DLH Holdings Corp. (DLHC) Key Metrics
DLHC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $57.2M
- Enterprise value
- $198.4M
- P/E (TTM)
- — 10-yr median 17.4
- Forward P/E
- 17.5
- PEG ratio
- 1.13
- Price / sales
- 0.2 10-yr median 0.5
- Price / book
- 0.6 10-yr median 1.7
- EV / EBITDA
- 13.3 10-yr median 8.5
- Dividend yield
- —
- Beta
- 1.52
DLHC key metrics, FY2016–FY2025
Fiscal year ended September 30, 2025 · U.S. dollarsDLHC valuation Price multiples at each fiscal year-end price.
P/E ratio+229.0%
60.0
FY2025 · hover or tap a bar for each year
FY2016FY2025
Price / sales−30.4%
0.2
FY2025 · hover or tap a bar for each year
FY2016FY2025
Price / book−40.9%
0.7
FY2025 · hover or tap a bar for each year
FY2016FY2025
EV / EBITDA−5.9%
7.0
FY2025 · hover or tap a bar for each year
FY2016FY2025
Price / free cash flow−30.0%
3.6
FY2025 · hover or tap a bar for each year
FY2016FY2025
Free cash flow yield+8.4 pts
28.1%
FY2025 · hover or tap a bar for each year
FY2016FY2025
DLHC returns How much profit the business earns on the capital it uses.
Return on equity−5.7 pts
1.2%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Return on invested capital−3.5 pts
4.9%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Return on assets−1.8 pts
0.5%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Free cash flow margin0.0 pts
6.7%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Cash conversion (OCF / net income)+360.7%
17.05
FY2025 · hover or tap a bar for each year
FY2016FY2025
Asset turnover−5.9%
1.14
FY2025 · hover or tap a bar for each year
FY2016FY2025
DLHC per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−13.3%
$23.83
FY2025 · hover or tap a bar for each year
FY2016FY2025
Earnings per share−81.7%
$0.09
FY2025 · hover or tap a bar for each year
FY2016FY2025
Free cash flow per share−13.7%
$1.59
FY2025 · hover or tap a bar for each year
FY2016FY2025
Book value per share+2.2%
$7.81
FY2025 · hover or tap a bar for each year
FY2016FY2025
Shares outstanding+0.4%
14.5M
FY2025 · hover or tap a bar for each year
FY2016FY2025
DLHC financial health Debt, liquidity and how easily interest is covered.
Debt / equity−14.2%
1.28
FY2025 · hover or tap a bar for each year
FY2016FY2025
Net debt−$19.6M
$144.8M
FY2025 · hover or tap a bar for each year
FY2016FY2025
Net debt / EBITDA+0.39
4.49
FY2025 · hover or tap a bar for each year
FY2016FY2025
Current ratio+0.2%
1.00
FY2025 · hover or tap a bar for each year
FY2016FY2025
Interest coverage−23.3%
1.1
FY2025 · hover or tap a bar for each year
FY2016FY2025
Debt / assets−4.9%
0.50
FY2025 · hover or tap a bar for each year
FY2016FY2025
DLHC efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−3 days
48 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Days payables outstanding+2 days
17 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Cash conversion cycle−5 days
31 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Capex / revenue−0.1 pts
0.1%
FY2025 · hover or tap a bar for each year
FY2016FY2025
DLHC valuation history
