Public Policy Holding Company, Inc. (PPHC) Financial Statements
$9.77NASDAQ: PPHCMarket Cap $246.02M
Public Policy Holding Company, Inc. most recently reported annual revenue of $187.0M, a net loss of $39.0M. Revenue grew at an average annual rate of 17.6% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.
Public Policy Holding Company, Inc.: Revenue rose from $83.0M in 2020 to $187.0M in 2025, a change of +125.3% over 5 years; net profit was positive in 0 of 6 reported years; operating margin moved from -1.5% to -10.1%, a shift of -8.6 percentage points; the most recent year shows a net loss of $39.0M.
Income Statement — 6 Years (USD millions)
Metric
2020
2021
2022
2023
2024
2025
Revenue
$83.0M
$98.0M
$107.0M
$138.0M
$146.0M
$187.0M
Operating Expenses
$84.0M
$121.0M
$112.0M
$141.0M
$151.0M
$205.0M
Operating Profit
$-1.0M
$-23.0M
$-5.0M
$-3.0M
$-5.0M
$-19.0M
Operating Margin
-1.5%
-23.9%
-4.4%
-1.9%
-3.1%
-10.1%
Other Income
$0
$0
$-2.0M
$-4.0M
$-13.0M
$-16.0M
Interest
$0
$0
$0
$1.0M
$2.0M
$3.0M
Depreciation
$5.0M
$5.0M
$5.0M
$8.0M
$9.0M
$12.0M
Profit Before Tax
$-1.0M
$-23.0M
$-7.0M
$-7.0M
$-17.0M
$-35.0M
Tax
$0
$-2.1M
$-108.1M
$-111.3M
$-37.6M
$-12.7M
Net Profit
$-1.0M
$-24.0M
$-15.0M
$-15.0M
$-23.0M
$-39.0M
EPS
$-0.01
$-0.22
$-0.14
$-0.13
$-0.21
$-1.43
Dividend Payout
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Quarterly Results — Last 7 Quarters (USD millions)
Metric
Sep '24
Dec '24
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
$39.0M
$39.0M
$49.0M
$49.0M
$50.0M
$50.0M
$52.0M
Operating Expenses
$44.0M
$44.0M
$52.0M
$55.0M
$57.0M
$52.0M
$54.0M
Operating Profit
$-5.0M
$-4.0M
$-3.0M
$-6.0M
$-7.0M
$-1.0M
$-2.0M
Operating Margin
-12.2%
-11.5%
-6.5%
-12.1%
-15.0%
-3.0%
-4.2%
Interest
$1.0M
$1.0M
$1.0M
$1.0M
$1.0M
$1.0M
$1.0M
Profit Before Tax
$-6.0M
$-5.0M
$-6.0M
$-7.0M
$-15.0M
$-9.0M
$-3.0M
Tax
$-21.5M
$-32.9M
$420,000
$-8.4M
$1.7M
$-31.3M
$-10.4M
Net Profit
$-7.0M
$-7.0M
$-6.0M
$-7.0M
$-15.0M
$-11.0M
$-4.0M
EPS
$-0.08
$0.01
$-0.08
$-0.09
$-0.53
$-0.40
$-0.15
Over the 6 years reported for Public Policy Holding Company, Inc., borrowings increased from $35.0M in 2020 to $69.0M in 2025, cash stood at $20.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 1.11 times.
Balance Sheet — 6 Years (USD millions)
Metric
2020
2021
2022
2023
2024
2025
Total Assets
$91.0M
$107.0M
$122.0M
$148.0M
$174.0M
$203.0M
Current Assets
$13.0M
$27.0M
$35.0M
$37.0M
$46.0M
$59.0M
Cash
$6.0M
$18.0M
$21.0M
$14.0M
$15.0M
$20.0M
Inventory
$0
$0
$0
$0
$0
$0
Receivables
$7.0M
$8.0M
$12.0M
$15.0M
$19.0M
$23.0M
Fixed Assets
$17.0M
$17.0M
$17.0M
$22.0M
$19.0M
$19.0M
Capital Work in Progress
$0
$0
$0
$0
$0
$0
Investments
$0
$0
$0
$0
$0
$0
Other Assets
$45.0M
$45.0M
$48.0M
$48.0M
$64.0M
$57.0M
Total Liabilities
$32.0M
$44.0M
$46.0M
$66.0M
$93.0M
$128.0M
Current Liabilities
$15.0M
$21.0M
$28.0M
$30.0M
$38.0M
$53.0M
Borrowings
$35.0M
$34.0M
$19.0M
$36.0M
$54.0M
$69.0M
Other Liabilities
$0
$10.0M
$27.0M
$30.0M
$40.0M
$59.0M
Equity
$0
$0
$0
$0
$0
$0
Reserves
$59.0M
$63.0M
$76.0M
$82.0M
$81.0M
$75.0M
For Public Policy Holding Company, Inc., operating cash flow was positive in 6 of 6 reported years; free cash flow in the latest year was $25.0M; free cash flow was positive in 6 of 6 years; financing activities used $4.0M in the latest year, which covers debt repayment, dividends and buybacks.
Cash Flow Statement — 6 Years (USD millions)
Metric
2020
2021
2022
2023
2024
2025
Operating Cash Flow
$6.0M
$5.0M
$20.0M
$10.0M
$16.0M
$25.0M
Investing Cash Flow
$0
$0
$-12.0M
$-11.0M
$-19.0M
$-22.0M
Financing Cash Flow
$-1.0M
$-5.0M
$0
$-2.0M
$-1.0M
$-4.0M
Net Cash Flow
$6.0M
$12.0M
$3.0M
$-7.0M
$0
$6.0M
Free Cash Flow
$6.0M
$5.0M
$20.0M
$10.0M
$16.0M
$25.0M
Valuation & Return Ratios
Metric
Value
PEG Ratio
0.05
EV / EBITDA
-15.13
FCF Yield
5.55%
Quick Ratio
1.60
Interest Coverage
-4.98
Return 1Y
—
Return 3Y
—
Return 5Y
—
Public Policy Holding Company, Inc. (PPHC) financials — frequently asked questions
What is Public Policy Holding Company, Inc.'s annual revenue?
Public Policy Holding Company, Inc. (PPHC) reported annual revenue of $187.0M in its most recent fiscal year.
What is Public Policy Holding Company, Inc.'s net profit?
Public Policy Holding Company, Inc. (PPHC) reported a net loss of $39.0M in its most recent fiscal year.
What is PPHC EV/EBITDA?
Public Policy Holding Company, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is -15.13. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.