Liquidity remains highly volatile, evidenced by a $6.7M operating cash outflow in 2026Q3 and an erratic free cash flow margin that swung from -15.4% in 2026Q1 to 22.6% in 2026Q2.
| Metric | TTM | Feb'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 |
|---|
| Cash from Operations | 67.22M | 24.17M | -16.92M | 38.67M | -5.63M | 91.98M | 50.75M | 6.7M | 31.09M | 29.87M | 20.25M | 14.21M | 22.63M | 16.37M |
| Operating CF Margin % | - | 4.28% | -2.7% | 5.98% | -0.86% | 13.17% | 7.95% | 1.09% | 5.47% | 6.34% | 5.38% | 4.67% | 9.76% | 10.04% |
| Operating CF Growth % | 286.91% | 242.89% | -143.74% | 787.15% | -106.12% | 81.24% | 657.93% | -78.47% | 4.11% | 47.47% | 42.49% | -37.19% | 38.23% | - |
| Net Income | -11.2M | -16.25M | -43.61M | -9.36M | 2.25M | 29.55M | 13.38M | 18.5M | 23.31M | 23.63M | 21.53M | 27.69M | 24.11M | 16.05M |
| Depreciation & Amortization | 24.5M | 25.47M | 32.28M | 32.16M | 30.81M | 29.23M | 28.52M | 22.08M | 12.59M | 7.33M | 4.7M | 2.84M | 1.82M | 1.25M |
| Stock-Based Compensation | 2.96M | 2.51M | 4.05M | 4.2M | 2.71M | 2.2M | 1.63M | 647K | 1.67M | 1.6M | 1.22M | 720K | 74.57K | 76K |
| Deferred Taxes | -409K | 962K | 1.77M | -2.17M | -1.4M | -5.48M | -255K | -1.15M | 8.05M | 533K | 1.54M | 31K | 0 | 0 |
| Other Non-Cash Items | -22.7M | 170K | 473K | 113K | 1.39M | 398K | 324K | 86.94M | 162K | 2K | 3K | 5K | 4.08K | 30K |
| Working Capital Changes | 73.89M | 11.31M | -11.87M | 13.73M | -41.38M | 36.09M | 7.15M | -33.38M | -14.69M | -3.22M | -8.74M | -17.07M | -3.38M | -1.04M |
| Change in Receivables | 2.61M | 1.26M | 2.6M | 86K | -586K | -3.19M | -1.35M | 1.52M | 9K | -7K | -25K | -3K | -15.53K | 9K |
| Change in Inventory | 43.66M | 35.2M | -40.79M | 29.16M | -32.25M | 26.38M | -1.2M | -50.16M | -10.5M | -17.55M | -14.45M | -13.62M | -10.55M | -7.95M |
| Change in Payables | -4.86M | -24.9M | 22.86M | -5.45M | 12.69M | 10.48M | -1.46M | 7.56M | 9.77M | 6.36M | -2.96M | -5.54M | 4.24M | 4.12M |
| Cash from Investing | -7.82M | -7.38M | -8.13M | -48.72M | -22.64M | -10.15M | -12.13M | -30.69M | -53.73M | -55.8M | -30.34M | -7.36M | -7.15M | -4.21M |
| Capital Expenditures | -8.05M | -7.6M | -8.33M | -49.09M | -22.83M | -10.35M | -12.26M | -30.79M | -53.04M | -46.46M | -28.67M | -7.31M | -5.27M | -3.95M |
| CapEx % of Revenue | 1.43% | 1.34% | 1.33% | 7.59% | 3.5% | 1.48% | 1.92% | 5% | 9.34% | 9.86% | 7.62% | 2.4% | 2.27% | 2.42% |
| Acquisitions | 0 | 0 | 0 | 16K | 28K | 55K | 0 | 0 | -289K | 0 | 0 | 0 | -1.77M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 167K | 0 | 200K | 171K | 28K | 202K | 131K | -15K | -438K | -3.02M | -1.67M | -56K | -105.8K | -262K |
| Cash from Financing | -61.84M | -3.78M | -3.78M | -3.35M | -3.23M | -51.36M | 6.36M | 21.5M | 18.64M | 4.76M | -3.74M | 23.14M | -15.1M | -4.9M |
| Debt Issued (Net) | -28.19M | -3.47M | -3.57M | -3.61M | -3.39M | -51.43M | 6.48M | 21.4M | 18.41M | 4.37M | -4.25M | -660K | 258K | -748K |
| Equity Issued (Net) | -326K | 0 | -594K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 83.92M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -192K | -60.08M | -15.08M | -4.43M |
| Share Repurchases | -326K | 0 | -594K | -279K | -457K | -374K | -221K | -315K | -35K | -57K | 0 | 0 | 0 | 0 |
| Other Financing | -33.32M | -311K | 385K | 263K | 159K | 68K | -115K | 92K | 235K | 386K | 694K | -46K | -280.4K | 284K |
| Net Change in Cash | -2.44M | 13.01M | -28.82M | -13.39M | -31.5M | 30.47M | 44.98M | -2.5M | -4M | -21.18M | -13.83M | 29.99M | 380.85K | 7.26M |
| Free Cash Flow | 59.17M | 16.57M | -25.25M | -10.41M | -28.46M | 81.63M | 38.49M | -24.09M | -21.94M | -16.6M | -8.42M | 6.91M | 17.36M | 12.42M |
| FCF Margin % | 10.55% | 2.93% | -4.03% | -1.61% | -4.36% | 11.68% | 6.03% | -3.91% | -3.86% | -3.52% | -2.24% | 2.27% | 7.49% | 7.61% |
| FCF Growth % | 223.66% | 165.64% | -142.45% | 63.41% | -134.87% | 112.09% | 259.75% | -9.81% | -32.21% | -97.13% | -221.87% | -60.21% | 39.8% | - |
| FCF per Share | 1.71 | 0.48 | -0.76 | -0.32 | -0.86 | 2.48 | 1.18 | -0.74 | -0.68 | -0.51 | -0.26 | 0.27 | 0.55 | 0.40 |
| FCF Conversion (FCF/Net Income) | -5.28x | -1.47x | 0.39x | -3.90x | -2.44x | 3.10x | 3.74x | 0.35x | 1.34x | 1.28x | 0.95x | 0.52x | 0.96x | 1.06x |
| Interest Paid | 1.81M | 5.2M | 4.55M | 4.16M | 3.65M | 3.75M | 6.43M | 4.57M | 5.76M | 1.85M | 185K | 0 | 0 | 0 |
| Taxes Paid | 0 | 170K | 125K | 2.03M | 7.22M | 16.16M | 830K | 562K | 10.31M | 9M | 6.7M | 0 | 0 | 0 |
Seasonal liquidity and burn
As reported in recent financial statements, DLTH exhibits a volatile relationship between net income and operating cash flow, with the 2026Q3 period showing a net loss of $10.1M alongside an operating cash outflow of $6.7M, highlighting significant challenges in converting operational activity into sustainable liquidity.
The persistent gap between net income and operating cash flow suggests that the company's earnings quality is heavily influenced by non-cash charges and working capital fluctuations. Investors should monitor whether this disconnect reflects structural inefficiencies in the direct-to-consumer model rather than temporary accounting timing differences.
Based on the provided quarterly data, DLTH's free cash flow trajectory remains highly erratic, swinging from a negative 15.4% margin in 2026Q1 to a positive 22.6% in 2026Q2, which underscores the company's extreme reliance on seasonal holiday performance to generate meaningful cash reserves.
This extreme seasonality suggests that the business model is inherently fragile outside of the fourth quarter, leaving little room for operational error during the remainder of the year. The inability to maintain positive free cash flow in off-peak quarters may indicate that the current cost structure is misaligned with non-holiday revenue levels.
According to historical cash flow filings, working capital changes have been a primary driver of liquidity, with a significant $26.9M inflow in 2026Q3 contrasting sharply with a $50.3M outflow in 2025Q1, indicating that inventory management remains the most critical lever for short-term cash preservation.
The reliance on working capital swings to manage cash flow suggests that the company is aggressively adjusting inventory levels to match fluctuating demand. This strategy appears to be a reactive measure to mitigate the impact of declining sales, which may risk future product availability if not managed with extreme precision.
As evidenced by the company's reported figures, capital expenditures have remained relatively stable, averaging approximately 1.8% of revenue over the last ten quarters, which suggests that management is prioritizing essential maintenance over aggressive expansion in the current, more constrained operating environment.
While the low capital intensity may preserve cash in the short term, it warrants further investigation into whether this level of investment is sufficient to maintain the company's physical retail footprint and logistics infrastructure. A prolonged period of under-investment could potentially impair the long-term competitiveness of the brand's fulfillment capabilities.
Quick answers to the most common questions about buying DLTH stock.
Duluth Holdings Inc. (DLTH) generated $24.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Duluth Holdings Inc. (DLTH) generated $16.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Duluth Holdings Inc. (DLTH) spent $7.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.