DLHC · DLH Holdings Corp.

DLH Holdings Corp. provides technology-enabled business process outsourcing, program management solutions, and public health research and analytics services in the United States. It offers digital transformation and cyber security solutions, including artificial intelligence and machine learning, cloud enablement, cybersecurity ecosystem, big data analytics, and modeling and simulation to the National Institutes of Health (NIH), Defense Health Agency (DHA), US Army Medical Research and Development Command (MRDC), and US Navy. The company also provides science research and development services and solutions, such as data analytics, testing and evaluation, clinical trials research services, and epidemiology studies to support multiple operating divisions, including NIH and the Center for Disease Control and Prevention, as well as the Military Health System. In addition, it offers systems engineering and integration solutions in the areas of command, control, communications, computers, cyber, intelligence, surveillance, and reconnaissance (C5ISR); modeling, simulation and training, performance-based logistics, and system modernization; and technology-powered health solutions and software engineering on behalf of the US Navy, HHS, VA, and other federal customers. Further, the company holds the trademark, Infinibyte, for cloud-based solution. The company was formerly known as TeamStaff, Inc. and changed its name to DLH Holdings Corp. in June 2012. DLH Holdings Corp. was incorporated in 1969 and is headquartered in Atlanta, Georgia.

Cap structure and valuation

Cap structure
SP	$5.50
SO	14.5M
Options	1.2M
Warrants	0.0M
FD SO	15.7M
MC	$86.2M

Cash	$0.1M
Total debt	$130.0M
EV	$216.0M

TTM Multiples
EV / Revenue	0.7x
EV / EBITDA	8.8x
MC / Net Income	—
EV / FCF	14.2x
MC / FCF	5.7x

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-05. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	59.27	68.89	81.16	83.34
Revenue YoY %	(33.6%)	(24.1%)	(15.8%)	(17.2%)
Cost of Revenue	47.49	55.40	67.32	67.65
Gross Profit	11.78	13.50	13.84	15.69
Gross Profit YoY %	(33.2%)	(25.1%)	(26.7%)	(15.9%)
Gross Margin %	19.9%	19.6%	17.1%	18.8%

SG&A	7.53	7.76	7.26	7.63
Operating Expense	11.83	12.06	11.56	11.94

Operating Income	(0.06)	1.44	2.28	3.75
Operating Income YoY %	(101.1%)	(74.5%)	(64.3%)	(34.8%)
Operating Margin %	(0.1%)	2.1%	2.8%	4.5%
EBITDA	4.25	5.74	6.58	8.06
EBITDA Margin %	7.2%	8.3%	8.1%	9.7%

Interest Expense	2.72	2.99	3.48	3.54
Pretax Income	(3.19)	(1.96)	(1.20)	0.21
Tax Provision	(0.66)	(0.64)	(0.28)	(0.07)
Net Income	(2.54)	(1.32)	(0.92)	0.29
Net Margin %	(4.3%)	(1.9%)	(1.1%)	0.3%

Diluted EPS	-$0.17	-$0.09	-$0.06	$0.02
Basic EPS	-$0.17	-$0.09	-$0.06	$0.02
Diluted Avg Shares	14.5	14.6	0.0	14.4
Basic Avg Shares	14.5	14.5	0.0	14.4

	LTM	9/30/25	9/30/24	9/30/23	9/30/22
Total Revenue	292.66	344.50	395.94	375.87	395.17
Revenue YoY %	(15.0%)	(13.0%)	5.3%	(4.9%)	—
Cost of Revenue	237.85	279.33	318.45	296.02	322.89
Gross Profit	54.81	65.16	77.49	79.86	72.29
Gross Profit YoY %	(15.9%)	(15.9%)	(3.0%)	10.5%	—
Gross Margin %	18.7%	18.9%	19.6%	21.2%	18.3%

SG&A	30.18	31.20	35.54	37.80	30.73
Operating Expense	47.39	48.38	52.59	62.77	39.01

Operating Income	7.42	16.79	24.90	17.09	33.28
Operating Income YoY %	(55.8%)	(32.6%)	45.7%	(48.6%)	—
Operating Margin %	2.5%	4.9%	6.3%	4.5%	8.4%
EBITDA	24.62	33.97	41.95	32.65	40.94
EBITDA Margin %	8.4%	9.9%	10.6%	8.7%	10.4%

