Duluth Holdings Financials
This page shows Duluth Holdings (DLTH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Duluth Holdings has an operating margin of -5.9%, meaning the company retains $-6 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -1.5% the prior year.
Duluth Holdings's revenue declined 3.1% year-over-year, from $646.7M to $626.6M. This contraction results in a growth score of 20/100.
Duluth Holdings has a moderate D/E ratio of 1.78. This balance of debt and equity financing earns a leverage score of 45/100.
Duluth Holdings's current ratio of 1.35 indicates adequate short-term liquidity, earning a score of 34/100. The company can meet its near-term obligations, though with limited headroom.
While Duluth Holdings generated -$16.9M in operating cash flow, capex of $8.3M consumed most of it, leaving -$25.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Duluth Holdings passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Duluth Holdings generates $0.39 in operating cash flow (-$16.9M OCF vs -$43.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Duluth Holdings earns $-8.1 in operating income for every $1 of interest expense (-$36.9M vs $4.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Duluth Holdings generated $626.6M in revenue in fiscal year 2025. This represents a decrease of 3.1% from the prior year.
Duluth Holdings's EBITDA was -$4.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 120.3% from the prior year.
Duluth Holdings generated -$25.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 142.4% from the prior year.
Duluth Holdings reported -$43.7M in net income in fiscal year 2025. This represents a decrease of 340.1% from the prior year.
Duluth Holdings earned $-1.31 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 336.7% from the prior year.
Duluth Holdings held $8.6M in cash against $0 in long-term debt as of fiscal year 2025.
Duluth Holdings's gross margin was 49.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.0 percentage points from the prior year.
Duluth Holdings's operating margin was -5.9% in fiscal year 2025, reflecting core business profitability. This is down 4.4 percentage points from the prior year.
Duluth Holdings's net profit margin was -7.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.4 percentage points from the prior year.
Duluth Holdings invested $8.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 83.0% from the prior year.
DLTH Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $114.9M-12.8% | $131.7M+28.2% | $102.7M-19.2% | $127.1M-10.3% | $141.6M+21.4% | $116.7M-52.5% | $245.6M+77.7% | $138.2M |
| Cost of Revenue | $53.0M-11.2% | $59.7M+21.0% | $49.3M-18.6% | $60.6M-10.3% | $67.6M+22.8% | $55.1M-56.7% | $127.2M+84.8% | $68.8M |
| Gross Profit | $61.8M-14.1% | $72.0M+35.0% | $53.4M-19.7% | $66.4M-10.3% | $74.0M+20.1% | $61.6M-48.0% | $118.4M+70.6% | $69.4M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $70.7M+2.8% | $68.8M+4.7% | $65.7M-20.2% | $82.3M+11.2% | $74.0M+4.8% | $70.6M-35.6% | $109.6M+33.9% | $81.8M |
| Operating Income | -$8.8M-467.8% | $2.4M+119.4% | -$12.4M+44.0% | -$22.1M-1280.8% | -$1.6M+82.2% | -$9.0M-201.4% | $8.9M+171.2% | -$12.4M |
| Interest Expense | $1.2M-16.2% | $1.5M-0.8% | $1.5M+18.4% | $1.3M+26.6% | $988K-0.5% | $993K-11.6% | $1.1M-7.9% | $1.2M |
| Income Tax | $0+100.0% | -$442K-134.8% | $1.3M-74.2% | $4.9M+1146.6% | -$470K+77.4% | -$2.1M-208.3% | $1.9M+161.5% | -$3.1M |
| Net Income | -$10.1M-901.0% | $1.3M+108.2% | -$15.3M+45.8% | -$28.2M-1325.1% | -$2.0M+74.8% | -$7.9M-222.7% | $6.4M+161.3% | -$10.5M |
| EPS (Diluted) | $-0.29-825.0% | $0.04+108.9% | $-0.45+46.4% | $-0.84-1300.0% | $-0.06+75.0% | $-0.24-220.0% | $0.20+162.5% | $-0.32 |
DLTH Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $468.0M+7.9% | $433.8M-6.4% | $463.7M-13.0% | $533.1M+9.1% | $488.6M+3.7% | $471.4M-4.0% | $491.2M-6.6% | $526.0M |
| Current Assets | $228.7M+23.0% | $185.9M-11.9% | $211.1M-20.1% | $264.3M+27.8% | $206.9M+20.7% | $171.4M-5.3% | $181.0M-11.1% | $203.5M |
| Cash & Equivalents | $8.2M+42.4% | $5.7M-33.1% | $8.6M-8.1% | $9.3M-4.6% | $9.8M+43.9% | $6.8M-78.9% | $32.2M+293.3% | $8.2M |
| Inventory | $192.2M+29.8% | $148.1M-15.9% | $176.1M-23.9% | $231.4M+37.2% | $168.7M+23.7% | $136.4M+8.5% | $125.8M-27.7% | $174.0M |
| Accounts Receivable | $5.3M-40.4% | $8.9M+109.4% | $4.2M-3.4% | $4.4M-47.2% | $8.3M-21.3% | $10.6M+77.5% | $6.0M+4.9% | $5.7M |
| Goodwill | N/A | N/A | N/A | $402K0.0% | $402K0.0% | $402K0.0% | $402K0.0% | $402K |
| Total Liabilities | $310.3M+16.3% | $266.7M-10.7% | $298.8M-14.1% | $348.0M+26.1% | $275.9M+7.8% | $256.1M-5.7% | $271.5M-13.0% | $312.1M |
| Current Liabilities | $177.7M+37.7% | $129.1M-17.8% | $157.0M-22.9% | $203.6M+60.3% | $127.0M+33.0% | $95.5M-9.6% | $105.6M-25.2% | $141.2M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $160.6M-5.5% | $170.0M+1.3% | $167.9M-10.8% | $188.1M-12.8% | $215.7M-1.2% | $218.4M-2.0% | $222.8M+2.6% | $217.1M |
| Retained Earnings | $53.6M-15.9% | $63.7M+2.0% | $62.4M-25.4% | $83.7M-25.4% | $112.2M-3.2% | $115.9M-4.5% | $121.4M+3.9% | $116.8M |
DLTH Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.7M-120.9% | $32.0M+156.7% | -$56.5M-37.5% | -$41.1M-347.2% | $16.6M+149.3% | -$33.7M-148.3% | $69.7M+334.2% | -$29.8M |
| Capital Expenditures | $2.3M+1.0% | $2.2M+68.2% | $1.3M-49.4% | $2.6M+58.6% | $1.7M+8.7% | $1.5M-83.3% | $9.1M+7.7% | $8.5M |
| Free Cash Flow | -$8.9M-130.0% | $29.8M+151.5% | -$57.8M-32.2% | -$43.7M-392.2% | $15.0M+142.5% | -$35.2M-158.1% | $60.6M+258.4% | -$38.2M |
| Investing Cash Flow | -$2.2M-1.0% | -$2.2M-70.9% | -$1.3M+50.4% | -$2.6M-60.3% | -$1.6M-8.9% | -$1.5M+83.4% | -$8.9M-5.5% | -$8.4M |
| Financing Cash Flow | $11.3M+134.6% | -$32.7M-151.9% | $63.0M+45.8% | $43.2M+459.5% | -$12.0M-222.8% | $9.8M+126.6% | -$36.8M-204.5% | $35.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
DLTH Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.8%-0.8pp | 54.7%+2.7pp | 51.9%-0.3pp | 52.3%+0.0pp | 52.3%-0.6pp | 52.8%+4.6pp | 48.2%-2.0pp | 50.2% |
| Operating Margin | -7.7%-9.5pp | 1.8%+13.9pp | -12.0%+5.3pp | -17.4%-16.2pp | -1.1%+6.6pp | -7.7%-11.3pp | 3.6%+12.6pp | -9.0% |
| Net Margin | -8.8%-9.8pp | 1.0%+15.8pp | -14.9%+7.3pp | -22.2%-20.8pp | -1.4%+5.4pp | -6.8%-9.4pp | 2.6%+10.2pp | -7.6% |
| Return on Equity | N/A | 0.7% | N/A | N/A | N/A | N/A | 2.9% | N/A |
| Return on Assets | -2.2%-2.5pp | 0.3%+3.6pp | -3.3%+2.0pp | -5.3%-4.9pp | -0.4%+1.3pp | -1.7%-3.0pp | 1.3%+3.3pp | -2.0% |
| Current Ratio | 1.29-0.2 | 1.44+0.1 | 1.35+0.0 | 1.30-0.3 | 1.63-0.2 | 1.79+0.1 | 1.71+0.3 | 1.44 |
| Debt-to-Equity | 1.93+0.4 | 1.57-0.2 | 1.78-0.1 | 1.85+0.6 | 1.28+0.1 | 1.17-0.0 | 1.22-0.2 | 1.44 |
| FCF Margin | -7.8%-30.4pp | 22.6%+78.9pp | -56.3%-21.9pp | -34.4%-45.0pp | 10.6%+40.7pp | -30.2%-54.8pp | 24.6%+52.3pp | -27.7% |
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Frequently Asked Questions
What is Duluth Holdings's annual revenue?
Duluth Holdings (DLTH) reported $626.6M in total revenue for fiscal year 2025. This represents a -3.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Duluth Holdings's revenue growing?
Duluth Holdings (DLTH) revenue declined by 3.1% year-over-year, from $646.7M to $626.6M in fiscal year 2025.
Is Duluth Holdings profitable?
No, Duluth Holdings (DLTH) reported a net income of -$43.7M in fiscal year 2025, with a net profit margin of -7.0%.
What is Duluth Holdings's earnings per share (EPS)?
Duluth Holdings (DLTH) reported diluted earnings per share of $-1.31 for fiscal year 2025. This represents a -336.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Duluth Holdings's EBITDA?
Duluth Holdings (DLTH) had EBITDA of -$4.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Duluth Holdings's gross margin?
Duluth Holdings (DLTH) had a gross margin of 49.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Duluth Holdings's operating margin?
Duluth Holdings (DLTH) had an operating margin of -5.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Duluth Holdings's net profit margin?
Duluth Holdings (DLTH) had a net profit margin of -7.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Duluth Holdings's free cash flow?
Duluth Holdings (DLTH) generated -$25.2M in free cash flow during fiscal year 2025. This represents a -142.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Duluth Holdings's operating cash flow?
Duluth Holdings (DLTH) generated -$16.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Duluth Holdings's total assets?
Duluth Holdings (DLTH) had $463.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Duluth Holdings's capital expenditures?
Duluth Holdings (DLTH) invested $8.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Duluth Holdings's current ratio?
Duluth Holdings (DLTH) had a current ratio of 1.35 as of fiscal year 2025, which is considered adequate.
What is Duluth Holdings's debt-to-equity ratio?
Duluth Holdings (DLTH) had a debt-to-equity ratio of 1.78 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Duluth Holdings's return on assets (ROA)?
Duluth Holdings (DLTH) had a return on assets of -9.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Duluth Holdings's cash runway?
Based on fiscal year 2025 data, Duluth Holdings (DLTH) had $8.6M in cash against an annual operating cash burn of $16.9M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Duluth Holdings's Piotroski F-Score?
Duluth Holdings (DLTH) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Duluth Holdings's earnings high quality?
Duluth Holdings (DLTH) has an earnings quality ratio of 0.39x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Duluth Holdings cover its interest payments?
Duluth Holdings (DLTH) has an interest coverage ratio of -8.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Duluth Holdings?
Duluth Holdings (DLTH) scores 20 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.