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DLH Holdings Corp. (DLHC) stock

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NASDAQ: DLHC Nasdaq Health Care Services

D Fundamentals grade

DLH Holdings Corp. is a US-listed company in the health care services industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($17.60) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($17.60) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.

DLH Holdings Corp. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 1 selling90 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds14 adding, 17 cuttingOf 5 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter DLH Holdings files

Where DLH stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $254m, down 29.5% on a year earlier, a steeper fall than the 22.4% decline a quarter earlier. That puts it 33 of 34 for growth among the health care services companies we cover. Free-cash-flow margin fell to 5.5% from 6.8% a year earlier. Operating margin narrowed to -0.1% from 5.8%. The diluted share count is up 2.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 7 financial-health checks.

Our model value for DLH Holdings is under review, so past values are not shown until it is resolved.

Source: 10-Q filed July 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

DLH Holdings Corp.'s trailing-twelve-month revenue fell 29.5% year on year, with a free-cash-flow margin of 5.5%. Where it stands out: stock pay as % of revenue of 0.5% ranks 5 of 35 health care services companies we cover. Where it lags: revenue growth of -29.5% ranks 39 of 41 health care services companies we cover.

Our discounted-cash-flow model values the business at ~$18 per share in the base case (~$11–$27 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -29.5% (-7.1pp vs the prior quarter), the 9th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in DLH Holdings Corp.'s latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 29.5% over the last 12 months.
  • Growth slowing. The growth rate is 7.1 points lower than a quarter earlier.
  • Loss-making. Operating margin is -0.1%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 5.9 points on a year ago.
  • Share dilution. Diluted shares rose 2.2% in a year.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 41.2% ranks 25 of 31 health care services companies we cover (median 27.7%).

Latest results: FY2026 Q3

Filed July 29, 2026
Earnings per share
-$0.93 against an average estimate of -$0.17: missed by 448.1%
Revenue
$44m, down 46.9% on a year earlier
Share reaction
-6.1% in the first session after the results on July 29, 2026, against +0.1% for the S&P 500

DLH Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.6%
  • 1 week+1.1%
  • 1 month-9.9%
  • This year-35.4%
  • 1 year-41.3%
  • 5 years-75.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$254M
Operating margin
-0.1%
Net margin
-8.5%
EPS (TTM, diluted)
$-1.49

Growth

Revenue growth
−29.5%
Change in growth rate
−7.1 pts
Share count change
+2.2%

Cash

Free cash flow (TTM)
$13.8M
FCF margin
5.5%
Stock pay % of revenue
0.5%

Earnings

Last results
July 29, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

DLH Holdings Corp. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($17.60) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of DLH Holdings Corp.'s free cash flow after stock-based pay ( $25.1M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value DLH Holdings Corp. as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.83 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$18 ~$11–$27 Left out: far from the other models (more than 3x away from their median)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$3.4 ~$2.1–$5.5 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$2.0 ~$1.7–$2.4 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare DLH Holdings Corp. with Health Care Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$6.48$5.76$4.46$7.25$12.30$12.27$11.67$9.36$5.65$3.65
Market value$80m$74m$58m$95m$167m$174m$168m$135m$82m$53m
+ Net debt (− = net cash)$15m$1m$54m$69m$23m$20m$179m$154m$131m$129m
Enterprise value$95m$76m$112m$164m$190m$194m$348m$289m$213m$181m
Multiples
Price / sales 0.7x0.6x0.4x0.5x0.7x0.4x0.4x0.3x0.2x0.2x
Price / earnings 24.3x40.4x10.9x13.4x16.5x7.5x115.3x18.2x60.0x—
Price / free cash flow 14.7x5.5x3.3x4.9x3.7xn/m5.5x5.1x3.6x3.8x
EV / EBITDA 11.3x6.8x8.1x8.0x7.5x4.7x10.6x6.9x6.3x10.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

32 /100

Weak moat

How hard DLH Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Net income has been a median 3.2% of total assets over 10 years.

