DHI Group Inc
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Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The price is low; the question is whether it is low for good reason. Three tests are concrete and dated. First, the second-quarter 2026 report: does ClearanceJobs stay on track toward full-year guidance of $62 million to $64 million, and does Dice keep falling by double digits? Dice bookings (last down 20 percent) will say so before revenue does. Second, the 2026 annual report: what does the October 1, 2026 impairment test do to the Dice brand ($14.2 million carrying value) and Dice goodwill ($22.9 million)? Third, the share count: does the $10 million repurchase program keep shrinking it on a net basis, or do the 2,800,000 plan shares approved on May 15, 2026 absorb the effect? If the first test comes back well, about 5.6 times adjusted earnings is an argument. Until then watching is the more honest stance. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
DHI Group is the lowered bar in its purest form: ten consecutive quarters above the analyst estimate — and eleven consecutive quarters of falling revenue. Both are true, because the surprise is measured on adjusted numbers and the estimate shrank alongside the business. Two companies sit inside the group: ClearanceJobs grows at a 43 percent margin, while Dice has lost 28 percent of its revenue in two years and is guided lower again for 2026. The company has quantified the cause itself: a $9.6 million writedown of the Dice brand, explicitly citing AI models lowering demand for technology professionals. Against that stand $13.8 million of free cash flow and a market value of roughly $166 million — with tangible book value at minus $47.5 million. Not investment advice.
ClearanceJobs
The smaller brand is the better one: $54.889 million of 2025 revenue (up 1 percent) at $23.746 million of adjusted earnings — a 43 percent margin. Renewal rate 89 percent, revenue retention 106 percent; first-quarter 2026 revenue up 4.6 percent, bookings up 7 percent and revenue per customer up 6 percent. The AgileATS and Point Solutions Group acquisitions build out exactly this segment.
Dice
Revenue fell from $101.530 million in 2023 to $72.937 million in 2025, with 2026 guidance of $62 million to $64 million. As of March 31, 2026 there were 15 percent fewer package customers and 6 percent less revenue per customer, and first-quarter 2026 bookings dropped 20 percent. That would leave Dice smaller than ClearanceJobs for the first time in 2026.
Cash generation
Despite the net loss, operating activities provided $21.102 million in 2025; after $7.309 million of capital spending, $13.793 million of free cash flow remained — more than in 2024 ($7.113 million) or 2023 ($1.093 million). The first quarter of 2026 delivered $6.8 million free against $0.1 million a year earlier. Customers pay up front: $44.275 million of deferred revenue as of March 31, 2026.
Balance sheet substance
As of March 31, 2026, goodwill of $122.741 million and other intangibles of $17.232 million stand against equity of $92.519 million — tangible book value of minus $47.5 million. Altman Z 1.49 and Piotroski 4 of 9 (data as of July 25, 2026). The quarterly report explicitly allows for a further impairment of Dice goodwill ($22.9 million).
Quality of the earnings beat
The streak is real — ten consecutive quarters above the estimate (data as of July 25, 2026) — but it is measured on adjusted figures: $0.08 versus $0.04 per share in the first quarter of 2026. For 2025 the company excluded $32.8 million of items ($0.59 per share) while revenue fell for eleven consecutive quarters.
Valuation
Roughly $166 million of market value (43,198,507 shares × $3.85, data as of July 25, 2026) equals about 5.6 times adjusted annual earnings of $35.1 million and about 12 times free cash flow of $13.8 million. Price-to-sales is about 1.3. For a shrinking but cash-generative business that is not a rich price — 52-week range $1.44 to $4.33.
Worth Noting
DHI Group reached our research list at number 20 in our in-house Big Earnings Surprise ranking (U.S. selection with 81 hits), as of July 25, 2026, with a relative strength rating of 88. These lists are recomputed daily, so rank and composition can shift with the next run.
Do not confuse the ticker: on the NYSE, DHX belongs to DHI Group, Inc. (CIK 0001393883), not to the Canadian animation studio DHX Media, which is now called WildBrain. DHI Group traded as Dice Holdings, Inc. until April 20, 2015, which is where the ticker comes from.
Data status: the most recent periodic report evaluated is the quarterly report on Form 10-Q as of March 31, 2026 (filed May 5, 2026); 2026 figures are unaudited. Everything filed afterwards through July 25, 2026 was reviewed — the Form 8-K of May 19, 2026 (annual meeting) and the Form S-8 of May 26, 2026 (registration of the 2,800,000 plan shares) are incorporated.
Two states described in the 2025 annual report are outdated and were carried forward corrected: the credit agreement was replaced on April 1, 2026 by a new $70 million revolving facility maturing April 1, 2030, and the auditor changed on February 24, 2026 from Deloitte & Touche LLP to RSM US LLP.