Interest Expense	12.73	13.36	15.35	14.15	1.57
Pretax Income	(6.14)	1.75	7.75	0.82	31.06
Tax Provision	(1.65)	0.39	0.35	(0.64)	7.78
Net Income	(4.49)	1.36	7.40	1.46	23.29
Net Margin %	(1.5%)	0.4%	1.9%	0.4%	5.9%

Diluted EPS	-$0.30	$0.09	$0.51	$0.10	$1.64
Basic EPS	-$0.30	$0.09	$0.52	$0.11	$1.82
Diluted Avg Shares	14.5	14.5	14.4	14.4	14.2
Basic Avg Shares	14.5	14.4	14.2	13.7	12.8

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	0.13	0.26	0.12	0.19
Receivables	33.64	35.84	38.39	44.92
Total Current Assets	36.79	39.64	42.54	49.59

Net PPE	0.94	1.13	1.27	1.43
Goodwill	138.16	138.16	138.16	138.16
Total Assets	276.71	283.51	290.66	299.34

Accounts Payable	9.43	9.90	12.30	9.89
Total Current Liabilities	42.29	41.03	42.67	45.82
Long-term Debt	110.51	116.05	119.97	124.31
Total Liabilities	166.44	171.32	177.71	185.64

Retained Earnings	7.35	9.89	11.21	12.13
Total Equity	110.27	112.19	112.96	113.70

	LTM	9/30/25	9/30/24	9/30/23	9/30/22
Cash & Equivalents	0.13	0.12	0.34	0.21	0.23
Receivables	33.64	38.39	49.85	59.12	40.50
Total Current Assets	36.79	42.54	52.96	62.40	43.60

Net PPE	0.94	1.27	1.83	1.59	1.70
Goodwill	138.16	138.16	138.16	138.16	65.64
Total Assets	276.71	290.66	314.38	339.84	169.01

Accounts Payable	9.43	12.30	13.42	12.60	11.89
Total Current Liabilities	42.29	42.67	53.24	64.79	38.54
Long-term Debt	110.51	119.97	137.32	155.15	20.42
Total Liabilities	166.44	177.71	204.25	237.40	76.95

Retained Earnings	7.35	11.21	9.85	2.45	0.99
Total Equity	110.27	112.96	110.13	102.44	92.06

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(2.54)	(1.32)	(0.92)	0.29
D&A	4.30	4.30	4.30	4.31
Stock-Based Comp	0.62	0.65	0.18	0.56
Operating Cash Flow	—	(4.77)	10.68	9.57

CapEx	—	(0.04)	(0.03)	(0.21)
Investing Cash Flow	—	(0.04)	(0.03)	(0.21)

Debt Repayment	—	—	(4.75)	(9.50)
Financing Cash Flow	—	4.94	(10.72)	(9.36)

Free Cash Flow	—	(4.81)	10.65	9.36

	LTM	9/30/25	9/30/24	9/30/23	9/30/22
Net Income	(4.49)	1.36	7.40	1.46	23.29
D&A	17.21	17.18	17.05	15.56	7.67
Stock-Based Comp	2.00	1.46	1.90	1.92	2.61
Operating Cash Flow	—	23.22	27.37	31.03	1.24

CapEx	—	(0.24)	(0.84)	(0.62)	(0.87)
Investing Cash Flow	—	(0.24)	(0.84)	(181.20)	(0.87)

Debt Issuance	—	—	0.00	168.00	17.00
Debt Repayment	—	(19.00)	(27.31)	(20.19)	(41.75)
Financing Cash Flow	—	(23.19)	(26.40)	150.15	(24.19)

Free Cash Flow	—	22.98	26.53	30.41	0.37

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	0.87	0.97	1.00	1.08
Quick Ratio	—	—	—	—
Debt / Equity	1.51	1.53	1.57	1.63
EBITDA Margin %	7.2%	8.3%	8.1%	9.7%
Working Capital	(5.50)	(1.38)	(0.13)	3.76
Net Debt	110.38	115.79	119.84	124.11
ROE %	(2.3%)	(1.2%)	(0.8%)	0.3%
ROA %	(0.9%)	(0.5%)	(0.3%)	0.1%

	LTM	9/30/25	9/30/24	9/30/23	9/30/22
Current Ratio	0.87	1.00	0.99	0.96	1.13
Quick Ratio	—	—	—	—	—
Debt / Equity	1.51	1.57	1.85	2.32	0.84
EBITDA Margin %	8.4%	9.9%	10.6%	8.7%	10.4%
Working Capital	(5.50)	(0.13)	(0.28)	(2.39)	5.06
Net Debt	110.38	119.84	136.97	154.93	20.19
ROE %	(4.1%)	1.2%	6.7%	1.4%	25.3%
ROA %	(1.6%)	0.5%	2.4%	0.4%	13.8%

