Duluth Holdings Inc. Class B Common Stock (DLTH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	-$0.01	$0.5	+5100.0%	—	$121.4M	—
Q1 27	-$0.39	-$0.2	+48.7%	—	$98.6M	—
Q4 26	$0.14	$0.23	+64.3%	—	$215.9M	—
Q3 26	-$0.46	-$0.24	+47.8%	—	$114.9M	—
Q2 26	-$0.11	$0.03	+127.3%	—	$131.7M	—
Q1 26	-$0.42	-$0.32	+23.8%	—	$102.7M	—
Q4 25	$0.11	-$0.04	-136.4%	—	$241.3M	—
Q3 25	-$0.32	-$0.41	-28.1%	—	$127.1M	—
Q2 25	-$0.12	-$0.02	+83.3%	—	$141.6M	—
Q1 25	-$0.15	-$0.24	-60.0%	—	$116.7M	—
Q4 24	$0.27	$0.21	-22.2%	—	$245.6M	—
Q3 24	-$0.26	-$0.32	-23.1%	—	$138.2M	—
Q2 24	—	-$0.06	—	—	$139.1M	—
Q1 24	-$0.13	-$0.12	+7.7%	—	$123.8M	—
Q4 23	$0.22	$0.23	+4.5%	—	$241.8M	—
Q3 23	-$0.11	-$0.19	-72.7%	—	$147.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	-$0.47	—	—	$565.2M	—
FY25	—	-$1.31	—	—	$626.6M	—
FY24	—	-$0.28	—	—	$646.7M	—
FY23	—	$0.07	—	—	$653.3M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$376.1M	$471.4M	$568.1M	$615.6M	$638.8M	$698.6M	$653.3M	$646.7M	$626.6M	$565.2M
YoY change	+23.7%	+25.3%	+20.5%	+8.37%	+3.76%	+9.36%	-6.48%	-1.01%	-3.1%	-9.81%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	376.1M	471.4M	568.1M	615.6M	638.8M	698.6M	653.3M	646.7M	626.6M	565.2M
Cost of revenue	162M	210.4M	257.7M	287.5M	307.3M	321.3M	309.9M	321.7M	318.1M	263.6M
Gross profit	214.1M	261M	310.4M	328.1M	331.5M	377.3M	343.4M	325M	308.5M	301.6M
Gross margin	56.9%	55.4%	54.6%	53.3%	51.9%	54%	52.6%	50.3%	49.2%	53.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	179.1M	223.9M	273.2M	300M	307.3M	333.2M	337.2M	333.8M	337.6M	310.5M
Operating expenses	179.1M	223.9M	273.2M	300M	307.3M	333.2M	337.2M	333.8M	337.6M	310.5M
Operating income	35M	37.1M	37.2M	28.1M	24.2M	44.1M	6.2M	-8.8M	-29.1M	-8.9M
Operating margin	9.31%	7.86%	6.54%	4.57%	3.79%	6.31%	0.95%	-1.37%	-4.65%	-1.58%
Non-operating income, net	247K	421K	383K	291K	65K	55K	376K	923K	-7.6M	-930K
Pretax income	35.1M	35.5M	31.6M	23.9M	18M	39.4M	3M	-12.1M	-41.2M	-15.1M
Income tax	13.5M	11.9M	8.4M	5.4M	4.6M	9.9M	708K	-2.7M	2.4M	1.2M
Net income	21.5M	23.6M	23.2M	18.5M	13.4M	29.6M	2.2M	-9.4M	-43.6M	-16.2M
Net margin	5.72%	5.01%	4.08%	3%	2.09%	4.23%	0.34%	-1.45%	-6.96%	-2.87%
EBITDA	39.9M	44.8M	50.2M	50.5M	52.8M	73.4M	37.4M	24.2M	3.3M	16.8M
EPS	0.68	0.73	0.73	0.59	0.42	0.91	0.07	-0.28	-1.31	-0.47
