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Duluth Holdings
(NASDAQ:DLTH)
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Rating:59Neutral
Price Target:
$4.00
▲(5.82% Upside)
Action:Reiterated
Date:09/06/26
DLTH scores as a moderate recovery story: strong cash generation and improving balance-sheet trends are the primary positives, reinforced by a more upbeat earnings outlook (raised adjusted EBITDA guidance). The score is held back by still-declining sales and thin profitability, plus a relatively high P/E without dividend support and mixed near-term momentum signals.
Positive Factors
Strong cash generation
Strong current cash generation gives Duluth greater flexibility to fund operations, reduce debt, and invest in stores, ecommerce, and fulfillment. This improves resilience during the turnaround, although sustaining the run-rate remains important because prior-year cash flow was less consistent.
Negative Factors
Declining sales
Persistent sales contraction indicates that the operational recovery has not yet translated into renewed top-line growth. Lower revenue can dilute fixed costs, constrain reinvestment, and make margin gains harder to sustain, especially as the company continues to reset promotions and pricing.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Strong current cash generation gives Duluth greater flexibility to fund operations, reduce debt, and invest in stores, ecommerce, and fulfillment. This improves resilience during the turnaround, although sustaining the run-rate remains important because prior-year cash flow was less consistent.
Read all positive factors
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 (DLTH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$152.78M
Dividend YieldN/A
Average Volume (3M)196.47K
Price to Earnings (P/E)25.1
Beta (1Y)0.63
Revenue Growth-8.63%
EPS GrowthN/A
CountryUS
Employees2,057
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Retail
Share Statistics
EPS (TTM)0.16
Shares Outstanding34,640,800
10 Day Avg. Volume65,467
30 Day Avg. Volume196,465
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 Cap1.70
Enterprise Value/Revenue0.47
Enterprise Value/Gross Profit0.81
Enterprise Value/Ebitda7.52
Forecast
1Y Price Target
$5.00Price Target Upside32.28% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-0.22
Revenue Forecast (FY)$549.92M
Duluth Holdings Business Overview & Revenue Model
Company Description
Duluth Holdings Inc., originally known as GEMPLER'S, Inc. and founded in 1989, is based in Mount Horeb, Wisconsin. This enterprise is a retailer specializing in durable casual apparel, workwear, and complementary accessories designed for both men ...
How the Company Makes Money
Duluth Holdings makes money primarily by selling branded apparel and accessories directly to consumers through two main channels: (1) e-commerce and other direct channels and (2) company-operated retail stores. Revenue is generated when customers ...
Duluth Holdings Earnings Call Summary
Earnings Call Date:Sep 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 26, 2026
Earnings Call Sentiment Positive
The call was predominantly positive. Management highlighted five consecutive quarters of improving margins and free cash flow, substantial clearance and inventory reductions, stronger liquidity, supply chain savings, improved customer engagement metrics, positive early Amazon results, and raised adjusted EBITDA guidance. These gains were offset by declining sales, lower conversion, a contracted customer base, category-specific sales declines, transportation cost pressures, and a near-term Q3 top-line headwind from lapping prior-year clearance activity.Positive Updates
Five Consecutive Quarters of Profitability and Cash Flow Improvement
Management reported five straight quarters of year-over-year gains in both net income margin and free cash flow, supported by operational consistency, disciplined inventory and cash management, and improved execution.
Negative Updates
Second-Quarter Net Sales Decline
Net sales declined 7.8% to $121.4 million, or 5.4% excluding wholesale. First-half net sales declined 6.2%, reflecting the promotional reset and annualized price increases.
Read all updates
Q2-2026 Updates
Positive
Negative
Five Consecutive Quarters of Profitability and Cash Flow Improvement
Management reported five straight quarters of year-over-year gains in both net income margin and free cash flow, supported by operational consistency, disciplined inventory and cash management, and improved execution.
Read all positive updates
Company Guidance
Management reaffirmed full year net sales guidance of $540 million to $560 million and raised full year adjusted EBITDA guidance to between $38 million and $42 million from $28 million to $32 million, including the $16.3 million gain from tariff refunds. First half net sales were -6.2%, at the high end of the -6% to -10% range, while overall second half sales performance is projected to be between -2% to +2%, with Q3 better than Q2 and Q4 better than Q3; Q3 is expected to moderate as the company laps prior year clearance events. The tariff rate for the second half is assumed at approximately 15% to 16%, reflecting 12.5% for Q3 and back to the higher rates in Q4, and full year capital expenditure guidance remains approximately $12 million.Duluth Holdings Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
61
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2022 | Jan 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 550.75M | 565.18M | 626.63M | 653.31M | 638.78M | 615.62M |
| Gross Profit | 321.24M | 301.61M | 308.51M | 343.44M | 331.53M | 328.15M |
| EBITDA | 34.57M | 15.61M | -4.41M | 37.42M | 52.80M | 50.48M |
| Net Income | 5.91M | -16.39M | -43.67M | 2.30M | 13.58M | 18.92M |
Balance Sheet | ||||||
| Total Assets | 394.05M | 402.61M | 452.44M | 527.45M | 515.58M | 474.05M |
| Cash, Cash Equivalents and Short-Term Investments | 26.80M | 16.34M | 3.33M | 45.55M | 47.22M | 538.00K |
| Total Debt | 141.09M | 147.44M | 163.13M | 199.88M | 237.37M | 221.94M |
| Total Liabilities | 218.86M | 236.49M | 272.76M | 300.26M | 324.48M | 297.94M |
| Stockholders Equity | 177.94M | 168.97M | 182.68M | 230.41M | 193.46M | 178.27M |
Cash Flow | ||||||
| Free Cash Flow | 57.54M | 16.57M | -25.25M | -28.46M | 38.49M | -24.09M |
| Operating Cash Flow | 64.06M | 24.17M | -16.92M | -5.63M | 50.75M | 6.70M |
| Investing Cash Flow | -6.29M | -7.38M | -8.13M | -22.64M | -12.13M | -30.69M |
| Financing Cash Flow | -36.71M | -3.78M | -3.78M | -3.23M | 6.36M | 21.50M |
Duluth Holdings Technical Analysis
Neutral
3.78
Price Trends
4.05
Negative
4.06
Negative
3.37
Positive
Market Momentum
-0.03
Positive
46.86
Neutral
66.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DLTH, the sentiment is Neutral. The current price of 3.78 is below the 20-day moving average (MA) of 4.12, below the 50-day MA of 4.05, and above the 200-day MA of 3.37, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 46.86 is Neutral, neither overbought nor oversold. The STOCH value of 66.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DLTH.
Duluth Holdings Risk Analysis
Duluth Holdings disclosed 84 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $363.99M | 13.45 | 21.10% | 1.43% | -2.25% | -24.65% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | $152.78M | 25.06 | 3.54% | ― | -8.63% | ― | |
57 Neutral | $301.12M | 17.55 | 5.83% | 3.45% | -0.84% | ― | |
56 Neutral | $135.50M | 62.54 | 2.37% | 12.82% | 6.07% | ― | |
49 Neutral | $252.29M | -26.11 | 4.27% | ― | -11.16% | -384.28% | |
43 Neutral | $47.19M | -7.93 | -3.39% | 15.08% | -1.10% | 70.99% |
* Consumer Cyclical Sector Average
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Duluth Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
Duluth Holdings Reports Strong Q2 Profitability Rebound
Positive
Sep 3, 2026
On September 3, 2026, Duluth Holdings reported fiscal second-quarter results for the period ended August 2, 2026, highlighted by a sharp rebound in profitability driven largely by tariff refunds and improved merchandising discipline. Net income ju...
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.