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DLH Holdings Corp. key statistics and ratios

In fiscal 2025, DLH Holdings Corp. had return on equity of 1.2%, an operating margin of 4.9%, debt equal to 116.5% of equity and a current ratio of 1.00. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2010Sept 20102011Sept 20112017Sept 20172018Sept 20182019Sept 20192020Sept 20202021Sept 20212022Sept 20222023Sept 20232024Sept 20242025Sept 2025LTMJun 2026
Gross margin11.8%14.1%22.3%22.7%————————
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%
Return on equity−69.2%−62.0%15.9%4.9%12.5%14.4%17.0%29.5%1.5%7.0%1.2%−20.9%
Return on assets−23.0%−18.3%7.2%2.8%5.6%4.5%5.3%12.7%0.6%2.3%0.5%−7.9%
Asset turnover1.621.782.522.011.671.341.292.161.481.211.140.93
Current ratio0.790.780.811.090.910.780.931.130.960.991.000.67
Debt to equity17.9%13.6%54.9%19.6%122.9%131.0%71.3%22.2%175.1%140.3%116.5%138.0%
Interest cover (operating income ÷ interest)n/mn/m7.5x11.0x6.6x4.7x5.8x21.1x1.2x1.6x1.3xn/m
Effective tax rate——39.1%76.1%29.0%29.0%24.5%25.0%—4.5%22.4%—
SG&A as % of revenue18.0%17.7%——————————
Capital spending as % of revenue0.5%0.1%0.9%0.5%0.3%0.1%0.0%0.2%0.2%0.2%0.1%0.0%
Free cash flow ÷ net income——166.1%731.1%331.2%271.3%449.1%1.6%>999%358.7%>999%—
Dividends and buybacks ÷ free cash flow————0.0%1.1%0.0%—————

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: DCGO vs DLHCDLHC vs VMDDLHC vs SBC

More: Health Care Services stocks compared, Health Care sector, rankings of US companies

Figures from DLH Holdings Corp.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to DLH Holdings Corp.