Duluth Holdings Inc. (DLTH) 10-Year Financial Performance & Capital Metrics

DLTH • • Industrial / General

Consumer CyclicalApparel RetailSpecialty & Niche Apparel RetailersWorkwear & Western Lifestyle Retailers

AboutDuluth Holdings Inc. sells casual wear, workwear, and accessories for men and women under the Duluth Trading brand in the United States. It provides shirts, pants, underwear, outerwear, footwear, accessories, and hard goods. The company offers its products under various trademarks, trade names, and service marks, including Alaskan Hardgear, Armachillo, Ballroom, Cab Commander, Crouch Gusset, Dry on the Fly, Duluth Trading Co, Duluthflex, Fire Hose, Longtail T, No Polo Shirt, No Yank, Wild Boar Mocs, and Buck Naked. The company markets its products through its Website, catalogs, and retail stores. As of January 30, 2022, it operated 62 retail stores and three outlet stores. The company was formerly known as GEMPLER'S, Inc. Duluth Holdings Inc. was founded in 1989 and is headquartered in Mount Horeb, Wisconsin.Show more

Revenue $627M -3.1%
EBITDA -$5M -120.3%
Net Income -$44M -340.1%
EPS (Diluted) -1.31 -367.9%
Gross Margin 49.23% -2.0%
EBITDA Margin -0.73% -120.9%
Operating Margin -5.88% -297.5%
Net Margin -6.97% -354.2%
ROE -21.73% -392.1%
ROIC -7.73% -307.8%
Debt/Equity 0.91 +8.3%
Interest Coverage -8.09 -251.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.4x book value
✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.45%

5Y0.35%

3Y-3.56%

TTM-6.4%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM11.11%

EPS CAGR

10Y-

5Y-

3Y-

TTM11.78%

ROCE

10Y Avg13.19%

5Y Avg1.1%

3Y Avg-3.74%

Latest-10.36%

Peer Comparison

Workwear & Western Lifestyle Retailers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BOOTBoot Barn Holdings, Inc.	5.71B	187.40	31.87	14.64%	10.05%	17.28%		0.50
DLTHDuluth Holdings Inc.	77.73M	2.33	-1.78	-3.1%	-4.68%	-17.53%		0.91

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	304.16M	376.12M	471.45M	568.1M	615.62M	638.78M	698.58M	653.31M	646.68M	626.63M
Revenue Growth %	0.31%	0.24%	0.25%	0.21%	0.08%	0.04%	0.09%	-0.06%	-0.01%	-0.03%
Cost of Goods Sold+	130.64M	161.97M	210.43M	257.7M	287.48M	307.26M	321.26M	309.87M	321.71M	318.12M
COGS % of Revenue	0.43%	0.43%	0.45%	0.45%	0.47%	0.48%	0.46%	0.47%	0.5%	0.51%
Gross Profit+	173.52M	214.15M	261.02M	310.4M	328.15M	331.53M	377.32M	343.44M	324.97M	308.51M
Gross Margin %	0.57%	0.57%	0.55%	0.55%	0.53%	0.52%	0.54%	0.53%	0.5%	0.49%
Gross Profit Growth %	0.32%	0.23%	0.22%	0.19%	0.06%	0.01%	0.14%	-0.09%	-0.05%	-0.05%