  • Durability 1 / 20

    Operating margin has been a median 6.3%; its worst year was -10.3%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 9 of 10 years, at a median 6.7% of revenue.

  • Discipline 14 / 20

    The diluted share count rose 7.6% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (37 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.76 −944% $209m −39%
Next −$0.69 +9% $175m −16%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +28.8% on 90 days ago. In the last 30 days, 0 analysts raised DLH Holdings Corp.'s forecast and 1 cut it.

Consensus EPS forecast DLH Holdings Corp., last 90 days
−$0.80 −$0.60 −$0.40 −$0.20 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.59 Current fiscal year, 60 days ago: −$0.76 Current fiscal year, 30 days ago: −$0.76 Current fiscal year, 7 days ago: −$0.76 Current fiscal year, Now: −$0.76 −$0.76 Next fiscal year, 90 days ago: −$0.41 Next fiscal year, 60 days ago: −$0.69 Next fiscal year, 30 days ago: −$0.69 Next fiscal year, 7 days ago: −$0.69 Next fiscal year, Now: −$0.69 −$0.69

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.59−$0.41
60 days ago −$0.76−$0.69
30 days ago −$0.76−$0.69
7 days ago −$0.76−$0.69
Now −$0.76−$0.69

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.17 −$0.93 −448.1%
Mar 2026 −$0.16 −$0.10 +37.3%
Dec 2025 −$0.07 −$0.05 +23.7%
Sept 2025 $0.02 −$0.06 −400.0%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows DLH Holdings Corp.'s revenue by -10.4% next year and +1.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-27.6%, weight 45%) and the company's own record (+4.0%, weight 55%) . How the weights are set.

Analyst recommendations

1 analysts, Oct 2026
Buy1100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202611
  2. Sep 202611
  3. Aug 202611

Counts of recommendations published by analysts covering DLH Holdings Corp., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.7%
of tradable shares
Days to cover
2.96
at average volume
Short interest, 1 month
−38%
to October 15, 2026
Held by institutions
70%
of shares
Held by insiders
15.1%
of shares
Employees
2,300
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −41.3%

$6.22 on October 31, 2025 to $3.65

ThenNowEffect
Revenue (last 12 months) $360m $254m −29.5%
P/S multiple 0.2x 0.2x −14.9%
Share count 14m 14m −2.2%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years −74.9%

$14.55 on November 3, 2023 to $3.65

ThenNowEffect
Revenue (last 12 months) $342m $254m −25.8%
P/S multiple 0.6x 0.2x −65.8%
Share count 14m 14m −1.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DLHC+122%−43%+33%−49%−30%−35%
Industry peers (median)−3%−25%+6%−6%−6%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DLHC67%42%67%25%33%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DLHC−24%−44%−33%−57%−66%−46%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 87% from December 30, 2021 to April 15, 2025. Getting back needed a 675% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.46 – $6.57
From 52-week high
−44.4%
vs 50-day average
−7.8%
vs 200-day average
−29.2%
Volatility (1 year)
39%
Beta vs S&P 500
0.18

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±5.0%
After a week
4 up, 8 down
typical move ±8.6%
After a month
4 up, 8 down
typical move ±11.1%
Results releasedNext dayS&P 500 next day5 days21 days
July 29, 2026 −6.1% +0.1% −7.3% −14.2%
May 6, 2026 +1.4% +1.1% −2.7% −1.2%
February 9, 2026 −5.3% +0.2% −6.3% −3.1%
December 10, 2025 −4.7% +0.9% −5.5% −1.7%
October 30, 2025 +11.3% −0.8% +8.8% +9.5%
August 6, 2025 +0.9% +0.7% +0.2% +6.4%
May 7, 2025 +0.5% +1.1% +18.5% +35.5%
February 5, 2025 −14.1% +0.8% −19.3% −29.2%
December 4, 2024 −0.8% +0.5% −10.8% −5.2%
November 13, 2024 −2.4% −0.6% −3.9% −12.8%
July 31, 2024 −10.0% +0.2% −14.6% −6.7%
May 1, 2024 +2.8% +0.6% +4.7% +7.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