Diluted EPS	0.66	0.72	0.72	0.58	0.42	0.9	0.07	-0.28	-1.31	-0.47

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	138.2M	245.6M	116.7M	141.6M	127.1M	241.3M	102.7M	131.7M	114.9M	215.9M	98.6M	121.4M
Cost of revenue	68.8M	127.2M	55.1M	67.6M	60.6M	134.8M	49.3M	59.7M	53M	101.5M	42M	33M
Gross profit	69.4M	118.4M	61.6M	74M	66.4M	106.5M	53.4M	72M	61.8M	114.4M	56.6M	88.4M
Gross margin	50.2%	48.2%	52.8%	52.3%	52.3%	44.1%	52%	54.7%	53.8%	53%	57.4%	72.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	81.8M	108.8M	70.6M	76.3M	82.8M	107.9M	65.7M	68.8M	70.7M	105.4M	61.8M	69.5M
Operating expenses	81.8M	108.8M	70.6M	76.3M	82.8M	107.9M	65.7M	68.8M	70.7M	105.4M	61.8M	69.5M
Operating income	-12.4M	9.6M	-9M	-2.3M	-16.4M	-1.4M	-12.4M	3.3M	-8.8M	9M	-5.2M	18.8M
Operating margin	-8.99%	3.9%	-7.69%	-1.62%	-12.9%	-0.59%	-12%	2.47%	-7.69%	4.17%	-5.24%	15.5%
Non-operating income, net	47K	619K	16K	-1.5M	-6.1M	6K	-161K	-932K	-2K	165K	-4M	396K
Pretax income	-13.6M	9.1M	-9.9M	-4.7M	-23.8M	-2.7M	-14M	851K	-10.1M	8.1M	-9.9M	18.5M
Income tax	-3.1M	2.1M	-2.1M	-996K	4.7M	761K	1.3M	-442K	0	357K	120K	61K
Net income	-10.5M	7M	-7.9M	-3.7M	-28.5M	-3.5M	-15.3M	1.3M	-10.1M	7.8M	-10M	18.4M
Net margin	-7.58%	2.85%	-6.74%	-2.64%	-22.4%	-1.45%	-14.9%	0.98%	-8.76%	3.61%	-10.2%	15.2%
EBITDA	-3.8M	18.9M	-704K	5.9M	-8M	6.1M	-5.8M	9.7M	-2.6M	15.5M	703K	24.9M
EPS	-0.32	0.21	-0.24	-0.11	-0.85	-0.17	-0.45	0.04	-0.29	0.22	-0.29	0.52
Diluted EPS	-0.32	0.21	-0.24	-0.11	-0.85	-0.17	-0.45	0.04	-0.29	0.22	-0.29	0.5

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	—	560.9M	766.2M	273M	404.6M	491.9M	217.9M	160.8M	97.4M	83.4M	149.7M
Enterprise value	—	586.2M	833.8M	494.3M	595.4M	605.1M	372.3M	314.9M	257.2M	214.5M	262.4M
Shares outstanding	31.5M	31.9M	32.1M	32.3M	32.4M	32.6M	32.8M	33M	33.4M	34.6M	34.6M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	—	23.7	33.1	14.8	30.2	16.6	97	—	—	—	23.3
P/S	—	1.19	1.35	0.44	0.63	0.7	0.33	0.25	0.16	0.15	0.27
P/B	—	4.03	4.79	1.55	2.12	2.21	0.96	0.72	0.54	0.5	0.84
EV/EBITDA	—	13.1	16.6	9.79	11.3	8.25	9.95	13	77	12.7	7.37
EV/Sales	—	1.24	1.47	0.8	0.93	0.87	0.57	0.49	0.41	0.38	0.48
Earnings yield	—	4.21%	3.02%	6.78%	3.31%	6.01%	1.03%	—	—	—	4.3%
FCF yield	—	-2.96%	-2.86%	-8.22%	9.51%	16.6%	-13.1%	-6.47%	-25.9%	19.9%	33.2%
PEG	—	—	—	—	—	—	—	—	—	—	0.02