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-14	Mink Brook Asset Management LLC	10% Owner	2026-05-14	P	512	$5.50	$2,816
2026-05-14	Mink Brook Asset Management LLC	10% Owner	2026-05-13	P	68,547	$5.50	$377,008
2026-04-08	Mink Brook Asset Management LLC	10% Owner	2026-04-07	P	196	$5.50	$1,078
2026-02-20	Mink Brook Asset Management LLC	10% Owner	2026-02-19	P	8,048	$5.50	$44,264
2026-02-18	Mink Brook Asset Management LLC	10% Owner	2026-02-18	P	22,057	$5.50	$121,314
2026-02-18	Mink Brook Asset Management LLC	10% Owner	2026-02-17	P	2,642	$5.50	$14,531
2026-02-13	Mink Brook Asset Management LLC	10% Owner	2026-02-13	P	319	$5.50	$1,754
2026-02-13	Mink Brook Asset Management LLC	10% Owner	2026-02-12	P	13,577	$5.50	$74,674
2026-01-08	Mink Brook Asset Management LLC	10% Owner	2026-01-08	P	1,458	$5.50	$8,019
2026-01-08	Mink Brook Asset Management LLC	10% Owner	2026-01-07	P	3,569	$5.50	$19,630
2025-12-18	Mink Brook Asset Management LLC	10% Owner	2025-12-18	P	78	$5.50	$429
2025-12-18	JohnBull Kathryn M.	Officer (Chief Financial Officer)	2025-12-17	A	46,708	—	$0
2025-12-18	Mink Brook Asset Management LLC	10% Owner	2025-12-17	P	44,208	$5.50	$243,144
2025-12-12	Mink Brook Asset Management LLC	10% Owner	2025-12-11	P	924	$5.50	$5,082
2025-10-21	Mink Brook Asset Management LLC	10% Owner	2025-10-20	P	202	$5.50	$1,111
2025-10-17	Mink Brook Asset Management LLC	10% Owner	2025-10-17	P	645	$5.50	$3,548
2025-10-17	Mink Brook Asset Management LLC	10% Owner	2025-10-16	P	165	$5.50	$908
2025-10-08	Mink Brook Asset Management LLC	10% Owner	2025-10-07	P	13,176	$5.50	$72,468
2025-10-08	Mink Brook Asset Management LLC	10% Owner	2025-10-06	P	100	$5.50	$550
2025-10-02	Murphy Frances M	Director	2025-10-01	A	10,941	—	$0
2025-10-02	ZELKOWICZ STEPHEN	Director	2025-10-01	A	10,941	—	$0
2025-10-02	Wasserman Frederick Gerald	Director	2025-10-01	A	12,910	—	$0
2025-10-02	Granger Elder	Director	2025-10-01	A	10,941	—	$0
2025-10-02	Yerks Austin J. III	Director	2025-10-01	A	10,941	—	$0
2025-10-02	Bjornaas Judith L	Director	2025-10-01	A	10,941	—	$0
2025-10-02	Parker Zachary	Director, Officer (CEO and President)	2025-09-30	F	(16,330)	$5.65	-$92,264
2025-09-16	Mink Brook Asset Management LLC	10% Owner	2025-09-16	P	15,523	$5.50	$85,376
2025-09-16	Mink Brook Asset Management LLC	10% Owner	2025-09-15	P	74	$5.50	$407
2025-09-12	Mink Brook Asset Management LLC	10% Owner	2025-09-12	P	16,734	$5.50	$92,037
2025-09-12	Mink Brook Asset Management LLC	10% Owner	2025-09-11	P	200	$5.50	$1,100
2025-09-03	Mink Brook Asset Management LLC	10% Owner	2025-09-02	P	197	$5.50	$1,084
2025-08-29	Mink Brook Asset Management LLC	10% Owner	2025-08-29	P	181	$5.50	$996
2025-08-29	Mink Brook Asset Management LLC	10% Owner	2025-08-28	P	446	$5.50	$2,453
2025-08-27	Mink Brook Asset Management LLC	10% Owner	2025-08-27	P	22	$5.50	$121
2025-08-27	Mink Brook Asset Management LLC	10% Owner	2025-08-26	P	837	$5.50	$4,604
2025-08-27	Mink Brook Asset Management LLC	10% Owner	2025-08-25	P	336	$5.50	$1,848
2025-08-22	Mink Brook Asset Management LLC	10% Owner	2025-08-22	P	100	$5.50	$550
