Duluth Holdings Inc.
DLTH Nasdaq Retail-Apparel & Accessory Stores Financials FY2017–FY2026
Revenue
Total sales reported in the income statement.
$565M
9.8%
vs prior year
Operating margin
Operating income as a share of revenue.
−1.8%
4.1 pts
Net income
Profit after all expenses, interest and tax.
−$16.4M
Free cash flow
Cash from operations minus capital spending.
$16.6M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.15 EPS (TTM)
What Duluth Holdings Inc. does
No business description yet.
- Legal name
- DULUTH HOLDINGS INC.
- Fiscal year ends
- February 1, 2026
- Latest annual report
- 10-K · Mar 20, 2026
- Accession · CIK
- 0001193125-26-117508
0001649744
Revenue and margins
Duluth Holdings Inc. had $565M of revenue in fiscal 2026, down 9.8% on the year before.
FY17
Revenue $376M
FY18
Revenue $471M
FY19
Revenue $568M
FY20
Revenue $616M
FY21
Revenue $639M
FY22
Revenue $699M
FY23
Revenue $653M
FY24
Revenue $647M
FY25
Revenue $627M
FY26
Revenue $565M
Q3 '24
Revenue $138M
Q4 '24
Revenue $246M
Q1 '25
Revenue $117M
Q2 '25
Revenue $142M
Q3 '25
Revenue $127M
Q4 '25
Revenue $241M
Q1 '26
Revenue $103M
Q2 '26
Revenue $132M
Q3 '26
Revenue $115M
Q4 '26
Revenue $216M
Q1 '27
Revenue $98.6M
Q2 '27
Revenue $121M
FY17
Gross 56.9%
Operating 9.3%
Net 5.7%
FCF −2.2%
FY18
Gross 55.4%
Operating 7.9%
Net 5.0%
FCF −3.5%
FY19
Gross 54.6%
Operating 6.5%
Net 4.1%
FCF −3.9%
FY20
Gross 53.3%
Operating 4.6%
Net 3.1%
FCF −2.6%
FY21
Gross 51.9%
Operating 3.8%
Net 2.1%
FCF 6.1%
FY22
Gross 54.0%
Operating 6.3%
Net 4.3%
FCF 11.7%
FY23
Gross 52.6%
Operating 1.0%
Net 0.4%
FCF −4.4%
FY24
Gross 50.3%
Operating −1.5%
Net −1.5%
FCF −1.6%
FY25
Gross 49.2%
Operating −5.9%
Net −7.0%
FCF −4.0%
FY26
Gross 53.4%
Operating −1.8%
Net −2.9%
FCF 2.9%
Gross
Operating
Net
FCF
Q3 '24
Gross 50.2%
Operating −9.0%
Net −7.6%
FCF −27.7%
Q4 '24
Gross 48.2%
Operating 3.6%
Net 2.6%
FCF 24.7%
Q1 '25
Gross 52.8%
Operating −7.7%
Net −6.7%
FCF −30.2%
Q2 '25
Gross 52.3%
Operating −1.1%
Net −1.4%
FCF 10.6%
Q3 '25
Gross 52.3%
Operating −17.4%
Net −22.2%
FCF −34.4%
Q4 '25
Gross 44.1%
Operating −1.8%
Net −2.3%
FCF 16.0%
Q1 '26
Gross 52.0%
Operating −12.0%
Net −14.9%
FCF −56.3%
Q2 '26
Gross 54.7%
Operating 1.8%
Net 1.0%
FCF 22.6%
Q3 '26
Gross 53.8%
Operating −7.7%
Net −8.8%
FCF −7.8%
Q4 '26
Gross 53.0%
Operating 4.0%
Net 3.6%
FCF 24.8%
Q1 '27
Gross 57.4%
Operating −9.4%
Net −10.2%
FCF −15.4%
Q2 '27
Gross 72.8%
Operating 15.5%
Net 15.1%
FCF 23.2%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income $21.3M
FY18
Net income $23.4M
FY19
Net income $23.2M
FY20
Net income $18.9M
FY21
Net income $13.6M
FY22
Net income $29.7M
FY23
Net income $2.3M
FY24
Net income −$9.9M
FY25
Net income −$43.7M
