Latest Ratios: P/E Ratio 55.7x · EV/EBITDA 6.5x · ROE 1.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $76M | $82M | $135M | $168M | $174M | $167M | $95M | $58M | $74M | $80M | $53M |
| Enterprise Value | $221M | $227M | $299M | $360M | $213M | $209M | $185M | $110M | $75M | $79M | $53M |
| P/E Ratio → | 55.73 | 59.98 | 18.35 | 116.70 | 7.48 | 16.40 | 13.43 | 10.88 | 41.14 | 24.00 | 15.63 |
| P/S Ratio | 0.22 | 0.24 | 0.34 | 0.45 | 0.44 | 0.68 | 0.45 | 0.36 | 0.56 | 0.69 | 0.61 |
| P/B Ratio | 0.67 | 0.72 | 1.22 | 1.64 | 1.89 | 2.55 | 1.78 | 1.28 | 1.88 | 2.23 | 1.66 |
| P/FCF | 3.31 | 3.56 | 5.08 | 5.54 | 468.94 | 3.67 | 4.92 | 3.30 | 5.52 | 14.66 | 9.50 |
| P/OCF | 3.28 | 3.52 | 4.93 | 5.43 | 139.96 | 3.66 | 4.88 | 3.22 | 5.27 | 12.27 | 8.71 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.66 | 0.76 | 0.96 | 0.54 | 0.85 | 0.88 | 0.69 | 0.56 | 0.68 | 0.62 |
| EV / EBITDA | 6.50 | 6.67 | 7.13 | 11.02 | 5.20 | 8.27 | 9.02 | 7.90 | 6.78 | 9.42 | 9.94 |
| EV / EBIT | 13.16 | 14.99 | 12.96 | 24.04 | 6.52 | 12.75 | 14.35 | 12.21 | 8.83 | 12.52 | 18.19 |
| EV / FCF | — | 9.86 | 11.28 | 11.84 | 573.75 | 4.60 | 9.56 | 6.24 | 5.57 | 14.42 | 9.52 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.9% | 18.9% | 19.6% | 21.2% | 18.3% | 20.9% | 21.8% | 22.3% | 20.9% | 22.3% | 20.8% |
| Operating Margin | 4.9% | 4.9% | 6.3% | 4.5% | 8.4% | 7.0% | 6.4% | 6.2% | 6.6% | 5.7% | 4.7% |
| Net Profit Margin | 0.4% | 0.4% | 1.9% | 0.4% | 5.9% | 4.1% | 3.4% | 3.3% | 1.4% | 2.8% | 4.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.2% | 1.2% | 7.0% | 1.5% | 29.5% | 17.0% | 14.4% | 12.5% | 4.9% | 9.7% | 12.4% |
| ROA | 0.5% | 0.5% | 2.3% | 0.6% | 12.7% | 5.3% | 4.5% | 5.6% | 2.8% | 4.9% | 7.2% |
| ROIC | 4.7% | 4.7% | 6.6% | 6.0% | 20.9% | 10.3% | 8.4% | 10.9% | 17.7% | 15.0% | 12.4% |
| ROCE | 6.6% | 6.6% | 9.3% | 8.4% | 25.5% | 12.9% | 11.4% | 13.6% | 18.0% | 13.0% | 11.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.28 | 1.28 | 1.50 | 1.87 | 0.42 | 1.01 | 1.70 | 1.18 | 0.18 | 0.10 | 0.11 |
| Debt / EBITDA | 4.27 | 4.27 | 3.93 | 5.87 | 0.96 | 2.62 | 4.44 | 3.85 | 0.63 | 0.43 | 0.67 |
| Net Debt / Equity | — | 1.28 | 1.49 | 1.87 | 0.42 | 0.64 | 1.68 | 1.14 | 0.02 | -0.04 | 0.00 |
| Net Debt / EBITDA | 4.26 | 4.26 | 3.92 | 5.86 | 0.95 | 1.67 | 4.38 | 3.72 | 0.05 | -0.16 | 0.03 |
| Debt / FCF | — | 6.30 | 6.20 | 6.30 | 104.81 | 0.93 | 4.64 | 2.94 | 0.04 | -0.24 | 0.02 |
| Interest Coverage | 1.00 | 1.00 | 1.34 | 0.92 | 14.73 | 4.34 | 3.61 | 3.61 | 7.88 | 5.46 | 3.90 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.00 | 1.00 | 0.99 | 0.96 | 1.13 | 0.93 | 0.78 | 0.91 | 1.09 | 0.94 | 0.73 |
| Quick Ratio | 1.00 | 1.00 | 0.99 | 0.96 | 1.13 | 0.93 | 0.78 | 0.91 | 1.09 | 0.94 | 0.73 |
| Cash Ratio | 0.00 | 0.00 | 0.01 | 0.00 | 0.01 | 0.36 | 0.03 | 0.06 | 0.40 | 0.27 | 0.24 |
| Asset Turnover | — | 1.19 | 1.26 | 1.11 | 2.34 | 1.25 | 1.14 | 1.24 | 2.13 | 1.66 | 1.32 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 41.86 | 46.79 | 58.37 | 38.28 | 51.08 | 56.78 | 52.86 | 28.16 | 37.59 | 28.30 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.8% | 1.7% | 5.4% | 0.9% | 13.4% | 6.1% | 7.4% | 9.2% | 2.4% | 4.2% | 6.4% |
| FCF Yield | 30.2% | 28.1% | 19.7% | 18.1% | 0.2% | 27.2% | 20.3% | 30.3% | 18.1% | 6.8% | 10.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $14M | $14M | $14M | $14M | $14M | $13M | $13M | $13M | $12M | $11M |
Liquidity and solvency constraints
As reported in recent financial statements, DLHC's net margin has deteriorated into negative territory, reaching -4.3% in 2026Q2, which suggests that the company's current cost structure is no longer supported by its declining revenue base in the federal health services market.
