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1. Company Snapshot

1.a. Company Description

DHI Group, Inc.provides data, insights, and employment connections through specialized services for technology professionals in the United States, the United Kingdom, rest of Europe, the Middle East, Africa, the Asia Pacific, and internationally.The company operates 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 other technology and engineering professionals; and ClearanceJobs, an Internet-based career network, which matches security-cleared professionals with hiring companies searching for employees.


It also provides eFinancialCareers, a financial services careers Website for financial services industry professionals from various sectors, including asset management, risk management, investment banking, and information technology.The company serves small, mid-sized, and large direct employers; staffing companies; recruiting agencies; consulting firms; and marketing departments of companies.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 1991 and is headquartered in Centennial, Colorado.

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1.b. Last Insights on DHX

DHI Group, Inc.'s recent performance was driven by strong Q4 2024 earnings and revenue beat, with earnings of $0.07 per share, surpassing the consensus estimate of $0.03 per share. The company's ClearanceJobs revenue grew 7% year-over-year, while Dice revenue declined 14% year-over-year. The solid earnings surprise and positive revenue growth indicate improving business conditions and operational efficiency. Additionally, the company's focus on its core businesses, including ClearanceJobs and Dice, is likely contributing to its growth.

1.c. Company Highlights

2. DHI Group's Resilient Performance Amidst Tech Hiring Challenges

DHI Group reported total revenue of $32.4 million for the fourth quarter, down 10% year-over-year, and adjusted EBITDA of $9.4 million, representing a margin of 30%. Earnings per share (EPS) came in at $0.09, beating estimates of $0.08. The company's subscription-based model provided resilience, with over 90% of revenue coming from annual or multiyear subscriptions. ClearanceJobs revenue was $13.9 million, up 1% year-over-year, while Dice revenue declined due to the soft tech hiring environment.

Publication Date: Mar -06

📋 Highlights
  • Q4 Revenue Decline:: Total revenue fell to $32.4M (-10% YoY), with ClearanceJobs up 1% at $13.9M and Dice remaining flat.
  • Adjusted EBITDA Margin Expansion:: Margins improved to 30% ($9.4M) from 26%, driven by cost discipline and stable ClearanceJobs performance.
  • Free Cash Flow Growth:: Free cash flow surged to $5.7M (vs. $1.6M in Q4 2024), reflecting operating leverage and lower CapEx.
  • ClearanceJobs Booking Momentum:: Bookings grew 3% in Q4, with 4% growth guidance for 2026 and a 1.5% take rate for new premium subscriptions.
  • Dice Margin Compression:: Margins expected to fall to 22% in 2026 due to tech hiring softness, despite $7.2M in operating cash flow and 360 AI skill differentiators.

Segment Performance and Outlook

ClearanceJobs, the leading marketplace for professionals with active U.S. security clearances, is expected to drive growth in 2026, fueled by defense spending and improved execution. The company has seen encouraging signs, including a 3% growth in ClearanceJobs bookings in Q4. Dice, on the other hand, is challenged by the commercial tech hiring market slowdown, but its deep AI skills taxonomy positions it as a differentiated platform for AI talent acquisition. As Art Zeile, CEO, mentioned, "companies across all industries will steadily increase their investments in technology initiatives, creating a strong growth opportunity for both ClearanceJobs and Dice."

Valuation and Growth Prospects

With a P/S Ratio of 0.96 and an EV/EBITDA of 63.59, the market appears to be pricing in a challenging environment for DHI Group. However, the company's resilient subscription model and growth prospects in ClearanceJobs provide a positive outlook. Analysts estimate revenue growth of 3.1% for the next year, and the company's guidance for 2026 suggests a continued focus on strengthening industry-leading solutions and optimizing go-to-market strategies. The Free Cash Flow Yield of 11.21% is also an attractive metric, indicating a potential opportunity for investors.

Margin Dynamics and Operating Efficiency

The company's adjusted EBITDA margin expanded to 30% in Q4, driven by the subscription-based model. However, Dice's margin compressed due to revenue decline, and the company is targeting lower OpEx in 2026. The rollout of a new premium subscription package for ClearanceJobs has seen a take rate of 1.5% and is growing, contributing to the company's revenue growth.

Growth Initiatives and Agile ATS

DHI Group is focusing on growth initiatives, including the promotion of Agile ATS, which has already doubled its revenue base. The company is adding to its sales team to drive growth, and Agile ATS is expected to be a bigger growth driver in 2026. With a strong requisition pipeline and a promising outlook for tech staffing demand, DHI Group is well-positioned to capitalize on growth opportunities.