Fiscal year-endToday10-year median
DLHC returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DLHC debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DLHC cash returned to shareholders
DividendsBuybacksFree cash flow
DLHC price vs earnings per share
Share price at year-endEPS (right axis)
DLHC key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $81.7M | $134.8M | $168.4M | $174.0M | $167.2M | $95.0M | $58.2M | $74.1M | $80.0M | $52.6M |
| Enterprise value | $226.5M | $299.3M | $359.9M | $212.9M | $209.5M | $184.6M | $110.0M | $74.8M | $93.8M | $71.4M |
| P/E ratio | 60.0 | 18.2 | 115.3 | 7.5 | 16.5 | 13.4 | 10.9 | 40.4 | 24.3 | 15.6 |
| Price / sales | 0.2 | 0.3 | 0.4 | 0.4 | 0.7 | 0.5 | 0.4 | 0.6 | 0.7 | 0.6 |
| Price / book | 0.7 | 1.2 | 1.6 | 1.9 | 2.5 | 1.8 | 1.3 | 1.9 | 2.2 | 1.7 |
| Price / free cash flow | 3.6 | 5.1 | 5.5 | 468.9 | 3.7 | 4.9 | 3.3 | 5.5 | 14.7 | 9.5 |
| Price / operating cash flow | 3.5 | 4.9 | 5.4 | 140.0 | 3.7 | 4.9 | 3.2 | 5.3 | 12.3 | 8.7 |
| EV / sales | 0.7 | 0.8 | 1.0 | 0.5 | 0.9 | 0.9 | 0.7 | 0.6 | 0.8 | 0.8 |
| EV / EBITDA | 7.0 | 7.5 | 11.8 | 5.3 | 8.5 | 9.3 | 8.5 | 7.0 | 11.7 | 17.2 |
| EV / free cash flow | 9.9 | 11.3 | 11.8 | 573.7 | 4.6 | 9.6 | 6.2 | 5.6 | 17.2 | 12.9 |
| Earnings yield | 1.7% | 5.5% | 0.9% | 13.4% | 6.1% | 7.5% | 9.2% | 2.5% | 4.1% | 6.4% |
| Free cash flow yield | 28.1% | 19.7% | 18.1% | 0.2% | 27.2% | 20.3% | 30.3% | 18.1% | 6.8% | 10.5% |
| Dividend yield | — | — | — | 0.2% | — | 0.1% | — | 0.0% | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | — | — | 0.4% | 0.3% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $5.65 | $9.36 | $11.67 | $12.27 | $12.30 | $7.25 | $4.46 | $5.76 | $6.48 | $4.69 |
| Per share | ||||||||||
| Revenue per share | $23.83 | $27.49 | $26.05 | $27.87 | $18.10 | $15.96 | $12.30 | $10.35 | $9.36 | $7.63 |
| Earnings per share | $0.09 | $0.51 | $0.10 | $1.64 | $0.75 | $0.54 | $0.41 | $0.14 | $0.27 | $0.30 |
| Operating cash flow per share | $1.61 | $1.90 | $2.15 | $0.09 | $3.36 | $1.48 | $1.38 | $1.09 | $0.53 | $0.54 |
| Free cash flow per share | $1.59 | $1.84 | $2.11 | $0.03 | $3.35 | $1.47 | $1.35 | $1.04 | $0.44 | $0.49 |
| Cash per share | $0.01 | $0.02 | $0.01 | $0.02 | $1.77 | $0.10 | $0.14 | $0.49 | $0.40 | $0.31 |
| Book value per share | $7.81 | $7.65 | $7.10 | $6.49 | $4.83 | $4.08 | $3.49 | $3.06 | $2.90 | $2.83 |
| Tangible book value per share | −$8.10 | −$9.47 | −$11.12 | −$1.02 | −$3.49 | −$5.06 | −$3.71 | $0.00 | −$0.43 | −$0.94 |
| Dividends per share | — | — | — | $0.02 | — | $0.00 | — | $0.00 | $0.00 | $0.00 |
| Capex per share | $0.02 | $0.06 | $0.04 | $0.06 | $0.01 | $0.01 | $0.03 | $0.05 | $0.09 | $0.04 |
| Debt per share | $10.03 | $11.44 | $13.28 | $2.76 | $4.87 | $6.94 | $4.11 | $0.54 | $1.52 | $1.98 |
| Shares outstanding | 14.5M | 14.4M | 14.4M | 14.2M | 13.6M | 13.1M | 13.0M | 12.9M | 12.4M | 11.2M |
| Change in shares outstanding | +0.4% | −0.2% | +1.8% | +4.3% | +3.8% | +0.5% | +1.3% | +4.2% | +10.1% | +11.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 1.2% | 7.0% | 1.5% | 29.5% | 17.0% | 14.4% | 12.5% | 4.9% | 9.7% | 12.4% |
