MeritValue

DHI GROUP, INC.

DHXdata completeness 100%17 fiscal years on file
The thesis, from the filings

DHI GROUP, INC. earns about 0% on invested capital, below its ~9% cost of capital, and has bought back 3% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $0.06 and $1.66 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$119.9M1$149.7M2$151.9M3$141.9M3$127.8M3
Net income−$29.7M4$4.18M5$3.49M6$253,0006−$13.5M6
Operating cash flow$28.6M7$36M8$21.3M9$21M9$21.1M9
Capital expenditure$14.3M10$18M11$20.3M12$13.9M12$7.31M12
Free cash flow (derived)$14.3M7$18.1M8$1.09M9$7.11M9$13.8M9
Total debt$45.5M13$60M14$38M15$32M16$30M16
Cash & equivalents$1.54M17$3.01M18$4.21M19$3.7M20$2.91M20
Diluted shares46.3M46.5M44.5M45.1M44.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$21.11
your share of equity
Profit it earned you last year
−$3.02
Free cash flow it threw off
$3.08
Debt you’d be carrying
$6.7

10 shares is a claim on $21.11 of net worth that earned you −$3.02 and generated $3.08 of cash last year, against $6.7 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
0% avg · 5y
FY21 -0%FY22 3%FY23 5%FY24 2%FY25 -8%

It earned about 0% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 34% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $0.06 and $1.66 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$1.49
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$7.11M
DCF · Growth Exit 5Y
$1.66
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$7.11M
Earnings Power Value
$0.06
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$253,000
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $1.66
The three cases
Bear0.0%$1.66
Base0.0%$1.66
Bull5.0%$2.21

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001393883-24-000040 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001393883-25-000041 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001393883-26-000041 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001393883-24-000040 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001393883-25-000041 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001393883-26-000041 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001393883-24-000040 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001393883-25-000041 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001393883-26-000041 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001393883-24-000040 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001393883-25-000041 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001393883-26-000041 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001393883-23-000062 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001393883-24-000040 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001393883-25-000041 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001393883-26-000041 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001393883-23-000062 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001393883-24-000040 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001393883-25-000041 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001393883-26-000041 (CashAndCashEquivalentsAtCarryingValue)