Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
DLH Holdings Corp
Physical assets are 3.5% of total assets, a light footprint. Capex is 0.01x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 5.1%, below an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 34.32x.
Physical asset ratio
3.5%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$10.04MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$290.66MtotalAssetsInventory was not reported and is treated as zero.Result 3.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
34.32xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$344.50MtotalRevenueNet PP&E$10.04MpropertyPlantAndEquipmentNetResult 34.32x
Revenue per dollar of the physical asset base.
Capex / D&A
0.01xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$241.00KcapitalExpendituresD&A$17.18MdepreciationAndAmortizationResult 0.01x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$8.10Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$290.66MtotalAssetsGoodwill$138.16MgoodWillIntangibles$91.87MintangibleAssetsLiabilities$177.71MtotalLiabTangible book-$117.07MShares14,458,000commonStockSharesOutstandingResult -$8.10
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$3.63Latest quoteTangible book / share-$8.102025-09-30Tangible book per share is not positive, so the multiple is left blank.Result —
Price $3.63.
Fixed-charge coverage
1.38xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$32.29MebitdaCapex$241.00KcapitalExpendituresInterest$15.10MinterestExpenseShort-term debt$8.07MshortLongTermDebtEBITDA − capex$32.05MPrincipal due is the current portion of debt.Result 1.38x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
43.7%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flow$22.98MfreeCashFlowMarket cap$52.61MMarketCapitalizationResult 43.7%
Latest free cash flow divided by current market cap ($52.61M).
ROIC
5.1%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$16.79MoperatingIncomeTax expense$393.00KincomeTaxExpensePretax income$1.76MincomeBeforeTaxTax rate22.4%Equity$112.96MtotalStockholderEquityDebt$144.97MshortLongTermDebtTotalCash$125.00KcashInvested capital$257.81MResult 5.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.67x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 2.5%Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&E$1.57MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$62.54MtotalAssetsResult 2.5% | 85.08xFixed asset turnover · 2018-09-30Revenue / net PP&ERevenue$133.24MtotalRevenueNet PP&E$1.57MpropertyPlantEquipmentResult 85.08x | 0.29xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapex$654.00KcapitalExpendituresD&A$2.24MdepreciationAndAmortizationResult 0.29x | $0.00Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$62.54MtotalAssetsGoodwill$25.99MgoodWillIntangibles$13.37MintangibleAssetsLiabilities$23.12MtotalLiabTangible book$64.00KShares12,873,000commonStockSharesOutstandingResult $0.00 | 9.35xFixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$10.71MebitdaCapex$654.00KcapitalExpendituresInterest$1.08MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$10.05MShort-term debt is total debt minus long-term debt.Result 9.35x | $13.42MFree cash flow · 2018-09-30Reported free cash flowOperating cash flow$14.08MtotalCashFromOperatingActivitiesCapex$654.00KcapitalExpendituresFree cash flow$13.42MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $13.42M | 13.2%ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.78MoperatingIncomeTax expense$5.83MincomeTaxExpensePretax income$7.67MincomeBeforeTaxTax rate40.0%Equity$39.42MtotalStockholderEquityDebt$6.96MshortLongTermDebtTotalCash$6.36McashInvested capital$40.02MThe effective tax rate was above 40% and was capped at 40%.Result 13.2% | 5.61xEBIT / PP&E · 2018-09-30Operating income / net PP&EOperating income$8.78MoperatingIncomeNet PP&E$1.57MpropertyPlantEquipmentResult 5.61x |
| 2019 | 4.1%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E$5.34MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$129.26MtotalAssetsInventory was not reported and is treated as zero.Result 4.1% | 30.02xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$160.39MtotalRevenueNet PP&E$5.34MpropertyPlantEquipmentResult 30.02x | 0.10xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$405.00KcapitalExpendituresD&A$3.96MdepreciationAndAmortizationResult 0.10x | -$3.71Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$129.26MtotalAssetsGoodwill$52.76MgoodWillIntangibles$41.21MintangibleAssetsLiabilities$83.69MtotalLiabTangible book-$48.40MShares13,041,000commonStockSharesOutstandingResult -$3.71 | 5.04xFixed-charge coverage · 2019-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$12.96MebitdaCapex$405.00KcapitalExpendituresInterest$2.49MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$12.56MShort-term debt is total debt minus long-term debt.Result 5.04x | $17.63MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow$18.04MtotalCashFromOperatingActivitiesCapex$405.00KcapitalExpendituresFree cash flow$17.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $17.63M | 7.3%ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.97MoperatingIncomeTax expense$2.17MincomeTaxExpensePretax income$7.50MincomeBeforeTaxTax rate29.0%Equity$45.57MtotalStockholderEquityDebt$53.63MshortLongTermDebtTotalCash$1.79McashInvested capital$97.41MResult 7.3% | 1.87xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income$9.97MoperatingIncomeNet PP&E$5.34MpropertyPlantEquipmentResult 1.87x |
