Duluth Holdings (DLTH)
NASDAQ:DLTH
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Duluth Holdings
(NASDAQ:DLTH)
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Rating:53Neutral
Price Target:
$3.50
▲(62.04% Upside)
Action:ReiteratedDate:03/20/26
The score is held back primarily by weak financial performance (declining revenue, ongoing losses, and elevated leverage) despite a meaningful TTM free-cash-flow rebound. Technicals are constructive with price above major moving averages, but the stock looks overbought (high RSI). Valuation is constrained by negative earnings, while the recent corporate update is a positive offset due to improved margins, profitability in Q4, and stronger free cash flow.
Positive Factors
Margin expansion & Q4 profit
A swing to Q4 net income and a 53% gross margin indicate meaningful improvement in pricing, product mix and markdown discipline. Sustained higher product-level margins provide structural room to cover fixed costs and drive durable profitability if management maintains assortment and promotion discipline.
Negative Factors
Revenue weakness
Declining top-line sales reflect weakening demand or market share pressure in apparel retail. Sustained revenue declines strain operating leverage, making it harder to convert product-level margins into consistent net profits and prolonging the turnaround timeline if comps remain negative.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin expansion & Q4 profit
A swing to Q4 net income and a 53% gross margin indicate meaningful improvement in pricing, product mix and markdown discipline. Sustained higher product-level margins provide structural room to cover fixed costs and drive durable profitability if management maintains assortment and promotion discipline.
Read all positive factors
Duluth Holdings (DLTH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$124.63M
Dividend YieldN/A
Average Volume (3M)148.60K
Price to Earnings (P/E)―
Beta (1Y)0.72
Revenue Growth-6.40%
EPS Growth11.65%
CountryUS
Employees807
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Retail
Share Statistics
EPS (TTM)0.23
Shares Outstanding33,398,983
10 Day Avg. Volume316,225
30 Day Avg. Volume148,599
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.49
Price to Sales (P/S)0.15
P/FCF Ratio5.00
Enterprise Value/Market Cap1.84
Enterprise Value/Revenue0.41
Enterprise Value/Gross Profit0.76
Enterprise Value/Ebitda13.87
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.33
Revenue Forecast (FY)$544.60M
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...
How the Company Makes Money
Duluth Holdings makes money primarily by selling branded apparel and accessories directly to consumers through an omnichannel retail model. Its key revenue stream is net sales from product purchases made via (1) its e-commerce websites, (2) its di...
Duluth Holdings Key Performance Indicators (KPIs)
Any
Revenue By Sales Channel
Shows how much revenue comes from different sales channels like online, retail stores, or wholesale, highlighting the company's strategic focus and adaptability to consumer shopping preferences.
Shows how much revenue comes from different sales channels like online, retail stores, or wholesale, highlighting the company's strategic focus and adaptability to consumer shopping preferences.
Data provided by:
The Fly
The FlyDuluth Holdings Earnings Call Summary
Earnings Call Date:Mar 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 28, 2026
Earnings Call Sentiment Positive
The call conveyed meaningful progress across operations, commercial traction and strategic validation—record backlog, revenue growth, major certifications, defense clearance, partnerships and improved cost discipline. However, material challenges remain: revenue missed expectations, gross margin pressure from demonstration work, sizable absolute losses and ongoing cash burn with conversion timing risk for backlog. On balance, the highlights (record backlog, cost reductions, improved liquidity, strategic certifications and defense validation) materially outweigh the lowlights, though execution risk remains in converting backlog to profitable revenue.Positive Updates
Record Revenue Growth
Fiscal 2025 revenue of $5.9 million, a 7% increase year-over-year (from $5.5 million), achieved alongside operational improvements.
Negative Updates
Revenue and Profitability Shortfalls vs. Expectations
Management noted revenue was below expectations and the company missed its Q4 calendar '25 profitability target, driven primarily by delayed defense procurements and macroeconomic volatility.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue Growth
Fiscal 2025 revenue of $5.9 million, a 7% increase year-over-year (from $5.5 million), achieved alongside operational improvements.
