DLHC

MKT CAP:$88M

DLH Holdings Corp.

Market Cap

$88M

Industrials·Specialty Business Services·🇺🇸 United States·NASDAQ

Industrials·Specialty·🇺🇸·NASDAQ

Stock Price

$5.93+$0.35 (+6.27%)

Apr 21, 2026

Company Details

DLH 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, in...

CEO

Zachary C. Parker

IPO Date

May 29, 1986

Website

www.dlhcorp.com

Key Metrics TTM

Revenue

$323M

-17.0% YoY

Net Income

-$1M

EPS (Diluted)

-$0.08

Free Cash Flow

$30M

Revenue / Share

$22.42

Gross Margin

18.7%

Operating Margin

3.9%

Net Margin

-0.3%

FCF Margin

9.4%

P/S

0.3x

P/E

—

Earnings Reports

Q2 2026

May 6, 2026

PENDING

Q1 2026

Feb 9, 2026

$69M-24.1%EPS -$0.09

FY 2025

Dec 10, 2025

$344M-13.0%EPS $0.09

Q4 2025

Dec 10, 2025

$81M-15.8%EPS -$0.06

Q3 2025

Aug 6, 2025

$83M-17.2%EPS $0.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$109M	$20M	$10M
Q3 22	$66M	$17M	$7M
Q4 22	$67M	$16M	$5M
Q1 23	$73M	$15M	$4M
Q2 23	$99M	$21M	$6M
Q3 23	$102M	$21M	$7M
Q4 23	$101M	$22M	$171.0K
Q1 24	$98M	$19M	$7M
Q2 24	$101M	$22M	$6M
Q3 24	$101M	$19M	$6M
Q4 24	$96M	$19M	$6M
Q1 25	$91M	$18M	$6M
Q2 25	$89M	$18M	$5M
Q3 25	$83M	$16M	$4M
Q4 25	$81M	$13M	$2M
Q1 26	$69M	$13M	$1M

Valuation

Quarter	P/S	P/E
Q2 22	0.7x	12.8x
Q3 22	0.5x	8.9x
Q4 22	0.4x	7.1x
Q1 23	0.5x	9.0x
Q2 23	0.5x	14.2x
Q3 23	0.4x	18.9x
Q4 23	0.4x	114.0x
Q1 24	0.6x	108.1x
Q2 24	0.5x	60.8x
Q3 24	0.4x	62.2x
Q4 24	0.3x	18.2x
Q1 25	0.3x	17.2x
Q2 25	0.2x	10.7x
Q3 25	0.2x	18.4x
Q4 25	0.2x	58.5x
Q1 26	0.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$1M	$1M
Q3 22	$10M	$10M
Q4 22	$6M	$5M
Q1 23	$8M	$8M
Q2 23	-$1M	-$1M
Q3 23	$8M	$8M
Q4 23	$16M	$16M
Q1 24	$5M	$5M
Q2 24	$5M	$5M
Q3 24	$5M	$4M
Q4 24	$12M	$12M
Q1 25	-$12M	-$12M
Q2 25	$15M	$15M
Q3 25	$10M	$9M
Q4 25	$11M	$11M
Q1 26	-$5M	-$5M

