DLTH

MKT CAP:$131M

Duluth Holdings Inc.

Market Cap

$131M

Consumer Cyclical·Apparel - Retail·🇺🇸 United States·NASDAQ

Consumer Cyc.·Apparel - Retail·🇺🇸·NASDAQ

Stock Price

$3.47+$1.40 (+67.63%)

Apr 23, 2026

Company Details

Duluth Holdings Inc. sells casual wear, workwear, and accessories for men and women under the Duluth Trading brand in the United States. It provides shirts, pants, underwear, outerwear, footwear, accessories, and hard goods. The company off...

CEO

Stephanie L. Pugliese

IPO Date

Nov 20, 2015

Website

www.duluthtrading.com

Key Metrics TTM

Revenue

$580M

-9.8% YoY

Net Income

-$26M

EPS (Diluted)

-$0.77

Free Cash Flow

-$41M

Revenue / Share

$16.80

Gross Margin

50.9%

Operating Margin

-3.5%

Net Margin

-4.5%

FCF Margin

-7.1%

P/S

0.2x

P/E

—

Earnings Reports

Q3 2025

Dec 17, 2025

$115MEPS -$0.29

Q1 2025

Jun 6, 2025

$103M-12.0%EPS -$0.45

FY 2024

Mar 21, 2025

$627MEPS -$1.31

Q1 2024

May 31, 2024

$117M-5.7%EPS -$0.24

Q4 2023

Mar 22, 2024

$246M+1.6%EPS $0.21

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 16	$175M	$97M	$23M
Q4 17	$218M	$116M	$30M
Q4 18	$251M	$131M	$30M
Q1 20	$110M	$52M	-$19M
Q4 20	$256M	$136M	$31M
Q4 21	$271M	$146M	$24M
Q1 22	$123M	$67M	-$931.0K
Q3 22	$147M	$77M	-$7M
Q4 22	$242M	$124M	$11M
Q1 23	$124M	$66M	-$5M
Q2 23	$139M	$71M	-$1M
Q3 23	$138M	$69M	-$12M
Q4 23	$246M	$118M	$10M
Q1 24	$117M	$62M	-$9M
Q1 25	$103M	$53M	-$12M
Q3 25	$115M	$62M	-$9M

Valuation

Quarter	P/S	P/E
Q4 16	—	—
Q4 17	—	—
Q4 18	—	—
Q1 20	0.2x	3.3x
Q4 20	0.5x	8.8x
Q4 21	0.6x	11.0x
Q1 22	0.5x	18.2x
Q3 22	0.4x	9.0x
Q4 22	0.3x	12.4x
Q1 23	0.3x	—
Q2 23	0.4x	—
Q3 23	0.3x	—
Q4 23	0.3x	—
Q1 24	0.2x	—
Q1 25	0.1x	—
Q3 25	0.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 16	$47M	$39M
Q4 17	$65M	$56M
Q4 18	$55M	$47M
Q1 20	-$33M	-$38M
Q4 20	$79M	$79M
Q4 21	$59M	$58M
Q1 22	-$32M	-$36M
Q3 22	-$10M	-$15M
Q4 22	$45M	$47M
Q1 23	-$14M	-$35M
Q2 23	$13M	$3M
Q3 23	-$30M	-$38M
Q4 23	$70M	$61M
Q1 24	-$34M	-$35M
Q1 25	-$56M	-$58M
Q3 25	-$7M	-$9M

Capital Expenditures

Quarter	CapEx
Q4 16	$8M
Q4 17	$9M
Q4 18	$7M
Q1 20	$4M
Q4 20	$684.0K
Q4 21	$1M
Q1 22	$4M
Q3 22	$5M
Q4 22	$1M
Q1 23	$21M
Q2 23	$10M
Q3 23	$8M
Q4 23	$9M
Q1 24	$2M
Q1 25	$1M
Q3 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+46.6%	+48.5%
Q4 21	+24.3%	+30.9%
Q1 22	-50.9%	-43.8%
Q3 22	+33.9%	+19.9%
Q4 22	-5.5%	+2.5%
Q1 23	-54.3%	-47.9%
Q2 23	+13.2%	+13.5%
Q3 23	-6.1%	-2.5%
Q4 23	+1.6%	+2.1%
Q1 24	-5.7%	-2.1%
Q1 25	-26.2%	-18.1%
Q3 25	-16.9%	-17.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 16	$255.0K	0.1%
Q4 17	$411.0K	0.2%
Q4 18	$363.0K	0.1%
Q1 20	$463.0K	0.4%
Q4 20	$366.0K	0.1%
Q4 21	$586.0K	0.2%
Q1 22	$618.0K	0.5%
Q3 22	$726.0K	0.5%
Q4 22	$711.0K	0.3%
Q1 23	$990.0K	0.8%
Q2 23	$1M	0.9%
Q3 23	$1M	0.7%
Q4 23	$890.0K	0.4%
Q1 24	$1M	1.2%
Q1 25	$254.0K	0.2%
Q3 25	$549.0K	0.5%

OpEx Breakdown

Quarter	SG&A
Q4 16	$74M
Q4 17	$86M
Q4 18	$101M
Q1 20	$71M
Q4 20	$105M
Q4 21	$121M
Q1 22	$68M
Q3 22	$84M
Q4 22	$113M
Q1 23	$70M
Q2 23	$73M
Q3 23	$82M
Q4 23	$109M
Q1 24	$71M
Q1 25	$66M
Q3 25	$71M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$40M	$0	$40M
Q2 22	$15M	$0	$15M
Q3 22	$9M	$0	$9M
Q4 22	$46M	$0	$46M
Q1 23	$9M	$0	$9M
Q2 23	$11M	$0	$11M
Q3 23	$8M	$0	$8M
Q4 23	$32M	$0	$32M
Q1 24	$7M	$0	$7M
Q2 24	$10M	$0	$10M
Q3 24	$9M	$0	$9M
Q4 24	$3M	$0	$3M
Q1 25	$9M	$0	$9M
Q2 25	$6M	$0	$6M
Q3 25	$8M	$0	$8M
Q4 25	$16M	$0	$16M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 16	32M	—	—
Q4 17	32M	+0.1%	—
Q4 18	32M	+0.1%	—
Q1 20	32M	+0.1%	—
Q4 20	33M	+0.9%	+1.2%
Q4 21	33M	+0.4%	+1.5%
Q1 22	33M	-0.3%	+1.1%
Q3 22	33M	+0.2%	+1.3%
Q4 22	33M	+0.1%	+0.4%
Q1 23	33M	+0.2%	+0.2%
Q2 23	33M	+0.3%	+0.7%
Q3 23	33M	+0.1%	+0.6%
Q4 23	33M	+0.1%	+0.6%
Q1 24	33M	+0.2%	+0.7%
Q1 25	34M	+1.9%	+2.3%
Q3 25	35M	+2.4%	+4.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 16	$427.0K	409
Q4 17	$369.8K	589
Q4 18	$425.4K	589
Q1 20	$116.8K	941
Q4 20	$248.5K	1K
Q4 21	$244.8K	1K
Q1 22	$111.1K	1K
Q3 22	$133.0K	1K
Q4 22	$250.8K	964
Q1 23	$128.4K	964
Q2 23	$144.3K	964
Q3 23	$143.4K	964
Q4 23	$258.5K	950
Q1 24	$122.8K	950
Q1 25	$127.3K	807
Q3 25	$142.3K	807

Revenue / Employee