NASDAQ : DLTH
Duluth Holdings Inc. — Financial statements
Consumer Discretionary · Apparel Retail · United States
Last price 4.4 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 167.22M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Duluth Holdings Inc. (DLTH) reported revenue of 550.75M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 550.75M | 565.18M | 626.63M | 646.68M | 653.31M | 698.58M |
| Cost of Revenue | 229.51M | 263.57M | 318.12M | 321.71M | 309.87M | 321.26M |
| Gross Profit | 321.24M | 301.61M | 308.51M | 324.97M | 343.44M | 377.32M |
| Selling, General & Admin | 303.76M | 306.37M | 333.24M | 329.89M | 332.56M | 328.58M |
| Operating Expenses | 307.94M | 310.55M | 337.62M | 334.54M | 337.20M | 333.23M |
| Operating Income | 13.30M | -8.93M | -29.11M | -9.57M | 6.23M | 44.10M |
| Interest Expense | -3.81M | -5.20M | -4.55M | -4.16M | -3.65M | -4.72M |
| Other Non Operating Income (Expenses) | 1.03M | 295.00K | 173.00K | 923.00K | 376.00K | 55.00K |
| EBT Excluding Unusual Items | 10.51M | -13.84M | -33.49M | -12.80M | 2.95M | 39.44M |
| Merger & Restructuring Charges | -1.73M | -1.23M | -7.75M | |||
| Pretax Income | 6.62M | -15.06M | -41.24M | -12.80M | 2.95M | 39.44M |
| Income Tax Expense | 538.00K | 1.19M | 2.37M | -2.86M | 708.00K | 9.89M |
| Earnings From Continuing Operations | 6.09M | -16.25M | -43.61M | -9.94M | 2.25M | 29.55M |
| Minority Interest in Earnings | -182.00K | -139.00K | -59.00K | 17.00K | 58.00K | 152.00K |
| Net Income | 5.91M | -16.39M | -43.67M | -9.92M | 2.30M | 29.70M |
| Net Income to Common | 5.91M | -16.39M | -43.67M | -9.92M | 2.30M | 29.70M |
| Shares Outstanding (Basic) | 35.08M | 34.62M | 33.37M | 32.95M | 32.77M | 32.62M |
| Shares Outstanding (Diluted) | 35.78M | 34.62M | 33.37M | 32.95M | 32.99M | 32.85M |
| EPS (Basic) | 0.17 | -0.47 | -1.31 | -0.30 | 0.07 | 0.91 |
| EPS (Diluted) | 0.17 | -0.47 | -1.31 | -0.30 | 0.07 | 0.90 |
| Free Cash Flow | 57.54M | 16.57M | -25.25M | -10.41M | -28.46M | 81.63M |
| Free Cash Flow Per Share | 1.61 | 0.48 | -0.76 | -0.32 | -0.86 | 2.48 |
| Gross Margin | 58.33% | 53.37% | 49.23% | 50.25% | 52.57% | 54.01% |
| Operating Margin | 2.41% | -1.58% | -4.65% | -1.48% | 0.95% | 6.31% |
| Profit Margin | 1.07% | -2.90% | -6.97% | -1.53% | 0.35% | 4.25% |
| Free Cash Flow Margin | 10.45% | 2.93% | -4.03% | -1.61% | -4.36% | 11.68% |
| EBITDA | 35.61M | 15.26M | 736.00K | 21.31M | 35.76M | 72.03M |
| EBITDA Margin | 6.47% | 2.70% | 0.12% | 3.29% | 5.47% | 10.31% |
| D&A For EBITDA | 22.32M | 24.19M | 29.85M | 30.88M | 29.53M | 27.93M |
| EBIT | 13.30M | -8.93M | -29.11M | -9.57M | 6.23M | 44.10M |
| EBIT Margin | 2.41% | -1.58% | -4.65% | -1.48% | 0.95% | 6.31% |
| Effective Tax Rate | 8.12% | 23.97% | 25.07% | |||
| Advertising Expenses | 58.41M | 67.52M | 69.00M | 76.30M | 75.20M |
Balance sheet
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 26.80M | 16.34M | 3.33M | 32.16M | 45.55M | 77.05M |
| Cash & Short-Term Investments | 26.80M | 16.34M | 3.33M | 32.16M | 45.55M | 77.05M |
| Accounts Receivable | 3.52M | 4.73M | 6.27M | 8.73M | 8.41M | 7.69M |
| Other Receivables | 617.00K | |||||
| Receivables | 3.52M | 4.73M | 6.27M | 9.35M | 8.41M | 7.69M |
| Inventory | 125.15M | 131.34M | 166.54M | 125.76M | 154.92M | 122.67M |
| Prepaid Expenses | 24.27M | 15.46M | 11.73M | 10.36M | 9.71M | 13.63M |
| Other Current Assets | 3.20M | 4.17M | 3.75M | 3.35M | 3.07M | 1.48M |
| Total Current Assets | 182.94M | 172.05M | 191.63M | 180.97M | 221.66M | 222.52M |
| Property, Plant & Equipment | 198.41M | 215.77M | 247.18M | 294.46M | 291.52M | 281.12M |
| Long-Term Investments | 4.53M | 4.76M | 4.49M | 4.99M | 5.54M | 6.55M |
| Goodwill | 402.00K | 402.00K | 402.00K | |||
| Other Intangible Assets | 6.79M | 8.74M | 7.91M | 7.14M | 6.60M | 3.19M |
| Long-Term Deferred Tax Assets | 1.77M | |||||
| Other Long-Term Assets | 1.37M | 1.28M | 1.23M | 1.48M | 1.73M | 1.76M |
| Total Assets | 394.05M | 402.61M | 452.44M | 491.21M | 527.45M | 515.55M |
| Accounts Payable | 47.32M | 48.23M | 73.88M | 51.12M | 56.55M | 45.40M |
| Accrued Expenses | 9.09M | 16.98M | 7.32M | 7.82M | 11.62M | 21.32M |
| Current Portion of Long-Term Debt | 1.07M | 1.02M | 931.00K | 847.00K | 768.00K | 693.00K |
| Current Portion of Leases | 19.40M | 19.13M | 18.07M | 19.55M | 18.41M | 15.58M |
| Current Income Taxes Payable | 178.00K | 65.00K | 1.76M | 6.81M | ||
| Current Unearned Revenue | 7.34M | 9.19M | 9.78M | 9.58M | 10.25M | 10.79M |
| Other Current Liabilities | 13.04M | 13.52M | 18.58M | 16.71M | 18.95M | 15.40M |
| Total Current Liabilities | 97.27M | 108.25M | 128.64M | 105.63M | 118.30M | 116.00M |
| Long-Term Debt | 22.83M | 23.34M | 24.28M | 25.14M | 25.91M | 26.61M |
| Long-Term Leases | 97.80M | 103.95M | 119.84M | 140.69M | 154.79M | 147.36M |
| Long-Term Deferred Tax Liabilities | 962.00K | 962.00K | 1.25M | 2.87M | ||
| Total Liabilities | 218.86M | 236.49M | 272.76M | 271.46M | 300.26M | 292.83M |
| Common Stock | 112.47M | 110.79M | 108.01M | 103.58M | 98.84M | 95.52M |
| Retained Earnings | 69.59M | 61.33M | 77.72M | 121.39M | 133.17M | 130.87M |
| Treasury Stock | -3.78M | -2.92M | -2.33M | -1.74M | -1.46M | -1.00M |
| Comprehensive Income & Other | -342.00K | -231.00K | -722.00K | -427.00K | -148.00K | 489.00K |
| Total Common Equity | 177.94M | 168.97M | 182.68M | 222.81M | 230.41M | 225.87M |
| Minority Interest | -2.75M | -2.86M | -3.00M | -3.06M | -3.21M | -3.15M |
| Shareholders' Equity | 175.19M | 166.12M | 179.68M | 219.75M | 227.20M | 222.72M |
| Total Liabilities & Equity | 394.05M | 402.61M | 452.44M | 491.21M | 527.45M | 515.55M |
| Total Debt | 141.09M | 147.44M | 163.13M | 186.23M | 199.88M | 190.25M |
| Net Cash (Debt) | -114.30M | -131.09M | -159.80M | -154.07M | -154.34M | -113.19M |
| Net Cash Per Share | -3.19 | -3.79 | -4.79 | -4.68 | -4.68 | -3.45 |
| Filing Date Shares Outstanding | 38.01M | 36.76M | 35.14M | 34.41M | 33.43M | 33.05M |
| Total Common Shares Outstanding | 38.00M | 36.75M | 35.18M | 34.39M | 33.44M | 33.07M |
| Working Capital | 85.67M | 63.80M | 62.99M | 75.34M | 103.36M | 106.53M |
| Book Value Per Share | 4.68 | 4.60 | 5.19 | 6.48 | 6.89 | 6.83 |
| Tangible Book Value | 171.15M | 160.23M | 174.76M | 215.26M | 223.41M | 222.27M |
| Tangible Book Value Per Share | 4.50 | 4.36 | 4.97 | 6.26 | 6.68 | 6.72 |
| Land | 4.44M | 4.49M | 4.49M | 4.49M | 4.49M | 4.49M |
| Buildings | 36.17M | 36.30M | 36.27M | 36.19M | 36.18M | 35.36M |
| Machinery | 127.09M | 130.67M | 129.69M | 132.04M | 89.01M | 79.83M |
| Construction In Progress | 3.16M | 2.56M | 2.88M | 3.78M | 16.16M | 5.58M |
| Leasehold Improvements | 59.67M | 59.83M | 57.73M | 56.85M | 49.45M | 48.09M |
Cash flow statement
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 5.91M | -16.39M | -43.67M | -9.92M | 2.30M | 29.70M |
| Depreciation & Amortization | 23.60M | 25.47M | 31.13M | 32.16M | 30.81M | 29.23M |
| Loss (Gain) From Sale of Assets | 671.00K | 170.00K | 473.00K | 130.00K | 1.39M | 398.00K |
| Asset Writedown & Restructuring Costs | 2.16M | 1.15M | ||||
| Stock-Based Compensation | 2.78M | 2.51M | 4.05M | 4.20M | 2.71M | 2.20M |
| Other Operating Activities | 267.00K | 1.10M | 1.83M | -2.35M | -1.46M | -5.63M |
| Change in Accounts Receivable | 6.77M | 1.26M | 1.99M | 86.00K | -586.00K | -3.19M |
| Change in Inventory | 22.90M | 35.20M | -40.79M | 29.16M | -32.25M | 26.38M |
| Change in Accounts Payable | 4.91M | -24.90M | 22.86M | -5.45M | 12.69M | 10.48M |
| Change in Income Taxes | 113.00K | 113.00K | 682.00K | -2.38M | -5.05M | -765.00K |
| Change in Other Net Operating Assets | -6.01M | -364.00K | 3.38M | -6.96M | -11.95M | 3.18M |
| Operating Cash Flow | 64.06M | 24.17M | -16.92M | 38.67M | -1.40M | 91.98M |
| Capital Expenditures | -6.52M | -7.60M | -8.33M | -49.09M | -27.07M | -10.35M |
| Sale of Property, Plant & Equipment | 16.00K | 28.00K | 55.00K | |||
| Divestitures | 171.00K | |||||
| Investment in Securities | 231.00K | 220.00K | 200.00K | 181.00K | 164.00K | 147.00K |
| Investing Cash Flow | -6.29M | -7.38M | -8.13M | -48.72M | -26.87M | -10.15M |
| Short-Term Debt Issued | 175.13M | 83.50M | 56.00M | 5.00M | ||
| Long-Term Debt Issued | 25.00M | |||||
| Total Debt Issued | 117.58M | 175.13M | 83.50M | 56.00M | 25.00M | 5.00M |
| Short-Term Debt Repaid | -175.13M | -83.50M | -56.00M | -5.00M | ||
| Long-Term Debt Repaid | -3.47M | -3.57M | -3.61M | -28.39M | -51.43M | |
| Total Debt Repaid | -153.62M | -178.60M | -87.07M | -59.61M | -28.39M | -56.43M |
| Net Debt Issued (Repaid) | -36.04M | -3.47M | -3.57M | -3.61M | -3.39M | -51.43M |
| Repurchase of Common Stock | -861.00K | -590.00K | -594.00K | -279.00K | -457.00K | -374.00K |
| Other Financing Activities | 194.00K | 279.00K | 385.00K | 542.00K | 616.00K | 442.00K |
| Financing Cash Flow | -36.71M | -3.78M | -3.78M | -3.35M | -3.23M | -51.36M |
| Net Cash Flow | 21.06M | 13.01M | -28.82M | -13.39M | -31.50M | 30.47M |
| Free Cash Flow | 57.54M | 16.57M | -25.25M | -10.41M | -28.46M | 81.63M |
| Free Cash Flow Margin | 10.45% | 2.93% | -4.03% | -1.61% | -4.36% | 11.68% |
| Free Cash Flow Per Share | 1.61 | 0.48 | -0.76 | -0.32 | -0.86 | 2.48 |
| Levered Free Cash Flow | 49.79M | 22.60M | -9.27M | -7.90M | -23.18M | 84.11M |
| Unlevered Free Cash Flow | 52.17M | 25.85M | -6.43M | -5.30M | -20.89M | 87.06M |
| Cash Interest Paid | 3.81M | 5.20M | 4.55M | 4.16M | 3.65M | 3.75M |
| Cash Income Tax Paid | 170.00K | 170.00K | 125.00K | 2.03M | 7.22M | 16.16M |
| Change in Working Capital | 28.68M | 11.31M | -11.87M | 14.46M | -37.15M | 36.09M |
Ratios
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 166.84M | 88.51M | 102.72M | 168.93M | 223.60M | 483.70M |
| Enterprise Value | 281.14M | 273.71M | 297.43M | 384.36M | 424.76M | 654.63M |
| Last Close Price | 4.39 | 2.41 | 2.92 | 4.90 | 6.69 | 14.63 |
| PE Ratio | 26.08 | 97.05 | 16.29 | |||
| Forward PE | 124.62 | 124.62 | 124.62 | 208.00 | 17.66 | |
| PS Ratio | 0.30 | 0.16 | 0.16 | 0.26 | 0.34 | 0.69 |
| PB Ratio | 0.94 | 0.53 | 0.57 | 0.77 | 0.98 | 2.17 |
| P/TBV Ratio | 0.97 | 0.55 | 0.59 | 0.79 | 1.00 | 2.18 |
| P/FCF Ratio | 2.90 | 5.34 | 5.93 | |||
| P/OCF Ratio | 2.60 | 3.66 | 4.37 | 5.26 | ||
| PEG Ratio | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | |
| EV/Sales Ratio | 0.51 | 0.48 | 0.47 | 0.59 | 0.65 | 0.94 |
| EV/EBITDA Ratio | 7.89 | 17.94 | 404.12 | 18.04 | 11.88 | 9.09 |
| EV/EBIT Ratio | 21.14 | 68.17 | 14.85 | |||
| EV/FCF Ratio | 4.89 | 16.52 | 8.02 | |||
| Debt / Equity Ratio | 0.81 | 0.89 | 0.91 | 0.85 | 0.88 | 0.85 |
| Debt / EBITDA Ratio | 2.09 | 3.14 | 4.67 | 3.55 | 3.08 | 1.96 |
| Debt / FCF Ratio | 2.45 | 8.90 | 2.33 | |||
| Net Debt / Equity Ratio | 0.65 | 0.79 | 0.89 | 0.70 | 0.68 | 0.51 |
| Net Debt / EBITDA Ratio | 3.21 | 8.59 | 217.12 | 7.23 | 4.32 | 1.57 |
| Net Debt / FCF Ratio | 1.99 | 7.91 | -6.33 | -14.80 | -5.42 | 1.39 |
| Asset Turnover | 1.33 | 1.32 | 1.33 | 1.27 | 1.25 | 1.36 |
| Inventory Turnover | 1.68 | 1.77 | 2.18 | 2.29 | 2.23 | 2.37 |
| Quick Ratio | 0.31 | 0.20 | 0.07 | 0.39 | 0.46 | 0.73 |
| Current Ratio | 1.88 | 1.59 | 1.49 | 1.71 | 1.87 | 1.92 |
| Return on Equity (ROE) | 3.56% | -9.40% | -21.84% | -4.45% | 1.00% | 14.30% |
| Return on Assets (ROA) | 2.01% | -1.31% | -3.86% | -1.17% | 0.75% | 5.35% |
| Return on Invested Capital (ROIC) | 4.15% | -2.81% | -8.16% | -2.53% | 1.32% | 9.21% |
| Return on Capital Employed (ROCE) | 4.50% | -3.00% | -9.00% | -2.50% | 1.50% | 11.00% |
| Earnings Yield | 3.83% | -18.52% | -42.52% | -5.87% | 1.03% | 6.14% |
| FCF Yield | 34.49% | 18.72% | -24.58% | -6.16% | -12.73% | 16.88% |
| Buyback Yield / Dilution | -5.91% | -3.75% | -1.25% | 0.11% | -0.43% | -0.83% |