vs
DLH Holdings Corp.（DLHC）与万宝盛华（MAN）财务数据对比。点击上方公司名可切换其他公司
万宝盛华的季度营收约是DLH Holdings Corp.的68.4倍（$4.7B vs $68.9M）。万宝盛华净利率更高（0.6% vs -1.9%，领先2.6%）。万宝盛华同比增速更快（7.1% vs -24.1%）。万宝盛华自由现金流更多（$168.0M vs $-4.8M）。过去两年万宝盛华的营收复合增速更高（3.5% 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。
万宝盛华集团是总部位于美国威斯康星州密尔沃基的跨国人力资源企业，由埃尔默·温特与亚伦·沙因费尔德于1948年创立，目前是全球第三大人力资源服务机构，规模仅次于瑞士德科与荷兰任仕达。集团通过万宝盛华、Experis、睿程、万宝盛华解决方案四大品牌，提供行政支持、专业咨询及各类商务服务。
DLHC vs MAN — 直观对比
营收规模更大
MAN
是对方的68.4倍
$68.9M
营收增速更快
MAN
高出31.2%
-24.1%
净利率更高
MAN
高出2.6%
-1.9%
自由现金流更多
MAN
多$172.8M
$-4.8M
两年增速更快
MAN
近两年复合增速
-17.4%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $68.9M | $4.7B |
| 净利润 | $-1.3M | $30.2M |
| 毛利率 | — | 16.3% |
| 营业利润率 | 2.1% | 1.7% |
| 净利率 | -1.9% | 0.6% |
| 营收同比 | -24.1% | 7.1% |
| 净利润同比 | -218.7% | 34.2% |
| 每股收益（稀释后） | $-0.09 | $0.65 |
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DLHCMAN
| Q4 25 | $68.9M | $4.7B | ||
| Q3 25 | $81.2M | $4.6B | ||
| Q2 25 | $83.3M | $4.5B | ||
| Q1 25 | $89.2M | $4.1B | ||
| Q4 24 | $90.8M | $4.4B | ||
| Q3 24 | $96.4M | $4.5B | ||
| Q2 24 | $100.7M | $4.5B | ||
| Q1 24 | $101.0M | $4.4B |
净利润DLHCMAN
| Q4 25 | $-1.3M | $30.2M | ||
| Q3 25 | $-920.0K | $18.0M | ||
| Q2 25 | $289.0K | $-67.1M | ||
| Q1 25 | $878.0K | $5.6M | ||
| Q4 24 | $1.1M | $22.5M | ||
| Q3 24 | $2.3M | $22.8M | ||
| Q2 24 | $1.1M | $60.1M | ||
| Q1 24 | $1.8M | $39.7M |
毛利率DLHCMAN
| Q4 25 | — | 16.3% | ||
| Q3 25 | — | 16.6% | ||
| Q2 25 | — | 16.9% | ||
| Q1 25 | — | 17.1% | ||
| Q4 24 | — | 17.2% | ||
| Q3 24 | — | 17.3% | ||
| Q2 24 | — | 17.4% | ||
| Q1 24 | — | 17.3% |
营业利润率DLHCMAN
| Q4 25 | 2.1% | 1.7% | ||
| Q3 25 | 2.8% | 1.4% | ||
| Q2 25 | 4.5% | -0.6% | ||
| Q1 25 | 5.7% | 0.7% | ||
| Q4 24 | 6.2% | 1.6% | ||
| Q3 24 | 6.6% | 1.6% | ||
| Q2 24 | 5.7% | 2.2% | ||
| Q1 24 | 5.9% | 1.5% |
净利率DLHCMAN
| Q4 25 | -1.9% | 0.6% | ||
| Q3 25 | -1.1% | 0.4% | ||
| Q2 25 | 0.3% | -1.5% | ||
| Q1 25 | 1.0% | 0.1% | ||
| Q4 24 | 1.2% | 0.5% | ||
| Q3 24 | 2.4% | 0.5% | ||
| Q2 24 | 1.1% | 1.3% | ||
| Q1 24 | 1.8% | 0.9% |
每股收益（稀释后）DLHCMAN
| Q4 25 | $-0.09 | $0.65 | ||
| Q3 25 | $-0.07 | $0.38 | ||
| Q2 25 | $0.02 | $-1.44 | ||
| Q1 25 | $0.06 | $0.12 | ||
| Q4 24 | $0.08 | $0.49 | ||
| Q3 24 | $0.16 | $0.47 | ||
| Q2 24 | $0.08 | $1.24 | ||
| Q1 24 | $0.12 | $0.81 |
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 | $871.0M |
| 总债务越低越好 | $133.5M | $1.1B |
| 股东权益账面价值 | $112.2M | $2.1B |
| 总资产 | $283.5M | $9.2B |
| 负债/权益比越低杠杆越低 | 1.19× | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资DLHCMAN
| Q4 25 | $257.0K | $871.0M | ||
| Q3 25 | $125.0K | $274.6M | ||
| Q2 25 | $194.0K | $289.8M | ||
| Q1 25 | $196.0K | $395.0M | ||
| Q4 24 | $451.0K | $509.4M | ||
| Q3 24 | $342.0K | $410.9M | ||
| Q2 24 | $423.0K | $468.9M | ||
| Q1 24 | $238.0K | $604.8M |
总债务DLHCMAN
| Q4 25 | $133.5M | $1.1B | ||