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	56.9%	55.4%	54.6%	53.3%	51.9%	54%	52.6%	50.3%	49.2%	53.4%	72.8%
Operating margin	9.31%	7.86%	6.54%	4.57%	3.79%	6.31%	0.95%	-1.37%	-4.65%	-1.58%	15.5%
Net margin	5.72%	5.01%	4.08%	3%	2.09%	4.23%	0.34%	-1.45%	-6.96%	-2.87%	1.07%
ROE	18.9%	17%	14.5%	10.5%	7.03%	13.3%	0.99%	-4.22%	-24.3%	-9.78%	3.56%
ROA	13.8%	10.6%	7.84%	3.9%	2.6%	5.73%	0.43%	-1.91%	-9.64%	-4.04%	2.01%
ROIC	22.9%	15%	12%	5.47%	4.72%	9.84%	1.24%	-2.35%	-8.58%	-3.01%	4.39%
Return on tangible assets	13.9%	10.6%	7.87%	3.9%	2.61%	5.75%	0.43%	-1.92%	-9.66%	-4.04%	1.55%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	2.88	2.02	2.25	2.03	2.19	1.92	1.87	1.77	1.49	1.59	1.88
Quick ratio	0.88	0.24	0.39	0.18	0.61	0.84	0.54	0.51	0.18	0.36	0.58
Debt / equity	0.04	0.2	0.43	1.27	1.25	0.85	0.88	0.84	0.91	0.89	0.81
Debt / assets	0.03	0.13	0.23	0.47	0.46	0.37	0.38	0.38	0.36	0.37	0.36
Net debt / EBITDA	-0.5	0.56	1.35	4.38	3.61	1.54	4.12	6.35	47.8	7.79	2.97
Interest coverage	181.7	18.9	6.31	6.35	3.88	9.36	1.81	-1.9	-8.06	-1.9	2.74
Effective tax rate	38.6%	33.5%	26.7%	22.7%	25.7%	25.1%	24%	0%	0%	0%	8.12%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	11.9	14.8	17.7	19.1	19.7	21.4	19.9	19.6	18.8	16.3	15.7
EPS (basic)	0.68	0.73	0.73	0.59	0.42	0.91	0.07	-0.28	-1.31	-0.47	-0.47
EPS (diluted)	0.66	0.72	0.72	0.58	0.42	0.9	0.07	-0.28	-1.31	-0.47	0.17
Book value per share	3.61	4.37	4.99	5.45	5.87	6.83	6.93	6.74	5.38	4.8	4.68
FCF per share	-0.27	-0.52	-0.68	-0.69	1.19	2.5	-0.87	-0.32	-0.76	0.48	1.58
Cash per share	0.76	0.09	0.02	0.07	1.44	2.36	1.39	0.98	0.1	0.47	0.7
Capex per share	0.91	1.46	1.65	0.76	0.36	0.32	0.83	1.49	0.25	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	7.62%	9.86%	9.34%	3.97%	1.84%	1.47%	4.14%	7.59%	1.33%	—	—
Capex / operating cash flow	224.8%	207.6%	131.4%	1.2K%	32.7%	12.1%	302.7%	104.1%	-40.4%	—	—
Payout ratio	0.89%	0%	0%	—	—	—	—	—	—	—	0%
Dividend yield	—	0%	0%	—	—	—	—	—	—	—	—

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	$138.2M	$245.6M	$116.7M	$141.6M	$127.1M	$241.3M	$102.7M	$131.7M	$114.9M	$215.9M	$98.6M	$121.4M
YoY change	-6.06%	+1.59%	-5.72%	+1.81%	-8.07%	-1.77%	-12%	-6.99%	-9.59%	-10.5%	-4%	-7.84%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	24M	2.9M	731K	2.2M	46.6M	77.1M	45.5M	32.2M	3.3M	16.3M
