A Business at a Glance
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DULUTH HOLDINGS INC.
DLTH
$146M
Mkt Cap
$4.20
+0.00%
DULUTH HOLDINGS INC. (DLTH) has a 5-year average return on invested capital (ROIC) of -2.1%. This is below average and may indicate limited pricing power.
DULUTH HOLDINGS INC. (DLTH) has a market capitalization of $14M. It is classified as a small-cap stock.
DULUTH HOLDINGS INC. (DLTH) does not currently pay a regular dividend.
DULUTH HOLDINGS INC. (DLTH) operates in the Retail-Apparel & Accessory Stores industry, within the Consumer Cyclical sector.
DULUTH HOLDINGS INC. (DLTH) reported annual revenue of $565 million in its most recent fiscal year, based on SEC EDGAR filings.
DULUTH HOLDINGS INC. (DLTH) has a net profit margin of -2.9%. The company is currently unprofitable.
DULUTH HOLDINGS INC. (DLTH) generated $17 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Unless the context indicates otherwise, the terms the “Company,” “Duluth,” “Duluth Trading,” “Duluth Holdings,” “Duluth Trading Company,” “Duluth Trading Co.,” “we,” “our” or “us” are used to refer to Duluth Holdings Inc. The following discussion contains references to fiscal years 2024 and 2023, which refer to our fiscal years ended February 2, 2025 and January 28, 2024, respectively. Fiscal year 2024 was a 53-week period and 2023 was a 52-week period. Duluth Trading is a lifestyle brand of men’s and women’s workwear, casual wear, outdoor apparel and accessories primarily sold through our own omnichannel platform. We offer products nationwide through our website. In 2010, we initiated our omnichannel platform with the opening of our first store. Since then, we have expanded our retail presence, and as of February 2, 2025, we operated 62 retail stores and three outlet stores.
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 591M | 565M | 627M | 647M | 653M | 699M |
| Net Income | -28M | -16M | -44M | -9.9M | 2.3M | 30M |
| EPS | $-0.81 | $-0.47 | $-1.31 | $-0.30 | $0.07 | $0.90 |
| Free Cash Flow | 1.7M | 17M | -25M | -10M | -28M | 82M |
| ROIC | -10.5% | -8.0% | -18.6% | -3.8% | 2.3% | 17.6% |
| Gross Margin | 49.7% | 53.4% | 49.2% | 50.3% | 52.6% | 54.0% |
| Debt/Equity | 0.00 | 0.73 | 0.18 | 0.17 | 0.17 | 0.19 |
| Dividends/Share | $0.00 | $0.00 | - | - | - | - |
| Operating Income | -20M | -10M | -37M | -9.6M | 6.2M | 44M |
| Operating Margin | -3.4% | -1.8% | -5.9% | -1.5% | 1.0% | 6.3% |
| ROE | -17.2% | -9.3% | -21.5% | -4.4% | 1.0% | 14.2% |
| Shares Outstanding | 3M | 35M | 33M | 33M | 33M | 33M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 232M | 304M | 376M | 471M | 568M | 616M | 639M | 699M | 653M | 647M | 627M | 565M | 591M |
| Gross Margin | 56.5% | 57.0% | 56.9% | 55.4% | 54.6% | 53.3% | 51.9% | 54.0% | 52.6% | 50.3% | 49.2% | 53.4% | 49.7% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 107M | 144M | 179M | 224M | 273M | 300M | 307M | 333M | 337M | 335M | 338M | 311M | 311M |