Read all positive updates
Company Guidance
Management guided that FY‑26 will focus on converting the record $12.5M funded backlog into deliveries, turning demonstrations into multiyear deals and maintaining tight expense control to drive scaling revenue and near‑term profitability; they expect improved conversion rates from a retooled sales organization and an uptick in gross margins as higher‑margin recurring services (backlog split across buoys, vehicles and services) convert. Key FY‑25 metrics cited to support the plan: revenue $5.9M (+7% vs $5.5M), operating expenses $23.4M (down ~26–27% from $32.2M), net loss $21.5M (improved 22% vs $27.5M), cash and equivalents $6.7M (vs $3.2M), net cash used in operations $18.6M (improved >38% vs $29.8M), plus a $10M unsecured debt facility secured post‑year‑end; management also pointed to ~60,000 sq ft production capacity, ISO 9001 certification and AUVSI Trusted Operator status as enablers of execution.Duluth Holdings Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
46
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 565.18M | 626.63M | 646.68M | 653.31M | 698.58M | 638.78M |
| Gross Profit | 301.61M | 308.51M | 324.97M | 343.44M | 377.32M | 331.53M |
| EBITDA | 16.54M | -4.41M | 23.51M | 37.42M | 73.38M | 52.80M |
| Net Income | -16.39M | -43.67M | -9.92M | 2.30M | 29.70M | 13.58M |
Balance Sheet | ||||||
| Total Assets | 433.80M | 452.44M | 490.45M | 527.45M | 515.55M | 515.58M |
| Cash, Cash Equivalents and Short-Term Investments | 5.74M | 3.33M | 32.16M | 45.55M | 77.05M | 47.22M |
| Total Debt | 188.95M | 163.13M | 186.23M | 199.88M | 190.25M | 237.37M |
| Total Liabilities | 266.74M | 272.76M | 268.28M | 300.26M | 292.83M | 324.48M |
| Stockholders Equity | 169.99M | 182.68M | 225.23M | 230.41M | 225.87M | 193.46M |
Cash Flow | ||||||
| Free Cash Flow | 16.57M | -25.25M | -10.41M | -28.46M | 81.63M | 38.49M |
| Operating Cash Flow | 24.17M | -16.92M | 38.67M | -5.63M | 91.98M | 50.75M |
| Investing Cash Flow | -7.38M | -8.13M | -48.72M | -22.64M | -10.15M | -12.13M |
| Financing Cash Flow | -3.78M | -3.78M | -3.35M | -3.23M | -51.36M | 6.36M |
Duluth Holdings Technical Analysis
Positive
2.16
Price Trends
2.53
Positive
2.57
Positive
2.68
Positive
Market Momentum
0.24
Negative
70.88
Negative
79.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DLTH, the sentiment is Positive. The current price of 2.16 is below the 20-day moving average (MA) of 2.85, below the 50-day MA of 2.53, and below the 200-day MA of 2.68, indicating a bullish trend. The MACD of 0.24 indicates Negative momentum. The RSI at 70.88 is Negative, neither overbought nor oversold. The STOCH value of 79.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DLTH.
Duluth Holdings Risk Analysis
Duluth Holdings disclosed 42 risk factors in its most recent earnings report. Duluth Holdings reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Duluth Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | $143.23M | -2.54 | -21.26% | ― | -8.31% | 36.10% | |
55 Neutral | $171.12M | 8.40 | 23.05% | 2.25% | -2.67% | -22.93% | |
53 Neutral | $124.63M | -5.06 | -9.82% | ― | -6.40% | 11.65% | |
49 Neutral | $308.80M | -37.20 | -2.97% | 2.68% | -5.16% | -3394.48% | |
46 Neutral | $176.78M | -16.58 | 0.97% | ― | -7.33% | -114.80% | |
42 Neutral | $61.20M | -9.84 | -3.88% | ― | -1.01% | 65.04% |
* Consumer Cyclical Sector Average
DLTH
Duluth Holdings
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1.47
76.56%
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Duluth Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
Duluth Holdings Delivers Strong Turnaround in Q4 Results
Positive
Mar 19, 2026
On March 19, 2026, Duluth Holdings Inc. reported fiscal fourth-quarter 2025 results showing a sharp turnaround to net income of $7.8 million from a $5.6 million loss a year earlier, as gross margin expanded 890 basis points to 53.0% despite tariff...
Executive/Board Changes
Duluth Holdings Revises Executive Employment and Compensation Terms
Neutral
Mar 13, 2026
On March 9, 2026, Duluth Holdings amended the employment agreement of President and CEO Stephanie L. Pugliese so that, for fiscal 2026, she will receive a single equity grant that vests in three equal annual installments, with the overall minimum ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.