2025-08-22	Mink Brook Asset Management LLC	10% Owner	2025-08-21	P	18,016	$5.50	$99,088
2025-08-20	Mink Brook Asset Management LLC	10% Owner	2025-08-20	P	14,154	$5.50	$77,847
2025-08-20	Mink Brook Asset Management LLC	10% Owner	2025-08-19	P	26,803	$5.50	$147,416
2025-08-20	Mink Brook Asset Management LLC	10% Owner	2025-08-18	P	2,083	$5.50	$11,456
2025-08-14	Mink Brook Asset Management LLC	10% Owner	2025-08-14	P	4,335	$5.50	$23,842
2025-08-14	Mink Brook Asset Management LLC	10% Owner	2025-08-13	P	3	$5.50	$16
2025-08-14	Mink Brook Asset Management LLC	10% Owner	2025-08-12	P	392	$5.50	$2,156
2025-08-11	Mink Brook Asset Management LLC	10% Owner	2025-08-11	P	50,000	$5.50	$275,000
2025-08-11	Mink Brook Asset Management LLC	10% Owner	2025-08-08	P	26,563	$5.50	$146,096
2025-08-06	Mink Brook Asset Management LLC	10% Owner	2025-08-06	P	968	$5.50	$5,324
2025-08-06	Mink Brook Asset Management LLC	10% Owner	2025-08-05	P	245	$5.50	$1,348
2025-08-06	Mink Brook Asset Management LLC	10% Owner	2025-08-04	P	4,687	$5.50	$25,778
2025-07-17	Mink Brook Asset Management LLC	10% Owner	2025-07-16	P	4,843	$5.50	$26,636
2025-07-17	Mink Brook Asset Management LLC	10% Owner	2025-07-15	P	11,842	$5.50	$65,131
2025-06-27	Mink Brook Asset Management LLC	10% Owner	2025-06-27	P	47,882	$5.50	$263,255
2025-06-27	Mink Brook Asset Management LLC	10% Owner	2025-06-26	P	5,198	$5.50	$28,589
2025-06-25	Mink Brook Asset Management LLC	10% Owner	2025-06-25	P	7,689	$5.50	$42,260
2025-06-25	Mink Brook Asset Management LLC	10% Owner	2025-06-24	P	900	$5.50	$4,950
2025-06-25	Mink Brook Asset Management LLC	10% Owner	2025-06-23	P	2,659	$5.47	$14,533
2025-06-20	Mink Brook Asset Management LLC	10% Owner	2025-06-20	P	5,776	$5.47	$31,590
2025-06-20	Mink Brook Asset Management LLC	10% Owner	2025-06-18	P	18,535	$5.45	$100,979
2025-06-17	Mink Brook Asset Management LLC	10% Owner	2025-06-17	P	13,180	$5.46	$71,959
2025-06-17	Mink Brook Asset Management LLC	10% Owner	2025-06-16	P	2,775	$5.39	$14,968
2025-06-17	Mink Brook Asset Management LLC	10% Owner	2025-06-13	P	22,982	$5.43	$124,836
2025-06-12	Mink Brook Asset Management LLC	10% Owner	2025-06-12	P	19,561	$5.44	$106,449
2025-06-12	Mink Brook Asset Management LLC	10% Owner	2025-06-11	P	21,210	$5.50	$116,644
2025-06-12	Mink Brook Asset Management LLC	10% Owner	2025-06-10	P	4,408	$5.49	$24,197
2025-06-09	Mink Brook Asset Management LLC	10% Owner	2025-06-09	P	4,786	$5.48	$26,215
2025-06-09	Mink Brook Asset Management LLC	10% Owner	2025-06-06	P	17,160	$5.47	$93,951
2025-06-09	Mink Brook Asset Management LLC	10% Owner	2025-06-05	P	357	$5.13	$1,830
2025-06-03	Mink Brook Asset Management LLC	10% Owner	2025-06-02	P	1,295	$5.00	$6,474
2025-06-03	Mink Brook Asset Management LLC	10% Owner	2025-05-30	P	6,354	$5.00	$31,770
2025-05-29	Mink Brook Asset Management LLC	10% Owner	2025-05-29	P	964	$4.97	$4,796
2025-05-29	Mink Brook Asset Management LLC	10% Owner	2025-05-28	P	416	$5.00	$2,079
2025-05-29	Mink Brook Asset Management LLC	10% Owner	2025-05-27	P	90	$5.00	$450
