|
| Total Assets | $242.5M+19.7% | $202.6M | N/A | $174.5M |
| Current Assets | $88.5M+51.2% | $58.6M | N/A | $45.7M |
| Cash & Equivalents | $42.9M+109.7% | $20.4M+114.2% | $9.5M-34.4% | $14.5M |
| Inventory | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A |
| Goodwill | $56.8M-0.4% | $57.0M | N/A | $64.3M |
| Total Liabilities | $133.6M+4.7% | $127.6M | N/A | $93.2M |
| Current Liabilities | $51.9M-1.7% | $52.9M | N/A | $37.8M |
| Long-Term Debt | $34.1M-10.0% | $37.9M | N/A | $26.0M |
| Total Equity | $108.9M+45.4% | $74.9M-6.4% | $80.1M-1.5% | $81.3M |
| Retained Earnings | -$174.9M-7.0% | -$163.4M | N/A | -$115.7M |
PPHC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|
| Operating Cash Flow | -$11.7M | N/A | -$8.6M | N/A |
| Capital Expenditures | $521K | N/A | $0 | N/A |
| Free Cash Flow | -$12.2M | N/A | -$8.6M | N/A |
| Investing Cash Flow | -$2.4M | N/A | -$18.5M | N/A |
| Financing Cash Flow | $36.6M | N/A | $22.1M | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A |
PPHC Financial Ratios
| Metric | Q1'26 | Q4'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|
| Gross Margin | 18.3% | N/A | 10.1% | N/A |
| Operating Margin | -16.3% | N/A | -15.0% | N/A |
| Net Margin | -22.9% | N/A | -27.0% | N/A |
| Return on Equity | -10.6% | N/A | -13.3% | N/A |
| Return on Assets | -4.7% | N/A | N/A | N/A |
| Current Ratio | 1.70+0.6 | 1.11 | N/A | 1.21 |
| Debt-to-Equity | 0.31-0.2 | 0.51 | N/A | 0.32 |
| FCF Margin | -24.3% | N/A | -21.9% | N/A |
Frequently Asked Questions
What is Public Policy Holding Co Inc's annual revenue?
Public Policy Holding Co Inc (PPHC) reported $186.5M in total revenue for fiscal year 2025. This represents a 24.7% 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 Public Policy Holding Co Inc's revenue growing?
Public Policy Holding Co Inc (PPHC) revenue grew by 24.7% year-over-year, from $149.6M to $186.5M in fiscal year 2025.
Is Public Policy Holding Co Inc profitable?
No, Public Policy Holding Co Inc (PPHC) reported a net income of -$39.0M in fiscal year 2025, with a net profit margin of -20.9%.
What is Public Policy Holding Co Inc's EBITDA?
Public Policy Holding Co Inc (PPHC) had EBITDA of -$28.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Public Policy Holding Co Inc have?
As of fiscal year 2025, Public Policy Holding Co Inc (PPHC) had $20.4M in cash and equivalents against $37.9M in long-term debt.
What is Public Policy Holding Co Inc's gross margin?
Public Policy Holding Co Inc (PPHC) had a gross margin of 10.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Public Policy Holding Co Inc's operating margin?
Public Policy Holding Co Inc (PPHC) had an operating margin of -18.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Public Policy Holding Co Inc's net profit margin?
Public Policy Holding Co Inc (PPHC) had a net profit margin of -20.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Public Policy Holding Co Inc's return on equity (ROE)?
Public Policy Holding Co Inc (PPHC) has a return on equity of -52.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Public Policy Holding Co Inc's free cash flow?
Public Policy Holding Co Inc (PPHC) generated $24.8M in free cash flow during fiscal year 2025. This represents a 51.5% 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 Public Policy Holding Co Inc's operating cash flow?
Public Policy Holding Co Inc (PPHC) generated $24.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Public Policy Holding Co Inc's total assets?
Public Policy Holding Co Inc (PPHC) had $202.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Public Policy Holding Co Inc's capital expenditures?
Public Policy Holding Co Inc (PPHC) invested $11K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Public Policy Holding Co Inc's current ratio?
Public Policy Holding Co Inc (PPHC) had a current ratio of 1.11 as of fiscal year 2025, which is considered adequate.
What is Public Policy Holding Co Inc's debt-to-equity ratio?
Public Policy Holding Co Inc (PPHC) had a debt-to-equity ratio of 0.51 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Public Policy Holding Co Inc's return on assets (ROA)?
Public Policy Holding Co Inc (PPHC) had a return on assets of -19.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Public Policy Holding Co Inc's Altman Z-Score?
Public Policy Holding Co Inc (PPHC) has an Altman Z-Score of 0.54, 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 Public Policy Holding Co Inc's Piotroski F-Score?
Public Policy Holding Co Inc (PPHC) has a Piotroski F-Score of 3 out of 9, indicating weak 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 Public Policy Holding Co Inc's earnings high quality?
Public Policy Holding Co Inc (PPHC) has an earnings quality ratio of -0.64x, considered mixed 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 Public Policy Holding Co Inc cover its interest payments?
Public Policy Holding Co Inc (PPHC) has an interest coverage ratio of -10.0x, 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 Public Policy Holding Co Inc?
Public Policy Holding Co Inc (PPHC) scores 52 out of 100 on our Financial Health Score, indicating moderate 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.