Receivables	45K	52K	4.6M	1.5M	2.8M	5.5M	6M	6M	4M	2.7M
Inventory	70.4M	89.5M	97.7M	147.8M	151.5M	124.9M	157.3M	128.5M	168.8M	133.4M
Total current assets	101.2M	101.8M	118.2M	162.2M	209.7M	222.5M	221.7M	181M	191.6M	172.1M
Property, plant & equipment	36.3M	75.8M	95.6M	268.3M	259.9M	245.8M	255.3M	258.3M	210.9M	179.5M
Goodwill & intangibles	804K	804K	804K	—	1.3M	1.3M	1.7M	1.7M	828K	794K
Total assets	156M	223.1M	295.3M	474.1M	514.9M	515.5M	527.5M	490.5M	452.4M	402.6M
Accounts payable	9.3M	17.3M	25.4M	33.1M	33.6M	45.4M	56.5M	51.1M	73.9M	48.2M
Short-term debt	742K	84K	500K	13.8M	16.8M	16.3M	19.2M	20.4M	19M	20.1M
Total current liabilities	35.1M	50.3M	52.6M	79.8M	95.7M	116M	118.3M	102.4M	128.6M	108.2M
Long-term debt	3.4M	28M	67.9M	209.7M	220.6M	174M	180.7M	165.8M	144.1M	127.3M
Total liabilities	42.2M	83.8M	135.2M	297.9M	324.5M	292.8M	300.3M	268.3M	272.8M	236.5M
Shareholders' equity	113.8M	139.3M	160.1M	176.1M	190.5M	222.7M	227.2M	222.2M	179.7M	166.1M
Total debt	4.1M	28.1M	68.4M	223.5M	237.4M	190.2M	199.9M	186.2M	163.1M	147.4M
Net debt	-19.9M	25.2M	67.6M	221.3M	190.8M	113.2M	154.3M	154.1M	159.8M	131.1M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Cash & short-term investments	8.2M	32.2M	6.8M	9.8M	9.3M	3.3M	8.6M	5.7M	8.2M	16.3M	6.1M	26.8M
Receivables	5.7M	6M	10.6M	8.3M	4.4M	4M	4.2M	8.9M	5.3M	2.7M	1.8M	2.1M
Inventory	176.1M	128.5M	138.5M	170.8M	233.6M	168.8M	177.8M	149.9M	193.9M	133.4M	133.7M	126.5M
Total current assets	203.5M	181M	171.4M	206.9M	264.3M	191.6M	211.1M	185.9M	228.7M	172.1M	163.1M	182.9M
Property, plant & equipment	267.9M	258.3M	246.2M	227.4M	216.3M	210.9M	202.2M	195.5M	187.5M	179.5M	167.7M	162.2M
Goodwill & intangibles	1.7M	1.7M	1.7M	1.6M	1.6M	828K	820K	812K	802K	794K	786K	780K
Total assets	526M	490.5M	471.4M	488.6M	533.1M	452.4M	463.7M	433.8M	468M	402.6M	380.6M	394M
Accounts payable	53.5M	51.1M	37.4M	77.6M	104.5M	73.9M	45.9M	43.6M	80.2M	48.2M	40.1M	47.3M
Short-term debt	55.9M	20.4M	31.7M	19.4M	62.9M	19M	83.4M	52.2M	64.6M	20.1M	26.3M	20.5M
Total current liabilities	141.2M	102.4M	95.5M	127M	203.6M	128.6M	157M	129.1M	177.7M	108.2M	100.8M	97.3M
Long-term debt	170.9M	165.8M	160.6M	148.9M	144.2M	144.1M	140.5M	136.8M	131.7M	127.3M	122.4M	120.6M
Total liabilities	312.1M	268.3M	256.1M	275.9M	348M	272.8M	298.8M	266.7M	310.3M	236.5M	224.1M	218.9M
