One-glance verdict
Within fair range
$3.37 our estimate vs market $4.14
Wall Street consensus: $5.00 (48.4% higher than our fair-value estimate)
23% above our estimate
Fundamentals snapshot
Duluth Holdings Inc.
DLTH · NMS · Consumer Cyclical · Apparel Retail
Current price
$4.14
52-week range
$2.02 - $5.09
Market cap
$157.34M
Balance sheet
Distressed
-1.72x Concerning
Net debt $114.30M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
0 Risks
1 rewards · 0 risks
View details ↓What this company does
Duluth Holdings Inc.
Duluth Holdings sells its own brand of tough, practical clothing and workwear, like its well-known "Fire Hose" pants and "Buck Naked" underwear. It makes most of its money by selling directly to customers through its own stores and website, which can help its profit margins (the percentage of each sale the company keeps after costs are paid). This direct approach gives the company more control over its brand and pricing, helping it build a loyal base of customers who seek out its unique products.
How the company got here
Duluth Trading got its start in 1989, not in a fancy office, but on a barge in Duluth, Minnesota, founded by two brothers. Their first hit product wasn't clothing, but a durable tool organizer for construction workers called the 'Bucket Boss'. The company grew by selling practical gear through catalogs and became known for solving everyday problems, like their famous 'Longtail T-Shirt' designed to prevent 'plumber's crack'. After a few ownership changes, the company expanded significantly, opening physical retail stores and launching a women's line in 2005. The parent company, Duluth Holdings Inc., became publicly traded on the stock market in 2015, allowing anyone to buy a small piece of the company.
What it actually does
Duluth Trading sells tough, functional clothing and gear for men and women who lead active, hands-on lives. Think durable work pants, comfortable underwear, and clever outdoor apparel designed to solve common frustrations. You'll find their products under brand names like Duluth Trading Co., Alaskan Hardgear (for outdoor activities), and specific product lines like 'Fire Hose' pants and 'Buck Naked' underwear. The company's goal is to be a lifestyle brand for people who value practical, high-quality gear that is built to last.
Direct-to-Consumer
This is the company's largest business, making up the majority of its sales. It's how the company started and involves selling products directly to shoppers through its website and mail-order catalogs. When a customer places an order online or over the phone, the company ships the product from its warehouse straight to their home. This sales channel allows Duluth to reach customers all across the country, even in areas where they don't have a physical store.
Retail Stores
This part of the business involves selling products through the company's own physical stores, which they describe as a 'store like no other'. As of late 2025, the company operated over 60 stores across the United States. These stores are designed to give customers a hands-on experience with the products and the brand's unique, often humorous, personality. While it's a smaller part of the business compared to online sales, management sees the stores as a critical way to connect with customers and bring the brand to life.
What management is betting on now
Management is currently focused on a turnaround plan called 'Build to Last,' which prioritizes making the business more profitable over just making more sales. A key part of this strategy is to sell more items at full price by reducing the number of sales and discounts offered. They are also tightening up on inventory (the amount of products they keep on hand) to avoid having too much unsold merchandise. The goal is to strengthen the brand's reputation for quality and build a more financially stable company for the long term, with future plans to grow its women's line and customer loyalty programs.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q3
$-43.70M
FY2025 Q4
$38.69M
FY2026 Q1
$-57.80M
FY2026 Q2
$29.79M
FY2026 Q3
$-8.94M
FY2026 Q4
$53.52M
FY2027 Q1
$-15.20M
FY2027 Q2
$28.16M
Revenue
$121.39M
Net income
$18.36M
Diluted EPS
0.50
Operating cash flow
$28.87M
Free cash flow
$28.16M
Fetching…
Sources
Revenue
$98.59M
Net income
$-10.10M
Diluted EPS
-0.29
Operating cash flow
$-13.42M
Free cash flow
$-15.20M
Fetching…
Sources
Revenue
$215.89M
Net income
$7.75M
Diluted EPS
0.23
Operating cash flow
$55.29M
Free cash flow
$53.52M
Fetching…
Sources
Revenue
$114.87M
Net income
$-10.10M
Diluted EPS
-0.29
Operating cash flow
$-6.68M
Free cash flow
$-8.94M
Fetching…
Sources
Revenue
$131.72M
Net income
$1.26M
Diluted EPS
0.04
Operating cash flow
$32.03M
Free cash flow
$29.79M
Fetching…
Sources
Revenue
$102.70M
Net income
$-15.29M
Diluted EPS
-0.45
Operating cash flow
$-56.46M
Free cash flow
$-57.80M
Fetching…
Sources
Revenue
$241.27M
Net income
$-3.52M
Diluted EPS
-0.11
Operating cash flow
$41.21M
Free cash flow
$38.69M
Fetching…
Sources
Revenue
$127.06M
Net income
$-28.54M
Diluted EPS
-0.85
Operating cash flow
$-41.07M
Free cash flow
$-43.70M
Fetching…
Sources
Is it cheap or expensive?
Fair value $3.37 vs current price $4.14
Wall Street consensus is the average analyst price target: $5.00 (48.4% higher than our fair-value estimate).
Our most-likely fair value is $3.37 a share — about 18.6% away from today's price of $4.14, so the stock currently looks fairly priced.
Is it drowning in debt?
Distressed
Net debt $114.3M. Interest coverage -1.7x.
Net debt
$114.30M
Interest coverage
-1.72x
Duluth Holdings Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here.
Distressed
Worse cushion
Baseline
Better cushion
DLTH
BASELINE
Duluth Holdings Inc.
Total debt $141.09M Interest coverage -1.72x This is the baseline the peer rows are being compared against.
Total debt $93.27M Interest coverage 2.60x This peer still has a real interest-payment cushion, while DLTH does not.
Total debt $130.01M Interest coverage 3.72x This peer still has a real interest-payment cushion, while DLTH does not.
Total debt $76.67M Interest coverage 1.21x This peer still has a real interest-payment cushion, while DLTH does not.
Total debt $806.05M Interest coverage 195.90x This peer still has a real interest-payment cushion, while DLTH does not.
Total debt $227.20M Interest coverage 3.65x This peer still has a real interest-payment cushion, while DLTH does not.
What you should know
The case for and against DLTH
1 Reward
0 Risks
Rewards
-
Free cash flow was positive in 3/10 years.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
24.35x
Forward P/E
-165.60x
P/B
0.88x
P/S
0.29x
EV/EBITDA
7.71x
PEG ratio
0.83x
Profitability
How much profit each dollar creates
Gross margin
58.3%
Operating margin
15.5%
Net margin
1.1%
ROE
3.6%
ROA
2.0%
Health
Liquidity and balance-sheet strength
Debt / equity
0.81x
Current ratio
1.88x
Quick ratio
0.31x
Total debt
$141.09M
Total cash
$26.80M
Growth
How the business has been compounding
Revenue TTM
$550.75M
Revenue 5Y CAGR
-5.2%
EPS TTM
0.17
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$64.06M
Free CF TTM
$16.57M
FCF margin
3.0%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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