DLH Holdings Corp. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) DLH Holdings Corp.
$250M $300M $350M $400M $450M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $375.9M Revenue (TTM), FY24 Q1: $401M Revenue (TTM), FY24 Q2: $402.6M Revenue (TTM), FY24 Q3: $401M Revenue (TTM), FY24 Q4: $395.9M Revenue (TTM), FY25 Q1: $388.9M Revenue (TTM), FY25 Q2: $377.1M Revenue (TTM), FY25 Q3: $359.7M Revenue (TTM), FY25 Q4: $344.5M Revenue (TTM), FY26 Q1: $322.6M Revenue (TTM), FY26 Q2: $292.7M Revenue (TTM), FY26 Q3: $253.5M $253.5M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $375.9M
FY24 Q1 $401M
FY24 Q2 $402.6M
FY24 Q3 $401M
FY24 Q4 $395.9M
FY25 Q1 $388.9M
FY25 Q2 $377.1M
FY25 Q3 $359.7M
FY25 Q4 $344.5M
FY26 Q1 $322.6M
FY26 Q2 $292.7M
FY26 Q3 $253.5M
Revenue growth, TTM YoY DLH Holdings Corp.
-40% -20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -4.9% Revenue growth, TTM YoY, FY24 Q1: 27.3% Revenue growth, TTM YoY, FY24 Q2: 31.6% Revenue growth, TTM YoY, FY24 Q3: 17.4% Revenue growth, TTM YoY, FY24 Q4: 5.3% Revenue growth, TTM YoY, FY25 Q1: -3.0% Revenue growth, TTM YoY, FY25 Q2: -6.3% Revenue growth, TTM YoY, FY25 Q3: -10.3% Revenue growth, TTM YoY, FY25 Q4: -13.0% Revenue growth, TTM YoY, FY26 Q1: -17.0% Revenue growth, TTM YoY, FY26 Q2: -22.4% Revenue growth, TTM YoY, FY26 Q3: -29.5% -29.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -4.9%
FY24 Q1 27.3%
FY24 Q2 31.6%
FY24 Q3 17.4%
FY24 Q4 5.3%
FY25 Q1 -3.0%
FY25 Q2 -6.3%
FY25 Q3 -10.3%
FY25 Q4 -13.0%
FY26 Q1 -17.0%
FY26 Q2 -22.4%
FY26 Q3 -29.5%
Operating margin (TTM) DLH Holdings Corp.
-2% 0% 2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 4.6% Operating margin (TTM), FY24 Q1: 5.0% Operating margin (TTM), FY24 Q2: 5.0% Operating margin (TTM), FY24 Q3: 4.7% Operating margin (TTM), FY24 Q4: 6.3% Operating margin (TTM), FY25 Q1: 6.1% Operating margin (TTM), FY25 Q2: 6.1% Operating margin (TTM), FY25 Q3: 5.8% Operating margin (TTM), FY25 Q4: 4.9% Operating margin (TTM), FY26 Q1: 3.9% Operating margin (TTM), FY26 Q2: 2.5% Operating margin (TTM), FY26 Q3: -0.1% -0.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 4.6%
FY24 Q1 5.0%
FY24 Q2 5.0%
FY24 Q3 4.7%
FY24 Q4 6.3%
FY25 Q1 6.1%
FY25 Q2 6.1%
FY25 Q3 5.8%
FY25 Q4 4.9%
FY26 Q1 3.9%
FY26 Q2 2.5%
FY26 Q3 -0.1%
FCF margin (TTM) DLH Holdings Corp.
0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 8.1% FCF margin (TTM), FY24 Q1: 6.9% FCF margin (TTM), FY24 Q2: 8.4% FCF margin (TTM), FY24 Q3: 7.6% FCF margin (TTM), FY24 Q4: 6.7% FCF margin (TTM), FY25 Q1: 2.5% FCF margin (TTM), FY25 Q2: 5.2% FCF margin (TTM), FY25 Q3: 6.8% FCF margin (TTM), FY25 Q4: 6.7% FCF margin (TTM), FY26 Q1: 9.4% FCF margin (TTM), FY26 Q2: 6.5% FCF margin (TTM), FY26 Q3: 5.5% 5.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 8.1%
FY24 Q1 6.9%
FY24 Q2 8.4%