Operating Expenses+	144.37M	179.15M	223.95M	273.22M	300.04M	307.31M	333.23M	337.2M	334.54M	345.37M
OpEx % of Revenue	0.47%	0.48%	0.48%	0.48%	0.49%	0.48%	0.48%	0.52%	0.52%	0.55%
Selling, General & Admin	144.37M	179.15M	223.95M	273.22M	300.04M	307.31M	333.23M	337.2M	334.54M	337.62M
SG&A % of Revenue	0.47%	0.48%	0.48%	0.48%	0.49%	0.48%	0.48%	0.52%	0.52%	0.54%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	7.75M
Operating Income+	29.15M	35M	37.07M	37.18M	28.11M	24.21M	44.1M	6.23M	-9.57M	-36.86M
Operating Margin %	0.1%	0.09%	0.08%	0.07%	0.05%	0.04%	0.06%	0.01%	-0.01%	-0.06%
Operating Income Growth %	0.21%	0.2%	0.06%	0%	-0.24%	-0.14%	0.82%	-0.86%	-2.54%	-2.85%
EBITDA+	32.09M	39.7M	44.4M	49.88M	51.65M	52.73M	73.32M	37.04M	22.59M	-4.58M
EBITDA Margin %	0.11%	0.11%	0.09%	0.09%	0.08%	0.08%	0.1%	0.06%	0.03%	-0.01%
EBITDA Growth %	0.24%	0.24%	0.12%	0.12%	0.04%	0.02%	0.39%	-0.49%	-0.39%	-1.2%
D&A (Non-Cash Add-back)	2.94M	4.7M	7.33M	12.69M	23.55M	28.52M	29.23M	30.81M	32.16M	32.28M
EBIT	29.33M	35.25M	37.49M	37.56M	28.4M	24.28M	44.15M	6.61M	-8.65M	-36.69M
Net Interest Income+	-306K	-194K	-1.99M	-5.95M	-4.47M	-6.26M	-4.72M	-3.65M	-4.16M	-4.55M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	306K	194K	1.99M	5.95M	4.47M	6.26M	4.72M	3.65M	4.16M	4.55M
Other Income/Expense	-125K	53K	-1.57M	-5.57M	-4.18M	-6.2M	-4.66M	-3.28M	-3.23M	-4.38M
Pretax Income+	29.02M	35.05M	35.51M	31.61M	23.93M	18.02M	39.44M	2.95M	-12.8M	-41.24M
Pretax Margin %	0.1%	0.09%	0.08%	0.06%	0.04%	0.03%	0.06%	0%	-0.02%	-0.07%
Income Tax+	1.34M	13.53M	11.88M	8.45M	5.43M	4.64M	9.89M	708K	-2.86M	2.37M
Effective Tax Rate %	0.95%	0.61%	0.66%	0.73%	0.79%	0.75%	0.75%	0.78%	0.78%	1.06%
Net Income+	27.44M	21.32M	23.35M	23.16M	18.92M	13.58M	29.7M	2.3M	-9.92M	-43.67M
Net Margin %	0.09%	0.06%	0.05%	0.04%	0.03%	0.02%	0.04%	0%	-0.02%	-0.07%
Net Income Growth %	0.16%	-0.22%	0.1%	-0.01%	-0.18%	-0.28%	1.19%	-0.92%	-5.31%	-3.4%
Net Income (Continuing)	27.69M	21.53M	23.63M	23.16M	18.5M	13.38M	29.55M	2.25M	-9.94M	-43.61M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.68M	2.61M	3.28M	-239K	-2.17M	-2.36M	-3.15M	-3.21M	-3.06M	-3M
EPS (Diluted)+	1.06	0.66	0.72	0.72	0.58	0.42	0.90	0.07	-0.28	-1.31
EPS Growth %	0.39%	-0.38%	0.09%	0%	-0.19%	-0.28%	1.14%	-0.92%	-5.01%	-3.68%
EPS (Basic)	1.09	0.68	0.73	0.73	0.59	0.42	0.91	0.07	-0.28	-1.31
Diluted Shares Outstanding	25.98M	32.25M	32.28M	32.32M	32.37M	32.58M	32.85M	32.99M	32.95M	33.37M
Basic Shares Outstanding	25.25M	31.53M	31.85M	32.09M	32.31M	32.45M	32.62M	32.77M	32.95M	33.37M
Dividend Payout Ratio	2.19%	0.01%	-	-	-	-	-	-	-	-

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	98.39M	101.25M	101.83M	117.69M	162.19M	210.31M	222.52M	221.66M	180.97M	191.63M
Cash & Short-Term Investments	37.87M	24.04M	2.87M	731K	538K	47.22M	77.05M	45.55M	32.16M	3.33M
Cash Only	37.87M	24.04M	2.87M	731K	538K	47.22M	77.05M	45.55M	32.16M	3.33M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	96K	394K	325K	4.64M	5.05M	2.82M	5.46M	6.04M	8.73M	3.97M
Days Sales Outstanding	0.12	0.38	0.25	2.98	3	1.61	2.85	3.38	4.93	2.31
Inventory	55.3M	70.37M	89.55M	97.18M	147.85M	149.05M	122.67M	157.29M	125.76M	166.54M
Days Inventory Outstanding	154.52	158.57	155.33	137.64	187.72	177.06	139.37	185.28	142.68	191.09
Other Current Assets	3.68M	4.86M	0	12.64M	0	1.15M	1.48M	3.07M	3.97M	3.75M
Total Non-Current Assets+	22.23M	54.72M	121.28M	172.27M	311.86M	305.27M	293.03M	305.79M	309.48M	260.81M
Property, Plant & Equipment	21.53M	52.43M	109.7M	167.11M	304.18M	295.19M	281.12M	291.52M	294.46M	247.18M
Fixed Asset Turnover	14.13x	7.17x	4.30x	3.40x	2.02x	2.16x	2.48x	2.24x	2.20x	2.54x
Goodwill	402K	402K	402K	402K	402K	402K	402K	402K	402K	0
Intangible Assets	0	0	0	0	283K	264K	246K	450K	436K	414K
Long-Term Investments	-3.08M	1.44M	6.32M	6.29M	6.43M	6.11M	6.55M	5.54M	4.99M	4.49M
Other Non-Current Assets	299K	-4.51M	-6.02M	4.75M	-4.81M	-53.67M	-53.8M	7.88M	9.19M	8.73M
Total Assets+	120.62M	155.97M	223.1M	289.95M	474.05M	515.58M	515.55M	527.45M	490.45M	452.44M
Asset Turnover	2.52x	2.41x	2.11x	1.96x	1.30x	1.24x	1.36x	1.24x	1.32x	1.38x
Asset Growth %	0.7%	0.29%	0.43%	0.3%	0.63%	0.09%	-0%	0.02%	-0.07%	-0.08%
Total Current Liabilities+	24.69M	35.12M	50.3M	53.02M	78.78M	95.71M	116M	118.3M	102.45M	128.64M
Accounts Payable	10.61M	9.33M	17.32M	25.36M	29.63M	33.65M	45.4M	56.55M	51.12M	73.88M
Days Payables Outstanding	29.65	21.03	30.04	35.92	37.62	39.97	51.58	66.61	58	84.77
Short-Term Debt	722K	742K	84K	500K	12.83M	3.12M	16.28M	768K	847K	931K
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	5.66M	10.35M	12.61M	24.42M	7.9M	18.92M	16.17M	7.51M	18.66M	35.68M
Current Ratio	3.99x	2.88x	2.02x	2.22x	2.06x	2.20x	1.92x	1.87x	1.77x	1.49x
Quick Ratio	1.75x	0.88x	0.24x	0.39x	0.18x	0.64x	0.86x	0.54x	0.54x	0.20x
Cash Conversion Cycle	124.99	137.93	125.54	104.69	153.1	138.7	90.64	122.05	89.61	108.63
Total Non-Current Liabilities+	5.44M	7.06M	33.46M	76.68M	219.17M	228.76M	176.84M	181.95M	165.83M	144.13M
Long-Term Debt	4.3M	3.38M	1.42M	44.83M	66.11M	72.98M	0	25.91M	25.14M	24.28M
Capital Lease Obligations	0	3.35M	26.58M	23.03M	143.55M	147.59M	147.36M	154.79M	140.69M	119.84M
Deferred Tax Liabilities	31K	1.57M	2.1M	9.78M	8.51M	8.2M	2.87M	1.25M	0	0
Other Non-Current Liabilities	1.11M	-1.24M	3.35M	5M	1M	0	0	0	0	0
Total Liabilities	30.13M	42.18M	83.75M	129.7M	297.94M	324.48M	292.83M	300.26M	268.28M	272.76M
Total Debt+	5.02M	4.13M	28.09M	63.52M	223.5M	237.37M	190.25M	199.88M	186.23M	163.13M
Net Debt	-32.85M	-19.92M	25.22M	62.79M	222.96M	190.15M	113.19M	154.34M	154.07M	159.8M
Debt / Equity	0.06x	0.04x	0.20x	0.40x	1.27x	1.24x	0.85x	0.88x	0.84x	0.91x
Debt / EBITDA	0.16x	0.10x	0.63x	1.27x	4.33x	4.50x	2.59x	5.40x	8.24x	-
Net Debt / EBITDA	-1.02x	-0.50x	0.57x	1.26x	4.32x	3.61x	1.54x	4.17x	6.82x	-
Interest Coverage	95.26x	180.42x	18.65x	6.25x	6.29x	3.87x	9.35x	1.71x	-2.30x	-8.09x
Total Equity+	90.49M	113.79M	139.35M	160.26M	176.11M	191.1M	222.72M	227.2M	222.17M	179.68M
Equity Growth %	1.36%	0.26%	0.22%	0.15%	0.1%	0.09%	0.17%	0.02%	-0.02%	-0.19%
Book Value per Share	3.48	3.53	4.32	4.96	5.44	5.87	6.78	6.89	6.74	5.38
Total Shareholders' Equity	88.81M	111.18M	136.07M	160.5M	178.27M	193.46M	225.87M	230.41M	225.23M	182.68M
Common Stock	85.39M	86.45M	88.04M	89.85M	90.9M	92.88M	95.52M	98.84M	103.58M	108.01M
Retained Earnings	3.44M	24.73M	48.08M	70.74M	87.59M	101.17M	130.87M	133.17M	123.82M	77.72M
Treasury Stock	0	0	-57K	-92K	-407K	-628K	-1M	-1.46M	-1.74M	-2.33M
Accumulated OCI	-27K	0	-22.74M	0	188K	48K	489K	-148K	-427K	-722K
Minority Interest	1.68M	2.61M	3.28M	-239K	-2.17M	-2.36M	-3.15M	-3.21M	-3.06M	-3M

