DLH Holdings Corp. (DLHC) 10-Year Financial Performance & Capital Metrics

DLHC • • Industrial / General

IndustrialsBusiness ServicesSpecialized Business Process OutsourcingGovernment & Healthcare BPO

AboutDLH Holdings Corp. provides technology-enabled business process outsourcing, program management solutions, and public health research and analytics services in the United States. The company offers defense and veterans' health solutions, including healthcare, technology, and logistics solutions to the VA, Defense Health Agency, Tele-medicine and Advanced Technology Research Center, Navy Bureau of Medicine and Surgery, and the Army Medical Research and Material Command. It also provides a range of human services and solutions, which consists of monitoring and evaluation, electronic medical records migration, data collection and management, and nutritional and social health assessments; and IT system architecture design, migration plan, and ongoing maintenance services. In addition, the company offers public health and life sciences services, such as clinical trials, epidemiology studies, and disease prevention; and health promotion to underserved and at-risk communities through development of strategic communication campaigns, research on emerging trends, health informatics analyses, and application of best practices. It primarily serves the federal health services market. The company was formerly known as TeamStaff, Inc. and changed its name to DLH Holdings Corp. in June 2012. DLH Holdings Corp. was incorporated in 1969 and is headquartered in Atlanta, Georgia.Show more

Revenue $396M +5.3%
EBITDA $42M +28.5%
Net Income $7M +406.3%
EPS (Diluted) 0.51 +410.0%
Gross Margin 19.93% -6.2%
EBITDA Margin 10.6% +22.0%
Operating Margin 6.29% +38.3%
Net Margin 1.87% +380.6%
ROE 6.96% +363.3%
ROIC 6.57% +8.9%
Debt/Equity 1.50 -20.0%
Interest Coverage 1.45 +37.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 19.8%
✓Trading at only 0.8x book value
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y20.67%

5Y19.81%

3Y17.18%

TTM-10.3%

Profit (Net Income) CAGR

10Y3.28%

5Y6.8%

3Y-9.99%

TTM85.08%

EPS CAGR

10Y-0.57%

5Y4.46%

3Y-12.06%

TTM101.46%

ROCE

10Y Avg13.68%

5Y Avg13.51%

3Y Avg14.4%

Latest9.29%

Peer Comparison

Government & Healthcare BPO

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MMSMaximus, Inc.	5.36B	98.42	17.86	2.36%	5.87%	19.06%	6.83%	0.86
DLHCDLH Holdings Corp.	84.35M	5.82	11.41	5.34%	1.27%	4.03%	31.45%	1.50