| Return on invested capital (ROIC) | 4.9% | 8.4% | 8.0% | 20.9% | 10.4% | 8.0% | 10.3% | 9.8% | 8.1% | 12.0% |
| Return on assets (ROA) | 0.5% | 2.3% | 0.6% | 12.7% | 5.3% | 4.5% | 5.6% | 2.8% | 4.9% | 7.2% |
| Return on tangible assets | 2.2% | 10.9% | 1.9% | 37.3% | 12.1% | 11.1% | 15.1% | 7.9% | 11.5% | 14.9% |
| Free cash flow margin | 6.7% | 6.7% | 8.1% | 0.1% | 18.5% | 9.2% | 11.0% | 10.1% | 4.7% | 6.5% |
| Income quality (OCF / net income) | 17.05 | 3.70 | 21.24 | 0.05 | 4.50 | 2.73 | 3.39 | 7.67 | 1.98 | 1.78 |
| Financial health | ||||||||||
| Total debt | $145.0M | $164.8M | $191.7M | $39.1M | $66.3M | $90.9M | $53.6M | $7.0M | $18.7M | $22.2M |
| Cash & short-term investments | $125,000 | $342,000 | $215,000 | $228,000 | $24.1M | $1.4M | $1.8M | $6.4M | $4.9M | $3.4M |
| Net debt | $144.8M | $164.5M | $191.5M | $38.9M | $42.2M | $89.6M | $51.8M | $603,000 | $13.8M | $18.8M |
| Debt / equity | 1.28 | 1.50 | 1.87 | 0.42 | 1.01 | 1.70 | 1.18 | 0.18 | 0.52 | 0.70 |
| Debt / assets | 0.50 | 0.52 | 0.56 | 0.23 | 0.34 | 0.50 | 0.41 | 0.11 | 0.27 | 0.34 |
| Net debt / EBITDA | 4.49 | 4.10 | 6.27 | 0.96 | 1.72 | 4.51 | 4.00 | 0.06 | 1.72 | 4.53 |
| Current ratio | 1.00 | 0.99 | 0.96 | 1.13 | 0.93 | 0.78 | 0.91 | 1.09 | 0.94 | 0.73 |
| Quick ratio | 1.00 | 0.99 | 0.94 | 1.13 | 0.93 | 0.78 | 0.91 | 1.09 | 0.94 | 0.73 |
| Interest coverage | 1.1 | 1.4 | 1.1 | 15.0 | 4.6 | 3.8 | 4.0 | 8.2 | 5.8 | 5.5 |
| Working capital | −$134,000 | −$285,000 | −$2.4M | $5.1M | −$4.6M | −$10.6M | −$2.6M | $1.5M | −$1.1M | −$3.9M |
| Invested capital | $257.8M | $274.6M | $293.9M | $130.9M | $107.8M | $143.0M | $97.4M | $40.0M | $49.7M | $50.6M |
| Tangible asset value | −$117.1M | −$136.3M | −$160.5M | −$14.5M | −$47.5M | −$66.3M | −$48.4M | $64,000 | −$5.3M | −$10.5M |
| Net current asset value | −$135.2M | −$151.3M | −$175.0M | −$33.4M | −$69.8M | −$92.7M | −$56.8M | −$5.7M | −$16.4M | −$22.7M |
| Graham number | $4.07 | $9.40 | $4.02 | $15.49 | $9.00 | $7.06 | $5.67 | $3.13 | $4.17 | $4.38 |
| Graham net-net per share | −$10.23 | −$11.51 | −$13.27 | −$3.22 | −$6.01 | −$7.96 | −$4.94 | −$0.70 | −$1.62 | −$2.22 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $281,000 | — | $55,000 | — | $0 | $0 | $0 |
| Share buybacks (net) | — | — | $650,000 | $281,000 | $0 | $211,000 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | — | — | — | 1.2% | — | 0.8% | — | 0.0% | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | — | — | 2.1% | 151.5% | 0.0% | 1.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / revenue | 0.1% | 0.2% | 0.2% | 0.2% | 0.0% | 0.1% | 0.3% | 0.5% | 0.9% | 0.6% |
| Capex / operating cash flow | 1.0% | 3.1% | 2.0% | 70.2% | 0.2% | 0.8% | 2.2% | 4.6% | 16.3% | 8.2% |
| Capex / depreciation | 0.01 | 0.05 | 0.04 | 0.11 | 0.01 | 0.02 | 0.10 | 0.29 | 0.62 | 0.40 |
| Stock-based compensation / revenue | 0.4% | 0.5% | 0.5% | 0.7% | 0.7% | 0.4% | 0.5% | 1.0% | 0.6% | 0.5% |
| SG&A / revenue | 9.1% | 9.0% | 10.1% | 7.8% | 10.2% | 11.6% | 12.8% | 12.6% | 15.1% | 14.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 47.8 | 51.1 | 49.3 | 35.0 | 49.7 | 48.7 | 38.1 | 30.4 | 29.3 | 21.2 |
| Days of inventory on hand | — | — | 0.8 | 0.0 | — | 0.0 | — | 0.0 | — | — |
| Days payables outstanding | 16.8 | 14.9 | 15.1 | 16.1 | 29.4 | 27.6 | 19.7 | 24.7 | 36.6 | 19.4 |
| Cash conversion cycle (days) | 31.0 | 36.2 | 35.0 | 18.9 | 20.3 | 21.1 | 18.4 | 5.7 | -7.4 | 4.4 |
| Receivables turnover | 7.63 | 7.14 | 7.40 | 10.42 | 7.35 | 7.50 | 9.57 | 12.01 | 12.47 | 17.25 |
| Payables turnover | 21.72 | 24.47 | 24.18 | 22.60 | 12.42 | 13.25 | 18.52 | 14.75 | 9.96 | 18.77 |
| Inventory turnover | — | — | 445.14 | 322,886,000.00 | — | 163,596,000.00 | — | 210,748,000.00 | — | — |
| Asset turnover | 1.14 | 1.21 | 1.48 | 2.16 | 1.29 | 1.34 | 1.67 | 2.01 | 1.72 | 1.83 |
| Average receivables | $45.1M | $55.4M | $50.8M | $37.9M | $33.5M | $27.9M | $16.8M | $11.1M | $9.3M | $5.0M |
| Average payables | $12.9M | $13.0M | $12.2M | $14.3M | $15.7M | $12.3M | $6.7M | $7.1M | $9.0M | $3.6M |
| Average inventory | — | — | $665,000 | $1 | — | $1 | — | $0 | $0 | $491,000 |
| Intangibles / total assets | 79.1% | 78.4% | 77.4% | 63.0% | 57.4% | 65.2% | 72.7% | 62.9% | 59.0% | 65.0% |
Computed from DLHC's annual financial statements (latest annual report filed December 10, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
DLHC valuation and financial ratios
At the end of fiscal 2025 (September 30, 2025), DLH traded at 60.0 times earnings, against a 10-year median of 17.4. DLH earned a return on equity of 1.2% and a return on invested capital of 4.9% in fiscal 2025. It ended the year with $145.0 million of debt and $0.1 million in cash and short-term investments, net debt of $144.8 million. The share count rose 28.9% from 11.2M to 14.5M over 9 years.
See the DLHC income statement, the DLHC chart for price history, or the DLHC stock overview for the latest quote and news.
DLHC key metrics FAQ
What is DLH's P/E ratio?
DLH traded at 60.0 times earnings at the end of fiscal 2025.
What is DLH's EV/EBITDA?
DLH's enterprise value was 7.0 times EBITDA at the end of fiscal 2025 (enterprise value $226.5 million, EBITDA $32.3 million); the current EV/EBITDA is 13.3.
What is DLH's return on equity?
DLH's return on equity (ROE) was 1.2% in fiscal 2025: net income of $1.4 million on average shareholders' equity of $111.5 million.
What is DLH's ROIC?
DLH's return on invested capital was 4.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does DLH have?
DLH had total debt of $145.0 million at the end of fiscal 2025, a debt-to-equity ratio of 1.28 and $144.8 million of net debt (4.49 times EBITDA).
What is DLH's free cash flow yield?
DLH generated $23.0 million of free cash flow in fiscal 2025, a free cash flow yield of 28.1% on its market value at year-end ($81.7 million).
What is DLH's current ratio?
DLH's current ratio was 1.00 at the end of fiscal 2025: current assets were 1.00 times current liabilities.