On the takeover question: there is no pending transaction involving DHI Group itself — no Form 15 or Form 25, no SC 13E-3, PREM14A or DEFM14A. The company acts as the buyer (AgileATS on July 31, 2025, Point Solutions Group on February 27, 2026). The annual report does, however, list both a possible review of strategic alternatives and unsolicited offers to purchase the company among its risk factors, and the Section 382 Rights Agreement of January 28, 2025 acts as a takeover hurdle at a 4.99 percent acquisition threshold.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at DHX since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.50 $ to 5.00 $ · Last price: 5.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Application
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| DHI Group Inc DHX | 0.2 | – | 13.8 | 83.8 | 11.5 | -9.9 | 71.5 |
| Salesforce.com Inc CRM | 194.7 | 24.2 | 14.3 | 77.3 | 21.8 | 9.6 | 1.1 |
| Uber Technologies Inc UBER | 144.3 | 18.9 | 19.7 | 40.8 | 14.6 | 18.3 | -23.8 |
| ServiceNow Inc NOW | 138.5 | 82.3 | 40.2 | 74.8 | 13.3 | 20.9 | -27.2 |
| Snowflake Inc. SNOW | 115.4 | – | -76.6 | 67.0 | -22.2 | 29.2 | 55.3 |
| Automatic Data Processing Inc ADP | 108.8 | 25.1 | 16.4 | 48.7 | 30.2 | 7.1 | -3.0 |
| Adobe Systems Incorporated ADBE | 99.2 | 14.3 | 9.8 | 89.3 | 35.3 | 10.5 | -30.2 |
| Intuit Inc INTU | 86.0 | 20.0 | 12.2 | 81.0 | 47.0 | 15.6 | -52.2 |
| Datadog Inc DDOG | 84.3 | 631.8 | 268.8 | 79.5 | 0.8 | 27.7 | 75.8 |
| Median of companies shown | 108.8 | 24.2 | 14.3 | 77.3 | 14.6 | 15.6 | -3.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 227 | 3 | -5 | -0.11 | 45 | 104 | 310 |
| 2017 | 208 | 23 | 16 | 0.33 | 34 | 133 | 296 |
| 2018 | 162 | 12 | 7 | 0.14 | 15 | 145 | 258 |
| 2019 | 117 | 10 | 13 | 0.24 | 23 | 161 | 278 |
| 2020 | 111 | -32 | -30 | -0.62 | 19 | 128 | 241 |
| 2021 | 120 | -2 | -30 | -0.64 | 29 | 116 | 222 |
| 2022 | 150 | 6 | 4 | 0.09 | 36 | 106 | 227 |
| 2023 | 152 | 6 | 3 | 0.08 | 21 | 108 | 225 |
| 2024 | 142 | 6 | 0 | 0.01 | 21 | 114 | 221 |
| 2025 | 128 | -11 | -14 | -0.30 | 21 | 95 | 188 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.06 | 200.00 | 36 | -7.00 | 2.60 | 9 | 6 |
| 2024: Q3 | 0.05 | 66.70 | 35 | -5.70 | -0.60 | 6 | 2 |
| 2024: Q4 | 0.03 | -40.00 | 35 | -6.70 | 2.90 | 4 | 2 |
| 2025: Q1 | 0.04 | -20.00 | 32 | -10.30 | -28.90 | 2 | 0 |
| 2025: Q2 | 0.07 | 16.70 | 32 | -10.60 | -2.60 | 7 | 5 |
| 2025: Q3 | 0.09 | 80.00 | 32 | -9.00 | -13.30 | 5 | 3 |
| 2025: Q4 | 0.03 | 0.00 | 31 | -9.80 | 4.30 | 7 | 6 |
| 2026: Q1 | 0.04 | 0.00 | 30 | -8.10 | 5.20 | 8 | 7 |
| 2026: Q2 | 0.06 | -14.30 | 31 | -2.20 | 8.30 | 6 | 5 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 11 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Earnings & Surprises
Momentum & Trend
- 21-EMA Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.29 | 0.23 – 0.34 | 125 | -1.7% | 2 |
| 12/31/2027 | 0.23 | 0.08 – 0.37 | 128 | -21.1% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -0.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $20.1M |
|---|---|
| Market cap | $218.0M |
| Free cash flow in year ten | $18.7M |
| Terminal value as a share of market value | 45.2% |
For comparison: over the past five years free cash flow grew by 39.8% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
DHI beschreibt sich im Geschäftsbericht selbst als Anbieter KI-gestützter Softwareprodukte und nennt die eigene Machine-Learning-Technik IntelliSearch als Grundlage vieler Dice-Produkte, aus denen 2025 rund 90 Prozent des Dice-Umsatzes stammten — dieselbe Technik senkt laut Unternehmen aber auch die Nachfrage nach Technologie-Fachkräften und kostete 2025 eine Abschreibung von 9,6 Mio. US-Dollar auf die Marke Dice.
View the full file — quotes, sources, reviewed filings
„DHI was incorporated in Delaware on June 28, 2005 and is a leading provider of artificial intelligence-powered software products, online tools and services to deliver career marketplaces to candidates and employers."
DHI wurde am 28. Juni 2005 in Delaware gegründet und ist ein führender Anbieter von KI-gestützten Softwareprodukten, Online-Werkzeugen und Diensten für Karriere-Marktplätze für Bewerber und Arbeitgeber.
