DULUTH HOLDINGS INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DULUTH HOLDINGS INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2022	FY2023	FY2024	FY2026
Revenue	376	471	568	616	639	699	653	647	627	565
Cost of revenue	162	210	258	287	307	321	310	322	318	264
Gross profit	214	261	310	328	332	377	343	325	309	302
Selling, general and administrative	179	224	273	300	307	333	337	335	338	311
Operating income	35	37.1	37.2	28.1	24.2	44.1	6.23	-9.57	-36.9	-10.2
Interest expense	0.19	1.99	5.95	4.47	6.26	4.72	3.65	4.16	4.55	5.2
Other non-operating income	0.25	0.42	0.38	0.29	0.07	0.06	0.38	0.92	0.17	0.3
Pre-tax income	35.1	35.5	31.6	23.9	18	39.4	2.95	-12.8	-41.2	-15.2
Income tax	13.5	11.9	8.45	5.43	4.64	9.89	0.71	-2.86	2.37	1.19
Net income to minority interests	0.21	0.28	0.01	-0.42	-0.2	-0.15	-0.06	-0.02	0.06	0.14
Net income	21.3	23.4	23.2	18.9	13.6	29.7	2.3	-9.92	-43.7	-16.4
EBITDA	39.7	44.4	49.8	50.2	52.7	73.3	37	22.6	-4.58	15.3
EPS, basic				0.63	0.45	0.98	0.08	-0.30	-1.31	-0.47
EPS, diluted				0.62	0.45	0.96	0.08	-0.30	-1.31	-0.47
Shares, basic (weighted)				30.2	30.3	30.4	30.6	33	33.4	34.6
Shares, diluted (weighted)				30.2	30.4	30.7	30.8	33	33.4	34.6

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2022	FY2023	FY2024	FY2026
Cash and equivalents	25.5	7.08	3.09	2.19	46.6	77.1	45.5	32.2	3.34	16.3
Receivables	0.05	0.05	4.64	1.47	2.82	5.46	6.04	5.96	3.97	2.71
Inventory	70.4	89.5	97.7	148	149	123	155	126	167	131
Other current assets	4.86	7.64	12.6	9.5	10.2	17.3	15.2	16.5	17.8	21.7
Total current assets	101	102	118	162	210	223	222	181	192	172
Property, plant and equipment	52.4	110	167	137	124	110	117	133	112	96.9
Lease right-of-use assets				120	117	121	132	121	103	89.3
Goodwill	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
Intangible assets	0.18	0.2	0.31	0.28	0.26	0.25	0.45	0.44	0.41	0.4
Other non-current assets	0.45	0.63	1.35	1.2	3.96	5.35	8.73	9.02	9.14	10
Total assets	156	223	295	474	515	516	527	491	452	403
Accounts payable	9.33	17.3	25.4	33.1	33.6	45.4	56.5	51.1	73.9	48.2
Accrued liabilities	19.8	25.3	2.33	2.78	8.83	11.8	2.4	2.69	3.9	14.1
Deferred revenue	5.59	7.29	8.49	9.95	9.94	10.8	10.2	9.58	9.78	9.19
Short-term debt	0.74	0.08	0.5	0.56
Total current liabilities	35.1	50.3	52.6	79.8	95.7	116	118	106	129	108
Long-term debt	0.04	1.42	28.3	27.8
Lease liabilities				106	104	107	117	106	89.2	76
Total liabilities	42.2	83.8	135	298	324	293	300	271	273	236
Total debt	0.78	1.51	28.8	28.3
Paid-in capital	86.4	88	89.8	90.9	92.9	95.5	98.8	104	108	111
Retained earnings	24.7	48.1	70.6	87.6	101	131	133	121	77.7	61.3
Treasury stock		-0.06	-0.09	-0.41	-0.63	-1	-1.46	-1.74	-2.33	-2.92
Other comprehensive income				0.19	0.05	0.49	-0.15	-0.43	-0.72	-0.23
Shareholders' equity	111	136	160	178	193	226	230	223	183	169
Minority interests	2.61	3.28	-0.24	-2.17	-3	-3.15	-3.21	-3.06	-3	-2.86
Total equity	114	139	160	175	190	223	225	220	180	166
Total liabilities and equity	156	223	295	474	515	516	527	491	452	403