| EBIT | 24M | 29M | 35M | 37M | 37M | 28M | 24M | 44M | 6.2M | -9.6M | -37M | -10M | -20M |
| Op. Margin | 10.4% | 9.6% | 9.3% | 7.9% | 6.5% | 4.6% | 3.8% | 6.3% | 1.0% | -1.5% | -5.9% | -1.8% | -3.4% |
| Net Income | 24M | 27M | 21M | 23M | 23M | 19M | 14M | 30M | 2.3M | -9.9M | -44M | -16M | -28M |
| Net Margin | 10.2% | 9.0% | 5.7% | 5.0% | 4.1% | 3.1% | 2.1% | 4.3% | 0.4% | -1.5% | -7.0% | -2.9% | -4.7% |
| Non-Recurring | -4K | -5K | -3K | -2K | -162K | 0 | -324K | -398K | -1.4M | -130K | 7.3M | 1.1M | 1.1M |
| Returns on Capital | |||||||||||||
| ROIC | 82.7% | 62.4% | 30.3% | 22.8% | 17.2% | 11.1% | 9.2% | 17.6% | 2.3% | -3.8% | -18.6% | -8.0% | -10.5% |
| ROE | 69.5% | 43.7% | 21.3% | 18.9% | 15.6% | 11.2% | 7.3% | 14.2% | 1.0% | -4.4% | -21.5% | -9.3% | -17.2% |
| ROA | 66.6% | 28.6% | 15.4% | 12.3% | 8.9% | 4.9% | 2.7% | 5.8% | 0.4% | -1.9% | -9.3% | -3.8% | -5.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 23M | 14M | 20M | 30M | 31M | 8.3M | 51M | 92M | -1.4M | 39M | -17M | 24M | 10M |
| Free Cash Flow | 17M | 6.9M | -8.4M | -17M | -22M | -16M | 39M | 82M | -28M | -10M | -25M | 17M | 1.7M |
| Owner Earnings | 21M | 11M | 14M | 21M | -4.8M | -46M | -27M | 61M | -35M | 2.3M | -53M | -3.8M | -18M |
| CapEx | 5.3M | 7.3M | 29M | 46M | 53M | 24M | 12M | 10M | 27M | 49M | 8.3M | 7.6M | 8.3M |
| Maint. CapEx | 1.8M | 2.8M | 4.7M | 7.3M | 34M | 53M | 76M | 29M | 31M | 32M | 32M | 25M | 25M |
| Growth CapEx | 3.4M | 4.5M | 24M | 39M | 19M | 0 | 0 | 0 | 0 | 17M | 0 | 0 | 0 |
| D&A | 1.8M | 2.8M | 4.7M | 7.3M | 34M | 53M | 76M | 29M | 31M | 32M | 32M | 25M | 25M |
| CapEx/OCF | N/A | 51.4% | 141.6% | 155.6% | 170.6% | 292.7% | 23.1% | 11.3% | N/A | 126.9% | N/A | N/A | 82.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 74K | 720K | 1.2M | 1.6M | 1.7M | 647K | 1.6M | 2.2M | 2.7M | 4.2M | 4.0M | 2.5M | 2.5M |
| Debt Repayment | 927K | 47M | 4.2M | 54K | 416K | 495K | 483K | 623K | 692K | 767K | 846K | 930K | 930K |
| Balance Sheet | |||||||||||||
| Net Debt | -2.8M | -33M | -25M | -5.6M | 26M | 26M | -6.8M | -41M | -11M | 282K | 25M | 102M | -8.2M |
| Cash & Equiv. | 7.9M | 38M | 25M | 7.1M | 3.1M | 2.2M | 47M | 77M | 46M | 32M | 3.3M | 16M | 8.2M |
| Long-Term Debt | 4.3M | 4.3M | 35K | 1.4M | 28M | 28M | 43M | 40M | 37M | 34M | 31M | 28M | 28M |
| Debt/Equity | 0.14 | 0.06 | 0.01 | 0.01 | 0.18 | 0.16 | 0.24 | 0.19 | 0.17 | 0.17 | 0.18 | 0.73 | 0.00 |
| Interest Coverage | 70.5 | 95.3 | 180.4 | 18.6 | 6.2 | 6.3 | 3.9 | 9.3 | 1.7 | -2.3 | -8.1 | -2.0 | -2.0 |
| Equity | 37M | 89M | 111M | 136M | 160M | 178M | 193M | 226M | 230M | 223M | 183M | 169M | 161M |
| Total Assets | 71M | 121M | 156M | 223M | 295M | 474M | 515M | 516M | 527M | 491M | 452M | 403M | 468M |
| Total Liabilities | 33M | 30M | 42M | 84M | 135M | 298M | 324M | 293M | 300M | 271M | 273M | 236M | 33M |
| Intangibles | N/A | 127K | 183K | 198K | 2.1M | 283K | 264K | 246K | 450K | 436K | 414K | 397K | 397K |