Shareholders' equity	213.9M	222.2M	215.3M	212.7M	185.1M	179.7M	164.9M	167.1M	157.7M	166.1M	156.6M	175.2M
Total debt	226.8M	186.2M	192.3M	168.3M	207.1M	163.1M	223.9M	188.9M	196.3M	147.4M	148.7M	141.1M
Net debt	218.7M	154.1M	185.5M	158.5M	197.7M	159.8M	215.3M	183.2M	188.1M	131.1M	142.5M	114.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	21.5M	23.6M	23.2M	18.5M	13.4M	29.6M	2.2M	-9.4M	-43.6M	-16.2M
Depreciation & amortization	4.7M	7.3M	12.6M	22.1M	28.5M	29.2M	30.8M	32.2M	32.3M	25.5M
Stock-based compensation	1.2M	1.6M	1.7M	647K	1.6M	2.2M	2.7M	4.2M	4M	2.5M
Change in working capital	-16.2M	-10.7M	-5.1M	-38.1M	-7.3M	29.4M	-25.4M	22.3M	-15.1M	6.9M
Operating cash flow	12.8M	22.4M	40.4M	2M	35.9M	84.9M	8.9M	47.1M	-20.6M	24.2M
Capital expenditure	-28.7M	-46.5M	-53M	-24.4M	-11.7M	-10.3M	-27M	-49.1M	-8.3M	—
Investing cash flow	-28.9M	-53M	-53.7M	-24.3M	-11.6M	-10.2M	-26.9M	-48.7M	-8.1M	220K
Dividends paid	-192K	0	0	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-3.7M	4.8M	18.6M	-247.5M	-108.4M	-56.4M	-3.2M	-59.3M	-3.8M	-3.8M
Net change in cash	-19.9M	-25.9M	5.3M	-269.8M	-84M	18.4M	-21.2M	-60.9M	-32.5M	20.6M
Free cash flow	-8.4M	-16.6M	-21.9M	-22.4M	38.5M	81.6M	-28.5M	-10.4M	-25.2M	16.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Net income	-10.5M	7M	-7.9M	-3.7M	-30.3M	-3.5M	-15.3M	1.3M	-10.1M	7.8M	-10M	18.4M
Depreciation & amortization	8.6M	8.7M	8.3M	8M	8.4M	7.6M	6.7M	6.5M	6.2M	5.9M	5.8M	5.6M
Stock-based compensation	1M	890K	1.4M	1M	969K	694K	254K	1.1M	549K	609K	709K	913K
Change in working capital	-29.7M	52.5M	-29.5M	9.1M	-31.6M	36.9M	-40.5M	23.8M	3.6M	32.8M	-11.2M	8.4M
Operating cash flow	-33.8M	71.8M	-29.9M	13.4M	-47.2M	42.3M	-47.4M	32M	-6.7M	55.3M	-13.4M	28.9M
Capital expenditure	-8.5M	-9.1M	-1.5M	-1.7M	-2.6M	-2.5M	-1.3M	—	—	—	—	—
Investing cash flow	-8.4M	-8.9M	-1.5M	-1.6M	-2.6M	-2.5M	-1.3M	54K	55K	58K	58K	60K
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	45.2M	-75.8M	-7.2M	-35.5M	83.7M	-84.2M	62.5M	-76M	-51.1M	-45.4M	-2.2M	-19.2M
Net change in cash	3M	-12.9M	-38.6M	-23.7M	33.9M	-44.4M	13.9M	-43.9M	-57.7M	9.9M	-15.5M	9.8M
Free cash flow	-38.2M	60.6M	-35.2M	15M	-43.7M	38.7M	-57.8M	29.8M	-8.9M	53.5M	-15.2M	28.2M

Duluth Holdings Inc. Class B Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement