Duluth Holdings (DLTH) AI Stock Analysis

• Market Cap: $80.80M
• Dividend Yield: N/A
• Average Volume (3M): 148.60K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.86
• Revenue Growth: -6.40%
• EPS Growth: 11.65%
• Country: US
• Employees: 807
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Retail
• EPS (TTM): -0.23
• Shares Outstanding: 33,361,990
• 10 Day Avg. Volume: 316,225
• 30 Day Avg. Volume: 148,599
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.53
• Price to Sales (P/S): 0.16
• P/FCF Ratio: -3.86
• Enterprise Value/Market Cap: 3.23
• Enterprise Value/Revenue: 0.44
• Enterprise Value/Gross Profit: 0.89
• Enterprise Value/Ebitda: 39.31
• 1Y Price Target: $5.00
• Price Target Upside: 128.31% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.06
• Revenue Forecast (FY): $547.37M

• Rating: 49 Neutral
• Price Target: $2.00 ▼(-8.68% Downside)

Duluth Holdings' overall stock score reflects significant financial challenges, with declining revenues and profitability weighing heavily. While recent corporate events and earnings call insights show some positive developments, such as improved liquidity and cost savings, the technical analysis and valuation metrics indicate ongoing risks. The company's ability to implement strategic improvements and capitalize on operational efficiencies will be crucial for future performance.

Positive Factors

Operational Improvements

Achieving significant cost savings enhances operational efficiency and profitability, providing a stronger foundation for future growth.

Strong Liquidity Position

A strong liquidity position ensures financial flexibility, enabling the company to invest in growth opportunities and weather economic downturns.

Improved Profitability

Improved gross margins indicate better cost management and pricing strategies, contributing to long-term profitability and competitive positioning.

Negative Factors

Declining Revenue

Declining revenue suggests challenges in market demand or competitive pressures, potentially impacting long-term growth and market share.

Decrease in Customer Counts

A decrease in customer counts can signal weakening brand loyalty or market presence, affecting future sales and revenue stability.

Challenges with Direct Channel Sales

Challenges in direct channel sales highlight potential issues in digital strategy or consumer engagement, impacting revenue from key sales channels.

Duluth Holdings Business Overview & Revenue Model

Company Description

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 offers its products under various trademarks, trade names, and service marks, including Alaskan Hardgear, Armachillo, Ballroom, Cab Commander, Crouch Gusset, Dry on the Fly, Duluth Trading Co, Duluthflex, Fire Hose, Longtail T, No Polo Shirt, No Yank, Wild Boar Mocs, and Buck Naked. The company markets its products through its Website, catalogs, and retail stores. As of January 30, 2022, it operated 62 retail stores and three outlet stores. The company was formerly known as GEMPLER'S, Inc. Duluth Holdings Inc. was founded in 1989 and is headquartered in Mount Horeb, Wisconsin.

How the Company Makes Money

Duluth Holdings generates revenue primarily through the sale of its apparel and accessories across multiple channels. The company's key revenue streams include direct-to-consumer sales via its e-commerce platform and retail stores, as well as catalog sales. The brand's focus on distinctive, high-quality products allows it to maintain a loyal customer base willing to pay premium prices. Additionally, Duluth Holdings benefits from seasonal promotions and marketing campaigns that drive traffic both online and in-store. Strategic partnerships with various retail entities may also contribute to its revenue, although specific partnerships and their impacts are not publicly detailed.

Duluth Holdings Financial Statement Overview

Summary

Duluth Holdings is facing financial headwinds, with declining revenues, negative profitability, and cash flow challenges. The company's leverage is moderate, but the negative return on equity and cash flow issues highlight the need for strategic interventions to improve operational efficiency and financial stability.

Income Statement

Duluth Holdings' income statement reveals challenges with declining revenue and profitability. The TTM data shows a negative revenue growth rate of -2.02% and a net profit margin of -4.68%, indicating struggles in maintaining profitability. The gross profit margin remains relatively stable at around 49.7%, but the negative EBIT and EBITDA margins highlight operational inefficiencies. Overall, the income statement reflects a need for strategic improvements to reverse the downward trend.