The collapse of gross margins to near-zero levels in the most recent quarter indicates that the company is struggling to absorb fixed labor and overhead costs associated with its federal contract portfolio. This trend suggests that the firm's earning power is currently non-existent, and investors should monitor whether management can successfully pivot to higher-margin informatics work or if structural cost-cutting is required.
Based on the company's quarterly filings, ROIC has trended downward from 1.7% in 2024Q1 to -0.0% in 2026Q2, reflecting a significant decay in the firm's ability to generate returns on its invested capital as revenue growth turns negative.
The decline in ROIC appears to be driven by both shrinking operating margins and an asset base that remains heavily weighted toward goodwill from past acquisitions. This suggests that the company is failing to compound value, and the current negative return profile warrants further investigation into the impairment risk of its intangible assets.
According to recent SEC filings, DLHC's Days Sales Outstanding (DSO) has remained elevated at 54 days in 2026Q2, which, when combined with a lack of reported inventory or payable data, suggests potential friction in the company's cash conversion cycle.
The inability to accelerate cash collection from federal agencies during a period of revenue contraction may be exacerbating the company's liquidity constraints. This suggests that the firm lacks the leverage to optimize its working capital, potentially forcing a greater reliance on external credit facilities to fund daily operations.
As reported in financial statements, DLHC's debt-to-EBITDA ratio has surged to 34.29 in 2026Q2, indicating that the company's leverage is becoming increasingly disconnected from its ability to generate operating cash flow compared to historical levels.
With an interest coverage ratio that has turned negative, the company appears to be in a precarious position regarding its ability to service debt obligations from core operations. This suggests that the current leverage profile is unsustainable without a significant improvement in contract win rates or a reduction in debt levels.
Based on the company's current financial profile, the P/E ratio of 55.84 is a highly misleading metric for DLHC, as it obscures the reality of the company's negative net income and the significant non-cash amortization charges impacting its bottom line.
Investors should instead focus on EV/EBITDA or Price/Sales ratios to assess the company's valuation, as these metrics better account for the capital structure and the underlying revenue scale. Relying on P/E in this context may lead to an incorrect assessment of the company's true valuation relative to its federal contracting peers.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying DLHC stock.
DLH Holdings Corp.'s current P/E ratio is 55.7x. The historical average is 26.2x. This places it at the 89th percentile of its historical range.
DLH Holdings Corp.'s current EV/EBITDA is 6.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
DLH Holdings Corp.'s return on equity (ROE) is 1.2%. The historical average is -5.8%.
Based on historical data, DLH Holdings Corp. is trading at a P/E of 55.7x. This is at the 89th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
DLH Holdings Corp. has 18.9% gross margin and 4.9% operating margin.
DLH Holdings Corp.'s Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.