FY26
Net income −$16.4M
Q3 '24
Net income −$10.5M
Q4 '24
Net income $6.4M
Q1 '25
Net income −$7.9M
Q2 '25
Net income −$2.0M
Q3 '25
Net income −$28.2M
Q4 '25
Net income −$5.6M
Q1 '26
Net income −$15.3M
Q2 '26
Net income $1.3M
Q3 '26
Net income −$10.1M
Q4 '26
Net income $7.7M
Q1 '27
Net income −$10.1M
Q2 '27
Net income $18.4M
FY17
Diluted EPS —
FY18
Diluted EPS —
FY19
Diluted EPS —
FY20
Diluted EPS $0.58
FY21
Diluted EPS $0.42
FY22
Diluted EPS $0.90
FY23
Diluted EPS $0.07
FY24
Diluted EPS −$0.30
FY25
Diluted EPS −$1.31
FY26
Diluted EPS −$0.47
Q3 '24
Diluted EPS −$0.32
Q4 '24
Diluted EPS $0.20
Q1 '25
Diluted EPS −$0.24
Q2 '25
Diluted EPS −$0.06
Q3 '25
Diluted EPS −$0.84
Q4 '25
Diluted EPS −$0.17
Q1 '26
Diluted EPS −$0.45
Q2 '26
Diluted EPS $0.04
Q3 '26
Diluted EPS −$0.29
Q4 '26
Diluted EPS $0.23
Q1 '27
Diluted EPS −$0.29
Q2 '27
Diluted EPS $0.50
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital 26.3%
Return on equity 19.2%
Return on assets 13.7%
FY18
Return on capital 18.9%
Return on equity 18.9%
Return on assets 12.3%
FY19
Return on capital 14.6%
Return on equity 15.6%
Return on assets 8.9%
FY20
Return on capital 10.6%
Return on equity 11.2%
Return on assets 4.9%
FY21
Return on capital —
Return on equity 7.3%
Return on assets 2.7%
FY22
Return on capital —
Return on equity 14.2%
Return on assets 5.8%
FY23
Return on capital —
Return on equity 1.0%
Return on assets 0.4%
FY24
Return on capital —
Return on equity −4.4%
Return on assets −1.9%
FY25
Return on capital —
Return on equity −21.5%
Return on assets −9.3%
FY26
Return on capital —
Return on equity −9.3%
Return on assets −3.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $16.6M in fiscal 2026, 2.9% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow −$8.4M
FY18
Free cash flow −$16.6M
FY19
Free cash flow −$21.9M
FY20
Free cash flow −$16.1M
FY21
Free cash flow $39.0M
FY22
Free cash flow $81.6M
FY23
Free cash flow −$28.5M
FY24
Free cash flow −$10.4M
FY25
Free cash flow −$25.2M
FY26
Free cash flow $16.6M
Q3 '24
Free cash flow −$38.2M
Q4 '24
Free cash flow $60.6M
Q1 '25
Free cash flow −$35.2M
Q2 '25
Free cash flow $15.0M
Q3 '25
Free cash flow −$43.7M
Q4 '25
Free cash flow $38.7M
Q1 '26
Free cash flow −$57.8M
Q2 '26
Free cash flow $29.8M
Q3 '26
Free cash flow −$8.9M
Q4 '26
Free cash flow $53.5M
Q1 '27
Free cash flow −$15.2M
Q2 '27
Free cash flow $28.2M
FY17
Cash from operations $20.3M
Capital spending $28.7M
FY18
Cash from operations $29.9M
Capital spending $46.5M
FY19
Cash from operations $31.1M
Capital spending $53.0M
FY20
Cash from operations $8.3M
Capital spending $24.4M
FY21
Cash from operations $50.8M
Capital spending $11.7M
FY22
Cash from operations $92.0M