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Cash from Operations+	14.21M	20.25M	29.87M	31.09M	6.7M	50.75M	91.98M	-5.63M	38.67M	-16.92M
Operating CF Margin %	0.05%	0.05%	0.06%	0.05%	0.01%	0.08%	0.13%	-0.01%	0.06%	-0.03%
Operating CF Growth %	-0.37%	0.42%	0.47%	0.04%	-0.78%	6.58%	0.81%	-1.06%	7.87%	-1.44%
Net Income	27.69M	21.53M	23.63M	23.31M	18.5M	13.38M	29.55M	2.25M	-9.36M	-43.61M
Depreciation & Amortization	2.84M	4.7M	7.33M	12.59M	22.08M	28.52M	29.23M	30.81M	32.16M	32.28M
Stock-Based Compensation	720K	1.22M	1.6M	1.67M	647K	1.63M	2.2M	2.71M	4.2M	4.05M
Deferred Taxes	31K	1.54M	533K	8.05M	-1.15M	-255K	-5.48M	-1.4M	-2.17M	1.77M
Other Non-Cash Items	5K	3K	2K	162K	86.94M	324K	398K	1.39M	113K	473K
Working Capital Changes	-17.07M	-8.74M	-3.22M	-14.69M	-33.38M	7.15M	36.09M	-41.38M	13.73M	-11.87M
Change in Receivables	-3K	-25K	-7K	9K	1.52M	-1.35M	-3.19M	-586K	86K	2.6M
Change in Inventory	-13.62M	-14.45M	-17.55M	-10.5M	-50.16M	-1.2M	26.38M	-32.25M	29.16M	-40.79M
Change in Payables	-5.54M	-2.96M	6.36M	9.77M	7.56M	-1.46M	10.48M	12.69M	-5.45M	22.86M
Cash from Investing+	-7.36M	-30.34M	-55.8M	-53.73M	-30.69M	-12.13M	-10.15M	-22.64M	-48.72M	-8.13M
Capital Expenditures	-7.31M	-28.67M	-46.46M	-53.04M	-30.79M	-12.26M	-10.35M	-22.83M	-49.09M	-8.33M
CapEx % of Revenue	0.02%	0.08%	0.1%	0.09%	0.05%	0.02%	0.01%	0.03%	0.08%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-56K	-1.67M	-3.02M	-438K	-15K	131K	202K	28K	171K	0
Cash from Financing+	23.14M	-3.74M	4.76M	18.64M	21.5M	6.36M	-51.36M	-3.23M	-3.35M	-3.78M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-60.08M	-192K	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-46K	694K	386K	235K	92K	-115K	68K	159K	263K	385K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	6.91M	-8.42M	-16.6M	-21.94M	-24.09M	38.49M	81.63M	-28.46M	-10.41M	-25.25M
FCF Margin %	0.02%	-0.02%	-0.04%	-0.04%	-0.04%	0.06%	0.12%	-0.04%	-0.02%	-0.04%
FCF Growth %	-0.6%	-2.22%	-0.97%	-0.32%	-0.1%	2.6%	1.12%	-1.35%	0.63%	-1.42%
FCF per Share	0.27	-0.26	-0.51	-0.68	-0.74	1.18	2.48	-0.86	-0.32	-0.76
FCF Conversion (FCF/Net Income)	0.52x	0.95x	1.28x	1.34x	0.35x	3.74x	3.10x	-2.44x	-3.90x	0.39x
Interest Paid	0	185K	1.85M	5.76M	4.57M	6.43M	3.75M	3.65M	4.16M	4.55M
Taxes Paid	0	6.7M	9M	10.31M	562K	830K	16.16M	7.22M	2.03M	125K

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	42.62%	20.87%	18.45%	15.46%	11.25%	7.39%	14.36%	1.02%	-4.42%	-21.73%
Return on Invested Capital (ROIC)	46.66%	34.65%	21.52%	14.39%	6.78%	4.65%	9.22%	1.3%	-1.89%	-7.73%
Gross Margin	57.05%	56.94%	55.37%	54.64%	53.3%	51.9%	54.01%	52.57%	50.25%	49.23%
Net Margin	9.02%	5.67%	4.95%	4.08%	3.07%	2.13%	4.25%	0.35%	-1.53%	-6.97%
Debt / Equity	0.06x	0.04x	0.20x	0.40x	1.27x	1.24x	0.85x	0.88x	0.84x	0.91x
Interest Coverage	95.26x	180.42x	18.65x	6.25x	6.29x	3.87x	9.35x	1.71x	-2.30x	-8.09x
FCF Conversion	0.52x	0.95x	1.28x	1.34x	0.35x	3.74x	3.10x	-2.44x	-3.90x	0.39x
Revenue Growth	31.18%	23.66%	25.35%	20.5%	8.37%	3.76%	9.36%	-6.48%	-1.01%	-3.1%

Revenue by Segment

	2016	2017	2018	2019	2020
Business One	-	-	-	395.54M	419.12M
Business One Growth	-	-	-	-	5.96%
Business Two	-	-	-	141.24M	162.82M
Business Two Growth	-	-	-	-	15.27%
Business Three	-	-	-	31.32M	33.69M
Business Three Growth	-	-	-	-	7.55%
Direct	266.34M	309.67M	330.94M	-	-
Direct Growth	-	16.27%	6.87%	-	-
Retail	37.82M	66.44M	140.51M	-	-
Retail Growth	-	75.70%	111.47%	-	-

Frequently Asked Questions

Growth & Financials

Duluth Holdings Inc. (DLTH) reported $590.6M in revenue for fiscal year 2025. This represents a 262% increase from $163.1M in 2014.

Duluth Holdings Inc. (DLTH) saw revenue decline by 3.1% over the past year.

