DLH Holdings Corp. (DLHC) Balance Sheet
DLHC balance sheet, FY2025
September 30, 2025 · U.S. dollars$290.7M assets = $177.7M liabilities + $113.0M equity
Both columns are drawn to the same scale: what DLHC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DLHC financial health
Descriptive bands, not a rating. Fiscal FY2025.
DLHC balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $65.1MFY2016 | $290.7MFY2025 | +18.1%/yr | |
| Total liabilities | $33.3MFY2016 | $177.7MFY2025 | +20.5%/yr | |
| Shareholders’ equity | $31.8MFY2016 | $113.0MFY2025 | +15.1%/yr | |
| Cash & short-term investments | $3.4MFY2016 | $125,000FY2025 | −30.8%/yr | |
| Total debt | $22.2MFY2016 | $145.0MFY2025 | +23.2%/yr | |
| Net cash (debt) | −$18.8MFY2016 | −$144.8MFY2025 | −$126.1M | |
| Working capital | −$3.9MFY2016 | −$134,000FY2025 | +$3.8M | |
| Book value per share | $2.83FY2016 | $7.81FY2025 | +11.9%/yr | |
| Current ratio | 0.73FY2016 | 1.00FY2025 | +0.27 | |
| Debt / equity | 0.70FY2016 | 1.28FY2025 | +0.58 | |
| Shares outstanding | 11.2MFY2016 | 14.5MFY2025 | +2.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DLHC assets
DLHC liabilities and equity
DLHC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DLHC balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $125,000 | $342,000 | $215,000 | $228,000 | $24.1M | $1.4M | $1.8M | $6.4M | $4.9M | $3.4M |
| Cash & equivalents | $125,000 | $342,000 | $215,000 | $228,000 | $24.1M | $1.4M | $1.8M | $6.4M | $4.9M | $3.4M |
| Short-term investments | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Receivables | $39.5M | $50.8M | $60.1M | $41.4M | $34.4M | $32.5M | $23.2M | $10.3M | $11.9M | $6.6M |
| Inventory | $0 | $0 | $1.3M | $1 | $0 | $1 | $0 | $1 | $0 | $0 |
| Other current assets | $2.9M | $1.9M | $743,000 | $1.9M | $3.3M | $3.5M | $1.8M | $759,999 | $598,000 | $542,000 |
| Total current assets | $42.5M | $53.0M | $62.4M | $43.6M | $61.8M | $37.4M | $26.8M | $17.4M | $17.4M | $10.6M |
| Property, plant & equipment (net) | $10.0M | $8.5M | $11.2M | $18.6M | $21.8M | $25.8M | $5.3M | $1.6M | $1.4M | $644,000 |
| Goodwill & intangible assets | $230.0M | $246.5M | $262.9M | $106.5M | $113.1M | $119.8M | $94.0M | $39.4M | $41.1M | $42.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $8.1M | $6.4M | $3.3M | $328,000 | $464,000 | $643,000 | $3.1M | $4.2M | $9.8M | $11.5M |
| Total assets | $290.7M | $314.4M | $339.8M | $169.0M | $197.2M | $183.6M | $129.3M | $62.5M | $69.7M | $65.1M |
| Liabilities | ||||||||||
| Accounts payable | $12.3M | $13.4M | $12.6M | $11.9M | $16.7M | $14.6M | $10.1M | $3.4M | $10.9M | $7.1M |
| Short-term debt | $11.0M | $14.7M | $20.7M | $2.2M | $2.3M | $8.8M | — | — | $3.6M | $3.6M |
| Deferred revenue | — | — | $3.6M | — | $22.3M | — | — | — | $3.7M | $3.6M |
| Total current liabilities | $42.7M | $53.2M | $64.8M | $38.5M | $66.4M | $48.0M | $29.5M | $15.9M | $18.5M | $14.5M |
| Long-term debt | $120.0M | $137.3M | $155.1M | $20.4M | $44.6M | $60.5M | $53.6M | $7.0M | $15.1M | $18.7M |
| Lease obligations | $16.9M | $15.4M | $19.4M | $18.7M | $21.6M | $23.7M | — | — | — | — |
| Other long-term liabilities | $15.1M | $13.7M | $17.5M | $18.0M | $20.6M | $21.6M | $573,000 | $232,000 | $218,000 | $126,000 |
| Total liabilities | $177.7M | $204.2M | $237.4M | $77.0M | $131.6M | $130.1M | $83.7M | $23.1M | $33.9M | $33.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $14,000 | $14,000 | $14,000 | $13,000 | $13,000 | $12,000 | $12,000 | $12,000 | $12,000 | $11,000 |
| Retained earnings (deficit) | $11.2M | $9.8M | $2.5M | $990,000 | −$22.3M | −$32.4M | −$39.6M | −$44.9M | −$46.8M | −$50.1M |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | −$4.7M | $0 | −$1.3M | −$829,000 | −$543,000 |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $113.0M | $110.1M | $102.4M | $92.1M | $65.6M | $53.4M | $45.6M | $39.4M | $35.9M | $31.8M |
| Key figures | ||||||||||
| Total debt | $145.0M | $164.8M | $191.7M | $39.1M | $66.3M | $90.9M | $53.6M | $7.0M | $18.7M | $22.2M |
| Net cash (debt) | −$144.8M | −$164.5M | −$191.5M | −$38.9M | −$42.2M | −$89.6M | −$51.8M | −$603,000 | −$13.8M | −$18.8M |
| Working capital | −$134,000 | −$285,000 | −$2.4M | $5.1M | −$4.6M | −$10.6M | −$2.6M | $1.5M | −$1.1M | −$3.9M |
| Tangible book value | −$117.1M | −$136.3M | −$160.5M | −$14.5M | −$47.5M | −$66.3M | −$48.4M | $64,000 | −$5.3M | −$10.5M |
| Book value per share | $7.81 | $7.65 | $7.10 | $6.49 | $4.83 | $4.08 | $3.49 | $3.06 | $2.90 | $2.83 |
| Shares outstanding | 14.5M | 14.4M | 14.4M | 14.2M | 13.6M | 13.1M | 13.0M | 12.9M | 12.4M | 11.2M |
| Current ratio | 1.00 | 0.99 | 0.96 | 1.13 | 0.93 | 0.78 | 0.91 | 1.09 | 0.94 | 0.73 |
| Quick ratio | 0.93 | 0.96 | 0.93 | 1.08 | 0.88 | 0.71 | 0.85 | 1.04 | 0.91 | 0.69 |
| Debt / equity | 1.28 | 1.50 | 1.87 | 0.42 | 1.01 | 1.70 | 1.18 | 0.18 | 0.52 | 0.70 |
| Equity / assets | 38.9% | 35.0% | 30.1% | 54.5% | 33.3% | 29.1% | 35.3% | 63.0% | 51.4% | 48.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $235,000 | $131,000 | $257,000 | $125,000 | $194,000 | $196,000 | $451,000 | $342,000 | $423,000 | $238,000 | $131,000 | $215,000 |
| Cash & equivalents | $235,000 | $131,000 | $257,000 | $125,000 | $194,000 | $196,000 | $451,000 | $342,000 | $423,000 | $238,000 | $131,000 | $215,000 |
| Receivables | $25.1M | $34.3M | $36.5M | $39.5M | $46.0M | $52.6M | $65.2M | $50.8M | $58.8M | $55.9M | $56.6M | $60.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 | −$979,000 | $0 |
| Other current assets | $3.4M | $2.3M | $2.9M | $2.9M | $3.4M | $2.2M | $1.9M | $1.9M | $2.3M | $1.8M | $2.9M | $2.1M |
| Total current assets | $28.7M | $36.8M | $39.6M | $42.5M | $49.6M | $55.0M | $67.6M | $53.0M | $61.5M | $57.9M | $58.6M | $62.4M |
| Property, plant & equipment (net) | $7.2M | $8.7M | $9.4M | $10.0M | $10.7M | $8.4M | $9.4M | $8.5M | $9.3M | $10.1M | $10.6M | $11.2M |
| Goodwill & intangible assets | $218.0M | $221.8M | $225.9M | $230.0M | $234.1M | $238.3M | $242.4M | $246.5M | $250.6M | $254.7M | $258.8M | $262.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $876,000 | $9.4M | $8.6M | $8.1M | $4.9M | $4.9M | $5.6M | $6.4M | $3.6M | $3.2M | $3.3M | $3.3M |
| Total assets | $254.8M | $276.7M | $283.5M | $290.7M | $299.3M | $306.6M | $325.0M | $314.4M | $325.0M | $325.9M | $331.3M | $339.8M |
| Liabilities | ||||||||||||
| Accounts payable | $10.4M | $9.4M | $9.9M | $12.3M | $9.9M | $13.0M | $13.3M | $13.4M | $12.5M | $13.4M | $9.2M | $12.6M |
| Short-term debt | $24.2M | $22.5M | $20.6M | $11.0M | $16.8M | $19.8M | $30.3M | $14.7M | $20.5M | $20.4M | $19.5M | $20.7M |
| Deferred revenue | — | — | — | — | — | — | — | — | $13.8M | $1 | $28.8M | $13.8M |
| Total current liabilities | $42.5M | $42.3M | $41.0M | $42.7M | $45.8M | $49.9M | $64.7M | $53.2M | $58.4M | $56.2M | $58.1M | $64.8M |
| Long-term debt | $104.9M | $110.5M | $116.0M | $120.0M | $124.3M | $130.3M | $134.6M | $137.3M | $143.3M | $147.6M | $151.9M | $155.1M |
| Lease obligations | $14.8M | $15.6M | $16.3M | $16.9M | $17.5M | $15.4M | $16.1M | $15.4M | $16.4M | $17.5M | $18.4M | $19.4M |
| Other long-term liabilities | $14.1M | $13.6M | $14.2M | $15.1M | $15.5M | $13.6M | $14.3M | $13.7M | $14.7M | $15.4M | $16.6M | $17.5M |
| Total liabilities | $161.5M | $166.4M | $171.3M | $177.7M | $185.6M | $193.8M | $213.6M | $204.2M | $216.4M | $219.2M | $226.5M | $237.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $14,000 | $14,000 | $14,000 | $14,000 | $14,000 | $14,000 | $14,000 | $14,000 | $14,000 | $14,000 | $14,000 | $14,000 |
| Retained earnings (deficit) | −$9.4M | $7.4M | $9.9M | $11.2M | $12.1M | $11.8M | $11.0M | $9.8M | $7.6M | $6.4M | $4.6M | $2.5M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $93.3M | $110.3M | $112.2M | $113.0M | $113.7M | $112.8M | $111.4M | $110.1M | $108.6M | $106.8M | $104.8M | $102.4M |
| Key figures | ||||||||||||
| Total debt | $141.1M | $145.6M | $149.8M | $145.0M | $155.9M | $162.7M | $178.3M | $164.8M | $177.3M | $182.3M | $186.4M | $191.7M |
| Net cash (debt) | −$140.9M | −$145.4M | −$149.5M | −$144.8M | −$155.7M | −$162.5M | −$177.9M | −$164.5M | −$176.9M | −$182.0M | −$186.3M | −$191.5M |
| Working capital | −$13.8M | −$5.5M | −$1.4M | −$134,000 | $3.8M | $5.1M | $2.9M | −$285,000 | $3.1M | $1.7M | $567,000 | −$2.4M |
| Tangible book value | −$124.7M | −$111.5M | −$113.7M | −$117.1M | −$120.4M | −$125.4M | −$130.9M | −$136.3M | −$142.0M | −$148.0M | −$154.0M | −$160.5M |
| Book value per share | $6.48 | $7.66 | $7.80 | $7.85 | $7.87 | $7.81 | $7.65 | $7.65 | $7.39 | $7.14 | $7.08 | $7.37 |
| Shares outstanding | 14.4M | 14.4M | 14.4M | 14.4M | 14.4M | 14.5M | 14.6M | 14.4M | 14.7M | 14.9M | 14.8M | 13.9M |
| Current ratio | 0.67 | 0.87 | 0.97 | 1.00 | 1.08 | 1.10 | 1.04 | 0.99 | 1.05 | 1.03 | 1.01 | 0.96 |
| Quick ratio | 0.60 | 0.81 | 0.90 | 0.93 | 1.01 | 1.06 | 1.01 | 0.96 | 1.01 | 1.00 | 0.98 | 0.93 |
| Debt / equity | 1.51 | 1.32 | 1.34 | 1.28 | 1.37 | 1.44 | 1.60 | 1.50 | 1.63 | 1.71 | 1.78 | 1.87 |
| Equity / assets | 36.6% | 39.9% | 39.6% | 38.9% | 38.0% | 36.8% | 34.3% | 35.0% | 33.4% | 32.8% | 31.6% | 30.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 10, 2025); data from EODHD.
DLHC financial position
At the end of fiscal 2025 (September 30, 2025), DLH had total assets of $290.7 million (down 7.5% from a year earlier), total liabilities of $177.7 million and shareholders' equity of $113.0 million. It held $0.1 million in cash and short-term investments against $145.0 million of debt, net debt of $144.8 million. Its current ratio was 1.00. In the latest quarter (ended June 30, 2026) total assets were $254.8 million and equity $93.3 million.
Related: DLHC income statement, DLHC cash flow statement, DLHC key metrics. See the DLHC stock overview for the latest quote and news.
DLHC balance sheet FAQ
What are DLH's total assets?
DLH reported total assets of $290.7 million at the end of fiscal 2025 (September 30, 2025), compared with $314.4 million a year earlier.
How much debt does DLH have?
DLH had $145.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.28.
How much cash does DLH have?
DLH held $0.1 million in cash and short-term investments at the end of fiscal 2025; with $145.0 million of debt that is net debt of $144.8 million.
What is DLH's book value?
DLH's shareholders' equity (book value) was $113.0 million at the end of fiscal 2025, or $7.81 per share.
What is DLH's current ratio?
DLH had current assets of $42.5 million and current liabilities of $42.7 million, a current ratio of 1.00 (current liabilities exceed current assets).
How much goodwill does DLH have?
DLH carried $230.0 million of goodwill and intangible assets, 79.1% of total assets, at the end of fiscal 2025.