Capital spending $10.4M
FY23
Cash from operations −$1.4M
Capital spending $27.1M
FY24
Cash from operations $38.7M
Capital spending $49.1M
FY25
Cash from operations −$16.9M
Capital spending $8.3M
FY26
Cash from operations $24.2M
Capital spending $7.6M
Cash from operations
Capital spending
Q3 '24
Cash from operations −$29.8M
Capital spending $8.5M
Q4 '24
Cash from operations $69.7M
Capital spending $9.1M
Q1 '25
Cash from operations −$33.7M
Capital spending $1.5M
Q2 '25
Cash from operations $16.6M
Capital spending $1.7M
Q3 '25
Cash from operations −$41.1M
Capital spending $2.6M
Q4 '25
Cash from operations $41.2M
Capital spending $2.5M
Q1 '26
Cash from operations −$56.5M
Capital spending $1.3M
Q2 '26
Cash from operations $32.0M
Capital spending $2.2M
Q3 '26
Cash from operations −$6.7M
Capital spending $2.3M
Q4 '26
Cash from operations $55.3M
Capital spending $1.8M
Q1 '27
Cash from operations −$13.4M
Capital spending $1.8M
Q2 '27
Cash from operations $28.9M
Capital spending $0.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
Duluth Holdings Inc. returned — to shareholders in fiscal 2026. The diluted share count rose 3.7%.
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
FY26
Dividends —
Buybacks —
Dividends
Buybacks
FY17
Diluted shares —
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.03B
FY26
Diluted shares 0.03B
Balance sheet
Cash, debt and the ratios that show how comfortably Duluth Holdings Inc. can carry it.
FY17
Cash $25.5M
Debt $0.8M
FY18
Cash $7.1M
Debt $1.5M
FY19
Cash $3.1M
Debt $28.8M
FY20
Cash $2.2M
Debt $67.4M
FY21
Cash $46.6M
Debt —
FY22
Cash $77.1M
Debt —
FY23
Cash $45.5M
Debt —
FY24
Cash $32.2M
Debt —
FY25
Cash $3.3M
Debt —
FY26
Cash $16.3M
Debt —
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $77.1M | $45.5M | $32.2M | $3.3M | $16.3M |
| Interest coverage | 9.3x | 1.7x | −2.3x | −8.1x | −2.0x |
| Current ratio | 1.9x | 1.9x | 1.7x | 1.5x | 1.6x |
| Quick ratio | 0.9x | 0.6x | 0.5x | 0.2x | 0.4x |
| Total assets | $516M | $527M | $491M | $452M | $403M |
| Total liabilities | $293M | $300M | $271M | $273M | $236M |
| Shareholders' equity | $226M | $230M | $223M | $183M | $169M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Return on assets rose | — | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ | ✓ | — | — | — | — | — | — |
| Current ratio rose | — | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | — | — | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ |
| F-score | — / 3 | 3 / 8 | 4 / 8 | 3 / 8 | 4 / 8 | 6 / 8 | 1 / 8 | 4 / 8 | 2 / 8 | 6 / 8 |
| Accruals ratio | 0.7% | −3.4% | −3.1% | 2.7% | −7.5% | −12.1% | 0.7% | −9.5% | −5.7% | −9.5% |