Duluth Holdings Inc. (DLTH) reported a net loss of $27.6M for fiscal year 2025.

Dividend & Returns

Duluth Holdings Inc. (DLTH) has a return on equity (ROE) of -21.7%. Negative ROE indicates the company is unprofitable.

Duluth Holdings Inc. (DLTH) generated $1.7M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Duluth Holdings Inc. (DLTH) 10-Year Financial Performance & Capital Metrics

DLTH • • Industrial / General

Consumer CyclicalApparel RetailSpecialty & Niche Apparel RetailersWorkwear & Western Lifestyle Retailers

Revenue $627M -3.1%
EBITDA -$5M -120.3%
Net Income -$44M -340.1%
EPS (Diluted) -1.31 -367.9%
Gross Margin 49.23% -2.0%
EBITDA Margin -0.73% -120.9%
Operating Margin -5.88% -297.5%
Net Margin -6.97% -354.2%
ROE -21.73% -392.1%
ROIC -7.73% -307.8%
Debt/Equity 0.91 +8.3%
Interest Coverage -8.09 -251.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.4x book value
✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.45%

5Y0.35%

3Y-3.56%

TTM-6.4%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM11.11%

EPS CAGR

10Y-

5Y-

3Y-

TTM11.78%

ROCE

10Y Avg13.19%

5Y Avg1.1%

3Y Avg-3.74%

Latest-10.36%

Peer Comparison

Workwear & Western Lifestyle Retailers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BOOTBoot Barn Holdings, Inc.	5.71B	187.40	31.87	14.64%	10.05%	17.28%		0.50
DLTHDuluth Holdings Inc.	77.73M	2.33	-1.78	-3.1%	-4.68%	-17.53%		0.91

Profit & Loss

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Sales/Revenue+	304.16M	376.12M	471.45M	568.1M	615.62M	638.78M	698.58M	653.31M	646.68M	626.63M
Revenue Growth %	0.31%	0.24%	0.25%	0.21%	0.08%	0.04%	0.09%	-0.06%	-0.01%	-0.03%
Cost of Goods Sold+	130.64M	161.97M	210.43M	257.7M	287.48M	307.26M	321.26M	309.87M	321.71M	318.12M
COGS % of Revenue	0.43%	0.43%	0.45%	0.45%	0.47%	0.48%	0.46%	0.47%	0.5%	0.51%
Gross Profit+	173.52M	214.15M	261.02M	310.4M	328.15M	331.53M	377.32M	343.44M	324.97M	308.51M
Gross Margin %	0.57%	0.57%	0.55%	0.55%	0.53%	0.52%	0.54%	0.53%	0.5%	0.49%
Gross Profit Growth %	0.32%	0.23%	0.22%	0.19%	0.06%	0.01%	0.14%	-0.09%	-0.05%	-0.05%
Operating Expenses+	144.37M	179.15M	223.95M	273.22M	300.04M	307.31M	333.23M	337.2M	334.54M	345.37M
OpEx % of Revenue	0.47%	0.48%	0.48%	0.48%	0.49%	0.48%	0.48%	0.52%	0.52%	0.55%
Selling, General & Admin	144.37M	179.15M	223.95M	273.22M	300.04M	307.31M	333.23M	337.2M	334.54M	337.62M
SG&A % of Revenue	0.47%	0.48%	0.48%	0.48%	0.49%	0.48%	0.48%	0.52%	0.52%	0.54%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	7.75M
Operating Income+	29.15M	35M	37.07M	37.18M	28.11M	24.21M	44.1M	6.23M	-9.57M	-36.86M
Operating Margin %	0.1%	0.09%	0.08%	0.07%	0.05%	0.04%	0.06%	0.01%	-0.01%	-0.06%
Operating Income Growth %	0.21%	0.2%	0.06%	0%	-0.24%	-0.14%	0.82%	-0.86%	-2.54%	-2.85%
EBITDA+	32.09M	39.7M	44.4M	49.88M	51.65M	52.73M	73.32M	37.04M	22.59M	-4.58M
EBITDA Margin %	0.11%	0.11%	0.09%	0.09%	0.08%	0.08%	0.1%	0.06%	0.03%	-0.01%
EBITDA Growth %	0.24%	0.24%	0.12%	0.12%	0.04%	0.02%	0.39%	-0.49%	-0.39%	-1.2%
D&A (Non-Cash Add-back)	2.94M	4.7M	7.33M	12.69M	23.55M	28.52M	29.23M	30.81M	32.16M	32.28M
EBIT	29.33M	35.25M	37.49M	37.56M	28.4M	24.28M	44.15M	6.61M	-8.65M	-36.69M
Net Interest Income+	-306K	-194K	-1.99M	-5.95M	-4.47M	-6.26M	-4.72M	-3.65M	-4.16M	-4.55M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	306K	194K	1.99M	5.95M	4.47M	6.26M	4.72M	3.65M	4.16M	4.55M
Other Income/Expense	-125K	53K	-1.57M	-5.57M	-4.18M	-6.2M	-4.66M	-3.28M	-3.23M	-4.38M
Pretax Income+	29.02M	35.05M	35.51M	31.61M	23.93M	18.02M	39.44M	2.95M	-12.8M	-41.24M
Pretax Margin %	0.1%	0.09%	0.08%	0.06%	0.04%	0.03%	0.06%	0%	-0.02%	-0.07%
Income Tax+	1.34M	13.53M	11.88M	8.45M	5.43M	4.64M	9.89M	708K	-2.86M	2.37M
Effective Tax Rate %	0.95%	0.61%	0.66%	0.73%	0.79%	0.75%	0.75%	0.78%	0.78%	1.06%
Net Income+	27.44M	21.32M	23.35M	23.16M	18.92M	13.58M	29.7M	2.3M	-9.92M	-43.67M
Net Margin %	0.09%	0.06%	0.05%	0.04%	0.03%	0.02%	0.04%	0%	-0.02%	-0.07%
Net Income Growth %	0.16%	-0.22%	0.1%	-0.01%	-0.18%	-0.28%	1.19%	-0.92%	-5.31%	-3.4%
Net Income (Continuing)	27.69M	21.53M	23.63M	23.16M	18.5M	13.38M	29.55M	2.25M	-9.94M	-43.61M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.68M	2.61M	3.28M	-239K	-2.17M	-2.36M	-3.15M	-3.21M	-3.06M	-3M
EPS (Diluted)+	1.06	0.66	0.72	0.72	0.58	0.42	0.90	0.07	-0.28	-1.31
EPS Growth %	0.39%	-0.38%	0.09%	0%	-0.19%	-0.28%	1.14%	-0.92%	-5.01%	-3.68%
EPS (Basic)	1.09	0.68	0.73	0.73	0.59	0.42	0.91	0.07	-0.28	-1.31
Diluted Shares Outstanding	25.98M	32.25M	32.28M	32.32M	32.37M	32.58M	32.85M	32.99M	32.95M	33.37M
Basic Shares Outstanding	25.25M	31.53M	31.85M	32.09M	32.31M	32.45M	32.62M	32.77M	32.95M	33.37M
Dividend Payout Ratio	2.19%	0.01%	-	-	-	-	-	-	-	-

