What is Duluth Holdings's earnings per share (EPS)?

Duluth Holdings (DLTH) reported diluted earnings per share of $-0.47 for fiscal year 2026. This represents a 64.1% 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.

Duluth Holdings Financials

DLTH

Source SEC Filings (10-K/10-Q) Updated Mar 20, 2026 Currency USD FYE March

This page shows Duluth Holdings (DLTH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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

Financial Profile 32/100

Based on FY2026 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Duluth Holdings has an operating margin of -1.8%, meaning the company retains $-2 of operating profit per $100 of revenue. This below-average margin results in a low score of 18/100, suggesting thin profitability after operating expenses. This is up from -5.9% the prior year.

Growth

Duluth Holdings's revenue declined 9.8% year-over-year, from $626.6M to $565.2M. This contraction results in a growth score of 17/100.

Leverage

Duluth Holdings carries a low D/E ratio of 0.14, meaning only $0.14 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Duluth Holdings's current ratio of 1.59 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 27/100, which could limit financial flexibility.

Cash Flow

Duluth Holdings has a free cash flow margin of 2.9%, earning a moderate score of 32/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Duluth Holdings generates a -9.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -26.0% the prior year.

Piotroski F-Score Neutral

6/9

Duluth Holdings passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-1.47x

For every $1 of reported earnings, Duluth Holdings generates $-1.47 in operating cash flow ($24.2M OCF vs -$16.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-2.0x

Duluth Holdings earns $-2.0 in operating income for every $1 of interest expense (-$10.2M vs $5.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$565.2M

YoY-9.8%

5Y CAGR-2.4%

10Y CAGR+6.4%

Duluth Holdings generated $565.2M in revenue in fiscal year 2026. This represents a decrease of 9.8% from the prior year.

EBITDA

$15.3M

YoY+434.4%

5Y CAGR-21.9%

10Y CAGR-7.1%

Duluth Holdings's EBITDA was $15.3M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 434.4% from the prior year.

Net Income

-$16.4M

YoY+62.5%

Duluth Holdings reported -$16.4M in net income in fiscal year 2026. This represents an increase of 62.5% from the prior year.

EPS (Diluted)

$-0.47

YoY+64.1%

Duluth Holdings earned $-0.47 per diluted share (EPS) in fiscal year 2026. This represents an increase of 64.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$16.6M

YoY+165.6%

5Y CAGR-15.7%

10Y CAGR+9.1%

Duluth Holdings generated $16.6M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 165.6% from the prior year.

Cash & Debt

$16.3M

YoY+90.5%

5Y CAGR-8.9%

10Y CAGR-6.0%

Duluth Holdings held $16.3M in cash against $23.3M in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

Duluth Holdings had 3M shares outstanding in fiscal year 2026.

Margins & Returns

Gross Margin

53.4%

YoY+4.1pp

5Y CAGR+1.5pp

10Y CAGR-3.7pp

Duluth Holdings's gross margin was 53.4% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 4.1 percentage points from the prior year.

Operating Margin

-1.8%

YoY+4.1pp

5Y CAGR-5.6pp

10Y CAGR-11.4pp

Duluth Holdings's operating margin was -1.8% in fiscal year 2026, reflecting core business profitability. This is up 4.1 percentage points from the prior year.

Net Margin

-2.9%

YoY+4.1pp

5Y CAGR-5.0pp

10Y CAGR-11.9pp

Duluth Holdings's net profit margin was -2.9% in fiscal year 2026, showing the share of revenue converted to profit. This is up 4.1 percentage points from the prior year.

Return on Equity

-9.7%

YoY+16.3pp

5Y CAGR-16.7pp

10Y CAGR-39.5pp

Duluth Holdings's ROE was -9.7% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 16.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$7.6M

YoY-8.8%

5Y CAGR-8.3%

10Y CAGR+0.4%

Duluth Holdings invested $7.6M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 8.8% from the prior year.

DLTH Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$565.2M-9.8%	$626.6M-3.1%	$646.7M-1.0%	$653.3M-6.5%	$698.6M+9.4%	$638.8M
Cost of Revenue	$263.6M-17.1%	$318.1M-1.1%	$321.7M+3.8%	$309.9M-3.5%	$321.3M+4.6%	$307.3M
Gross Profit	$301.6M-2.2%	$308.5M-5.1%	$325.0M-5.4%	$343.4M-9.0%	$377.3M+13.8%	$331.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$310.5M-8.0%	$337.6M+0.9%	$334.5M-0.8%	$337.2M+1.2%	$333.2M+8.4%	$307.3M
Operating Income	-$10.2M+72.4%	-$36.9M-285.2%	-$9.6M-253.6%	$6.2M-85.9%	$44.1M+82.1%	$24.2M
Interest Expense	$5.2M+14.2%	$4.6M+9.6%	$4.2M+13.8%	$3.7M-22.6%	$4.7M-24.7%	$6.3M
Income Tax	$1.2M-50.0%	$2.4M+182.8%	-$2.9M-504.2%	$708K-92.8%	$9.9M+113.2%	$4.6M
Net Income	-$16.4M+62.5%	-$43.7M-340.1%	-$9.9M-530.7%	$2.3M-92.2%	$29.7M+118.8%	$13.6M
EPS (Diluted)	$-0.47+64.1%	$-1.31-336.7%	$-0.30-528.6%	$0.07-92.2%	$0.90+114.3%	$0.42

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$114.9M-12.8%	$131.7M+28.2%	$102.7M-59.8%	$255.3M+100.9%	$127.1M-10.3%	$141.6M+21.4%	$116.7M-52.5%	$245.6M
Cost of Revenue	$53.0M-11.2%	$59.7M+21.0%	$49.3M-64.9%	$140.5M+131.7%	$60.6M-10.3%	$67.6M+22.8%	$55.1M-56.7%	$127.2M
Gross Profit	$61.8M-14.1%	$72.0M+35.0%	$53.4M-53.5%	$114.7M+72.8%	$66.4M-10.3%	$74.0M+20.1%	$61.6M-48.0%	$118.4M
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-43.2%	$115.6M+40.5%	$82.3M+11.2%	$74.0M+4.8%	$70.6M-35.6%	$109.6M
Operating Income	-$8.8M-467.8%	$2.4M+119.4%	-$12.4M-1336.3%	-$860K+96.1%	-$22.1M-1280.8%	-$1.6M+82.2%	-$9.0M-201.4%	$8.9M
Interest Expense	$1.2M-16.2%	$1.5M-0.8%	$1.5M+77.6%	$834K-33.3%	$1.3M+26.6%	$988K-0.5%	$993K-11.6%	$1.1M
Income Tax	$0+100.0%	-$442K-134.8%	$1.3M+137.9%	-$3.3M-168.1%	$4.9M+1146.6%	-$470K+77.4%	-$2.1M-208.3%	$1.9M
Net Income	-$10.1M-901.0%	$1.3M+108.2%	-$15.3M-933.9%	$1.8M+106.5%	-$28.2M-1325.1%	-$2.0M+74.8%	-$7.9M-222.7%	$6.4M
EPS (Diluted)	$-0.29-825.0%	$0.04+108.9%	$-0.45	N/A	$-0.84-1300.0%	$-0.06+75.0%	$-0.24	N/A

DLTH Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$402.6M-13.2%	$463.7M-1.6%	$471.4M-3.5%	$488.4M-2.9%	$502.8M+4.3%	$482.2M
Current Assets	$172.1M-18.5%	$211.1M+23.2%	$171.4M-2.9%	$176.5M-17.6%	$214.1M+16.0%	$184.6M
Cash & Equivalents	$16.3M+90.5%	$8.6M+26.2%	$6.8M-26.2%	$9.2M-77.2%	$40.4M+54.9%	$26.1M
Inventory	$131.3M-25.4%	$176.1M+29.1%	$136.4M-5.9%	$145.0M-4.8%	$152.2M+5.6%	$144.2M
Accounts Receivable	$2.7M-36.2%	$4.2M-59.8%	$10.6M+64.2%	$6.4M+26.3%	$5.1M+99.3%	$2.6M
Goodwill	N/A	N/A	$402K0.0%	$402K0.0%	$402K0.0%	$402K
Total Liabilities	$236.5M-20.9%	$298.8M+16.7%	$256.1M-3.1%	$264.3M-6.1%	$281.4M-3.0%	$290.2M
Current Liabilities	$108.2M-31.0%	$157.0M+64.3%	$95.5M+8.7%	$87.9M-18.8%	$108.2M-2.3%	$110.7M
Long-Term Debt	$23.3M	N/A	N/A	N/A	N/A	N/A
Total Equity	$169.0M+0.7%	$167.9M-23.1%	$218.4M-4.0%	$227.3M+1.2%	$224.6M+15.5%	$194.4M
Retained Earnings	$61.3M-1.8%	$62.4M-46.2%	$115.9M-10.3%	$129.3M-0.2%	$129.6M+27.4%	$101.7M

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$468.0M+7.9%	$433.8M-6.4%	$463.7M+2.5%	$452.4M-15.1%	$533.1M+9.1%	$488.6M+3.7%	$471.4M-4.0%	$491.2M
Current Assets	$228.7M+23.0%	$185.9M-11.9%	$211.1M+10.2%	$191.6M-27.5%	$264.3M+27.8%	$206.9M+20.7%	$171.4M-5.3%	$181.0M
Cash & Equivalents	$8.2M+42.4%	$5.7M-33.1%	$8.6M+157.2%	$3.3M-64.3%	$9.3M-4.6%	$9.8M+43.9%	$6.8M-78.9%	$32.2M
Inventory	$192.2M+29.8%	$148.1M-15.9%	$176.1M+5.7%	$166.5M-28.0%	$231.4M+37.2%	$168.7M+23.7%	$136.4M+8.5%	$125.8M
Accounts Receivable	$5.3M-40.4%	$8.9M+109.4%	$4.2M+7.0%	$4.0M-9.7%	$4.4M-47.2%	$8.3M-21.3%	$10.6M+77.5%	$6.0M
Goodwill	N/A	N/A	N/A	N/A	$402K0.0%	$402K0.0%	$402K0.0%	$402K
Total Liabilities	$310.3M+16.3%	$266.7M-10.7%	$298.8M+9.6%	$272.8M-21.6%	$348.0M+26.1%	$275.9M+7.8%	$256.1M-5.7%	$271.5M
Current Liabilities	$177.7M+37.7%	$129.1M-17.8%	$157.0M+22.0%	$128.6M-36.8%	$203.6M+60.3%	$127.0M+33.0%	$95.5M-9.6%	$105.6M
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-8.1%	$182.7M-2.9%	$188.1M-12.8%	$215.7M-1.2%	$218.4M-2.0%	$222.8M
Retained Earnings	$53.6M-15.9%	$63.7M+2.0%	$62.4M-19.7%	$77.7M-7.1%	$83.7M-25.4%	$112.2M-3.2%	$115.9M-4.5%	$121.4M

DLTH Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$24.2M+242.9%	-$16.9M-143.7%	$38.7M+2870.3%	-$1.4M-101.5%	$92.0M+81.2%	$50.8M
Capital Expenditures	$7.6M-8.8%	$8.3M-83.0%	$49.1M+81.4%	$27.1M+161.4%	$10.4M-11.8%	$11.7M
Free Cash Flow	$16.6M+165.6%	-$25.2M-142.4%	-$10.4M+63.4%	-$28.5M-134.9%	$81.6M+109.3%	$39.0M
Investing Cash Flow	-$7.4M+9.2%	-$8.1M+83.3%	-$48.7M-81.3%	-$26.9M-164.8%	-$10.2M+16.3%	-$12.1M
Financing Cash Flow	-$3.8M-0.2%	-$3.8M-12.9%	-$3.3M-3.5%	-$3.2M+93.7%	-$51.4M-907.4%	$6.4M
Dividends Paid	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

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	-$6.7M-120.9%	$32.0M+156.7%	-$56.5M-237.0%	$41.2M+200.3%	-$41.1M-347.2%	$16.6M+149.3%	-$33.7M-148.3%	$69.7M
Capital Expenditures	$2.3M+1.0%	$2.2M+68.2%	$1.3M-47.1%	$2.5M-4.3%	$2.6M+58.6%	$1.7M+8.7%	$1.5M-83.3%	$9.1M
Free Cash Flow	-$8.9M-130.0%	$29.8M+151.5%	-$57.8M-249.4%	$38.7M+188.5%	-$43.7M-392.2%	$15.0M+142.5%	-$35.2M-158.1%	$60.6M
Investing Cash Flow	-$2.2M-1.0%	-$2.2M-70.9%	-$1.3M+48.1%	-$2.5M+4.5%	-$2.6M-60.3%	-$1.6M-8.9%	-$1.5M+83.4%	-$8.9M
Financing Cash Flow	$11.3M+134.6%	-$32.7M-151.9%	$63.0M+240.8%	-$44.7M-203.6%	$43.2M+459.5%	-$12.0M-222.8%	$9.8M+126.6%	-$36.8M
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	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	53.4%+4.1pp	49.2%-1.0pp	50.2%-2.3pp	52.6%-1.4pp	54.0%+2.1pp	51.9%
Operating Margin	-1.8%+4.1pp	-5.9%-4.4pp	-1.5%-2.4pp	0.9%-5.4pp	6.3%+2.5pp	3.8%
Net Margin	-2.9%+4.1pp	-7.0%-5.4pp	-1.5%-1.9pp	0.4%-3.9pp	4.3%+2.1pp	2.1%
Return on Equity	-9.7%+16.3pp	-26.0%-21.5pp	-4.5%-5.5pp	1.0%-12.2pp	13.2%+6.2pp	7.0%
Return on Assets	-4.1%+5.4pp	-9.4%-7.3pp	-2.1%-2.6pp	0.5%-5.4pp	5.9%+3.1pp	2.8%
Current Ratio	1.59+0.2	1.35-0.4	1.79-0.2	2.01+0.0	1.98+0.3	1.67
Debt-to-Equity	0.14-1.6	1.78+0.6	1.17+0.0	1.16-0.1	1.25-0.2	1.49
FCF Margin	2.9%+7.0pp	-4.0%-2.4pp	-1.6%+2.8pp	-4.4%-16.0pp	11.7%+5.6pp	6.1%

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	53.8%-0.8pp	54.7%+2.7pp	51.9%+7.0pp	45.0%-7.3pp	52.3%+0.0pp	52.3%-0.6pp	52.8%+4.6pp	48.2%
Operating Margin	-7.7%-9.5pp	1.8%+13.9pp	-12.0%-11.7pp	-0.3%+17.0pp	-17.4%-16.2pp	-1.1%+6.6pp	-7.7%-11.3pp	3.6%
Net Margin	-8.8%-9.8pp	1.0%+15.8pp	-14.9%-15.6pp	0.7%+22.9pp	-22.2%-20.8pp	-1.4%+5.4pp	-6.8%-9.4pp	2.6%
Return on Equity	-6.3%-7.0pp	0.7%+9.8pp	-9.1%-10.1pp	1.0%+16.0pp	-15.0%-14.1pp	-0.9%+2.7pp	-3.6%-6.5pp	2.9%
Return on Assets	-2.2%-2.5pp	0.3%+3.6pp	-3.3%-3.7pp	0.4%+5.7pp	-5.3%-4.9pp	-0.4%+1.3pp	-1.7%-3.0pp	1.3%
Current Ratio	1.29-0.2	1.44+0.1	1.35-0.1	1.49+0.2	1.30-0.3	1.63-0.2	1.79+0.1	1.71
Debt-to-Equity	1.93+0.4	1.57-0.2	1.78+0.3	1.49-0.4	1.85+0.6	1.28+0.1	1.17-0.0	1.22
FCF Margin	-7.8%-30.4pp	22.6%+78.9pp	-56.3%-71.4pp	15.2%+49.6pp	-34.4%-45.0pp	10.6%+40.7pp	-30.2%-54.8pp	24.6%

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Frequently Asked Questions

What is Duluth Holdings's annual revenue?

Duluth Holdings (DLTH) reported $565.2M in total revenue for fiscal year 2026. This represents a -9.8% 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 9.8% year-over-year, from $626.6M to $565.2M in fiscal year 2026.

Is Duluth Holdings profitable?

No, Duluth Holdings (DLTH) reported a net income of -$16.4M in fiscal year 2026, with a net profit margin of -2.9%.

What is Duluth Holdings's EBITDA?

Duluth Holdings (DLTH) had EBITDA of $15.3M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Duluth Holdings have?

As of fiscal year 2026, Duluth Holdings (DLTH) had $16.3M in cash and equivalents against $23.3M in long-term debt.

What is Duluth Holdings's gross margin?

Duluth Holdings (DLTH) had a gross margin of 53.4% in fiscal year 2026, 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 -1.8% in fiscal year 2026, 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 -2.9% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

What is Duluth Holdings's return on equity (ROE)?

Duluth Holdings (DLTH) has a return on equity of -9.7% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Duluth Holdings's free cash flow?

Duluth Holdings (DLTH) generated $16.6M in free cash flow during fiscal year 2026. This represents a 165.6% 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 $24.2M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Duluth Holdings's total assets?

Duluth Holdings (DLTH) had $402.6M in total assets as of fiscal year 2026, including both current and long-term assets.

What are Duluth Holdings's capital expenditures?

Duluth Holdings (DLTH) invested $7.6M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

How many shares does Duluth Holdings have outstanding?

Duluth Holdings (DLTH) had 3M shares outstanding as of fiscal year 2026.

What is Duluth Holdings's current ratio?

Duluth Holdings (DLTH) had a current ratio of 1.59 as of fiscal year 2026, which is generally considered healthy.

What is Duluth Holdings's debt-to-equity ratio?

Duluth Holdings (DLTH) had a debt-to-equity ratio of 0.14 as of fiscal year 2026, 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 -4.1% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Duluth Holdings's Piotroski F-Score?

Duluth Holdings (DLTH) has a Piotroski F-Score of 6 out of 9, indicating neutral 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 -1.47x, considered mixed quality. 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 -2.0x, 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 32 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.