| Altman Z'' | 7.57 | 5.04 | 4.33 | 2.77 | 3.03 | 3.57 | 2.99 | 2.54 | 1.63 | 2.12 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $376M | $471M | $568M | $616M | $639M | $699M | $653M | $647M | $627M | $565M |
| Gross profit | $214M | $261M | $310M | $328M | $332M | $377M | $343M | $325M | $309M | $302M |
| Operating income | $35.0M | $37.1M | $37.2M | $28.1M | $24.2M | $44.1M | $6.2M | −$9.6M | −$36.9M | −$10.2M |
| Interest expense | $0.2M | $2.0M | $5.9M | $4.5M | $6.3M | $4.7M | $3.7M | $4.2M | $4.6M | $5.2M |
| Pretax income | $35.1M | $35.5M | $31.6M | $23.9M | $18.0M | $39.4M | $3.0M | −$12.8M | −$41.2M | −$15.2M |
| Income tax | $13.5M | $11.9M | $8.5M | $5.4M | $4.6M | $9.9M | $0.7M | −$2.9M | $2.4M | $1.2M |
| Net income | $21.3M | $23.4M | $23.2M | $18.9M | $13.6M | $29.7M | $2.3M | −$9.9M | −$43.7M | −$16.4M |
| Diluted EPS | — | — | — | $0.58 | $0.42 | $0.90 | $0.07 | −$0.30 | −$1.31 | −$0.47 |
| Diluted shares | — | — | — | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B |
| Cash flow | ||||||||||
| Cash from operations | $20.3M | $29.9M | $31.1M | $8.3M | $50.8M | $92.0M | −$1.4M | $38.7M | −$16.9M | $24.2M |
| Capital expenditure | $28.7M | $46.5M | $53.0M | $24.4M | $11.7M | $10.4M | $27.1M | $49.1M | $8.3M | $7.6M |
| Free cash flow | −$8.4M | −$16.6M | −$21.9M | −$16.1M | $39.0M | $81.6M | −$28.5M | −$10.4M | −$25.2M | $16.6M |
| Depreciation and amortization | $4.7M | $7.3M | $12.6M | $22.1M | $28.5M | $29.2M | $30.8M | $32.2M | $32.3M | $25.5M |
| Stock-based compensation | $1.2M | $1.6M | $1.7M | $0.6M | $1.6M | $2.2M | $2.7M | $4.2M | $4.0M | $2.5M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $25.5M | $7.1M | $3.1M | $2.2M | $46.6M | $77.1M | $45.5M | $32.2M | $3.3M | $16.3M |
| Total debt | $0.8M | $1.5M | $28.8M | $28.3M | — | — | — | — | — | — |
| Finance lease liabilities | — | — | — | $39.0M | $45.9M | $43.0M | $40.3M | $37.4M | $33.2M | $30.6M |
| Current assets | $101M | $102M | $118M | $162M | $210M | $223M | $222M | $181M | $192M | $172M |
| Current liabilities | $35.1M | $50.3M | $52.6M | $79.8M | $95.7M | $116M | $118M | $106M | $129M | $108M |
| Inventory | $70.4M | $89.5M | $97.7M | $148M | $149M | $123M | $155M | $126M | $167M | $131M |
| Property and equipment, net | $52.4M | $110M | $167M | $137M | $124M | $110M | $117M | $133M | $112M | $96.9M |
| Goodwill | $0.4M | $0.4M | $0.4M | $0.4M | $0.4M | $0.4M | $0.4M | $0.4M | — | — |
| Intangible assets | $0.2M | $0.2M | $0.3M | $0.3M | $0.3M | $0.2M | $0.5M | $0.4M | $0.4M | $0.4M |
| Total assets | $156M | $223M | $295M | $474M | $515M | $516M | $527M | $491M | $452M | $403M |
| Total liabilities | $42.2M | $83.8M | $135M | $298M | $324M | $293M | $300M | $271M | $273M | $236M |