| 2020 | 14.0%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E$25.77MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$183.56MtotalAssetsResult 14.0% | 8.12xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$209.19MtotalRevenueNet PP&E$25.77MpropertyPlantAndEquipmentNetResult 8.12x | 0.02xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$152.00KcapitalExpendituresD&A$7.00MdepreciationAndAmortizationResult 0.02x | -$5.06Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$183.56MtotalAssetsGoodwill$67.14MgoodWillIntangibles$52.61MintangibleAssetsLiabilities$130.13MtotalLiabTangible book-$66.32MShares13,105,000commonStockSharesOutstandingResult -$5.06 | 1.92xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$19.86MebitdaCapex$152.00KcapitalExpendituresInterest$3.56MinterestExpenseShort-term debt$6.73MshortLongTermDebtEBITDA − capex$19.71MPrincipal due is the current portion of debt.Result 1.92x | $19.30MFree cash flow · 2020-09-30Reported free cash flowOperating cash flow$19.45MtotalCashFromOperatingActivitiesCapex$152.00KcapitalExpendituresFree cash flow$19.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $19.30M | 6.7%ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$13.46MoperatingIncomeTax expense$2.91MincomeTaxExpensePretax income$10.02MincomeBeforeTaxTax rate29.0%Equity$53.44MtotalStockholderEquityDebt$90.94MshortLongTermDebtTotalCash$1.36McashInvested capital$143.02MResult 6.7% | 0.52xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income$13.46MoperatingIncomeNet PP&E$25.77MpropertyPlantAndEquipmentNetResult 0.52x |
| 2021 | 11.1%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E$21.83MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$197.17MtotalAssetsInventory was not reported and is treated as zero.Result 11.1% | 11.27xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$246.09MtotalRevenueNet PP&E$21.83MpropertyPlantAndEquipmentNetResult 11.27x | 0.01xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$103.00KcapitalExpendituresD&A$8.12MdepreciationAndAmortizationResult 0.01x | -$3.49Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$197.17MtotalAssetsGoodwill$65.64MgoodWillIntangibles$47.47MintangibleAssetsLiabilities$131.56MtotalLiabTangible book-$47.50MShares13,597,000commonStockSharesOutstandingResult -$3.49 | 4.04xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$24.55MebitdaCapex$103.00KcapitalExpendituresInterest$3.78MinterestExpenseShort-term debt$2.26MshortTermDebtEBITDA − capex$24.44MPrincipal due is short-term debt.Result 4.04x | $45.56MFree cash flow · 2021-09-30Reported free cash flowOperating cash flow$45.67MtotalCashFromOperatingActivitiesCapex$103.00KcapitalExpendituresFree cash flow$45.56MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $45.56M | 12.1%ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$17.22MoperatingIncomeTax expense$3.29MincomeTaxExpensePretax income$13.44MincomeBeforeTaxTax rate24.5%Equity$65.61MtotalStockholderEquityDebt$66.27MshortLongTermDebtTotalCash$24.05McashInvested capital$107.83MResult 12.1% | 0.79xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income$17.22MoperatingIncomeNet PP&E$21.83MpropertyPlantAndEquipmentNetResult 0.79x |
| 2022 | 11.0%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E$18.56MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$169.01MtotalAssetsResult 11.0% | 21.30xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$395.17MtotalRevenueNet PP&E$18.56MpropertyPlantEquipmentResult 21.30x | 0.11xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$872.00KcapitalExpendituresD&A$7.67MdepreciationAndAmortizationResult 0.11x | -$1.02Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$169.01MtotalAssetsGoodwill$65.64MgoodWillIntangibles$40.88MintangibleAssetsLiabilities$76.95MtotalLiabTangible book-$14.47MShares14,179,000commonStockSharesOutstandingResult -$1.02 | 8.86xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$40.30MebitdaCapex$872.00KcapitalExpendituresInterest$2.22MinterestExpenseShort-term debt$2.24MshortTermDebtEBITDA − capex$39.43MPrincipal due is short-term debt.Result 8.86x | $371.00KFree cash flow · 2022-09-30Reported free cash flowOperating cash flow$1.24MtotalCashFromOperatingActivitiesCapex$872.00KcapitalExpendituresFree cash flow$371.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $371.00K | 22.2%ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$33.28MoperatingIncomeTax expense$7.78MincomeTaxExpensePretax income$31.06MincomeBeforeTaxTax rate25.0%Equity$92.06MtotalStockholderEquityDebt$20.42MlongTermDebt + shortLongTermDebtCash$228.00KcashInvested capital$112.25MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 22.2% | 1.79xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income$33.28MoperatingIncomeNet PP&E$18.56MpropertyPlantEquipmentResult 1.79x |
| 2023 | 3.7%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E$11.25MpropertyPlantAndEquipmentNetInventory$1.33MinventoryTotal assets$339.84MtotalAssetsResult 3.7% | 33.42xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$375.87MtotalRevenueNet PP&E$11.25MpropertyPlantAndEquipmentNetResult 33.42x | 0.04xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$625.00KcapitalExpendituresD&A$15.56MdepreciationAndAmortizationResult 0.04x | -$11.12Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$339.84MtotalAssetsGoodwill$138.16MgoodWillIntangibles$124.78MintangibleAssetsLiabilities$237.40MtotalLiabTangible book-$160.50MShares14,431,000commonStockSharesOutstandingResult -$11.12 | 0.89xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$30.54MebitdaCapex$625.00KcapitalExpendituresInterest$16.27MinterestExpenseShort-term debt$17.19MshortLongTermDebtEBITDA − capex$29.91MPrincipal due is the current portion of debt.Result 0.89x | $30.41MFree cash flow · 2023-09-30Reported free cash flowOperating cash flow$31.03MtotalCashFromOperatingActivitiesCapex$625.00KcapitalExpendituresFree cash flow$30.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $30.41M | 5.8%ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$17.09MoperatingIncomeTax expense-$641.00KincomeTaxExpensePretax income$820.00KincomeBeforeTaxTax rate0.0%Equity$102.44MtotalStockholderEquityDebt$191.71MshortLongTermDebtTotalCash$215.00KcashInvested capital$293.93MResult 5.8% | 1.52xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income$17.09MoperatingIncomeNet PP&E$11.25MpropertyPlantAndEquipmentNetResult 1.52x |
| 2024 | 2.7%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E$8.51MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$314.38MtotalAssetsInventory was not reported and is treated as zero.Result 2.7% | 46.52xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$395.94MtotalRevenueNet PP&E$8.51MpropertyPlantAndEquipmentNetResult 46.52x | 0.05xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$836.00KcapitalExpendituresD&A$17.05MdepreciationAndAmortizationResult 0.05x | -$9.47Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$314.38MtotalAssetsGoodwill$138.16MgoodWillIntangibles$108.32MintangibleAssetsLiabilities$204.25MtotalLiabTangible book-$136.35MShares14,405,000commonStockSharesOutstandingResult -$9.47 | 1.34xFixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$40.15MebitdaCapex$836.00KcapitalExpendituresInterest$17.19MinterestExpenseShort-term debt$12.06MshortLongTermDebtEBITDA − capex$39.32MPrincipal due is the current portion of debt.Result 1.34x | $26.53MFree cash flow · 2024-09-30Reported free cash flowOperating cash flow$27.37MtotalCashFromOperatingActivitiesCapex$836.00KcapitalExpendituresFree cash flow$26.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $26.53M | 8.7%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$24.90MoperatingIncomeTax expense$350.00KincomeTaxExpensePretax income$7.75MincomeBeforeTaxTax rate4.5%Equity$110.13MtotalStockholderEquityDebt$164.82MshortLongTermDebtTotalCash$342.00KcashInvested capital$274.61MResult 8.7% | 2.93xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income$24.90MoperatingIncomeNet PP&E$8.51MpropertyPlantAndEquipmentNetResult 2.93x |
| 2025 | 3.5%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$10.04MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$290.66MtotalAssetsInventory was not reported and is treated as zero.Result 3.5% | 34.32xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$344.50MtotalRevenueNet PP&E$10.04MpropertyPlantAndEquipmentNetResult 34.32x | 0.01xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$241.00KcapitalExpendituresD&A$17.18MdepreciationAndAmortizationResult 0.01x | -$8.10Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$290.66MtotalAssetsGoodwill$138.16MgoodWillIntangibles$91.87MintangibleAssetsLiabilities$177.71MtotalLiabTangible book-$117.07MShares14,458,000commonStockSharesOutstandingResult -$8.10 | 1.38xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$32.29MebitdaCapex$241.00KcapitalExpendituresInterest$15.10MinterestExpenseShort-term debt$8.07MshortLongTermDebtEBITDA − capex$32.05MPrincipal due is the current portion of debt.Result 1.38x | $22.98MFree cash flow · 2025-09-30Reported free cash flowOperating cash flow$23.22MtotalCashFromOperatingActivitiesCapex$241.00KcapitalExpendituresFree cash flow$22.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $22.98M | 5.1%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$16.79MoperatingIncomeTax expense$393.00KincomeTaxExpensePretax income$1.76MincomeBeforeTaxTax rate22.4%Equity$112.96MtotalStockholderEquityDebt$144.97MshortLongTermDebtTotalCash$125.00KcashInvested capital$257.81MResult 5.1% | 1.67xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income$16.79MoperatingIncomeNet PP&E$10.04MpropertyPlantAndEquipmentNetResult 1.67x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $10.04M
Inventory: $0.00
Total assets: $290.66M
Goodwill: $138.16M
Intangibles: $91.87M
Liabilities: $177.71M
Tangible book: -$117.07M
Shares: 14,458,000
Revenue: $344.50M
Capex: $241.00K
D&A: $17.18M
EBITDA: $32.29M
Interest: $15.10M
Short-term debt: $8.07M
Free cash flow: $22.98M
Operating income: $16.79M
Invested capital: $257.81M
Tax rate: 22.4%