Does DLH Holdings Corp. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores DLH Holdings Corp. (DLHC) 33.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 42, returns on capital 28, balance-sheet safety 3, capital discipline 60.

Is DLHC stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $14.34 per share versus a recent price of $5.50 — 62% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has DLHC's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 33.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

DLH Holdings Corp.

DLHC · Technology · $79.7M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power42

Median gross margin 22.5% over 2y, very stable.

Returns on capital28

Median ROIC 8.3%, above the 9% hurdle in 40% of years.

Balance-sheet safety3

Net debt/EBITDA 3.8x, interest coverage 1x.

Capital discipline60

Owner earnings +18.0%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

62% below value

Owner earnings (normalized): $18.3M
Est. intrinsic value / share: $14.34
Recent price: $5.50
Discount to value: 62% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for DLHC yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale33.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — DLHC has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#396 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#394IPM Intelligent Protection Management Corp33.8 out of 100, No moatNo moat
#395CCC CCC Intelligent Solutions Holdings Inc.33.8 out of 100, No moatNo moat
#397HCTI HEALTHCARE TRIANGLE, INC.33.4 out of 100, No moatNo moat
#398TOST Toast, Inc.33.3 out of 100, No moatNo moat

Compare DLHC with its nearest peers →All Technology companies on the Index →

Common questions about DLHC

Does DLH Holdings Corp. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores DLH Holdings Corp. (DLHC) 33.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 42, returns on capital 28, balance-sheet safety 3, capital discipline 60.
Is DLHC stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $14.34 per share versus a recent price of $5.50 — 62% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has DLHC's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 33.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell DLHC. See the disclaimer.