| Q3 25 | $128.0M | $468.3M | ||
| Q2 25 | $138.3M | $470.3M | ||
| Q1 25 | $147.3M | $971.4M | ||
| Q4 24 | $162.2M | $929.4M | ||
| Q3 24 | $149.4M | $999.7M | ||
| Q2 24 | $160.9M | $961.7M | ||
| Q1 24 | $164.8M | $968.9M |
股东权益DLHCMAN
| Q4 25 | $112.2M | $2.1B | ||
| Q3 25 | $113.0M | $2.0B | ||
| Q2 25 | $113.7M | $2.0B | ||
| Q1 25 | $112.8M | $2.1B | ||
| Q4 24 | $111.4M | $2.1B | ||
| Q3 24 | $110.1M | $2.2B | ||
| Q2 24 | $108.6M | $2.1B | ||
| Q1 24 | $106.8M | $2.2B |
总资产DLHCMAN
| Q4 25 | $283.5M | $9.2B | ||
| Q3 25 | $290.7M | $8.4B | ||
| Q2 25 | $299.3M | $8.5B | ||
| Q1 25 | $306.6M | $8.0B | ||
| Q4 24 | $325.0M | $8.2B | ||
| Q3 24 | $314.4M | $8.5B | ||
| Q2 24 | $325.0M | $8.5B | ||
| Q1 24 | $325.9M | $8.5B |
负债/权益比DLHCMAN
| Q4 25 | 1.19× | 0.51× | ||
| Q3 25 | 1.13× | 0.23× | ||
| Q2 25 | 1.22× | 0.24× | ||
| Q1 25 | 1.31× | 0.46× | ||
| Q4 24 | 1.46× | 0.44× | ||
| Q3 24 | 1.36× | 0.46× | ||
| Q2 24 | 1.48× | 0.45× | ||
| Q1 24 | 1.54× | 0.45× |
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 | $178.9M |
| 自由现金流经营现金流 - 资本支出 | $-4.8M | $168.0M |
| 自由现金流率自由现金流/营收 | -7.0% | 3.6% |
| 资本支出强度资本支出/营收 | 0.1% | 0.2% |
| 现金转化率经营现金流/净利润 | — | 5.92× |
| 过去12个月自由现金流最近4个季度 | $29.2M | $-161.4M |
8季度趋势，按日历期对齐
经营现金流DLHCMAN
| Q4 25 | $-4.8M | $178.9M | ||
| Q3 25 | $10.7M | $59.8M | ||
| Q2 25 | $9.6M | $-189.6M | ||
| Q1 25 | $14.5M | $-153.2M | ||
| Q4 24 | $-11.5M | $247.6M | ||
| Q3 24 | $12.4M | $83.5M | ||
| Q2 24 | $4.6M | $-137.9M | ||
| Q1 24 | $5.2M | $116.0M |
自由现金流DLHCMAN
| Q4 25 | $-4.8M | $168.0M | ||
| Q3 25 | $10.7M | $44.7M | ||
| Q2 25 | $9.4M | $-207.2M | ||
| Q1 25 | $14.0M | $-166.9M | ||
| Q4 24 | $-12.1M | $236.3M | ||
| Q3 24 | $12.2M | $67.4M | ||
| Q2 24 | $4.5M | $-149.8M | ||
| Q1 24 | $4.9M | $104.2M |
自由现金流率DLHCMAN
| Q4 25 | -7.0% | 3.6% | ||
| Q3 25 | 13.1% | 1.0% | ||
| Q2 25 | 11.2% | -4.6% | ||
| Q1 25 | 15.6% | -4.1% | ||
| Q4 24 | -13.3% | 5.4% | ||
| Q3 24 | 12.7% | 1.5% | ||
| Q2 24 | 4.4% | -3.3% | ||
| Q1 24 | 4.9% | 2.4% |
资本支出强度DLHCMAN
| Q4 25 | 0.1% | 0.2% | ||
| Q3 25 | 0.0% | 0.3% | ||
| Q2 25 | 0.3% | 0.4% | ||
| Q1 25 | 0.6% | 0.3% | ||
| Q4 24 | 0.6% | 0.3% | ||
| Q3 24 | 0.2% | 0.4% | ||
| Q2 24 | 0.2% | 0.3% | ||
| Q1 24 | 0.3% | 0.3% |
现金转化率DLHCMAN
| Q4 25 | — | 5.92× | ||
| Q3 25 | — | 3.32× | ||
| Q2 25 | 33.12× | — | ||
| Q1 25 | 16.52× | -27.36× | ||
| Q4 24 | -10.35× | 11.00× | ||
| Q3 24 | 5.42× | 3.66× | ||
| Q2 24 | 4.06× | -2.29× | ||
| Q1 24 | 2.89× | 2.92× |
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% |
MAN
| Other | $2.4B | 52% |
| Transferred Over Time | $1.1B | 24% |
| Staffingand Interim | $1.0B | 22% |
| Productsand Services Other | $50.8M | 1% |
| Permanent Recruitment | $37.5M | 1% |
| Outcome Based Solutionsand Consulting | $20.7M | 0% |
| Transferred At Point In Time | $20.4M | 0% |