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2022	FY2023	FY2024	FY2026
Net income	21.5	23.6	23.2	18.5	13.4	29.6	2.25	-9.94	-43.6	-16.2
Depreciation and amortization	4.7	7.33	12.6	22.1	28.5	29.2	30.8	32.2	32.3	25.5
Stock-based compensation	1.22	1.6	1.67	0.65	1.63	2.2	2.71	4.2	4.05	2.51
Deferred income tax	1.54	0.53	8	-1.15	-0.26	-5.48	-1.4	-2.34	1.77	0.96
Change in receivables	-0.03	0.07	-4.33	0.88	-1.35	-3.19	-0.59	0.09	1.99	1.26
Change in inventory	-14.4	-17.6	-11	-50.2	-1.2	26.4	-32.3	29.2	-40.8	35.2
Cash from operations	20.3	29.9	31.1	8.35	50.8	92	-1.4	38.7	-16.9	24.2
Capital expenditures	-28.7	-46.5	-53	-24.4	-11.7	-10.4	-27.1	-49.1	-8.33	-7.6
Purchases of investments		-6.32
Sales and maturities of investments					0.13	0.15	0.16	0.18	0.2	0.22
Cash from investing	-28.9	-53	-53.7	-30.7	-12.1	-10.2	-26.9	-48.7	-8.13	-7.38
Debt issued		0.8					25
Debt repaid	-4.23	-0.05	-0.42	-0.5	-0.48	-0.62	-0.69	-0.77	-0.85	-0.93
Cash from financing	-3.74	4.76	18.6	21.5	6.36	-51.4	-3.23	-3.35	-3.78	-3.78
Net change in cash	-13.8	-21.2	-4	-0.85	45	30.5	-31.5	-13.4	-28.8	13
Free cash flow	-8.42	-16.6	-21.9	-16.1	39	81.6	-28.5	-10.4	-25.2	16.6
Interest paid	0.19	1.85	5.76	4.57	6.44	3.75	3.65	4.16	4.55	5.2
Income taxes paid	6.7	9	10.3	0.56	0.83	16.2	7.22	2.03	0.13	0.17

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 2, 2026; growth uses fiscal years. Valuation uses the share price of $3.97 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	58.3%	Gross profit / revenue.
Operating margin	1.7%	Operating income / revenue.
EBITDA margin	6.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	1.1%	Net income / revenue.
FCF margin	10.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.6%	Cash from operations / revenue.
Return on equity (ROE)	3.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.5%	Net income / average total assets.
Return on invested capital (ROIC)	4.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	55.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	4.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-9.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-1.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-25.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-21.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-13.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-15.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-7.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-9.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-11.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.88x	Current assets / current liabilities.
Quick ratio	0.30x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.28x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	55.5%	Total liabilities / total assets.
Interest coverage	2.47x	Operating income / interest expense.
Working capital	$85.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$177.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.40x	Revenue / average total assets.
Fixed asset turnover	6.28x	Revenue / average property, plant and equipment.
Inventory turnover	1.83x	Cost of revenue / average inventory.
Days inventory	199 days	365 x average inventory / cost of revenue.
Receivables turnover	259x	Revenue / average receivables.
Days sales outstanding	1 days	365 x average receivables / revenue.
Days payables	75 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	125 days	Days inventory + days sales outstanding - days payables.
FCF conversion	974.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.16	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$15.14	Revenue / diluted weighted shares.
FCF per share	$1.58	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.76	Cash from operations / diluted weighted shares.
Book value per share	$4.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.88	Tangible book value / shares outstanding.
Cash per share	$0.74	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$150.9M	Share price x shares outstanding.
Enterprise value	$124.1M	Market cap + total debt - cash - short-term investments.
P/E	25.5x	Market cap / net income. Only when net income is positive.
P/S	0.27x	Market cap / revenue.
P/B	0.85x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.85x	Market cap / tangible book value, when positive.
P/FCF	2.62x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.36x	Market cap / cash from operations, when positive.
EV/Sales	0.23x	Enterprise value / revenue.
EV/EBIT	13.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.76x	Enterprise value / EBITDA, when both are positive.
EV/FCF	2.16x	Enterprise value / free cash flow, when both are positive.
FCF yield	38.1%	Free cash flow / market cap.
Earnings yield	3.9%	Net income / market cap (the inverse of P/E).

What was DULUTH HOLDINGS INC.'s revenue in fiscal 2026?

DULUTH HOLDINGS INC. reported revenue of $565.2M for fiscal 2026, 9.8% lower than the year before.

Was DULUTH HOLDINGS INC. profitable in fiscal 2026?

No. It reported a net loss of $16.4M.

How much free cash flow did DULUTH HOLDINGS INC. generate in fiscal 2026?

Cash from operations of $24.2M minus capital expenditures of $7.6M left free cash flow of $16.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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