Is DLH Holdings Corp. overvalued or undervalued?

As of 21 November 2025, the valuation grade for DLH Holdings Corp. has moved from expensive to fair. The company appears to be fairly valued at this time. Key ratios include a P/E ratio of 15, a Price to Book Value of 0.70, and an EV to EBITDA of 5.72. In comparison, Kforce, Inc. has a much higher P/E ratio of 49.41, indicating a premium valuation, while Kelly Services, Inc. shows a lower P/E of 5.57, suggesting it may be undervalued relative to its peers.
Despite recent performance, where DLH Holdings Corp. has outperformed the S&P 500 over the past week and month with returns of 3.68% and 9.54%, respectively, it has significantly lagged over longer periods, with a year-to-date return of -22.79% compared to the S&P 500's 12.26%. This mixed performance highlights the company's current fair valuation amidst a challenging market backdrop.