3. NewsRoom

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DHI Group to Participate in the Sidoti Small Cap Conference on March 19, 2026

Mar -12

Source: businesswire.com

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DHI Group, Inc. (DHX) Presents at IAccess Alpha Virtual Best Ideas Spring Investment Conference 2026 Transcript

Mar -10

Source: seekingalpha.com

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DHI Group to Participate in the iAccess Alpha Virtual Best Ideas Spring Investment Conference 2026 on March 10-11, 2026

Mar -09

Source: businesswire.com

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Dice Provides GlossaryTech to its Customers at No Cost, Arming Tech Recruiters with Instant Terminology Clarity

Mar -05

Source: businesswire.com

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DHI Group, Inc. Acquires Point Solutions Group to Advance ClearanceJobs' Mission of Providing a Total Recruitment Solution for Government Contracting Talent

Mar -02

Source: businesswire.com

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Fast-paced Momentum Stock DHI Group (DHX) Is Still Trading at a Bargain

Feb -25

Source: zacks.com

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DHI Group Names Elizabeth Andora as Chief People Officer

Feb -23

Source: businesswire.com

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What Makes DHI Group (DHX) a New Strong Buy Stock

Feb -11

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.72%)

6. Segments

Dice

Expected Growth: 15.4%

Growing demand for tech and engineering professionals, increasing adoption of online recruitment platforms, and Dice's strong brand presence drive growth in the career site market.

ClearanceJobs

Expected Growth: 10.2%

Growing demand for cybersecurity and defense professionals, increasing government spending on defense and intelligence, and the need for specialized talent with security clearances drive the growth of the clearance job market.

7. Detailed Products

Dice

A career hub that provides job postings, resume database, and career resources for technology and engineering professionals.

eFinancialCareers

A leading financial services career website that provides job postings, resume database, and career resources for finance professionals.

ClearanceJobs

A career website that specializes in providing job postings, resume database, and career resources for professionals with active security clearances.

Weblink

A recruitment platform that provides job postings, resume database, and career resources for professionals in the energy and engineering industries.

Rigzone

A career website that specializes in providing job postings, resume database, and career resources for professionals in the oil and gas industry.

8. DHI Group, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

DHI Group, Inc. operates in a niche market, providing specialized services and products to the oil and gas industry. While there are some substitutes available, they are not as effective or efficient as DHI's offerings, reducing the threat of substitutes.

Bargaining Power Of Customers

DHI Group, Inc.'s customers are primarily large oil and gas companies, which have limited bargaining power due to their dependence on DHI's specialized services and products.

Bargaining Power Of Suppliers

DHI Group, Inc. relies on a few key suppliers for critical components, giving them some bargaining power. However, DHI's strong relationships with these suppliers and its ability to negotiate favorable terms mitigate this risk.

Threat Of New Entrants

The oil and gas industry is highly regulated, and new entrants would face significant barriers to entry, including high capital costs and the need for specialized expertise, reducing the threat of new entrants.

Intensity Of Rivalry

The oil and gas industry is highly competitive, with several established players competing for market share. DHI Group, Inc. must continually innovate and improve its services and products to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 30.21%
Debt Cost 7.76%
Equity Weight 69.79%
Equity Cost 8.79%
WACC 8.48%
Leverage 43.28%

11. Quality Control: DHI Group, Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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HireQuest

A-Score: 4.5/10

Value: 5.3

Growth: 4.4

Quality: 8.4

Yield: 4.0

Momentum: 1.0

Volatility: 3.7

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ShiftPixy

A-Score: 4.2/10

Value: 10.0

Growth: 4.4

Quality: 4.9

Yield: 0.0

Momentum: 6.0

Volatility: 0.0

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DHI Group

A-Score: 3.6/10

Value: 7.1

Growth: 3.0

Quality: 3.1

Yield: 0.0

Momentum: 6.5

Volatility: 1.7

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TrueBlue

A-Score: 3.3/10

Value: 10.0

Growth: 0.7

Quality: 4.8

Yield: 0.0

Momentum: 1.5

Volatility: 2.7

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ZipRecruiter

A-Score: 3.1/10

Value: 6.0

Growth: 3.6

Quality: 6.2

Yield: 0.0

Momentum: 0.5

Volatility: 2.3

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Professional Diversity Network

A-Score: 3.1/10

Value: 10.0

Growth: 3.8

Quality: 4.1

Yield: 0.0

Momentum: 0.5

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.24$

Current Price

2.24$

Potential

-0.00%

Expected Cash-Flows