Duluth Holdings Inc DLTH

Consumer DiscretionaryTextiles & ApparelUnited States of America

Last close 4.38 USD on Nov 2, 2026, +110.6% year to date

Quant rating

Quant rating B Rank 74 of 344 in Consumer Discretionary

Growth D 300 of 344
Valuation B 66 of 344
Quality C 218 of 344
Revisions A 28 of 344
Momentum B 70 of 344

Wall Street consensus Hold (3.00)Average target 5.00 USD +14.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 166M
Enterprise value: 190M
52-week range: 2.03 – 5.08
3-year range: 1.67 – 5.73
Dividend yield: –
Beta (5 years): 1.34
Shares outstanding: 38.0M
Next earnings: Dec 10, 2026

About the company

Duluth Holdings Inc. is a lifestyle brand of men’s and women’s workwear, casual wear, outdoor apparel, and accessories sold primarily through the Company’s own omnichannel platform. The Company’s product assortment includes shirts, pants, shorts, underwear, outerwear, footwear, accessories, and hard goods. Its products feature proprietary designs and distinct names, such as its Longtail T shirts, Buck Naked underwear, Fire Hose work pants, and No-Yank Tank. The Company’s product assortment appeals to its customers for their everyday and on-the-job use. The Company’s omnichannel services include order-in-store, buy-online-pickup-in-store, and ship-from-store as well as retail store and mobile shopping experiences. The Company’s products are marketed under the Duluth Trading Company brand, with many of the products being exclusively developed and sold as Duluth Trading branded merchandise. The Company operates over 62 retail stores and three outlet stores.

Growth and profitability

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	565	627	647	653	699	–
Revenue growth	−9.8%	−3.1%	−1.0%	−6.5%	9.4%	−2.4%
EPS (basic, normalized)	−0.43	−0.70	−0.28	0.07	0.90	–
EPS growth	–	–	–	−92.2%	–	–
Gross margin	53.4%	49.2%	50.3%	52.6%	54.0%	51.9%
Net margin	−2.9%	−7.0%	−1.5%	0.4%	4.3%	−1.4%
ROE	−9.3%	−21.5%	−4.4%	1.0%	14.2%	−4.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	26.8
Current ratio	1.88x
Long-term debt (mil)	49.4
Net debt (mil)	23.6
Total equity (mil)	178
Net debt / equity	0.13x
Net debt / EBITDA	0.95x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	565	−9.8%	0.3x	24.9	+20.4%	7.6x	−0.43	+39.0%	−10.2x
2027	547	−3.3%	0.3x	29.9	+20.2%	6.3x	0.11	+125.6%	39.8x
2028	564	+3.1%	0.3x	36.6	+22.2%	5.2x	−0.03	−122.7%	−175.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	547	0.0%	−0.6%	+0.4%	0.11	0.0%	+150.0%	+133.8%
2028	564	0.0%	−0.5%	+0.7%	−0.03	0.0%	+28.6%	+79.2%
2029	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	117	142	127	241	103	132	115	252	98.6	121
Sales mean (mil)	118	130	135	253	106	124	119	211	93.7	120
Surprise	−1.5%	+8.9%	−5.7%	−4.6%	−3.6%	+6.5%	−3.1%	+19.6%	+5.2%	+1.2%
EPS reported	−0.24	−0.02	−0.41	−0.04	−0.32	0.03	−0.23	0.23	−0.20	0.50
EPS mean	−0.15	−0.15	−0.32	0.11	−0.40	−0.12	−0.46	0.14	−0.39	−0.01
Surprise	−63.6%	+86.7%	−28.1%	−138.8%	+20.0%	−126.1%	+50.0%	+58.6%	+48.7%	−5,100.0%

Peer comparison Textiles & Apparel

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DLTH Duluth Holdings Inc	166M	0.95x	−2.9%	0.94x	39.8x	−175.2x	6.3x	5.2x
ONON On Holding AG	11.9B	−1.22x	6.8%	5.08x	20.6x	17.6x	13.0x	10.8x
UAA Under Armour Inc	2.2B	0.90x	−10.0%	1.58x	48.3x	27.6x	9.6x	9.0x
LITB LightInthebox Holding Co., Ltd	54M	–	3.7%	−48.43x	5.3x	4.6x	3.4x	2.9x
TLF Tandy Leather Factory Inc	18M	–	11.9%	0.39x	–	–	–	–
BGICF Birks Group Inc.	4M	–	−1.7%	−0.28x	–	–	–	–
Mean		0.21x	1.3%	−6.79x	28.5x	−31.3x	8.1x	7.0x
Median		0.90x	1.0%	0.66x	30.2x	11.1x	8.0x	7.1x

