Public Policy Holding Company, Inc. Common Stock (PPHC)

Neutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

FY2025 basis· unprofitable_growth

$10.34▲ 1.17%

EOD close · as of 2026-10-30

Market Cap

$312.4M

Enterprise Value

$339.0M

P/S

1.7×

Revenue (FY)

$186.5M

Rev. growth

24.7%/yr

Gross margin

10%

Net margin

-21%

ROIC

n/a for a company with no positive EBITDA

Net debt / EBITDA

—

Revenue· FY2025$186.5M

Net Income· FY2025-$39.0M

Free Cash Flow· FY2025$24.8M

Deep analysis

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

✓

Capital intensity

Reinvests 0% of operating cash flow

light

Returns on capital

ROIC -32%

-32%

Pricing power

Gross margin 10%

10%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Returns

Why ROE is -52.1%

DuPont — the three levers

Net margin

-20.9%

profit / rev

Asset turns

0.92×

rev / assets

Leverage

2.70×

assets / year-end equity

ROE

-52.1%

on year-end equity

ROE -52% against ROIC -32% — -20% of the return on equity comes from leverage and buybacks rather than from the operating business.

Equity is the year-end figure. On average equity over the two year-ends, ROE is -50.0% — the two diverge when buybacks or issuance move equity during the year.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$47.0M

Cash & Equivalents

$20.4M

Net Debt

$26.6M

Net debt / EBITDA—

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

+24.7%

Op. income Δ

+86.8%

Op. leverage

3.5×

High operating leverage: profit moved 3.5× as fast as sales — great in an upturn, painful in a downturn.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2024	FY2025
Cost of Revenue	88.5	90.0
SG&A	17.9	17.0
Operating Income	-12.1	-18.2
Income Tax	4.4	2.4
Net Income	-16.0	-20.9

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2024 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

-52%

FY2025 · latest

Net margin

-21%

FY2025 · latest

Gross margin

10%

FY2025 · latest

Net debt / EBITDA

—

— · latest

—

Current ratio

1.1×

FY2025 · latest

FCF margin

13%

FY2025 · latest

Free cash flow

$24.8M

FY2025 · latest

Institutional ownership: 10 holders · 7% of shares · 58th percentile crowding — Insufficient data to determine institutional momentum. (see the 13F tab)

A 30-second read on PPHC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$10.34▲ 1.17%

EOD close · as of 2026-10-30

Market Cap

$312.4M

Enterprise Value

$339.0M

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024
Revenue	$186.5M 100.0%	$149.6M 100.0%
Cost of Revenue	$167.9M 90.0%	$132.3M 88.5%
Selling, General & Admin	$31.8M 17.0%	$26.8M 17.9%
Total Operating Expenses	$220.5M 118.2%	$167.7M 112.1%
Operating Income	-$33.9M -18.2%	-$18.2M -12.1%
Interest Expense	$3.4M 1.8%	$1.9M 1.3%
Interest & Investment Income	$81K 0.0%	$177K 0.1%
Other Income (Expense), net	$589K 0.3%	$0 0.0%
Pretax Income	-$34.6M -18.5%	-$17.4M -11.6%
Income Tax Expense	$4.4M 2.4%	$6.5M 4.4%
Net Income	-$39.0M -20.9%	-$24.0M -16.0%
Per Share
EPS (Basic)	-$2.37	-$2.34
EPS (Diluted)	-$2.37	-$2.34
Weighted Avg Shares (Basic)	17.5M	13.4M
Weighted Avg Shares (Diluted)	17.5M	13.4M

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

Loading financials...

Is the business good?

Can't say

No positive operating income in the last three years, so there is no return on capital to compare against its cost.

Not enough history to draw the spread — it needs at least two fiscal years with a computable ROIC and a cost of capital.

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2024	11.5%	-12.1%	-16.0%
FY2025	10.0%	-18.2%	-20.9%

Shared scale — the distance between the lines is the cost structure▨ each line's own 2-year range

The other side

No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.

Missing from our data, so excluded from this answer: tax_rate.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Can't say

Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.

The cash bridge needs net income and operating cash flow for the same year — one of them has no value on file here.

The other side

No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.

Missing from our data, so excluded from this answer: 3 years of cash flow.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Can't say

Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.

A stress curve needs EBIT and a reported interest expense — one of them is not available for this company.

What is on hand

Cash & equivalents

$20M

excludes restricted cash

Net debt

$27M

total debt less cash

Current ratio

1.11×

current assets / current liabilities

Quick ratio

1.11×

excludes inventory

Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.

The other side

No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.

Missing from our data, so excluded from this answer: ebitda.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Demanding

At $10.34, free cash flow must compound 2.49%/yr for 10 years. It has no positive compounding record to compare against.

Comparing the market's assumption against the record needs a solvable growth requirement and at least two years of free cash flow growth.