| Retained Earnings | 36M | 3.4M | 25M | 48M | 71M | 88M | 101M | 131M | 133M | 121M | 78M | 61M | 61M |
| Working Capital | 26M | 74M | 66M | 52M | 66M | 82M | 114M | 107M | 103M | 75M | 63M | 64M | 64M |
| Current Assets | 53M | 98M | 101M | 102M | 118M | 162M | 210M | 223M | 222M | 181M | 192M | 172M | 172M |
| Current Liabilities | 28M | 25M | 35M | 50M | 53M | 80M | 96M | 116M | 118M | 106M | 129M | 108M | 108M |
| Per Share Data | |||||||||||||
| EPS | 0.99 | 1.06 | N/A | N/A | N/A | 0.58 | 0.42 | 0.90 | 0.07 | -0.30 | -1.31 | -0.47 | -0.81 |
| Owner EPS | 0.87 | 0.41 | N/A | N/A | N/A | -1.40 | -0.83 | 1.83 | -1.06 | 0.07 | -1.60 | -0.11 | -5.32 |
| Book Value | 1.54 | 3.43 | N/A | N/A | N/A | 5.46 | 5.98 | 6.84 | 7.00 | 6.74 | 5.48 | 4.85 | 47.73 |
| Cash Flow/Share | 0.95 | 0.55 | N/A | N/A | N/A | 0.26 | 1.57 | 2.79 | -0.04 | 1.17 | -0.51 | 0.69 | -0.65 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 |
| Shares Out. | 23.9M | 25.9M | N/A | N/A | N/A | 32.6M | 32.3M | 33.0M | 32.9M | 33.1M | 33.3M | 34.9M | 3.4M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 20.5 | 32.2 | 23.5 | 35.9 | 11.8 | 33.3 | 15.5 | 85.9 | N/A | N/A | N/A | -5.2 |
| P/FCF | N/A | 64.9 | N/A | N/A | N/A | N/A | 11.6 | 5.6 | N/A | N/A | N/A | N/A | 8.1 |
| EV/EBIT | N/A | 19.4 | 19.7 | 14.9 | 22.8 | 9.2 | 18.5 | 9.6 | 30.4 | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 6.3 | 6.2 | 4.0 | 5.2 | 1.3 | 2.3 | 2.0 | 0.9 | 0.7 | 0.5 | N/A | 0.1 |
| Price/Sales | N/A | 1.6 | 2.2 | 1.3 | 1.4 | 0.7 | 0.5 | 0.7 | 0.5 | 0.3 | 0.2 | N/A | 0.0 |
| FCF Yield | N/A | 1.2% | -1.2% | -3.0% | -2.6% | -7.2% | 8.6% | 17.8% | -14.4% | -6.6% | -27.5% | N/A | 12.3% |
| Market Cap | N/A | 562M | 687M | 549M | 831M | 224M | 452M | 460M | 198M | 159M | 92M | 0 | 14M |
| Avg. Price | N/A | 15.28 | 25.35 | 19.07 | 24.18 | 12.53 | 9.57 | 15.60 | 9.23 | 5.84 | 3.76 | 0.00 | 4.20 |
| Year-End Price | N/A | 17.31 | 21.09 | 16.82 | 25.40 | 6.86 | 13.98 | 13.93 | 6.01 | 4.80 | 2.75 | 0.00 | 4.20 |
DULUTH HOLDINGS INC. passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 8.1x vs a median of 8.6x. The company's 5-year average gross margin is 51.9%. At current prices, the estimated annualized return to fair value is +76.4%.
DULUTH HOLDINGS INC. (DLTH) has a debt-to-equity ratio of 0.73. This indicates moderate leverage.
DULUTH HOLDINGS INC. (DLTH) reported earnings per share (EPS) of $-0.47 in its most recent fiscal year.
DULUTH HOLDINGS INC. (DLTH) has a return on equity (ROE) of -9.3%. A negative ROE may indicate losses or negative equity.
DULUTH HOLDINGS INC. (DLTH) has a 5-year average gross margin of 51.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 13 years of financial data for DULUTH HOLDINGS INC. (DLTH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DULUTH HOLDINGS INC. (DLTH) has a book value per share of $4.85, based on its most recent annual SEC filing.