Profit & Loss

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Sales/Revenue+	65.35M	85.6M	115.66M	133.24M	160.39M	209.19M	246.09M	395.17M	375.87M	395.94M
Revenue Growth %	0.08%	0.31%	0.35%	0.15%	0.2%	0.3%	0.18%	0.61%	-0.05%	0.05%
Cost of Goods Sold+	53.66M	67.78M	89.81M	103.03M	124.55M	163.6M	194.61M	322.89M	296.02M	317.03M
COGS % of Revenue	0.82%	0.79%	0.78%	0.77%	0.78%	0.78%	0.79%	0.82%	0.79%	0.8%
Gross Profit+	11.69M	17.83M	25.85M	30.2M	35.84M	45.59M	51.48M	72.29M	79.86M	78.91M
Gross Margin %	0.18%	0.21%	0.22%	0.23%	0.22%	0.22%	0.21%	0.18%	0.21%	0.2%
Gross Profit Growth %	0.3%	0.53%	0.45%	0.17%	0.19%	0.27%	0.13%	0.4%	0.1%	-0.01%
Operating Expenses+	9.19M	13.76M	19.22M	21.42M	24.48M	31.2M	34.26M	39.01M	62.77M	54.01M
OpEx % of Revenue	0.14%	0.16%	0.17%	0.16%	0.15%	0.15%	0.14%	0.1%	0.17%	0.14%
Selling, General & Admin	9.14M	12.52M	17.47M	19.18M	20.52M	24.2M	26.14M	31.34M	39.53M	36.96M
SG&A % of Revenue	0.14%	0.15%	0.15%	0.14%	0.13%	0.12%	0.11%	0.08%	0.11%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	55K	-1.62M	1.75M	2.24M	3.96M	7M	8.12M	7.67M	23.23M	17.05M
Operating Income+	2.5M	4.06M	6.63M	8.78M	9.97M	13.46M	17.22M	33.28M	17.09M	24.9M
Operating Margin %	0.04%	0.05%	0.06%	0.07%	0.06%	0.06%	0.07%	0.08%	0.05%	0.06%
Operating Income Growth %	2.27%	0.63%	0.63%	0.32%	0.14%	0.35%	0.28%	0.93%	-0.49%	0.46%
EBITDA+	2.55M	5.31M	8.38M	11.02M	13.92M	20.46M	25.34M	40.94M	32.65M	41.95M
EBITDA Margin %	0.04%	0.06%	0.07%	0.08%	0.09%	0.1%	0.1%	0.1%	0.09%	0.11%
EBITDA Growth %	1.9%	1.08%	0.58%	0.31%	0.26%	0.47%	0.24%	0.62%	-0.2%	0.28%
D&A (Non-Cash Add-back)	55K	1.24M	1.75M	2.24M	3.96M	7M	8.12M	7.67M	15.56M	17.05M
EBIT	2.5M	2.9M	6.63M	8.47M	9.01M	12.86M	16.43M	32.64M	14.97M	23.1M
Net Interest Income+	-80K	-796K	-1.13M	-1.12M	-2.47M	-3.44M	-3.78M	-2.21M	-16.27M	-17.15M
Interest Income	0	0	25K	0	0	0	0	0	0	38K
Interest Expense	80K	796K	883K	1.12M	2.47M	3.44M	3.78M	2.21M	16.27M	17.19M
Other Income/Expense	744K	-1.62M	-1.23M	-1.12M	-2.47M	-3.44M	-3.78M	-2.21M	-16.27M	-17.15M
Pretax Income+	3.24M	2.45M	5.4M	7.67M	7.5M	10.02M	13.44M	31.06M	820K	7.75M
Pretax Margin %	0.05%	0.03%	0.05%	0.06%	0.05%	0.05%	0.05%	0.08%	0%	0.02%
Income Tax+	-5.49M	-938K	2.11M	5.83M	2.17M	2.91M	3.29M	7.78M	-641K	350K
Effective Tax Rate %	2.69%	1.38%	0.61%	0.24%	0.71%	0.71%	0.75%	0.75%	1.78%	0.95%
Net Income+	8.73M	3.38M	3.29M	1.84M	5.32M	7.11M	10.14M	23.29M	1.46M	7.4M
Net Margin %	0.13%	0.04%	0.03%	0.01%	0.03%	0.03%	0.04%	0.06%	0%	0.02%
Net Income Growth %	0.63%	-0.61%	-0.03%	-0.44%	1.9%	0.34%	0.43%	1.3%	-0.94%	4.06%
Net Income (Continuing)	8.73M	3.38M	3.29M	1.84M	5.32M	7.11M	10.14M	23.29M	1.46M	7.4M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.87	0.30	0.27	0.14	0.41	0.54	0.75	1.64	0.10	0.51
EPS Growth %	0.61%	-0.66%	-0.1%	-0.48%	1.93%	0.32%	0.39%	1.19%	-0.94%	4.1%
EPS (Basic)	0.91	0.34	0.29	0.14	0.44	0.58	0.81	1.82	0.11	0.52
Diluted Shares Outstanding	10.04M	11.22M	12.35M	12.87M	13.04M	13.11M	13.6M	14.18M	14.43M	14.4M
Basic Shares Outstanding	9.57M	9.97M	11.35M	12.87M	12.02M	12.28M	12.55M	12.83M	13.7M	14.17M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Total Current Assets+	10.26M	10.61M	17.44M	17.39M	26.85M	37.4M	61.76M	43.6M	62.4M	52.96M
Cash & Short-Term Investments	5.56M	3.43M	4.93M	6.36M	1.79M	1.36M	24.05M	228K	215K	342K
Cash Only	5.56M	3.43M	4.93M	6.36M	1.79M	1.36M	24.05M	228K	215K	342K