Implied FCF growth

2.5%

for 10 years, discounted at 8.3% (computed WACC)

Achieved FCF growth

—

no positive start and end year to compound between

Required vs achieved

—

above 1 means the price asks for more than the record

P / E

not reported for this company

P / S

1.7× · med 1.2× · 0.79×–1.8×

EV / EBITDA

not reported for this company

P / B

3.5× · med 2.8× · 1.7×–5.1×

PPHC cohort median p25–p7515 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

The implied rate has been matched or beaten in 1 of the last 1 years.

Basis: FY2025Source: SEC EDGAR XBRL

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PPHC vs. Services-Management Consulting Services peers

Ranked against 15 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

PPHC — · med 27.9× · p25–p75 14.5×–48.8×

not enough peer data

—

P / S

PPHC 1.7× · med 1.2× · p25–p75 0.8×–1.8×

31st pct

EV / EBITDA

PPHC — · med 12.8× · p25–p75 10.6×–18.9×

not enough peer data

—

P / B

PPHC 3.5× · med 2.8× · p25–p75 1.7×–5.1×

38th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

PPHC 24.7% · med 4.2% · p25–p75 -6.4%–14.9%

88th pct

ProfitabilityMargins vs the sector

Gross margin

PPHC 10.0% · med 40.3% · p25–p75 36.0%–52.7%

8th pct

Operating margin

PPHC -18.2% · med 7.7% · p25–p75 2.6%–10.5%

12th pct

Net margin

PPHC -20.9% · med 4.9% · p25–p75 2.5%–7.6%

12th pct

FCF margin

PPHC 13.3% · med 8.5% · p25–p75 2.5%–10.8%

88th pct

Returns on capitalHow hard the capital works

Return on equity

PPHC -52.1% · med 9.9% · p25–p75 3.5%–19.9%

6th pct

Return on invested capital

PPHC -32.0% · med 6.5% · p25–p75 3.5%–13.5%

6th pct

LeverageLess debt scores higher

Net debt / EBITDA

PPHC — · med 1.7× · p25–p75 0.4×–2.6×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

PPHC 10 · med 36 · p25–p75 31–74

8th pct

Institutional ownership

PPHC 6.7% · med 2.2% · p25–p75 1.4%–3.7%

100th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
BAHBooz Allen Hamilton Ho…	$10.5B	12.8×	11.5×	0.9×	-6.4%	52.7%	7.6%	77.0%	16.9%	2.7×	118
GGenpact LTD	$6.6B	12.7×	8.9×	1.3×	6.6%	36.0%	10.9%	21.7%	13.5%	0.8×	112
FCNFTI CONSULTING, INC	$5.0B	22.2×	11.7×	1.3×	2.4%	32.1%	7.1%	15.6%	12.9%	0.2×	66
EXPOEXPONENT INC	$3.8B	38.8×	—	6.6×	4.2%	—	18.2%	27.2%	27.2%	—	76
HURNHuron Consulting Group…	$3.1B	33.3×	17.0×	1.8×	11.7%	—	6.2%	19.9%	10.1%	2.3×	48
ASTHAstrana Health, Inc.	$1.8B	79.4×	19.5×	0.6×	56.4%	—	0.7%	2.9%	1.2%	4.9×	35
ICFIICF International, Inc…	$1.7B	19.3×	10.4×	0.9×	-7.3%	37.2%	4.9%	8.9%	6.4%	1.9×	35
BWMNBowman Consulting Grou…	$712M	58.8×	20.6×	1.4×	14.9%	53.4%	2.6%	4.9%	4.0%	1.3×	22
ONTOnterris, Inc.	$524M	—	33.3×	0.6×	19.3%	40.3%	-0.1%	-0.2%	-0.1%	11.5×	—
HCKTHACKETT GROUP, INC.	$319M	27.9×	13.1×	1.0×	-2.6%	38.3%	4.2%	19.0%	9.0%	2.0×	31
PPHCPublic Policy Holding …	$312M	—	—	1.7×	24.7%	10.0%	-20.9%	-52.1%	-32.0%	—	10
IIIInformation Services G…	$295M	32.1×	14.6×	1.2×	-1.2%	43.1%	3.8%	9.9%	6.1%	1.4×	32
RMRRMR GROUP INC.	$285M	16.2×	5.0×	0.4×	-22.0%	—	2.5%	7.7%	6.5%	-0.3×	36
TSSITSS, Inc.	$194M	12.3×	12.5×	0.8×	65.9%	13.2%	6.2%	19.7%	16.0%	-6.7×	18
EGGENIGMATIG LTD	$137M	245.5×	—	30.7×	12.2%	68.8%	12.6%	3.5%	3.5%	—	—
RTBRTB Digital, Inc.	$107M	—	—	9.6×	-38.7%	47.7%	-157%	-65.9%	-65.9%	—	—

Peers = companies sharing PPHC's sector (Services-Management Consulting Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

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Open-market buys

$10 · 1 holder

Discretionary sales

$2.1m · 9 holders

10b5-1 plan sales

$0 · scheduled in advance

Filed late

0 of 43 filings

1 open-market purchase and 3 discretionary sales against the share price · hover a marker

2026-01-30$7.41 – $14.462026-10-23

Shares held by reporting insiders9 → 16 insiders reporting — no comparable change

2026-01-27 · 4,210,9022026-08-24 · 4,690,482 (16 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-08-24	Austin Keenan Nealean Director	Open-market sale	2,033	$10.94	$22k
2026-08-24	Strum Neal Howard Chief Legal Officer	Open-market sale	1,702	$10.94	$19k
2026-08-24	Smits Roeland Jozef Bernard Chief Financial Officer	Open-market sale	1,797	$10.94	$20k
2026-08-24	Starzman Ronald J. Jr. Insider	Open-market sale	1,500	$10.94	$16k
2026-08-24	Gensemer Thomas Edward Chief Strategy Officer	Open-market sale	1,797	$10.94	$20k
2026-06-12	Thrasher Paula Conner Insider	Grant	10,082	$0.00	$0
2026-06-12	Mazzanti Matthew Ross Chief Administrative Officer	Grant	22,594	$0.00	$0
2026-06-12	White Kimberly Anne Director	Grant	9,609	$0.00	$0
2026-06-12	Ginsberg Benjamin Langer Director	Grant	9,609	$0.00	$0
2026-06-12	Williams Zachary Wayne Director	Grant	4,922	$0.00	$0
2026-06-12	Lee Simon Philip Guy Director	Grant	9,609	$0.00	$0
2026-06-12	Kendrick Jill Agnes Gillespie Chief Operating Officer	Grant	48,786	$0.00	$0
2026-06-12	Gensemer Thomas Edward Chief Strategy Officer	Grant	41,883	$0.00	$0
2026-06-12	Smits Roeland Jozef Bernard Chief Financial Officer	Grant	56,268	$0.00	$0
2026-06-12	Hall George Stewart Chief Executive Officer	Grant	94,148	$0.00	$0
2026-06-12	Green Johnson Mccallum Chief Client Officer	Grant	45,716	$0.00	$0
2026-06-12	Strum Neal Howard Chief Legal Officer	Grant	49,074	$0.00	$0
2026-06-12	Starzman Ronald J. Jr. Insider	Grant	20,854	$0.00	$0
2026-06-12	Austin Keenan Nealean Director	Grant	11,012	$0.00	$0
2026-06-12	Casey Kathleen Director	Grant	9,609	$0.00	$0
2026-06-12	Brown Charles D. Director	Grant	9,609	$0.00	$0
2026-06-11	2 co-filers Chief Client Officer	Open-market sale	2,298	$10.35	$24k
2026-06-11	2 co-filers Chief Strategy Officer	Open-market sale	1,115	$10.35	$12k
2026-06-11	2 co-filers Chief Executive Officer	Open-market sale	930	$10.35	$10k
2026-06-11	2 co-filers Chief Legal Officer	Open-market sale	2,007	$10.35	$21k
2026-06-11	2 co-filers Group filing	Open-market sale	1,541	$10.35	$16k
2026-06-11	2 co-filers Group filing	Open-market sale	1,252	$10.35	$13k
2026-06-10	2 co-filers Chief Client Officer	Open-market sale	859	$10.19	$9k
2026-06-10	2 co-filers Chief Strategy Officer	Open-market sale	416	$10.19	$4k
2026-06-10	2 co-filers Chief Executive Officer	Open-market sale	348	$10.19	$4k
2026-06-10	2 co-filers Chief Legal Officer	Open-market sale	749	$10.19	$8k
2026-06-10	2 co-filers Group filing	Open-market sale	575	$10.19	$6k
2026-06-10	2 co-filers Group filing	Open-market sale	468	$10.19	$5k
2026-06-02	Mazzanti Matthew Ross Chief Administrative Officer	Open-market buy	1	$10.40	$10
2026-01-27	Green Johnson Mccallum Chief Client Officer	Open-market sale	61,016	$12.25	$747k
2026-01-27	Starzman Ronald J. Jr. Insider	Open-market sale	1,881	$12.25	$23k
2026-01-27	Gensemer Thomas Edward Chief Strategy Officer	Open-market sale	2,484	$12.25	$30k
2026-01-27	Strum Neal Howard Chief Legal Officer	Open-market sale	5,855	$12.25	$72k
2026-01-27	Austin Keenan Nealean Director	Open-market sale	3,513	$12.25	$43k
2026-01-27	Smits Roeland Jozef Bernard Chief Financial Officer	Open-market sale	8,657	$12.25	$106k

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

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Public Policy Holding Company, Inc. Common Stock (PPHC)

Deep analysis

What backs the price

How a revenue dollar becomes profit

Why ROE is -52.1%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

PPHC vs. Services-Management Consulting Services peers

Where it ranks

Peer table

Ownership Map

Institutional Trends (3 Quarters)

Institutional Holders

Institutional Holders

Ownership Map

Institutional Trends (3 Quarters)

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Financials

Revenue → Profit Flow

Deep analysis

What backs the price

How a revenue dollar becomes profit

Why ROE is -52.1%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Reverse DCF — what growth does the price assume?

Debt & Leverage

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

PPHC vs. Services-Management Consulting Services peers

Where it ranks

Peer table

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?