FY24 Q3 7.6%
FY24 Q4 6.7%
FY25 Q1 2.5%
FY25 Q2 5.2%
FY25 Q3 6.8%
FY25 Q4 6.7%
FY26 Q1 9.4%
FY26 Q2 6.5%
FY26 Q3 5.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Sept 2010 2011 Sept 2011 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 41 42 116 133 160 209 246 395 376 396 344 254
Gross profit 5 6 26 30 — — — — — — — —
EBITDA −4 −4 8 11 14 20 25 41 33 42 34 17
Operating income −4 −4 7 9 10 13 17 33 17 25 17 −0
Net income −6 −4 3 2 5 7 10 23 1 7 1 −22
Diluted EPS −$1.15 −$0.79 $0.27 $0.14 $0.41 $0.54 $0.75 $1.64 $0.10 $0.51 $0.09 −$1.49
Growth (year on year)
Revenue — +2.6% +175.9% +15.2% +20.4% +30.4% +17.6% +60.6% −4.9% +5.3% −13.0% −29.5%
EBITDA — — — +31.5% +26.3% +47.0% +23.8% +61.6% −20.2% +28.5% −19.0% −56.3%
Operating income — — — +32.5% +13.5% +35.0% +27.9% +93.2% −48.6% +45.7% −32.6% −101.3%
Net income — — — −44.2% — +33.6% +42.6% +129.6% −93.7% — — —
Diluted EPS — — — −48.1% — +31.7% +38.9% +118.7% −93.9% — — —
Margins
Gross margin 11.8% 14.1% 22.3% 22.7% — — — — — — — —
EBITDA margin −10.3% −9.8% 7.2% 8.3% 8.7% 9.8% 10.3% 10.4% 8.7% 10.6% 9.9% 6.6%
Operating margin −10.6% −10.1% 5.7% 6.6% 6.2% 6.4% 7.0% 8.4% 4.5% 6.3% 4.9% −0.1%
Net margin −14.2% −10.3% 2.8% 1.4% 3.3% 3.4% 4.1% 5.9% 0.4% 1.9% 0.4% −8.5%
Free-cash-flow margin −6.0% −2.4% 4.7% 10.1% 11.0% 9.2% 18.5% 0.1% 8.1% 6.7% 6.7% 5.5%
Cash flow
Cash from operations −2 −1 7 14 18 19 46 1 31 27 23 14
Capital spending 0 0 1 1 0 0 0 1 1 1 0 0
Free cash flow −2 −1 5 13 18 19 46 0 30 27 23 14
Stock-based pay — 0 1 1 — — — 3 2 2 1 1
Free cash flow after stock pay — −1 5 12 — — — −2 28 25 22 13
Balance sheet
Cash 1 1 5 6 2 1 24 0 0 0 0 0
Total debt 2 1 20 8 56 70 47 20 179 155 132 129
Net debt (negative = net cash) 0 −0 15 1 54 69 23 20 179 154 131 129
Diluted shares 5m 5m 12m 13m 13m 13m 14m 14m 14m 14m 14m 14m
Returned to shareholders
Buybacks — — — — 0 0 0 — — — — —
Total returned — — — — 0 0 0 — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 7 checks passed · June 30, 2026
What it owns · $255m
Short-term assets $29mLonger-term assets $226m
What it owes, and who funded it · $255m
Short-term liabilities $43mLonger-term liabilities $119mShareholders' equity $93m
  • Short-term assets cover short-term liabilities $29m of assets due within a year against $43m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $29m short-term assets against $119m of longer-dated liabilities.
  • More cash than debt $235,000 of cash against $126m of debt.
  • Debt below 40% of shareholders' equity Debt is 135% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 55% to 135% over five years.
  • A year's operating cash flow covers at least 20% of debt $14m of operating cash flow against $126m of debt.
  • Operating profit covers interest at least five times over Operating income of −$272,000 against $13m of interest.