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	3.29M	6.64M	11.91M	10.28M	23.23M	32.54M	33.45M	40.5M	59.12M	50.76M
Days Sales Outstanding	18.35	28.3	37.59	28.16	52.86	56.78	49.61	37.4	57.41	46.79
Inventory	982K	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	6.68	-	-	-	-	-	-	-	-	-
Other Current Assets	1.25M	374K	358K	319K	301K	1.36M	995K	945K	994K	1.31M
Total Non-Current Assets+	18.37M	54.47M	52.28M	45.15M	102.41M	146.16M	135.41M	125.41M	277.44M	261.42M
Property, Plant & Equipment	336K	644K	1.39M	1.57M	5.34M	25.77M	21.83M	18.55M	11.25M	8.51M
Fixed Asset Turnover	194.48x	132.92x	83.15x	85.08x	30.02x	8.12x	11.27x	21.30x	33.42x	46.52x
Goodwill	8.6M	34.74M	25.99M	25.99M	52.76M	67.14M	65.64M	65.64M	138.16M	138.16M
Intangible Assets	0	7.56M	15.13M	13.37M	41.21M	52.61M	47.47M	40.88M	124.78M	108.32M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	113K	105K	139K	89K	757K	606K	464K	328K	186K	6.43M
Total Assets+	28.62M	65.07M	69.72M	62.54M	129.26M	183.56M	197.17M	169.01M	339.84M	314.38M
Asset Turnover	2.28x	1.32x	1.66x	2.13x	1.24x	1.14x	1.25x	2.34x	1.11x	1.26x
Asset Growth %	-0.05%	1.27%	0.07%	-0.1%	1.07%	0.42%	0.07%	-0.14%	1.01%	-0.07%
Total Current Liabilities+	5.65M	14.52M	18.52M	15.93M	29.48M	47.96M	66.38M	38.54M	64.79M	53.24M
Accounts Payable	87K	4.32M	5.21M	3.39M	10.05M	14.64M	16.68M	11.89M	12.6M	13.42M
Days Payables Outstanding	0.59	23.29	21.15	12.02	29.46	32.67	31.29	13.44	15.54	15.45
Short-Term Debt	0	3.56M	3.6M	0	0	8.77M	2.26M	2.23M	17.19M	12.06M
Deferred Revenue (Current)	0	1000K	1000K	0	0	0	1000K	0	0	0
Other Current Liabilities	0	204K	306K	0	0	8.66M	10.05M	10.13M	14.14M	394K
Current Ratio	1.82x	0.73x	0.94x	1.09x	0.91x	0.78x	0.93x	1.13x	0.96x	0.99x
Quick Ratio	1.64x	0.73x	0.94x	1.09x	0.91x	0.78x	0.93x	1.13x	0.96x	0.99x
Cash Conversion Cycle	24.44	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	109K	18.78M	15.34M	7.19M	54.2M	82.16M	65.19M	38.41M	172.62M	151.01M
Long-Term Debt	0	18.66M	15.13M	6.96M	53.63M	60.54M	44.64M	20.42M	155.15M	137.32M
Capital Lease Obligations	0	0	0	0	0	21.62M	19.37M	16.46M	15.91M	12.79M
Deferred Tax Liabilities	0	0	0	0	0	0	1.18M	1.53M	0	0
Other Non-Current Liabilities	109K	126K	218K	232K	573K	0	0	0	1.56M	902K
Total Liabilities	5.75M	33.3M	33.87M	23.12M	83.69M	130.13M	131.56M	76.95M	237.4M	204.25M
Total Debt+	0	3.56M	3.6M	6.96M	53.63M	92.98M	66.27M	39.11M	191.71M	164.81M
Net Debt	-5.56M	133K	-1.33M	603K	51.84M	91.62M	42.22M	38.88M	191.49M	164.47M
Debt / Equity	-	0.11x	0.10x	0.18x	1.18x	1.74x	1.01x	0.42x	1.87x	1.50x
Debt / EBITDA	-	0.67x	0.43x	0.63x	3.85x	4.54x	2.62x	0.96x	5.87x	3.93x
Net Debt / EBITDA	-2.18x	0.03x	-0.16x	0.05x	3.72x	4.48x	1.67x	0.95x	5.86x	3.92x
Interest Coverage	31.20x	5.11x	7.51x	7.87x	4.03x	3.91x	4.55x	15.02x	1.05x	1.45x
Total Equity+	22.87M	31.78M	35.85M	39.42M	45.57M	53.44M	65.61M	92.06M	102.44M	110.13M
Equity Growth %	0.65%	0.39%	0.13%	0.1%	0.16%	0.17%	0.23%	0.4%	0.11%	0.08%
Book Value per Share	2.28	2.83	2.90	3.06	3.49	4.08	4.83	6.49	7.10	7.65
Total Shareholders' Equity	22.87M	31.78M	35.85M	39.42M	45.57M	53.44M	65.61M	92.06M	102.44M	110.13M
Common Stock	10K	11K	12K	12K	12K	12K	13K	13K	14K	14K
Retained Earnings	-53.52M	-50.13M	-46.84M	-44.88M	-39.55M	-32.44M	-22.3M	990K	2.45M	9.85M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-383K	-543K	-829K	-1.31M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Cash from Operations+	1.98M	6.04M	6.52M	14.08M	18.04M	19.45M	45.66M	1.24M	31.03M	27.37M
Operating CF Margin %	0.03%	0.07%	0.06%	0.11%	0.11%	0.09%	0.19%	0%	0.08%	0.07%
Operating CF Growth %	0.19%	2.05%	0.08%	1.16%	0.28%	0.08%	1.35%	-0.97%	23.97%	-0.12%
Net Income	8.73M	3.38M	3.29M	1.84M	5.32M	7.11M	10.14M	23.29M	1.46M	7.4M
Depreciation & Amortization	55K	1.24M	1.72M	2.24M	3.96M	7M	8.12M	7.67M	15.56M	17.05M
Stock-Based Compensation	479K	465K	662K	1.38M	790K	910K	1.66M	2.61M	1.92M	1.9M
Deferred Taxes	-5.71M	-1.11M	1.78M	5.5M	1.79M	2.31M	1.21M	358K	-4.6M	-3.17M
Other Non-Cash Items	-369K	319K	401K	275K	982K	600K	792K	664K	9.86M	1.84M
Working Capital Changes	-721K	1.74M	-1.33M	2.85M	5.2M	1.52M	23.74M	-33.34M	6.84M	2.35M
Change in Receivables	-220K	-3.35M	-5.27M	1.63M	617K	-5.41M	-906K	-7.05M	6.84M	9.27M
Change in Inventory	83K	-113K	-56K	-162K	121K	-1.1M	-2.25M	0	0	0
Change in Payables	-506K	5.11M	3.94M	1.31M	5.26M	7.19M	4.14M	-5.86M	-75K	-4.41M
Cash from Investing+	-142K	-32.74M	-1.31M	-654K	-67.48M	-32.83M	-44K	-872K	-181.2M	-836K
Capital Expenditures	-142K	-498K	-1.06M	-654K	-405K	-152K	-103K	-872K	-625K	-836K
CapEx % of Revenue	0%	0.01%	0.01%	0%	0%	0%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-329K	0	-1.06M	-654K	0	0	-103K	-872K	0	0
Cash from Financing+	-191K	24.57M	-3.71M	-12M	44.88M	12.95M	-22.93M	-24.19M	150.15M	-26.4M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-1.3M	129K	-19K	-3.41M	-898K	-43K	556K	-6.56M	-1.86M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.84M	5.54M	5.46M	13.42M	17.63M	19.3M	45.56M	371K	30.41M	26.53M
FCF Margin %	0.03%	0.06%	0.05%	0.1%	0.11%	0.09%	0.19%	0%	0.08%	0.07%
FCF Growth %	0.11%	2.01%	-0.01%	1.46%	0.31%	0.09%	1.36%	-0.99%	80.96%	-0.13%
FCF per Share	0.18	0.49	0.44	1.04	1.35	1.47	3.35	0.03	2.11	1.84
FCF Conversion (FCF/Net Income)	0.23x	1.78x	1.98x	7.67x	3.39x	2.73x	4.50x	0.05x	21.24x	3.70x
Interest Paid	0	454K	883K	800K	1.5M	2.81M	2.94M	1.53M	14.15M	16.04M
Taxes Paid	0	124K	337K	876K	-543K	917K	936K	9.28M	5.6M	3.26M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	47.54%	12.39%	9.72%	4.88%	12.53%	14.37%	17.04%	29.54%	1.5%	6.96%
Return on Invested Capital (ROIC)	13.74%	12.39%	14.97%	17.67%	10.88%	8.33%	10.22%	20.91%	6.03%	6.57%
Gross Margin	17.89%	20.82%	22.35%	22.67%	22.35%	21.79%	20.92%	18.29%	21.25%	19.93%
Net Margin	13.36%	3.95%	2.84%	1.38%	3.32%	3.4%	4.12%	5.89%	0.39%	1.87%
Debt / Equity	-	0.11x	0.10x	0.18x	1.18x	1.74x	1.01x	0.42x	1.87x	1.50x
Interest Coverage	31.20x	5.11x	7.51x	7.87x	4.03x	3.91x	4.55x	15.02x	1.05x	1.45x
FCF Conversion	0.23x	1.78x	1.98x	7.67x	3.39x	2.73x	4.50x	0.05x	21.24x	3.70x
Revenue Growth	8.02%	31%	35.12%	15.19%	20.38%	30.42%	17.64%	60.58%	-4.88%	5.34%

Frequently Asked Questions

Valuation & Price

DLH Holdings Corp. (DLHC) has a price-to-earnings (P/E) ratio of 11.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

DLH Holdings Corp. (DLHC) reported $359.7M in revenue for fiscal year 2024. This represents a 758% increase from $41.9M in 2011.

DLH Holdings Corp. (DLHC) grew revenue by 5.3% over the past year. This is steady growth.

Yes, DLH Holdings Corp. (DLHC) is profitable, generating $4.6M in net income for fiscal year 2024 (1.9% net margin).

Dividend & Returns

DLH Holdings Corp. (DLHC) has a return on equity (ROE) of 7.0%. This is below average, suggesting room for improvement.

DLH Holdings Corp. (DLHC) generated $24.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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