2025-05-23	Mink Brook Asset Management LLC	10% Owner	2025-05-23	P	2,561	$4.98	$12,766
2025-05-23	Mink Brook Asset Management LLC	10% Owner	2025-05-22	P	1,230	$5.00	$6,144
2025-05-21	Mink Brook Asset Management LLC	10% Owner	2025-05-21	P	10,580	$4.96	$52,462
2025-05-21	Mink Brook Asset Management LLC	10% Owner	2025-05-20	P	5,111	$4.97	$25,389
2025-05-21	Mink Brook Asset Management LLC	10% Owner	2025-05-19	P	31,872	$4.93	$157,196
2025-05-16	Mink Brook Asset Management LLC	10% Owner	2025-05-16	P	5,552	$4.95	$27,464
2025-05-16	Mink Brook Asset Management LLC	10% Owner	2025-05-15	P	2,973	$4.83	$14,368
2025-05-16	Mink Brook Asset Management LLC	10% Owner	2025-05-14	P	6,326	$4.80	$30,390
2025-05-13	Mink Brook Asset Management LLC	10% Owner	2025-05-13	P	10,905	$4.74	$51,679
2025-05-13	Mink Brook Asset Management LLC	10% Owner	2025-05-09	P	11,664	$4.00	$46,656
2025-05-08	Mink Brook Asset Management LLC	10% Owner	2025-05-08	P	140	$3.98	$557
2025-05-08	Mink Brook Asset Management LLC	10% Owner	2025-05-07	P	7,818	$4.00	$31,241
2025-05-08	Mink Brook Asset Management LLC	10% Owner	2025-05-06	P	2,947	$3.97	$11,686
2025-05-05	Mink Brook Asset Management LLC	10% Owner	2025-05-05	P	10,065	$3.95	$39,771
2025-05-05	Mink Brook Asset Management LLC	10% Owner	2025-05-02	P	9,660	$3.91	$37,758
2025-05-05	Mink Brook Asset Management LLC	10% Owner	2025-05-01	P	6,408	$3.93	$25,212
2025-04-30	Mink Brook Asset Management LLC	10% Owner	2025-04-30	P	6,097	$3.85	$23,459
2025-04-30	Mink Brook Asset Management LLC	10% Owner	2025-04-29	P	10,968	$3.59	$39,405
2025-04-30	Mink Brook Asset Management LLC	10% Owner	2025-04-28	P	12,054	$3.55	$42,811
2024-12-23	Parker Zachary	Director, Officer (CEO and President)	2024-12-20	A	122,229	—	$0
2024-12-23	JohnBull Kathryn M.	Officer (Chief Financial Officer)	2024-12-20	A	34,224	—	$0
2024-12-19	JohnBull Kathryn M.	Officer (Chief Financial Officer)	2024-12-17	P	10,000	$7.76	$77,600
2024-12-19	Parker Zachary	Director, Officer (CEO and President)	2024-12-17	P	10,000	$7.77	$77,700
2024-10-02	Bjornaas Judith L	Director	2024-10-01	A	10,941	—	$0
2024-10-02	Murphy Frances M	Director	2024-10-01	A	10,941	—	$0
2024-10-02	ZELKOWICZ STEPHEN	Director	2024-10-01	A	10,941	—	$0
2024-10-02	DELANEY MARTIN J	Director	2024-10-01	A	10,941	—	$0
2024-10-02	Wasserman Frederick Gerald	Director	2024-10-01	A	12,910	—	$0
2024-10-02	Yerks Austin J. III	Director	2024-10-01	A	10,941	—	$0
2024-10-02	Granger Elder	Director	2024-10-01	A	10,941	—	$0
2024-09-24	JohnBull Kathryn M.	Officer (Chief Financial Officer)	2024-09-20	M	200,000	$1.95	$390,000
2024-09-24	JohnBull Kathryn M.	Officer (Chief Financial Officer)	2024-09-20	F	(78,240)	$9.78	-$765,187
2024-09-24	JohnBull Kathryn M.	Officer (Chief Financial Officer)	2024-09-20	M	(200,000)	—	$-0
2024-07-19	DELANEY MARTIN J	Director	2024-07-18	G	(191,695)	—	$-0
2024-07-19	DELANEY MARTIN J	Director	2024-07-18	G	191,695	—	$0
2024-07-19	DELANEY MARTIN J	Director	2024-05-09	G	(6,544)	—	$-0
2024-07-19	DELANEY MARTIN J	Director	2024-05-09	G	6,544	—	$0