From DLH Holdings Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+2.2%
year over year
Days sales outstanding
35 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care services
Last 12 months unless stated DLHC DCGO VMD SBC PETS AIRS Median
Revenue, last 12 months $254m $295m $302m $175m $169m $151m $1.2bn
Revenue growth, last 12 months −29.5% −32.4% 25.2% −6.9% −20.3% −8.7% 7.3%
Revenue growth, 3-year average −9.5% −13.3% 24.5% — −13.0% −5.9% 11.3%
Revenue growth, latest quarter −46.9% −8.7% 23.9% 13.4% −19.9% −2.5% 8.5%
Gross margin 24.3% — 57.5% 71.9% 27.9% — 27.9%
Operating margin −0.1% −62.2% 7.5% 37.3% −18.2% −8.4% 2.3%
Operating margin, 3-year average 3.5% −20.8% 7.9% 37.3% −12.6% −3.0% 2.3%
Net margin −8.5% −65.3% 4.8% 28.0% −17.3% −7.8% 1.2%
Cash from operations / revenue 5.5% −7.7% 20.2% 35.9% −14.1% 0.8% 6.1%
Free-cash-flow margin 5.5% −8.8% 9.7% 35.3% −16.4% 0.5% 5.1%
Free-cash-flow margin, 3-year average 6.6% 1.4% 4.1% — −7.3% 0.6% 3.6%
Stock pay / revenue 0.5% 4.6% 3.0% — 0.6% 0.8% 1.1%
Change in share count 2.2% −7.1% −1.6% 1.4% 2.9% 13.3% 0.3%

