Duluth Holdings Inc.
Rank #21DeclineDLTH · Nasdaq · Consumer Cyclical
Duluth Holdings Inc. (DLTH) — Rank #21 by gross profitability (GP/assets 0.77) · ROE -9.2% · Piotroski F-Score N/A.
As-of 2026-09-15 · CIK 0001649744 · all metrics point-in-time as of the filing date.
About
Duluth Holdings Inc. sells casual wear, workwear, outdoor apparel, and accessories for men and women in the United States.
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It offers shirts, pants, shorts, underwear, outerwear, footwear, accessories, and hard goods. The company provides its products under the Duluth Trading, AKHG, Alaskan Hardgear, Armachillo, Ballroom, Buck Naked, Bullpen, Cab Commander, Crouch Gusset, Dang Soft, Dry on the Fly, Duluth Trading Co, Duluthflex, Fire Hose, Flexpedition, Longtail T, NoGA, No Polo Shirt, No Yank, Spit & Polish, and Wild Boar names. It markets its products through its stores, website, direct mail, and customer contact centers. The company was formerly known as GEMPLER'S, Inc. Duluth Holdings Inc.
was founded in 1989 and is headquartered in Mount Horeb, Wisconsin.
- Industry
- Apparel Retail
- Sector
- Consumer Cyclical
- Filer Category
- Non-accelerated filerSmaller reporting company
- Fiscal Year End
- February 1
- Website
- duluthtrading.com
Price History
Company Snapshot
P/E, P/B, and dividend yield matter most — book value provides a floor.
Market Cap
$163.99M
P/E (annual)
—
P/S (annual)
0.3
P/B
0.9
P/OCF (annual)
6.8
Shareholder Yield
-3.7%
Employees
746
Industry
Apparel Retail
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
0/2 passTerry Smith quality gate
Passes 1/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
-3.3%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 3.7% — per-share value needs a total required return of 0.4% once share-count change is priced in.
vs. own 6-year median revenue growth: -2.1%
Cost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
-7.0%
r = 10% (base)
-3.3%
r = 12%
-0.2%
Net debt / market cap: -17.9%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Asset value and restructuring potential (balance-sheet strength) are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.77
Primary signal (Novy-Marx).
1st of 6 SIC 56 peers
Return on equity
-9.2%
Gross margin
53.4%
1st of 6 SIC 56 peers
Revenue growth (YoY)
-9.8%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
-4.7%
Revenue CAGR (5Y)
-2.4%
Earnings CAGR (3Y)
—
FCF CAGR (3Y)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.25
5th of 6 SIC 56 peers (best = lowest)
Current ratio
1.88×
4th of 6 SIC 56 peers
Quick ratio
0.30×
Net cash
$26.80M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$16.57M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
2.01
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
0.4%
Stock-based comp intensity.
Piotroski F-Score
F-Score
N/A
Only 8/9 components determinable.
Lifecycle Phase History
Lynch sell alert: Turnaround stalled
Classified decline for 2 consecutive fiscal years (2025-02-02, 2026-02-01) with no recovery to a healthier phase -- Lynch's turnaround rule: if it hasn't turned around by now, assume it isn't going to.