Balance Sheet

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Total Current Assets+	98.39M	101.25M	101.83M	117.69M	162.19M	210.31M	222.52M	221.66M	180.97M	191.63M
Cash & Short-Term Investments	37.87M	24.04M	2.87M	731K	538K	47.22M	77.05M	45.55M	32.16M	3.33M
Cash Only	37.87M	24.04M	2.87M	731K	538K	47.22M	77.05M	45.55M	32.16M	3.33M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	96K	394K	325K	4.64M	5.05M	2.82M	5.46M	6.04M	8.73M	3.97M
Days Sales Outstanding	0.12	0.38	0.25	2.98	3	1.61	2.85	3.38	4.93	2.31
Inventory	55.3M	70.37M	89.55M	97.18M	147.85M	149.05M	122.67M	157.29M	125.76M	166.54M
Days Inventory Outstanding	154.52	158.57	155.33	137.64	187.72	177.06	139.37	185.28	142.68	191.09
Other Current Assets	3.68M	4.86M	0	12.64M	0	1.15M	1.48M	3.07M	3.97M	3.75M
Total Non-Current Assets+	22.23M	54.72M	121.28M	172.27M	311.86M	305.27M	293.03M	305.79M	309.48M	260.81M
Property, Plant & Equipment	21.53M	52.43M	109.7M	167.11M	304.18M	295.19M	281.12M	291.52M	294.46M	247.18M
Fixed Asset Turnover	14.13x	7.17x	4.30x	3.40x	2.02x	2.16x	2.48x	2.24x	2.20x	2.54x
Goodwill	402K	402K	402K	402K	402K	402K	402K	402K	402K	0
Intangible Assets	0	0	0	0	283K	264K	246K	450K	436K	414K
Long-Term Investments	-3.08M	1.44M	6.32M	6.29M	6.43M	6.11M	6.55M	5.54M	4.99M	4.49M
Other Non-Current Assets	299K	-4.51M	-6.02M	4.75M	-4.81M	-53.67M	-53.8M	7.88M	9.19M	8.73M
Total Assets+	120.62M	155.97M	223.1M	289.95M	474.05M	515.58M	515.55M	527.45M	490.45M	452.44M
Asset Turnover	2.52x	2.41x	2.11x	1.96x	1.30x	1.24x	1.36x	1.24x	1.32x	1.38x
Asset Growth %	0.7%	0.29%	0.43%	0.3%	0.63%	0.09%	-0%	0.02%	-0.07%	-0.08%
Total Current Liabilities+	24.69M	35.12M	50.3M	53.02M	78.78M	95.71M	116M	118.3M	102.45M	128.64M
Accounts Payable	10.61M	9.33M	17.32M	25.36M	29.63M	33.65M	45.4M	56.55M	51.12M	73.88M
Days Payables Outstanding	29.65	21.03	30.04	35.92	37.62	39.97	51.58	66.61	58	84.77
Short-Term Debt	722K	742K	84K	500K	12.83M	3.12M	16.28M	768K	847K	931K
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	5.66M	10.35M	12.61M	24.42M	7.9M	18.92M	16.17M	7.51M	18.66M	35.68M
Current Ratio	3.99x	2.88x	2.02x	2.22x	2.06x	2.20x	1.92x	1.87x	1.77x	1.49x
Quick Ratio	1.75x	0.88x	0.24x	0.39x	0.18x	0.64x	0.86x	0.54x	0.54x	0.20x
Cash Conversion Cycle	124.99	137.93	125.54	104.69	153.1	138.7	90.64	122.05	89.61	108.63
Total Non-Current Liabilities+	5.44M	7.06M	33.46M	76.68M	219.17M	228.76M	176.84M	181.95M	165.83M	144.13M
Long-Term Debt	4.3M	3.38M	1.42M	44.83M	66.11M	72.98M	0	25.91M	25.14M	24.28M
Capital Lease Obligations	0	3.35M	26.58M	23.03M	143.55M	147.59M	147.36M	154.79M	140.69M	119.84M
Deferred Tax Liabilities	31K	1.57M	2.1M	9.78M	8.51M	8.2M	2.87M	1.25M	0	0
Other Non-Current Liabilities	1.11M	-1.24M	3.35M	5M	1M	0	0	0	0	0
Total Liabilities	30.13M	42.18M	83.75M	129.7M	297.94M	324.48M	292.83M	300.26M	268.28M	272.76M
Total Debt+	5.02M	4.13M	28.09M	63.52M	223.5M	237.37M	190.25M	199.88M	186.23M	163.13M
Net Debt	-32.85M	-19.92M	25.22M	62.79M	222.96M	190.15M	113.19M	154.34M	154.07M	159.8M
Debt / Equity	0.06x	0.04x	0.20x	0.40x	1.27x	1.24x	0.85x	0.88x	0.84x	0.91x
Debt / EBITDA	0.16x	0.10x	0.63x	1.27x	4.33x	4.50x	2.59x	5.40x	8.24x	-
Net Debt / EBITDA	-1.02x	-0.50x	0.57x	1.26x	4.32x	3.61x	1.54x	4.17x	6.82x	-
Interest Coverage	95.26x	180.42x	18.65x	6.25x	6.29x	3.87x	9.35x	1.71x	-2.30x	-8.09x
Total Equity+	90.49M	113.79M	139.35M	160.26M	176.11M	191.1M	222.72M	227.2M	222.17M	179.68M
Equity Growth %	1.36%	0.26%	0.22%	0.15%	0.1%	0.09%	0.17%	0.02%	-0.02%	-0.19%
Book Value per Share	3.48	3.53	4.32	4.96	5.44	5.87	6.78	6.89	6.74	5.38
Total Shareholders' Equity	88.81M	111.18M	136.07M	160.5M	178.27M	193.46M	225.87M	230.41M	225.23M	182.68M
Common Stock	85.39M	86.45M	88.04M	89.85M	90.9M	92.88M	95.52M	98.84M	103.58M	108.01M
Retained Earnings	3.44M	24.73M	48.08M	70.74M	87.59M	101.17M	130.87M	133.17M	123.82M	77.72M
Treasury Stock	0	0	-57K	-92K	-407K	-628K	-1M	-1.46M	-1.74M	-2.33M
Accumulated OCI	-27K	0	-22.74M	0	188K	48K	489K	-148K	-427K	-722K
Minority Interest	1.68M	2.61M	3.28M	-239K	-2.17M	-2.36M	-3.15M	-3.21M	-3.06M	-3M