10-K · 2026-02-12 · View SEC filing
„Candidate Match and Search on Dice is powered by IntelliSearch, a proprietary machine-learning technology that is foundational to many Dice products and services. Approximately 90% of Dice revenue was derived from recruitment packages in 2025."
Kandidaten-Matching und Suche auf Dice laufen über IntelliSearch, eine eigene Machine-Learning-Technik, die für viele Dice-Produkte und -Dienste grundlegend ist. Rund 90 Prozent des Dice-Umsatzes stammten 2025 aus Recruitment-Paketen.
10-K · 2026-02-12 · View SEC filing
„During the third quarter of 2025, because of the continuing impacts of tariffs, DOGE, and artificial intelligence (AI) models lowering the demand for technology professionals, when combined with the demand impacts of uncertainty surrounding the U.S. federal budget during the quarter, and the subsequent shut-down of the U.S. government, the Company recorded an impairment charge of $9.6 million, reducing the carrying value of the Dice trademarks and brand name to $14.2 million."
Im dritten Quartal 2025 erfasste das Unternehmen wegen der anhaltenden Auswirkungen von Zöllen, DOGE und Modellen der künstlichen Intelligenz (KI), die die Nachfrage nach Technologie-Fachkräften senken, zusammen mit den Nachfragewirkungen der Unsicherheit um den US-Bundeshaushalt und der anschließenden Schließung der US-Regierung, eine Wertminderung von 9,6 Mio. US-Dollar und senkte den Buchwert der Dice-Marken und des Markennamens auf 14,2 Mio. US-Dollar.
10-K · 2026-02-12 · View SEC filing
„AI models may reduce the demand for technology professionals in the workforce."
KI-Modelle können die Nachfrage nach Technologie-Fachkräften am Arbeitsmarkt senken.
10-K · 2026-02-12 · View SEC filing
Filings Reviewed: 10-Q 2026-05-05 · 10-K 2026-02-12 · 8-K 2026-05-05 · 8-K 2026-04-06 · 8-K 2026-03-02 · 8-K 2026-02-26
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -5.1%
- More than 10% revenue growth is expected for the coming year -75.0%
- Share count grows by less than 3% a year -1.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 0.9%
- Gross margin at 40% or higher and without meaningful erosion 84.7%
- Goodwill from acquisitions does not grow faster than revenue 64.1%
- Net debt below twice EBITDA 18.6 x EBITDA
- Operating cash flow covers the profits of the last three years 73 m
- Return on capital at 15% or higher, or up versus two years ago -8.5%
- Insiders hold at least 10% or are net buyers 18.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
0/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -6.2%
- Exp. sales growth 3Y > 5% 0.1%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 0.1%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% -8.5%
- Expected return > 10% 6.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Zeile Art | President & CEO | Other | 7,500 | 0.00 | – |
| Jul 25, 2026 | Schildt Alexander | President, ClearanceJobs | Other | 1,459 | 3.85 | 5,617 |
| Jul 25, 2026 | Knapp Sarah Elizabeth | Chief Information Officer | Other | 959 | 3.85 | 3,692 |
| Jul 25, 2026 | Connolly Edward Jack | Chief Legal Officer | Other | 1,372 | 3.85 | 5,282 |
The company
About the Company
DHI Group, Inc. provides data, insights, and employment connections through specialized services for technology professionals and other select online communities in the United States. The company operates through the Clearancejobs and Dice segments. Its solutions include talent profiles; job postings; employer branding; and other services, such as virtual and live career events, sourcing services, and content and data services that provide tailored content to help professionals manage their careers and provide employers insight into recruiting strategies and trends. The company also operates ClearanceJobs, an online career community, which connects security-cleared professionals with employers in a secure and private environment to fill the jobs that safeguard its nation; and Dice that offers job postings of technology and non-technology companies for industries, such as positions for software engineers, big data professionals, systems administrators, database specialists, project managers, and various other technology and engineering professionals. It serves small, mid-sized, and large direct employers; staffing companies; recruiting agencies; staffing and consulting firms; and marketing departments of companies, as well as direct hiring companies. The company offers its products and services through its direct sales force and agency partner channel. The company was formerly known as Dice Holdings, Inc. and changed its name to DHI Group, Inc. in April 2015. DHI Group, Inc. was founded in 1990 and is headquartered in Centennial, Colorado.
- Employees
- 270
- Headquarters
- Centennial, CO
- Address
- 6465 South Greenwood Plaza, 80111 Centennial, United States
- Phone
- 515 978 3737
- Website
- dhigroupinc.com
- IPO Date
- 07/18/2007
- ISIN
- US23331S1006
Management
| Name | Title | Birth Year |
|---|---|---|
| Art Zeile | President, CEO & Director | 1964 |
| Greg Schippers | Chief Financial Officer | 1971 |
| Paul Farnsworth | President of Dice | 1972 |
| Alexander Schildt | President of ClearanceJobs | 1977 |
| Sarah Elizabeth Knapp | Chief Information Officer | 1974 |
| E. Jack Connolly | Chief Legal Officer & Corporate Secretary | 1988 |
| Elizabeth Andora | Chief People Officer | 1968 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/05/2026 DHI GROUP, INC. (DHX): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.