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DLH Holdings Corp.（DLHC）与STEM, INC.（STEM）财务数据对比。点击上方公司名可切换其他公司
DLH Holdings Corp.的季度营收约是STEM, INC.的1.5倍（$68.9M vs $47.1M），DLH Holdings Corp.净利率更高（-1.9% vs -33.9%，领先32.0%），STEM, INC.同比增速更快（-15.6% vs -24.1%），过去两年STEM, INC.的营收复合增速更高（36.1% 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。
该公司是一家公开上市的生物制药企业，总部位于加利福尼亚州纽瓦克，专注研发纯化人类神经干细胞，旨在治疗中枢神经系统疾病与瘫痪，其所研发的神经干细胞可分化为中枢神经系统的神经元、星形胶质细胞与少突胶质细胞这三大主要细胞类型。
DLHC vs STEM — 直观对比
营收规模更大
DLHC
是对方的1.5倍
$47.1M
营收增速更快
STEM
高出8.6%
-24.1%
净利率更高
DLHC
高出32.0%
-33.9%
两年增速更快
STEM
近两年复合增速
-17.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $68.9M | $47.1M |
| 净利润 | $-1.3M | $-16.0M |
| 毛利率 | — | 48.9% |
| 营业利润率 | 2.1% | -17.7% |
| 净利率 | -1.9% | -33.9% |
| 营收同比 | -24.1% | -15.6% |
| 净利润同比 | -218.7% | 68.8% |
| 每股收益（稀释后） | $-0.09 | $-4.40 |
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DLHCSTEM
| Q4 25 | $68.9M | $47.1M | ||
| Q3 25 | $81.2M | $38.2M | ||
| Q2 25 | $83.3M | $38.4M | ||
| Q1 25 | $89.2M | $32.5M | ||
| Q4 24 | $90.8M | $55.8M | ||
| Q3 24 | $96.4M | $29.3M | ||
| Q2 24 | $100.7M | $34.0M | ||
| Q1 24 | $101.0M | $25.5M |
净利润DLHCSTEM
| Q4 25 | $-1.3M | $-16.0M | ||
| Q3 25 | $-920.0K | $-23.8M | ||
| Q2 25 | $289.0K | $202.5M | ||
| Q1 25 | $878.0K | $-25.0M | ||
| Q4 24 | $1.1M | $-51.1M | ||
| Q3 24 | $2.3M | $-148.3M | ||
| Q2 24 | $1.1M | $-582.3M | ||
| Q1 24 | $1.8M | $-72.3M |
毛利率DLHCSTEM
| Q4 25 | — | 48.9% | ||
| Q3 25 | — | 35.5% | ||
| Q2 25 | — | 33.4% | ||
| Q1 25 | — | 32.4% | ||
| Q4 24 | — | -4.4% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | -95.0% |
营业利润率DLHCSTEM
| Q4 25 | 2.1% | -17.7% | ||
| Q3 25 | 2.8% | -33.6% | ||
| Q2 25 | 4.5% | -34.8% | ||
| Q1 25 | 5.7% | -65.0% | ||
| Q4 24 | 6.2% | -84.4% | ||
| Q3 24 | 6.6% | -493.2% | ||
| Q2 24 | 5.7% | -1705.5% | ||
| Q1 24 | 5.9% | -267.0% |
净利率DLHCSTEM
| Q4 25 | -1.9% | -33.9% | ||
| Q3 25 | -1.1% | -62.2% | ||
| Q2 25 | 0.3% | 527.8% | ||
| Q1 25 | 1.0% | -76.9% | ||
| Q4 24 | 1.2% | -91.6% | ||
| Q3 24 | 2.4% | -506.3% | ||
| Q2 24 | 1.1% | -1712.6% | ||
| Q1 24 | 1.8% | -283.9% |
每股收益（稀释后）DLHCSTEM
| Q4 25 | $-0.09 | $-4.40 | ||
| Q3 25 | $-0.07 | $-2.84 | ||
| Q2 25 | $0.02 | $-1.79 | ||
| Q1 25 | $0.06 | $-0.15 | ||
| Q4 24 | $0.08 | $-15.29 | ||
| Q3 24 | $0.16 | $-18.24 | ||
| Q2 24 | $0.08 | $-71.81 | ||
| Q1 24 | $0.12 | $-0.46 |
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 | $48.9M |
| 总债务越低越好 | $133.5M | — |
| 股东权益账面价值 | $112.2M | $-249.4M |
| 总资产 | $283.5M | $308.9M |
| 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DLHCSTEM
| Q4 25 | $257.0K | $48.9M | ||
| Q3 25 | $125.0K | $43.1M | ||
| Q2 25 | $194.0K | $40.8M | ||
| Q1 25 | $196.0K | $58.6M | ||
| Q4 24 | $451.0K | $56.3M | ||
| Q3 24 | $342.0K | $75.4M | ||
| Q2 24 | $423.0K | $89.6M | ||
| Q1 24 | $238.0K | $112.8M |
总债务DLHCSTEM
| 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DLHCSTEM
| Q4 25 | $112.2M | $-249.4M | ||
| Q3 25 | $113.0M | $-235.7M | ||
| Q2 25 | $113.7M | $-214.1M | ||
| Q1 25 | $112.8M | $-417.5M | ||
| Q4 24 | $111.4M | $-398.4M | ||
| Q3 24 | $110.1M | $-344.1M | ||
| Q2 24 | $108.6M | $-203.2M | ||
| Q1 24 | $106.8M | $371.6M |
总资产DLHCSTEM
| Q4 25 | $283.5M | $308.9M | ||
| Q3 25 | $290.7M | $362.6M | ||
| Q2 25 | $299.3M | $379.2M | ||
| Q1 25 | $306.6M | $405.1M | ||
| Q4 24 | $325.0M | $437.4M | ||
| Q3 24 | $314.4M | $537.8M | ||
| Q2 24 | $325.0M | $691.5M | ||
| Q1 24 | $325.9M | $1.3B |
负债/权益比DLHCSTEM
| 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 | $8.2M |
| 自由现金流经营现金流 - 资本支出 | $-4.8M | — |
| 自由现金流率自由现金流/营收 | -7.0% | — |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流DLHCSTEM
| Q4 25 | $-4.8M | $8.2M | ||
| Q3 25 | $10.7M | $11.4M | ||
| Q2 25 | $9.6M | $-21.3M | ||
| Q1 25 | $14.5M | $8.5M | ||
| Q4 24 | $-11.5M | $-14.7M | ||
| Q3 24 | $12.4M | $-9.4M | ||
| Q2 24 | $4.6M | $-11.9M | ||
| Q1 24 | $5.2M | $-621.0K |
自由现金流DLHCSTEM
| Q4 25 | $-4.8M | — | ||
| Q3 25 | $10.7M | — | ||
| Q2 25 | $9.4M | — | ||
| Q1 25 | $14.0M | — | ||
| Q4 24 | $-12.1M | — | ||
| Q3 24 | $12.2M | — | ||
| Q2 24 | $4.5M | — | ||
| Q1 24 | $4.9M | — |
自由现金流率DLHCSTEM
| Q4 25 | -7.0% | — | ||
| Q3 25 | 13.1% | — | ||
| Q2 25 | 11.2% | — | ||
| Q1 25 | 15.6% | — | ||
| Q4 24 | -13.3% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 4.4% | — | ||
| Q1 24 | 4.9% | — |
资本支出强度DLHCSTEM
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.3% | — |
现金转化率DLHCSTEM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 33.12× | -0.11× | ||
| Q1 25 | 16.52× | — | ||
| Q4 24 | -10.35× | — | ||
| Q3 24 | 5.42× | — | ||
| Q2 24 | 4.06× | — | ||
| Q1 24 | 2.89× | — |
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% |
STEM
暂无分部数据
