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Duluth Holdings Inc.

Rank #22DeclineWatchlistCompare with other stocks

DLTH · Nasdaq · Consumer Cyclical

Duluth Holdings Inc. (DLTH) — Rank #22 by gross profitability (GP/assets 0.77) · ROE -9.2% · Piotroski F-Score N/A.

As-of 2026-10-30 · 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

Company Snapshot

P/E, P/B, and dividend yield matter most — book value provides a floor.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

746

Industry

Apparel Retail

Exchange

Nasdaq

9/11

Flags passed

DLTH fails 1 critical flag

Passes 9 of 11 quality flags, 1 caution

  • FAIL
    Revenue declining YoY

    Revenue contracted year over year

  • CAUTION
    Dilution above 2%

    Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Sequential beat (rev + EPS)

No data Balance sheet — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.77
Return on equity
-9.2%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.25
Current ratio
1.88×
Net cash
$26.80M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.4%

Growth

0/2 pass
Revenue growth
-9.8%
Piotroski F-Score
N/A
Share dilution
3.7%

Asset value and restructuring potential (balance-sheet strength) are the primary reads at this stage.

Profitability

Does it make money well?

Warning: Revenue declining YoY · GP/assets 0.77

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.

PASS

Operating Leverage

2023202420252026
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)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 201% above net income

Free cash flow

$16.57M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

201.1%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.4%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

Caution: Dilution above 2% · net cash $26.80M

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.25

6th 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.

Piotroski F-Score

N/A

Only 8/9 components determinable.

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

2.7 / 5

Fair
Share count trend
3.7%1/5 Weak
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
3.2%4/5 Strong

Lifecycle Phase History

20212026
Value
Decline
Startup

Price History

DLTH-71.0% · -21.9% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports