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DLH Holdings Corp.（DLHC）与IMAX（IMAX）财务数据对比。点击上方公司名可切换其他公司
IMAX的季度营收约是DLH Holdings Corp.的1.8倍（$125.2M vs $68.9M），IMAX净利率更高（0.5% vs -1.9%，领先2.4%），IMAX同比增速更快（35.1% vs -24.1%），IMAX自由现金流更多（$28.0M vs $-4.8M），过去两年IMAX的营收复合增速更高（25.8% vs -17.4%）
DLH Holdings Corp.是一家总部位于美国的政府服务供应商，主要为退伍军人事务部、国防部、卫生与公众服务部等联邦机构提供技术赋能的医疗、物流、工程及任务支持服务，同时服务部分州及地方公共部门客户。
IMAX公司是加拿大的影视放映技术企业，1967年创立于蒙特利尔，总部位于多伦多地区，在纽约、洛杉矶均设有业务点。核心业务包括IMAX摄影机与放映系统的设计制造，同时面向全球合作影院提供影片开发、制作、后期及发行服务，是沉浸式观影技术领域的领先企业。
DLHC vs IMAX — 直观对比
营收规模更大
IMAX
是对方的1.8倍
$68.9M
营收增速更快
IMAX
高出59.2%
-24.1%
净利率更高
IMAX
高出2.4%
-1.9%
自由现金流更多
IMAX
多$32.8M
$-4.8M
两年增速更快
IMAX
近两年复合增速
-17.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $68.9M | $125.2M |
| 净利润 | $-1.3M | $637.0K |
| 毛利率 | — | 57.6% |
| 营业利润率 | 2.1% | 19.3% |
| 净利率 | -1.9% | 0.5% |
| 营收同比 | -24.1% | 35.1% |
| 净利润同比 | -218.7% | -88.0% |
| 每股收益（稀释后） | $-0.09 | $0.02 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收DLHCIMAX
| Q4 25 | $68.9M | $125.2M | ||
| Q3 25 | $81.2M | $106.7M | ||
| Q2 25 | $83.3M | $91.7M | ||
| Q1 25 | $89.2M | $86.7M | ||
| Q4 24 | $90.8M | $92.7M | ||
| Q3 24 | $96.4M | $91.5M | ||
| Q2 24 | $100.7M | $89.0M | ||
| Q1 24 | $101.0M | $79.1M |
净利润DLHCIMAX
| Q4 25 | $-1.3M | $637.0K | ||
| Q3 25 | $-920.0K | $20.7M | ||
| Q2 25 | $289.0K | $11.3M | ||
| Q1 25 | $878.0K | $2.3M | ||
| Q4 24 | $1.1M | $5.3M | ||
| Q3 24 | $2.3M | $13.9M | ||
| Q2 24 | $1.1M | $3.6M | ||
| Q1 24 | $1.8M | $3.3M |
毛利率DLHCIMAX
| Q4 25 | — | 57.6% | ||
| Q3 25 | — | 63.1% | ||
| Q2 25 | — | 58.5% | ||
| Q1 25 | — | 61.4% | ||
| Q4 24 | — | 52.2% | ||
| Q3 24 | — | 55.8% | ||
| Q2 24 | — | 49.4% | ||
| Q1 24 | — | 59.3% |
营业利润率DLHCIMAX
| Q4 25 | 2.1% | 19.3% | ||
| Q3 25 | 2.8% | 27.2% | ||
| Q2 25 | 4.5% | 15.6% | ||
| Q1 25 | 5.7% | 19.3% | ||
| Q4 24 | 6.2% | 10.3% | ||
| Q3 24 | 6.6% | 21.2% | ||
| Q2 24 | 5.7% | 3.2% | ||
| Q1 24 | 5.9% | 15.3% |
净利率DLHCIMAX
| Q4 25 | -1.9% | 0.5% | ||
| Q3 25 | -1.1% | 19.4% | ||
| Q2 25 | 0.3% | 12.3% | ||
| Q1 25 | 1.0% | 2.7% | ||
| Q4 24 | 1.2% | 5.7% | ||
| Q3 24 | 2.4% | 15.2% | ||
| Q2 24 | 1.1% | 4.0% | ||
| Q1 24 | 1.8% | 4.1% |
每股收益（稀释后）DLHCIMAX
| Q4 25 | $-0.09 | $0.02 | ||
| Q3 25 | $-0.07 | $0.37 | ||
| Q2 25 | $0.02 | $0.20 | ||
| Q1 25 | $0.06 | $0.04 | ||
| Q4 24 | $0.08 | $0.09 | ||
| Q3 24 | $0.16 | $0.26 | ||
| Q2 24 | $0.08 | $0.07 | ||
| Q1 24 | $0.12 | $0.06 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $257.0K | $151.2M |
| 总债务越低越好 | $133.5M | — |
| 股东权益账面价值 | $112.2M | $337.9M |
| 总资产 | $283.5M | $894.0M |
| 负债/权益比越低杠杆越低 | 1.19× | — |
8季度趋势，按日历期对齐
现金及短期投资DLHCIMAX
| Q4 25 | $257.0K | $151.2M | ||
| Q3 25 | $125.0K | $143.1M | ||
| Q2 25 | $194.0K | $109.3M | ||
| Q1 25 | $196.0K | $97.1M | ||
| Q4 24 | $451.0K | $100.6M | ||
| Q3 24 | $342.0K | $104.5M | ||
| Q2 24 | $423.0K | $91.6M | ||
| Q1 24 | $238.0K | $81.0M |
总债务DLHCIMAX
| Q4 25 | $133.5M | — | ||
| Q3 25 | $128.0M | — | ||
| Q2 25 | $138.3M | — | ||
| Q1 25 | $147.3M | — | ||
| Q4 24 | $162.2M | — | ||
| Q3 24 | $149.4M | — | ||
| Q2 24 | $160.9M | — | ||
| Q1 24 | $164.8M | — |
股东权益DLHCIMAX
| Q4 25 | $112.2M | $337.9M | ||
| Q3 25 | $113.0M | $349.5M | ||
| Q2 25 | $113.7M | $320.4M | ||
| Q1 25 | $112.8M | $299.5M | ||
| Q4 24 | $111.4M | $299.5M | ||
| Q3 24 | $110.1M | $289.4M | ||
| Q2 24 | $108.6M | $267.2M | ||
| Q1 24 | $106.8M | $258.8M |
总资产DLHCIMAX
| Q4 25 | $283.5M | $894.0M | ||
| Q3 25 | $290.7M | $889.6M | ||
| Q2 25 | $299.3M | $868.6M | ||
| Q1 25 | $306.6M | $848.3M | ||
| Q4 24 | $325.0M | $830.4M | ||
| Q3 24 | $314.4M | $847.6M | ||
| Q2 24 | $325.0M | $827.4M | ||
| Q1 24 | $325.9M | $824.1M |
负债/权益比DLHCIMAX
| Q4 25 | 1.19× | — | ||
| Q3 25 | 1.13× | — | ||
| Q2 25 | 1.22× | — | ||
| Q1 25 | 1.31× | — | ||
| Q4 24 | 1.46× | — | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 1.48× | — | ||
| Q1 24 | 1.54× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-4.8M | $29.4M |
| 自由现金流经营现金流 - 资本支出 | $-4.8M | $28.0M |
| 自由现金流率自由现金流/营收 | -7.0% | 22.3% |
| 资本支出强度资本支出/营收 | 0.1% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 46.11× |
| 过去12个月自由现金流最近4个季度 | $29.2M | $118.9M |
8季度趋势，按日历期对齐
经营现金流DLHCIMAX
| Q4 25 | $-4.8M | $29.4M | ||
| Q3 25 | $10.7M | $67.5M | ||
| Q2 25 | $9.6M | $23.2M | ||
| Q1 25 | $14.5M | $7.0M | ||
| Q4 24 | $-11.5M | $11.5M | ||
| Q3 24 | $12.4M | $35.3M | ||
| Q2 24 | $4.6M | $35.0M | ||
| Q1 24 | $5.2M | $-11.0M |
自由现金流DLHCIMAX
| Q4 25 | $-4.8M | $28.0M | ||
| Q3 25 | $10.7M | $64.8M | ||
| Q2 25 | $9.4M | $20.9M | ||
| Q1 25 | $14.0M | $5.3M | ||
| Q4 24 | $-12.1M | $6.9M | ||
| Q3 24 | $12.2M | $34.2M | ||
| Q2 24 | $4.5M | $33.5M | ||
| Q1 24 | $4.9M | $-12.1M |
自由现金流率DLHCIMAX
| Q4 25 | -7.0% | 22.3% | ||
| Q3 25 | 13.1% | 60.7% | ||
| Q2 25 | 11.2% | 22.8% | ||
| Q1 25 | 15.6% | 6.1% | ||
| Q4 24 | -13.3% | 7.4% | ||
| Q3 24 | 12.7% | 37.3% | ||
| Q2 24 | 4.4% | 37.6% | ||
| Q1 24 | 4.9% | -15.3% |
资本支出强度DLHCIMAX
| Q4 25 | 0.1% | 1.1% | ||
| Q3 25 | 0.0% | 2.6% | ||
| Q2 25 | 0.3% | 2.6% | ||
| Q1 25 | 0.6% | 1.9% | ||
| Q4 24 | 0.6% | 5.0% | ||
| Q3 24 | 0.2% | 1.2% | ||
| Q2 24 | 0.2% | 1.8% | ||
| Q1 24 | 0.3% | 1.4% |
现金转化率DLHCIMAX
| Q4 25 | — | 46.11× | ||
| Q3 25 | — | 3.27× | ||
| Q2 25 | 33.12× | 2.06× | ||
| Q1 25 | 16.52× | 2.99× | ||
| Q4 24 | -10.35× | 2.16× | ||
| Q3 24 | 5.42× | 2.54× | ||
| Q2 24 | 4.06× | 9.78× | ||
| Q1 24 | 2.89× | -3.35× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
DLHC
| Sales Channel Directly To Consumer | $64.5M | 94% |
| Sales Channel Through Intermediary | $4.4M | 6% |
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
