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 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).
Inventory release and expense cuts restored cash generation, but sales shrinkage still keeps Duluth below break-even.
FY2026's-$16.4M net loss still produced$24.2M of operating cash flow, a sign that reported earnings and near-term cash moved in different directions. Inventory fell from$176.1M to$131.3M , so the return to free cash flow came largely from releasing cash from merchandise; that is a working-capital repair, not yet a full restoration of underlying profitability.
Revenue fell to
Liquidity improved as cash ended FY2026 at
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Duluth Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
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 23/100, suggesting thin profitability after operating expenses. This is up from -5.9% the prior year.
Duluth Holdings's revenue declined 9.8% year-over-year, from $626.6M to $565.2M. This contraction results in a growth score of 15/100.
Duluth Holdings has a moderate D/E ratio of 1.41. This balance of debt and equity financing earns a leverage score of 39/100.
Duluth Holdings's current ratio of 1.62 indicates adequate short-term liquidity, earning a score of 45/100. The company can meet its near-term obligations, though with limited headroom.
Duluth Holdings's free cash flow margin of 2.9% results in a low score of 28/100. Capital expenditures of $7.6M absorb a large share of operating cash flow.
Duluth Holdings generates a -10.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 19/100. This is up from -26.0% the prior year.
Duluth Holdings scores 2.19, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Duluth Holdings passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.
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.
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
Earnings & Revenue
Duluth Holdings generated $565.2M in revenue in fiscal year 2026. This represents a decrease of 9.8% from the prior year.
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.
Duluth Holdings reported -$16.4M in net income in fiscal year 2026. This represents an increase of 62.5% from the prior year.
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
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.
Duluth Holdings held $6.1M in cash against $0 in long-term debt as of fiscal year 2026.
Margins & Returns
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.
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.
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.
Duluth Holdings's ROE was -10.3% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 15.7 percentage points from the prior year.
Capital Allocation
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 | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $98.6M-55.2% | $220.0M+91.5% | $114.9M-12.8% | $131.7M+28.2% | $102.7M-59.8% | $255.3M+100.9% | $127.1M-10.3% | $141.6M |
| Cost of Revenue | $42.0M-61.5% | $108.9M+105.4% | $53.0M-11.2% | $59.7M+21.0% | $49.3M-64.9% | $140.5M+131.7% | $60.6M-10.3% | $67.6M |
| Gross Profit | $56.6M-49.0% | $111.1M+79.7% | $61.8M-14.1% | $72.0M+35.0% | $53.4M-53.5% | $114.7M+72.8% | $66.4M-10.3% | $74.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $61.8M-43.5% | $109.3M+54.6% | $70.7M+2.8% | $68.8M+5.5% | $65.2M-43.9% | $116.2M+41.1% | $82.3M+11.2% | $74.0M |
| Operating Income | -$9.2M-267.7% | $5.5M+162.3% | -$8.8M-467.8% | $2.4M+119.4% | -$12.4M-1336.3% | -$860K+96.1% | -$22.1M-1280.8% | -$1.6M |
| Interest Expense | $790K-53.9% | $1.7M+39.1% | $1.2M-16.2% | $1.5M-0.8% | $1.5M+77.6% | $834K-33.3% | $1.3M+26.6% | $988K |
| Income Tax | $120K-92.0% | $1.5M | $0+100.0% | -$442K-134.8% | $1.3M+137.9% | -$3.3M-168.1% | $4.9M+1146.6% | -$470K |
| Net Income | -$10.1M-495.7% | $2.6M+125.3% | -$10.1M-901.0% | $1.3M+108.2% | -$15.3M-933.9% | $1.8M+106.5% | -$28.2M-1325.1% | -$2.0M |
| EPS (Diluted) | $-0.29 | N/A | $-0.29-825.0% | $0.04+108.9% | $-0.45 | N/A | $-0.84-1300.0% | $-0.06 |
DLTH Balance Sheet
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $380.6M-5.5% | $402.6M-14.0% | $468.0M+7.9% | $433.8M-6.4% | $463.7M+2.5% | $452.4M-15.1% | $533.1M+9.1% | $488.6M |
| Current Assets | $163.1M-5.2% | $172.1M-24.8% | $228.7M+23.0% | $185.9M-11.9% | $211.1M+10.2% | $191.6M-27.5% | $264.3M+27.8% | $206.9M |
| Cash & Equivalents | $6.1M-62.5% | $16.3M+100.0% | $8.2M+42.4% | $5.7M-33.1% | $8.6M+157.2% | $3.3M-64.3% | $9.3M-4.6% | $9.8M |
| Inventory | $132.4M+0.8% | $131.3M-31.7% | $192.2M+29.8% | $148.1M-15.9% | $176.1M+5.7% | $166.5M-28.0% | $231.4M+37.2% | $168.7M |
| Accounts Receivable | $1.8M-35.3% | $2.7M-48.9% | $5.3M-40.4% | $8.9M+109.4% | $4.2M+7.0% | $4.0M-9.7% | $4.4M-47.2% | $8.3M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | $402K0.0% | $402K |
| Total Liabilities | $224.1M-5.2% | $236.5M-23.8% | $310.3M+16.3% | $266.7M-10.7% | $298.8M+9.6% | $272.8M-21.6% | $348.0M+26.1% | $275.9M |
| Current Liabilities | $100.8M-6.9% | $108.2M-39.1% | $177.7M+37.7% | $129.1M-17.8% | $157.0M+22.0% | $128.6M-36.8% | $203.6M+60.3% | $127.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $159.4M-5.7% | $169.0M+5.2% | $160.6M-5.5% | $170.0M+1.3% | $167.9M-8.1% | $182.7M-2.9% | $188.1M-12.8% | $215.7M |
| Retained Earnings | $51.2M-16.5% | $61.3M+14.5% | $53.6M-15.9% | $63.7M+2.0% | $62.4M-19.7% | $77.7M-7.1% | $83.7M-25.4% | $112.2M |
DLTH Cash Flow Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.4M-124.3% | $55.3M+927.8% | -$6.7M-120.9% | $32.0M+156.7% | -$56.5M-237.0% | $41.2M+200.3% | -$41.1M-347.2% | $16.6M |
| Capital Expenditures | $1.8M+0.7% | $1.8M-21.9% | $2.3M+1.0% | $2.2M+68.2% | $1.3M-47.1% | $2.5M-4.3% | $2.6M+58.6% | $1.7M |
| Free Cash Flow | -$15.2M-128.4% | $53.5M+698.6% | -$8.9M-130.0% | $29.8M+151.5% | -$57.8M-249.4% | $38.7M+188.5% | -$43.7M-392.2% | $15.0M |
| Investing Cash Flow | -$1.7M-0.8% | -$1.7M+22.6% | -$2.2M-1.0% | -$2.2M-70.9% | -$1.3M+48.1% | -$2.5M+4.5% | -$2.6M-60.3% | -$1.6M |
| Financing Cash Flow | $4.9M+110.9% | -$45.4M-501.1% | $11.3M+134.6% | -$32.7M-151.9% | $63.0M+240.8% | -$44.7M-203.6% | $43.2M+459.5% | -$12.0M |
| 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 | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.4%+6.9pp | 50.5%-3.3pp | 53.8%-0.8pp | 54.7%+2.7pp | 51.9%+7.0pp | 45.0%-7.3pp | 52.3%+0.0pp | 52.3% |
| Operating Margin | -9.4%-11.9pp | 2.5%+10.2pp | -7.7%-9.5pp | 1.8%+13.9pp | -12.0%-11.7pp | -0.3%+17.0pp | -17.4%-16.2pp | -1.1% |
| Net Margin | -10.3%-11.4pp | 1.2%+10.0pp | -8.8%-9.8pp | 1.0%+15.8pp | -14.9%-15.6pp | 0.7%+22.9pp | -22.2%-20.8pp | -1.4% |
| Return on Equity | -6.3%-7.8pp | 1.5%+7.8pp | -6.3%-7.0pp | 0.7%+9.8pp | -9.1%-10.1pp | 1.0%+16.0pp | -15.0%-14.1pp | -0.9% |
| Return on Assets | -2.6%-3.3pp | 0.6%+2.8pp | -2.2%-2.5pp | 0.3%+3.6pp | -3.3%-3.7pp | 0.4%+5.7pp | -5.3%-4.9pp | -0.4% |
| Current Ratio | 1.62+0.0 | 1.59+0.3 | 1.29-0.2 | 1.44+0.1 | 1.35-0.1 | 1.49+0.2 | 1.30-0.3 | 1.63 |
| Debt-to-Equity | 1.410.0 | 1.40-0.5 | 1.93+0.4 | 1.57-0.2 | 1.78+0.3 | 1.49-0.4 | 1.85+0.6 | 1.28 |
| FCF Margin | -15.4%-39.7pp | 24.3%+32.1pp | -7.8%-30.4pp | 22.6%+78.9pp | -56.3%-71.4pp | 15.2%+49.6pp | -34.4%-45.0pp | 10.6% |
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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.
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 -10.3% 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 $380.6M 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.
What is Duluth Holdings's current ratio?
Duluth Holdings (DLTH) had a current ratio of 1.62 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 1.41 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 -4.3% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Duluth Holdings's Altman Z-Score?
Duluth Holdings (DLTH) has an Altman Z-Score of 2.19, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Duluth Holdings's Piotroski F-Score?
Duluth Holdings (DLTH) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 28 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.