Cash Flow

	Jan 2016	Jan 2017	Jan 2018	Jan 2019	Jan 2020	Jan 2021	Jan 2022	Jan 2023	Jan 2024	Jan 2025
Cash from Operations+	14.21M	20.25M	29.87M	31.09M	6.7M	50.75M	91.98M	-5.63M	38.67M	-16.92M
Operating CF Margin %	0.05%	0.05%	0.06%	0.05%	0.01%	0.08%	0.13%	-0.01%	0.06%	-0.03%
Operating CF Growth %	-0.37%	0.42%	0.47%	0.04%	-0.78%	6.58%	0.81%	-1.06%	7.87%	-1.44%
Net Income	27.69M	21.53M	23.63M	23.31M	18.5M	13.38M	29.55M	2.25M	-9.36M	-43.61M
Depreciation & Amortization	2.84M	4.7M	7.33M	12.59M	22.08M	28.52M	29.23M	30.81M	32.16M	32.28M
Stock-Based Compensation	720K	1.22M	1.6M	1.67M	647K	1.63M	2.2M	2.71M	4.2M	4.05M
Deferred Taxes	31K	1.54M	533K	8.05M	-1.15M	-255K	-5.48M	-1.4M	-2.17M	1.77M
Other Non-Cash Items	5K	3K	2K	162K	86.94M	324K	398K	1.39M	113K	473K
Working Capital Changes	-17.07M	-8.74M	-3.22M	-14.69M	-33.38M	7.15M	36.09M	-41.38M	13.73M	-11.87M
Change in Receivables	-3K	-25K	-7K	9K	1.52M	-1.35M	-3.19M	-586K	86K	2.6M
Change in Inventory	-13.62M	-14.45M	-17.55M	-10.5M	-50.16M	-1.2M	26.38M	-32.25M	29.16M	-40.79M
Change in Payables	-5.54M	-2.96M	6.36M	9.77M	7.56M	-1.46M	10.48M	12.69M	-5.45M	22.86M
Cash from Investing+	-7.36M	-30.34M	-55.8M	-53.73M	-30.69M	-12.13M	-10.15M	-22.64M	-48.72M	-8.13M
Capital Expenditures	-7.31M	-28.67M	-46.46M	-53.04M	-30.79M	-12.26M	-10.35M	-22.83M	-49.09M	-8.33M
CapEx % of Revenue	0.02%	0.08%	0.1%	0.09%	0.05%	0.02%	0.01%	0.03%	0.08%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-56K	-1.67M	-3.02M	-438K	-15K	131K	202K	28K	171K	0
Cash from Financing+	23.14M	-3.74M	4.76M	18.64M	21.5M	6.36M	-51.36M	-3.23M	-3.35M	-3.78M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-60.08M	-192K	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-46K	694K	386K	235K	92K	-115K	68K	159K	263K	385K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	6.91M	-8.42M	-16.6M	-21.94M	-24.09M	38.49M	81.63M	-28.46M	-10.41M	-25.25M
FCF Margin %	0.02%	-0.02%	-0.04%	-0.04%	-0.04%	0.06%	0.12%	-0.04%	-0.02%	-0.04%
FCF Growth %	-0.6%	-2.22%	-0.97%	-0.32%	-0.1%	2.6%	1.12%	-1.35%	0.63%	-1.42%
FCF per Share	0.27	-0.26	-0.51	-0.68	-0.74	1.18	2.48	-0.86	-0.32	-0.76
FCF Conversion (FCF/Net Income)	0.52x	0.95x	1.28x	1.34x	0.35x	3.74x	3.10x	-2.44x	-3.90x	0.39x
Interest Paid	0	185K	1.85M	5.76M	4.57M	6.43M	3.75M	3.65M	4.16M	4.55M
Taxes Paid	0	6.7M	9M	10.31M	562K	830K	16.16M	7.22M	2.03M	125K

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	42.62%	20.87%	18.45%	15.46%	11.25%	7.39%	14.36%	1.02%	-4.42%	-21.73%
Return on Invested Capital (ROIC)	46.66%	34.65%	21.52%	14.39%	6.78%	4.65%	9.22%	1.3%	-1.89%	-7.73%
Gross Margin	57.05%	56.94%	55.37%	54.64%	53.3%	51.9%	54.01%	52.57%	50.25%	49.23%
Net Margin	9.02%	5.67%	4.95%	4.08%	3.07%	2.13%	4.25%	0.35%	-1.53%	-6.97%
Debt / Equity	0.06x	0.04x	0.20x	0.40x	1.27x	1.24x	0.85x	0.88x	0.84x	0.91x
Interest Coverage	95.26x	180.42x	18.65x	6.25x	6.29x	3.87x	9.35x	1.71x	-2.30x	-8.09x
FCF Conversion	0.52x	0.95x	1.28x	1.34x	0.35x	3.74x	3.10x	-2.44x	-3.90x	0.39x
Revenue Growth	31.18%	23.66%	25.35%	20.5%	8.37%	3.76%	9.36%	-6.48%	-1.01%	-3.1%

Revenue by Segment

	2016	2017	2018	2019	2020
Business One	-	-	-	395.54M	419.12M
Business One Growth	-	-	-	-	5.96%
Business Two	-	-	-	141.24M	162.82M
Business Two Growth	-	-	-	-	15.27%
Business Three	-	-	-	31.32M	33.69M
Business Three Growth	-	-	-	-	7.55%
Direct	266.34M	309.67M	330.94M	-	-
Direct Growth	-	16.27%	6.87%	-	-
Retail	37.82M	66.44M	140.51M	-	-
Retail Growth	-	75.70%	111.47%	-	-

Frequently Asked Questions

Growth & Financials

Duluth Holdings Inc. (DLTH) reported $590.6M in revenue for fiscal year 2025. This represents a 262% increase from $163.1M in 2014.

Duluth Holdings Inc. (DLTH) saw revenue decline by 3.1% over the past year.

Duluth Holdings Inc. (DLTH) reported a net loss of $27.6M for fiscal year 2025.

Dividend & Returns

Duluth Holdings Inc. (DLTH) has a return on equity (ROE) of -21.7%. Negative ROE indicates the company is unprofitable.

Duluth Holdings Inc. (DLTH) generated $1.7M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.