Technical analysis

1M+11.5%
3M+7.4%
1Y+59.3%
3Y−10.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Duluth Holdings Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	565	627	647	653	699	639
Cost of revenue	264	318	322	310	321	307
Gross profit	302	309	325	343	377	332
Selling, general & administrative expenses	308	335	331	334	330	304
Research & development	–	–	–	–	–	–
Depreciation/amortization	2.9	3.1	3.4	3.4	3.4	2.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1.2	7.7	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	−10.2	−36.9	−9.6	6.2	44.1	24.2
Net interest income (expense)	−5.2	−4.6	−4.2	−3.7	−4.7	−6.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.3	0.2	0.9	0.4	0.1	0.1
Net income before taxes	−15.1	−41.2	−12.8	3.0	39.4	18.0
Provision for taxes	1.2	2.4	−2.9	0.7	9.9	4.6
Minority interest	−0.1	−0.1	0	0.1	0.2	0.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−16.4	−43.7	−9.9	2.3	29.7	13.6
Extraordinary items	–	–	–	–	–	–
Net income	−16.4	−43.7	−9.9	2.3	29.7	13.6
EBIT, normalized	−8.4	−26.1	−9.6	6.2	44.1	24.2
EBITDA, normalized	21.1	5.9	22.0	36.5	72.8	51.5
Basic EPS, normalized	−0.43	−0.70	−0.28	0.07	0.90	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Duluth Holdings Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	16.3	3.3	32.2	45.5	77.1	46.6
Receivables	4.7	6.3	9.3	8.4	7.7	5.3
Total inventory	131	167	126	155	123	149
Prepaid expenses	15.5	15.5	13.7	12.8	15.1	7.7
Other current assets	4.2	0	0	0	0	1.0
Total current assets	172	192	181	222	223	210
Property, plant & equipment	216	247	294	292	281	295
Goodwill	–	0	0.4	0.4	0.4	0.4
Intangibles	8.7	0.4	0.4	0.5	0.2	0.3
Long-term investments	4.8	4.5	5.0	5.5	6.6	6.1
Note receivable	–	–	–	–	–	–
Other long-term assets	1.3	8.7	9.9	7.9	4.7	3.3
Total assets	403	452	491	527	516	515
Liabilities
Accounts payable	48.2	73.9	51.1	56.5	45.4	33.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	45.2	40.2	40.2	39.9	48.8	38.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	3.7	3.5	4.0	3.6	3.4	5.8
Other current liabilities	11.1	11.1	10.3	18.3	18.4	18.0
Total current liabilities	108	129	106	118	116	95.7
Long-term debt	51.3	54.9	59.4	63.3	66.9	116
Minority interest	−2.9	−3.0	−3.1	−3.2	−3.2	−3.0
Other liabilities	77.0	89.2	106	119	110	112
Total liabilities	234	270	268	297	290	321
Shareholders' equity
Preferred stock	0	–	–	0	0	0
Common stock	111	108	104	98.8	95.5	92.9
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	61.3	77.7	121	133	131	101
Treasury stock	−2.9	−2.3	−1.7	−1.5	−1.0	−0.6
Other equity	−0.2	−0.7	−0.4	−0.1	0.5	0
Total equity	169	183	223	230	226	193
Total liabilities & shareholders' equity	403	452	491	527	516	515

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Duluth Holdings Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−16.2	−43.6	−9.4	2.2	29.6	13.4
Depreciation, depletion & amortization	25.5	32.3	32.2	30.8	29.2	28.5
Deferred taxes	1.0	1.8	−2.2	−1.4	−5.5	−0.3
Non-cash items	−2.9	1.3	4.1	−2.0	−2.1	−2.1
Changes in working capital	16.9	−8.7	13.9	−31.0	40.8	11.2
Cash from operations	24.2	−16.9	38.7	−1.4	92.0	50.8
Investing activities
Capital expenditures	−7.6	−8.3	−49.1	−27.1	−10.4	−11.7
Other investing cash flows	0.2	0.2	0.4	0.2	0.2	−0.4
Cash from investing	−7.4	−8.1	−48.7	−26.9	−10.2	−12.1
Financing activities
Financing cash flow items	−0.3	−0.2	0.3	0.2	0.1	−0.1
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3.5	−3.6	−3.6	−3.4	−51.4	6.5
Cash from financing	−3.8	−3.8	−3.3	−3.2	−51.4	6.4
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	13.0	−28.8	−13.4	−31.5	30.5	45.0
Free cash flow	16.6	−25.2	−10.4	−28.5	81.6	39.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.