Median of all 41 companies we cover in health care services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

41 health care services companies
Measure Company Peer median Rank
Revenue growth Growth -29.5% 7.3% 39 of 41
Change in growth rate Growth -7.1pp +1.1pp 38 of 41
Operating margin Profitability -0.1% 2.6% 25 of 40
Net margin Profitability -8.5% 1.2% 33 of 41
Free-cash-flow margin Cash generation 5.5% 5.1% 18 of 40
Stock pay as % of revenue Cash generation 0.5% 0.9% 5 of 35
Long-term debt as % of assets Balance sheet 41.2% 27.7% 25 of 31
Change in share count Balance sheet 2.2% 0.4% 27 of 39
Days sales outstanding Balance sheet 35 days 39 days 12 of 31

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$51.9M
Institutions reporting
45
Shares held vs prior quarter
▲ 3.9%
Positions opened / closed
8 / 5

Top buyers and sellers, Q2 2026: 14 institutions bought and 17 sold ; the biggest buyer was Merit Financial Group, LLC (+252K shares) and the biggest seller Citadel Advisors LLC (−13K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Wynnefield Capital Inc $19.3M 3.7M 37.2% 0.0%
Mink Brook Asset Management LLC $14.8M 2.8M 28.5% ▲ 5.2%
Minerva Advisors LLC $5.9M 1.1M 11.3% ▲ 0.3%
Vanguard Capital Management LLC $2.3M 440K 4.5% ▼ 0.3%
Merit Financial Group, LLC $1.3M 252K 2.6% New
Dimensional Fund Advisors LP $1.3M 248K 2.5% ▲ 0.1%
Rbf Capital, LLC $1.2M 220K 2.2% 0.0%
Renaissance Technologies LLC $954,833 182K 1.8% ▼ 6.0%
Geode Capital Management, LLC $717,510 137K 1.4% ▼ 1.3%
North Star Investment Management Corp. $708,750 135K 1.4% 0.0%
Us Bancorp $601,262 115K 1.2% 0.0%
Blackrock, Inc. $447,584 85K 0.9% ▲ 18.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not DLH Holdings Corp.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $2.5M 90 trades by 1 insider, last 12 months Insider sales History → $736,666 1 trade by 1 insider · 0% under pre-set plans
Net ▲ $1.8M net buying
Insider Date Trade Shares Price Value
Mink Brook Asset Management Llc 10% owner October 1, 2026 Buy 199,099 $3.70 $736,666
Mink Brook Asset Management Llc 10% owner October 1, 2026 Sell 199,099 $3.70 $736,666
Mink Brook Asset Management Llc 10% owner September 28, 2026 Buy 60 $3.47 $208
Mink Brook Asset Management Llc 10% owner September 24, 2026 Buy 58 $3.85 $223
Mink Brook Asset Management Llc 10% owner September 23, 2026 Buy 100 $3.88 $388
Mink Brook Asset Management Llc 10% owner September 22, 2026 Buy 301 $4.00 $1,204
Mink Brook Asset Management Llc 10% owner September 21, 2026 Buy 174 $4.00 $696
Mink Brook Asset Management Llc 10% owner September 18, 2026 Buy 316 $3.93 $1,242
Mink Brook Asset Management Llc 10% owner September 17, 2026 Buy 204 $3.96 $808
Mink Brook Asset Management Llc 10% owner September 16, 2026 Buy 1,000 $3.94 $3,940
Mink Brook Asset Management Llc 10% owner September 15, 2026 Buy 621 $3.68 $2,285
Mink Brook Asset Management Llc 10% owner September 14, 2026 Buy 730 $3.84 $2,803

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 21, 2026 estimated from the company's past filing pattern, not announced

  • July 29, 2026
  • May 6, 2026
  • February 9, 2026
  • December 10, 2025
  • October 30, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on DLH Holdings Corp. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

DLH Holdings Corp. in brief

What does DLH Holdings Corp. do?
DLH Holdings Corp. is a US-listed company in the health care services industry. Its financial year ends in September.
What is DLH Holdings Corp.'s stock ticker?
DLH Holdings Corp. trades under the ticker DLHC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is DLH Holdings Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, DLH Holdings Corp. reported revenue of $254M, 29.5% lower than a year earlier, according to its SEC filings.
What is DLH Holdings Corp.'s free cash flow?
DLH Holdings Corp.'s free-cash-flow margin is 5.5% of revenue over the trailing twelve months, ranking 18 of the 40 health care services companies we cover.
Who are DLH Holdings Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Wynnefield Capital Inc, Mink Brook Asset Management LLC and Minerva Advisors LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is DLH Holdings Corp.'s market cap?
On November 2, 2026, DLH Holdings Corp.'s market capitalisation was about $52.8M and net debt of $129M. Market figures come from third-party market data and may be delayed.
How much debt does DLH Holdings Corp. have?
DLH Holdings Corp.'s debt-to-equity ratio is 135.4%, from its latest balance sheet (55.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are DLH Holdings Corp.'s competitors?
In our Health Care Services peer group, the companies closest to DLH Holdings Corp. are Docgo Inc., Viemed Healthcare, Inc., SBC Medical Group Holdings Inc, Petmed Express Inc and Airsculpt Technologies, Inc. The side-by-side comparison below sets their revenue, margins and growth against DLH Holdings Corp.'s.
Are insiders buying or selling DLH Holdings Corp. stock?
Over the last 12 months, DLH Holdings Corp.'s directors and officers reported 90 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.