| Preferred stock | — | — | — | — | — | — | — | — | $0.0M | $0.0M |
| Shareholders' equity | $111M | $136M | $160M | $178M | $193M | $226M | $230M | $223M | $183M | $169M |
| Margins | ||||||||||
| Gross margin | 56.9% | 55.4% | 54.6% | 53.3% | 51.9% | 54.0% | 52.6% | 50.3% | 49.2% | 53.4% |
| Operating margin | 9.3% | 7.9% | 6.5% | 4.6% | 3.8% | 6.3% | 1.0% | −1.5% | −5.9% | −1.8% |
| EBITDA margin | 10.6% | 9.4% | 8.8% | 8.2% | 8.3% | 10.5% | 5.7% | 3.5% | −0.7% | 2.7% |
| Net margin | 5.7% | 5.0% | 4.1% | 3.1% | 2.1% | 4.3% | 0.4% | −1.5% | −7.0% | −2.9% |
| FCF margin | −2.2% | −3.5% | −3.9% | −2.6% | 6.1% | 11.7% | −4.4% | −1.6% | −4.0% | 2.9% |
| Returns | ||||||||||
| Return on capital | 26.3% | 18.9% | 14.6% | 10.6% | — | — | — | — | — | — |
| Return on capital employed | 29.0% | 21.5% | 15.3% | 7.1% | 5.8% | 11.0% | 1.5% | −2.5% | −11.4% | −3.5% |
| Return on equity | 19.2% | 18.9% | 15.6% | 11.2% | 7.3% | 14.2% | 1.0% | −4.4% | −21.5% | −9.3% |
| Return on assets | 13.7% | 12.3% | 8.9% | 4.9% | 2.7% | 5.8% | 0.4% | −1.9% | −9.3% | −3.8% |
| Return on tangible equity | 19.3% | 17.2% | 14.5% | 10.7% | 7.0% | 13.2% | 1.0% | −4.5% | −24.0% | −9.7% |
| Growth | ||||||||||
| Revenue growth | — | 25.3% | 20.5% | 8.4% | 3.8% | 9.4% | −6.5% | −1.0% | −3.1% | −9.8% |
| Net income growth | — | 9.6% | −0.8% | −18.3% | −28.2% | 118.8% | −92.2% | −530.7% | — | — |
| EPS growth | — | — | — | — | −27.6% | 114.3% | −92.2% | −528.6% | — | — |
| FCF growth | — | — | — | — | — | 109.3% | −134.9% | — | — | — |
| Share count change | — | — | — | — | 0.6% | 0.8% | 0.4% | −0.1% | 1.3% | 3.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.6x | −0.1x | 0.5x | 1.3x | — | — | — | — | — | — |
| Debt / equity | 0.0x | 0.0x | 0.2x | 0.2x | — | — | — | — | — | — |
| Interest coverage | 180.4x | 18.6x | 6.3x | 6.3x | 3.9x | 9.3x | 1.7x | −2.3x | −8.1x | −2.0x |
| Current ratio | 2.9x | 2.0x | 2.2x | 2.0x | 2.2x | 1.9x | 1.9x | 1.7x | 1.5x | 1.6x |
| Quick ratio | 0.9x | 0.2x | 0.4x | 0.2x | 0.6x | 0.9x | 0.6x | 0.5x | 0.2x | 0.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 7.6% | 9.9% | 9.3% | 4.0% | 1.8% | 1.5% | 4.1% | 7.6% | 1.3% | 1.3% |
| Stock comp / revenue | 0.3% | 0.3% | 0.3% | 0.1% | 0.3% | 0.3% | 0.4% | 0.6% | 0.6% | 0.4% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 3.0 | 4.0 | 3.0 | 4.0 | 6.0 | 1.0 | 4.0 | 2.0 | 6.0 |
| Altman Z'' | 7.6 | 5.0 | 4.3 | 2.8 | 3.0 | 3.6 | 3.0 | 2.5 | 1.6 | 2.1 |
| Accruals ratio | 0.7% | −3.4% | −3.1% | 2.7% | −7.5% | −12.1% | 0.7% | −9.5% | −5.7% | −9.5% |
Source: SEC EDGAR XBRL filings (CIK 0001649744). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.