DLH Holdings Corp. (DLHC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+489.8%

$21.53

vs $3.65 price

Levered DCF

$21.14

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.05

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	59.66×	18×	106.09×	6.74×	15.19×	12.5×	10.14×	41.79×
P/B	0.72×	1.2×	1.56×	1.71×	2.35×	1.67×	1.18×	1.91×
P/S	0.24×	0.33×	0.43×	0.4×	0.63×	0.43×	0.33×	0.57×
EV / EBITDA	7×	7.4×	11.51×	4.87×	8.01×	8.99×	8.13×	7.09×
Gross margin	18.9%	19.6%	21.2%	18.3%	20.9%	21.8%	22.3%	20.9%
Operating margin	4.9%	6.3%	4.5%	8.4%	7.0%	6.4%	6.2%	6.6%
Net margin	0.4%	1.9%	0.4%	5.9%	4.1%	3.4%	3.3%	1.4%
Current ratio	1×	0.99×	0.96×	1.13×	0.93×	0.78×	0.91×	1.09×
Debt / equity	1.28×	1.5×	1.87×	0.42×	1.01×	1.7×	1.18×	0.18×
Interest coverage	1.11×	1.45×	1.05×	15.02×	4.55×	3.78×	4×	8.17×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.2%	6.7%	1.4%	25.3%	15.5%	13.3%	11.7%	4.7%
Return on invested capital	5.0%	8.6%	5.8%	18.8%	9.8%	6.6%	7.1%	4.5%
Return on assets	0.5%	2.4%	0.4%	13.8%	5.1%	3.9%	4.1%	2.9%
Free cash flow yield	28.3%	20.0%	19.0%	0.2%	29.5%	21.7%	32.9%	17.8%
Earnings yield	1.7%	5.6%	0.9%	14.8%	6.6%	8.0%	9.9%	2.4%
Enterprise value	$226.1M	$297.1M	$351.4M	$196.3M	$196.6M	$178.6M	$105.4M	$75.9M
Net debt / EBITDA	4.49×	4.1×	6.27×	0.96×	1.72×	4.51×	4×	0.06×
Cash conversion cycle (days)	26	31	43	25	20	24	23	16