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DLH Holdings Corp.（DLHC）与TELOS CORP（TLS）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TELOS CORP的1.5倍（$68.9M vs $46.8M），DLH Holdings Corp.净利率更高（-1.9% vs -34.9%，领先32.9%），TELOS CORP同比增速更快（77.4% vs -24.1%），TELOS CORP自由现金流更多（$8.0M vs $-4.8M），过去两年TELOS CORP的营收复合增速更高（25.7% 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。
泰洛斯公司（Telos Corporation）是一家信息技术与网络安全企业，总部位于美国弗吉尼亚州阿什本。公司主要服务对象为政府与企业客户，业务合同大部分来自美国国防部，核心客户涵盖美国军方、情报机构、民政部门以及北约盟友机构。
DLHC vs TLS — 直观对比
营收规模更大
DLHC
是对方的1.5倍
$46.8M
营收增速更快
TLS
高出101.5%
-24.1%
净利率更高
DLHC
高出32.9%
-34.9%
自由现金流更多
TLS
多$12.8M
$-4.8M
两年增速更快
TLS
近两年复合增速
-17.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $68.9M | $46.8M |
| 净利润 | $-1.3M | $-16.3M |
| 毛利率 | — | 35.0% |
| 营业利润率 | 2.1% | -39.6% |
| 净利率 | -1.9% | -34.9% |
| 营收同比 | -24.1% | 77.4% |
| 净利润同比 | -218.7% | -74.8% |
| 每股收益（稀释后） | $-0.09 | $-0.22 |
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DLHCTLS
| Q4 25 | $68.9M | $46.8M | ||
| Q3 25 | $81.2M | $51.4M | ||
| Q2 25 | $83.3M | $36.0M | ||
| Q1 25 | $89.2M | $30.6M | ||
| Q4 24 | $90.8M | $26.4M | ||
| Q3 24 | $96.4M | $23.8M | ||
| Q2 24 | $100.7M | $28.5M | ||
| Q1 24 | $101.0M | $29.6M |
净利润DLHCTLS
| Q4 25 | $-1.3M | $-16.3M | ||
| Q3 25 | $-920.0K | $-2.1M | ||
| Q2 25 | $289.0K | $-9.5M | ||
| Q1 25 | $878.0K | $-8.6M | ||
| Q4 24 | $1.1M | $-9.3M | ||
| Q3 24 | $2.3M | $-28.1M | ||
| Q2 24 | $1.1M | $-7.8M | ||
| Q1 24 | $1.8M | $-7.4M |
毛利率DLHCTLS
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 33.2% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 37.0% |
营业利润率DLHCTLS
| Q4 25 | 2.1% | -39.6% | ||
| Q3 25 | 2.8% | -4.8% | ||
| Q2 25 | 4.5% | -27.5% | ||
| Q1 25 | 5.7% | -29.5% | ||
| Q4 24 | 6.2% | -37.6% | ||
| Q3 24 | 6.6% | -121.4% | ||
| Q2 24 | 5.7% | -30.3% | ||
| Q1 24 | 5.9% | -28.5% |
净利率DLHCTLS
| Q4 25 | -1.9% | -34.9% | ||
| Q3 25 | -1.1% | -4.1% | ||
| Q2 25 | 0.3% | -26.5% | ||
| Q1 25 | 1.0% | -28.1% | ||
| Q4 24 | 1.2% | -35.4% | ||
| Q3 24 | 2.4% | -118.0% | ||
| Q2 24 | 1.1% | -27.2% | ||
| Q1 24 | 1.8% | -24.9% |
每股收益（稀释后）DLHCTLS
| Q4 25 | $-0.09 | $-0.22 | ||
| Q3 25 | $-0.07 | $-0.03 | ||
| Q2 25 | $0.02 | $-0.13 | ||
| Q1 25 | $0.06 | $-0.12 | ||
| Q4 24 | $0.08 | $-0.13 | ||
| Q3 24 | $0.16 | $-0.39 | ||
| Q2 24 | $0.08 | $-0.11 | ||
| Q1 24 | $0.12 | $-0.10 |
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 | $53.2M |
| 总债务越低越好 | $133.5M | — |
| 股东权益账面价值 | $112.2M | $96.0M |
| 总资产 | $283.5M | $139.9M |
| 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DLHCTLS
| Q4 25 | $257.0K | $53.2M | ||
| Q3 25 | $125.0K | $59.0M | ||
| Q2 25 | $194.0K | $57.0M | ||
| Q1 25 | $196.0K | $57.8M | ||
| Q4 24 | $451.0K | $54.6M | ||
| Q3 24 | $342.0K | $69.8M | ||
| Q2 24 | $423.0K | $80.1M | ||
| Q1 24 | $238.0K | $93.9M |
总债务DLHCTLS
| 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DLHCTLS
| Q4 25 | $112.2M | $96.0M | ||
| Q3 25 | $113.0M | $119.7M | ||
| Q2 25 | $113.7M | $118.4M | ||
| Q1 25 | $112.8M | $126.1M | ||
| Q4 24 | $111.4M | $127.1M | ||
| Q3 24 | $110.1M | $129.5M | ||
| Q2 24 | $108.6M | $149.1M | ||
| Q1 24 | $106.8M | $154.4M |
总资产DLHCTLS
| Q4 25 | $283.5M | $139.9M | ||
| Q3 25 | $290.7M | $164.3M | ||
| Q2 25 | $299.3M | $165.0M | ||
| Q1 25 | $306.6M | $158.1M | ||
| Q4 24 | $325.0M | $158.2M | ||
| Q3 24 | $314.4M | $166.3M | ||
| Q2 24 | $325.0M | $182.4M | ||
| Q1 24 | $325.9M | $195.4M |
负债/权益比DLHCTLS
| 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 | $8.0M |
| 自由现金流经营现金流 - 资本支出 | $-4.8M | $8.0M |
| 自由现金流率自由现金流/营收 | -7.0% | 17.0% |
| 资本支出强度资本支出/营收 | 0.1% | 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 | $29.4M |
8季度趋势，按日历期对齐
经营现金流DLHCTLS
| Q4 25 | $-4.8M | $8.0M | ||
| Q3 25 | $10.7M | $9.1M | ||
| Q2 25 | $9.6M | $7.0M | ||
| Q1 25 | $14.5M | $6.1M | ||
| Q4 24 | $-11.5M | $-10.5M | ||
| Q3 24 | $12.4M | $-7.1M | ||
| Q2 24 | $4.6M | $-8.0M | ||
| Q1 24 | $5.2M | $-350.0K |
自由现金流DLHCTLS
| Q4 25 | $-4.8M | $8.0M | ||
| Q3 25 | $10.7M | $8.7M | ||
| Q2 25 | $9.4M | $6.8M | ||
| Q1 25 | $14.0M | $6.0M | ||
| Q4 24 | $-12.1M | $-12.4M | ||
| Q3 24 | $12.2M | $-7.1M | ||
| Q2 24 | $4.5M | $-8.2M | ||
| Q1 24 | $4.9M | $-447.0K |
自由现金流率DLHCTLS
| Q4 25 | -7.0% | 17.0% | ||
| Q3 25 | 13.1% | 16.9% | ||
| Q2 25 | 11.2% | 19.0% | ||
| Q1 25 | 15.6% | 19.5% | ||
| Q4 24 | -13.3% | -47.0% | ||
| Q3 24 | 12.7% | -30.0% | ||
| Q2 24 | 4.4% | -28.9% | ||
| Q1 24 | 4.9% | -1.5% |
资本支出强度DLHCTLS
| Q4 25 | 0.1% | 0.1% | ||
| Q3 25 | 0.0% | 0.9% | ||
| Q2 25 | 0.3% | 0.4% | ||
| Q1 25 | 0.6% | 0.4% | ||
| Q4 24 | 0.6% | 7.1% | ||
| Q3 24 | 0.2% | 0.2% | ||
| Q2 24 | 0.2% | 0.8% | ||
| Q1 24 | 0.3% | 0.3% |
现金转化率DLHCTLS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 33.12× | — | ||
| 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% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
