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DLH Holdings Corp.（DLHC）与INSPERITY, INC.（NSP）财务数据对比。点击上方公司名可切换其他公司
INSPERITY, INC.的季度营收约是DLH Holdings Corp.的24.2倍（$1.7B vs $68.9M）。INSPERITY, INC.同比增速更快（3.4% vs -24.1%）。INSPERITY, INC.自由现金流更多（$246.0M vs $-4.8M）。过去两年INSPERITY, INC.的营收复合增速更高（-3.8% 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。
Insperity（前身为Administaff）是总部位于美国得克萨斯州休斯顿金伍德区的专业雇主组织（PEO），专注为中小微企业提供人力资源及行政事务外包等相关服务。自2004年起，该企业长期担任冠军巡回赛职业高尔夫赛事的冠名赞助商。
DLHC vs NSP — 直观对比
营收规模更大
NSP
是对方的24.2倍
$68.9M
营收增速更快
NSP
高出27.5%
-24.1%
自由现金流更多
NSP
多$250.8M
$-4.8M
两年增速更快
NSP
近两年复合增速
-17.4%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $68.9M | $1.7B |
| 净利润 | $-1.3M | — |
| 毛利率 | — | 10.3% |
| 营业利润率 | 2.1% | -2.8% |
| 净利率 | -1.9% | — |
| 营收同比 | -24.1% | 3.4% |
| 净利润同比 | -218.7% | — |
| 每股收益（稀释后） | $-0.09 | $-0.87 |
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DLHCNSP
| Q4 25 | $68.9M | $1.7B | ||
| Q3 25 | $81.2M | $1.6B | ||
| Q2 25 | $83.3M | $1.7B | ||
| Q1 25 | $89.2M | $1.9B | ||
| Q4 24 | $90.8M | $1.6B | ||
| Q3 24 | $96.4M | $1.6B | ||
| Q2 24 | $100.7M | $1.6B | ||
| Q1 24 | $101.0M | $1.8B |
净利润DLHCNSP
| Q4 25 | $-1.3M | — | ||
| Q3 25 | $-920.0K | $-20.0M | ||
| Q2 25 | $289.0K | $-5.0M | ||
| Q1 25 | $878.0K | $51.0M | ||
| Q4 24 | $1.1M | — | ||
| Q3 24 | $2.3M | $3.0M | ||
| Q2 24 | $1.1M | $18.0M | ||
| Q1 24 | $1.8M | $79.0M |
毛利率DLHCNSP
| Q4 25 | — | 10.3% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 13.5% | ||
| Q3 24 | — | 14.7% | ||
| Q2 24 | — | 16.2% | ||
| Q1 24 | — | 19.1% |
营业利润率DLHCNSP
| Q4 25 | 2.1% | -2.8% | ||
| Q3 25 | 2.8% | -1.5% | ||
| Q2 25 | 4.5% | -0.4% | ||
| Q1 25 | 5.7% | 3.7% | ||
| Q4 24 | 6.2% | -0.9% | ||
| Q3 24 | 6.6% | 0.1% | ||
| Q2 24 | 5.7% | 1.4% | ||
| Q1 24 | 5.9% | 6.0% |
净利率DLHCNSP
| Q4 25 | -1.9% | — | ||
| Q3 25 | -1.1% | -1.2% | ||
| Q2 25 | 0.3% | -0.3% | ||
| Q1 25 | 1.0% | 2.7% | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 2.4% | 0.2% | ||
| Q2 24 | 1.1% | 1.1% | ||
| Q1 24 | 1.8% | 4.4% |
每股收益（稀释后）DLHCNSP
| Q4 25 | $-0.09 | $-0.87 | ||
| Q3 25 | $-0.07 | $-0.53 | ||
| Q2 25 | $0.02 | $-0.14 | ||
| Q1 25 | $0.06 | $1.35 | ||
| Q4 24 | $0.08 | $-0.21 | ||
| Q3 24 | $0.16 | $0.07 | ||
| Q2 24 | $0.08 | $0.48 | ||
| Q1 24 | $0.12 | $2.08 |
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 | $682.0M |
| 总债务越低越好 | $133.5M | — |
| 股东权益账面价值 | $112.2M | $46.0M |
| 总资产 | $283.5M | $2.2B |
| 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DLHCNSP
| Q4 25 | $257.0K | $682.0M | ||
| Q3 25 | $125.0K | $521.0M | ||
| Q2 25 | $194.0K | $511.0M | ||
| Q1 25 | $196.0K | $684.0M | ||
| Q4 24 | $451.0K | $1.2B | ||
| Q3 24 | $342.0K | $596.0M | ||
| Q2 24 | $423.0K | $850.0M | ||
| Q1 24 | $238.0K | $801.0M |
总债务DLHCNSP
| 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DLHCNSP
| Q4 25 | $112.2M | $46.0M | ||
| Q3 25 | $113.0M | $87.0M | ||
| Q2 25 | $113.7M | $112.0M | ||
| Q1 25 | $112.8M | $119.0M | ||
| Q4 24 | $111.4M | $97.0M | ||
| Q3 24 | $110.1M | $125.0M | ||
| Q2 24 | $108.6M | $142.0M | ||
| Q1 24 | $106.8M | $140.0M |
总资产DLHCNSP
| Q4 25 | $283.5M | $2.2B | ||
| Q3 25 | $290.7M | $2.0B | ||
| Q2 25 | $299.3M | $2.0B | ||
| Q1 25 | $306.6M | $2.1B | ||
| Q4 24 | $325.0M | $2.6B | ||
| Q3 24 | $314.4M | $1.9B | ||
| Q2 24 | $325.0M | $2.1B | ||
| Q1 24 | $325.9M | $2.1B |
负债/权益比DLHCNSP
| 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 | $255.0M |
| 自由现金流经营现金流 - 资本支出 | $-4.8M | $246.0M |
| 自由现金流率自由现金流/营收 | -7.0% | 14.7% |
| 资本支出强度资本支出/营收 | 0.1% | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $29.2M | $-309.0M |
8季度趋势，按日历期对齐
经营现金流DLHCNSP
| Q4 25 | $-4.8M | $255.0M | ||
| Q3 25 | $10.7M | $-11.0M | ||
| Q2 25 | $9.6M | $-79.0M | ||
| Q1 25 | $14.5M | $-443.0M | ||
| Q4 24 | $-11.5M | $619.0M | ||
| Q3 24 | $12.4M | $-150.0M | ||
| Q2 24 | $4.6M | $20.0M | ||
| Q1 24 | $5.2M | $31.0M |
自由现金流DLHCNSP
| Q4 25 | $-4.8M | $246.0M | ||
| Q3 25 | $10.7M | $-20.0M | ||
| Q2 25 | $9.4M | $-86.0M | ||
| Q1 25 | $14.0M | $-449.0M | ||
| Q4 24 | $-12.1M | $606.0M | ||
| Q3 24 | $12.2M | $-164.0M | ||
| Q2 24 | $4.5M | $14.0M | ||
| Q1 24 | $4.9M | $26.0M |
自由现金流率DLHCNSP
| Q4 25 | -7.0% | 14.7% | ||
| Q3 25 | 13.1% | -1.2% | ||
| Q2 25 | 11.2% | -5.2% | ||
| Q1 25 | 15.6% | -24.1% | ||
| Q4 24 | -13.3% | 37.6% | ||
| Q3 24 | 12.7% | -10.5% | ||
| Q2 24 | 4.4% | 0.9% | ||
| Q1 24 | 4.9% | 1.4% |
资本支出强度DLHCNSP
| Q4 25 | 0.1% | 0.5% | ||
| Q3 25 | 0.0% | 0.6% | ||
| Q2 25 | 0.3% | 0.4% | ||
| Q1 25 | 0.6% | 0.3% | ||
| Q4 24 | 0.6% | 0.8% | ||
| Q3 24 | 0.2% | 0.9% | ||
| Q2 24 | 0.2% | 0.4% | ||
| Q1 24 | 0.3% | 0.3% |
现金转化率DLHCNSP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 33.12× | — | ||
| Q1 25 | 16.52× | -8.69× | ||
| Q4 24 | -10.35× | — | ||
| Q3 24 | 5.42× | -50.00× | ||
| Q2 24 | 4.06× | 1.11× | ||
| Q1 24 | 2.89× | 0.39× |
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% |
NSP
| Northeast | $455.0M | 27% |
| West | $339.0M | 20% |
| Southwest | $317.0M | 19% |
| Central | $299.0M | 18% |
| Southeast | $241.0M | 14% |
| Other Revenues | $17.0M | 1% |
