Forensic Analysis · Professional & Commercial Services · as of Sep 17, 2026

Dlh Holdings Corp. (DLHC)

A forensic read on Dlh Holdings Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Grey Zone

Financial health

1.2

Distress distance

Clean

Earnings quality

Forensic signals

1.2%

ROE

-13.0%

Revenue growth

The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Dlh Holdings Corp. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.2, placing it in the Grey zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

5.1%

FY2025

Return on invested capital. Return on invested capital is 5.1% in the latest fiscal year, against 12% in FY2021, having run between 5.1% and 19.2% across FY2021–FY2025 with no direction held — below the ~10% cost of capital we hold this sector to. If that gap persists through the cycle, incremental reinvestment reduces rather than creates value per share. The capital base behind it grew +140% across FY2021–FY2025, from $107M to $256M, while the return fell 7.1 points, so the dollars added over that window earned less than the 12% the older base was already earning.

stopped

FY2020→FY2021

Shareholder returns — halted. Capital returns have STOPPED — $211,000 of buybacks + dividends in FY2020, but ~$0 in FY2021. A halt usually means the company is conserving cash.

+0.7%/yr

FY2022–FY2025

Share count. Diluted share count changed +2% over the last 3 years to FY2025 (+0.7%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$344.5M

Revenue Growth YoY-13.0%

Revenue CAGR (3yr)-4.5%

Net Margin0.4%

Free Cash Flow$23.0M

Return on Equity1.2%

Debt / Equity1.13x

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Data from SEC EDGAR public filings · metrics as of Sep 17, 2026. Forensic signals flag probability, not certainty.