Capital Expenditures

Quarter	CapEx
Q2 22	$89.0K
Q3 22	$155.0K
Q4 22	$628.0K
Q1 23	$384.0K
Q2 23	$79.0K
Q3 23	$117.0K
Q4 23	$45.0K
Q1 24	$174.0K
Q2 24	$292.0K
Q3 24	$161.0K
Q4 24	$209.0K
Q1 25	$552.0K
Q2 25	$551.0K
Q3 25	$212.0K
Q4 25	$28.0K
Q1 26	$39.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+76.7%	+73.1%
Q3 22	+7.9%	+4.8%
Q4 22	+3.1%	+2.3%
Q1 23	-52.4%	-51.4%
Q2 23	-8.5%	-5.1%
Q3 23	+53.9%	+60.4%
Q4 23	+50.9%	+62.0%
Q1 24	+34.5%	+32.3%
Q2 24	+1.6%	+1.7%
Q3 24	-1.5%	-0.2%
Q4 24	-5.0%	-11.2%
Q1 25	-7.2%	-6.5%
Q2 25	-11.7%	-11.5%
Q3 25	-17.2%	-16.2%
Q4 25	-15.8%	-12.4%
Q1 26	-24.1%	-20.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$809.0K	0.7%
Q3 22	$643.0K	1.0%
Q4 22	$656.0K	1.0%
Q1 23	$552.0K	0.8%
Q2 23	$800.0K	0.8%
Q3 23	$668.0K	0.7%
Q4 23	-$98.0K	-0.1%
Q1 24	$620.0K	0.6%
Q2 24	$953.0K	0.9%
Q3 24	$717.0K	0.7%
Q4 24	-$392.0K	-0.4%
Q1 25	$193.0K	0.2%
Q2 25	$532.0K	0.6%
Q3 25	$559.0K	0.7%
Q4 25	$180.0K	0.2%
Q1 26	$647.0K	0.9%

OpEx Breakdown

Quarter	G&A
Q2 22	$8M
Q3 22	$8M
Q4 22	$9M
Q1 23	$7M
Q2 23	$11M
Q3 23	$10M
Q4 23	$10M
Q1 24	$8M
Q2 24	$12M
Q3 24	$9M
Q4 24	$9M
Q1 25	$8M
Q2 25	$9M
Q3 25	$8M
Q4 25	$6M
Q1 26	$8M

Revenue Segments

Quarter	Cost Reimbursable Contract	Fixed-Price Contract	Time-and-Materials Contract
Q3 25	$18M	$23M	$42M
Q1 26	$14M	$24M	$31M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$359.0K	$0	$359.0K
Q3 22	$1M	$0	$1M
Q4 22	$228.0K	$0	$228.0K
Q1 23	$1M	$0	$1M
Q2 23	$137.0K	$0	$137.0K
Q3 23	$530.0K	$0	$530.0K
Q4 23	$215.0K	$0	$215.0K
Q1 24	$131.0K	$0	$131.0K
Q2 24	$238.0K	$0	$238.0K
Q3 24	$423.0K	$0	$423.0K
Q4 24	$342.0K	$0	$342.0K
Q1 25	$451.0K	$0	$451.0K
Q2 25	$196.0K	$0	$196.0K
Q3 25	$194.0K	$0	$194.0K
Q4 25	$125.0K	$0	$125.0K
Q1 26	$257.0K	$0	$257.0K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	14M	+1.0%	+6.4%
Q3 22	14M	-1.4%	+4.2%
Q4 22	14M	+0.5%	+4.8%
Q1 23	14M	-0.2%	-0.1%
Q2 23	15M	+2.3%	+1.1%
Q3 23	15M	-0.4%	+2.1%
Q4 23	14M	-4.4%	-2.8%
Q1 24	15M	+6.4%	+3.6%
Q2 24	15M	+1.0%	+2.4%
Q3 24	15M	-1.6%	+1.1%
Q4 24	14M	-2.0%	+3.6%
Q1 25	15M	+1.1%	-1.6%
Q2 25	14M	-0.7%	-3.3%
Q3 25	14M	-0.0%	-1.7%
Q4 25	14M	-0.4%	-0.1%
Q1 26	14M	0.0%	-1.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$47.3K	2K
Q3 22	$28.9K	2K
Q4 22	$28.0K	2K
Q1 23	$30.3K	2K
Q2 23	$41.4K	2K
Q3 23	$42.6K	2K
Q4 23	$31.7K	3K
Q1 24	$30.6K	3K
Q2 24	$31.6K	3K
Q3 24	$31.5K	3K
Q4 24	$34.4K	3K
Q1 25	$32.4K	3K
Q2 25	$31.9K	3K
Q3 25	$29.8K	3K
Q4 25	$35.3K	2K
Q1 26	$30.0K	2K

Revenue / Employee