Balance Sheet

The balance sheet shows a moderate level of financial leverage with a debt-to-equity ratio of 1.08 in the TTM period, indicating a reliance on debt financing. The return on equity is negative at -16.24%, reflecting the company's inability to generate positive returns for shareholders. The equity ratio stands at 34.3%, suggesting a balanced capital structure but highlighting potential risks if profitability does not improve.

Cash Flow

Cash flow analysis indicates significant challenges, with a negative free cash flow growth rate of -105.28% in the TTM period. The operating cash flow to net income ratio is low at 0.06, and the free cash flow to net income ratio is 0.17, reflecting insufficient cash generation relative to net income. These metrics suggest liquidity constraints and the need for better cash management practices.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	626.63M	646.68M	653.31M	698.58M	638.78M
Gross Profit	308.51M	324.97M	343.44M	377.32M	331.53M
EBITDA	-4.41M	23.51M	37.42M	73.38M	52.80M
Net Income	-43.67M	-9.92M	2.30M	29.70M	13.58M
Balance Sheet
Total Assets	452.44M	490.45M	527.45M	515.55M	515.58M
Cash, Cash Equivalents and Short-Term Investments	3.33M	32.16M	45.55M	77.05M	47.22M
Total Debt	163.13M	186.23M	199.88M	190.25M	237.37M
Total Liabilities	272.76M	268.28M	300.26M	292.83M	324.48M
Stockholders Equity	182.68M	225.23M	230.41M	225.87M	193.46M
Cash Flow
Free Cash Flow	-25.25M	-10.41M	-28.46M	81.63M	38.49M
Operating Cash Flow	-16.92M	38.67M	-5.63M	91.98M	50.75M
Investing Cash Flow	-8.13M	-48.72M	-22.64M	-10.15M	-12.13M
Financing Cash Flow	-3.78M	-3.35M	-3.23M	-51.36M	6.36M

Duluth Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.19
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DLTH, the sentiment is Negative. The current price of 2.19 is below the 20-day moving average (MA) of 2.83, below the 50-day MA of 2.92, and below the 200-day MA of 2.49, indicating a bearish trend. The MACD of -0.23 indicates Positive momentum. The RSI at 32.02 is Neutral, neither overbought nor oversold. The STOCH value of 6.42 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DLTH.

Duluth Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
JILL	61 Neutral	$215.39M	6.49	28.98%	2.25%	-2.67%	-22.93%
DBI	53 Neutral	$377.73M	-12.72	-8.61%	2.68%	-5.16%	-3394.48%
DLTH	49 Neutral	$80.80M	-2.50	-17.04%	―	-6.40%	11.65%
TLYS	48 Neutral	$56.38M	-1.60	-34.77%	―	-8.31%	36.10%
CATO	45 Neutral	$64.78M	-6.90	-5.58%	―	-1.01%	65.04%
CURV	45 Neutral	$102.17M	-44.14	―	―	-7.33%	-114.80%

Duluth Holdings Corporate Events

Duluth Holdings Reports Reduced Net Loss for Q3 2025

On December 16, 2025, Duluth Holdings Inc. announced its financial results for the third quarter ended November 2, 2025. The company reported a reduced net loss of $10.1 million compared to $28.2 million in the previous year, driven by improved profitability through gross margin expansion and reduced selling, general, and administrative expenses. Despite a 9.6% decrease in net sales, Duluth Trading achieved a higher gross margin of 53.8% and improved liquidity with $88.6 million. The company affirmed the higher end of its fiscal 2025 Adjusted EBITDA guidance and is focusing on expanding its customer base and core product offerings.

Duluth Holdings Amends Credit Agreement with BMO Bank

On October 1, 2025, Duluth Holdings Inc. amended its Credit Agreement with BMO Bank N.A. and other lenders, temporarily increasing its revolving credit commitment from $100 million to $125 million until March 31, 2026. This amendment allows Duluth Holdings to potentially request a further $25 million increase after March 31, 2026, subject to lender approval, enhancing its financial flexibility.