Duluth Holdings (DLTH) AI Stock Analysis

• Market Cap: $116.31M
• Dividend Yield: N/A
• Average Volume (3M): 120.91K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.85
• Revenue Growth: -6.13%
• EPS Growth: -215.18%
• Country: US
• Employees: 807
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Retail
• EPS (TTM): 0.03
• Shares Outstanding: 33,327,580
• 10 Day Avg. Volume: 63,273
• 30 Day Avg. Volume: 120,910
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.52
• Price to Sales (P/S): 0.15
• P/FCF Ratio: -3.77
• Enterprise Value/Market Cap: 2.18
• Enterprise Value/Revenue: 0.42
• Enterprise Value/Gross Profit: 0.85
• Enterprise Value/Ebitda: -51.65
• 1Y Price Target: $7.00
• Price Target Upside: 125.81% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 50 Neutral
• Price Target: $3.50 ▲(12.90% Upside)

Duluth Holdings' overall stock score reflects significant financial challenges, including declining revenues and negative cash flows. While the company is making strategic improvements, such as margin expansion and cost reductions, these are offset by valuation concerns and mixed technical indicators. The earnings call provides some optimism for a turnaround, but the stock remains under pressure due to ongoing sales declines and external cost impacts.

Positive Factors

Gross Margin Improvement

The significant improvement in gross margin indicates effective cost management and pricing strategies, which can enhance long-term profitability and competitiveness.

Cost Reduction

Effective cost reduction strategies, such as reducing SG&A expenses, improve operational efficiency and can lead to sustainable profitability improvements over time.

Successful Product Launches

Successful product launches indicate strong product development capabilities and market responsiveness, which can drive future revenue growth and brand strength.

Negative Factors

Sales Decline

The decline in sales, particularly in direct channels, suggests challenges in consumer demand or competitive pressures, impacting revenue growth and market position.

Impact of Tariffs

Tariff impacts can increase costs and pressure margins, posing a risk to profitability and requiring strategic adjustments to mitigate long-term financial effects.

Increase in Clearance Inventory

A high level of clearance inventory suggests overstock issues or weak demand, potentially leading to margin erosion and inventory write-downs if not managed effectively.

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 via multiple channels, including direct-to-consumer sales from its website, retail stores, and catalog distribution. Key revenue streams include sales from its physical retail locations, e-commerce sales, and catalog orders. The company focuses on offering a unique product assortment that includes proprietary designs and patented features, which allows them to differentiate from competitors. They also engage in promotional campaigns and seasonal sales to drive customer traffic and increase sales volumes. Partnerships with various logistics and fulfillment services enhance their supply chain efficiency, contributing to overall profitability.

Duluth Holdings Financial Statement Overview

Summary

Duluth Holdings is facing financial challenges with declining revenues and profitability, moderate leverage, and negative cash flows. Despite a stable gross profit margin, the company must address its cash flow and profitability issues to improve its financial health.

Income Statement

Duluth Holdings has experienced declining revenue and profitability over recent periods, with negative net profit margins and EBIT margins in the TTM. The gross profit margin remains relatively stable, but the company faces challenges in reversing its negative revenue growth trajectory.

Balance Sheet

The company's debt-to-equity ratio is moderate, indicating a balanced approach to leveraging. However, the negative return on equity in recent periods highlights profitability challenges. The equity ratio suggests a stable capital structure, but the declining equity base is a concern.

Cash Flow

Duluth Holdings is facing cash flow difficulties, with negative operating and free cash flows in the TTM. The free cash flow to net income ratio is positive, indicating some efficiency in cash management, but overall cash flow trends are concerning.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	602.75M	626.63M	646.68M	653.31M	698.58M	638.78M
Gross Profit	298.26M	308.51M	324.97M	343.44M	377.32M	331.53M
EBITDA	-4.91M	-4.41M	24.25M	37.42M	73.38M	52.80M
Net Income	-46.09M	-43.67M	-9.36M	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	165.13M	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	-33.02M	-25.25M	-10.41M	-28.46M	81.63M	38.49M
Operating Cash Flow	-24.30M	-16.92M	38.67M	-5.63M	91.98M	50.75M
Investing Cash Flow	-8.51M	-8.13M	-48.72M	-22.64M	-10.15M	-12.13M
Financing Cash Flow	28.76M	-3.78M	-3.35M	-3.23M	-51.36M	6.36M

Duluth Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 3.10
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 3.1 is below the 20-day moving average (MA) of 3.48, below the 50-day MA of 3.19, and above the 200-day MA of 2.49, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 44.77 is Neutral, neither overbought nor oversold. The STOCH value of 25.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DLTH.

Duluth Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JILL	63 Neutral	$238.77M	6.69	34.74%	1.94%	-2.37%	-16.40%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
DBI	51 Neutral	$180.83M	-5.31	-9.98%	5.41%	-4.63%	-637.55%
DLTH	50 Neutral	$116.31M	―	-24.97%	―	-6.13%	-215.18%
CATO	49 Neutral	$83.44M	-4.41	-10.73%	3.94%	-4.13%	-18.26%
TLYS	47 Neutral	$53.94M	-1.12	-43.51%	―	-11.10%	-10.31%
CURV	41 Neutral	$145.77M	47.12	―	―	-5.76%	-75.71%

Duluth Holdings Corporate Events

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.

The most recent analyst rating on (DLTH) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on Duluth Holdings stock, see the DLTH Stock Forecast page.

Duluth Holdings Reports Positive Q2 2025 Turnaround

Duluth Holdings Inc., operating as Duluth Trading Company, is a lifestyle brand specializing in men’s and women’s workwear, casual wear, and outdoor apparel, known for its engaging marketing and unique product offerings.

Duluth Holdings Inc. Earnings Call Highlights Strategic Turnaround

Duluth Holdings Inc. Navigates Strategic Turnaround Amid Challenges

Duluth Holdings Reports Q2 2025 Financial Turnaround

On September 4, 2025, Duluth Holdings announced its financial results for the second quarter ending August 3, 2025, reporting a net income of $1.3 million compared to a net loss of $2.0 million in the same quarter the previous year. The company achieved a gross margin expansion due to promotional resets and cost control measures, resulting in an adjusted EBITDA of $12.0 million. Despite a 7% decrease in net sales to $131.7 million, Duluth Trading improved its financial standing with a reduction in inventory by 12.2% and maintained a net liquidity of $73.3 million. CEO Stephanie Pugliese highlighted the positive momentum in the company’s turnaround efforts, emphasizing improvements in promotional strategies, expense management, and inventory discipline. Looking ahead, the company aims to focus on business simplification and leveraging its core strengths to drive shareholder value and restore profitable growth.

The most recent analyst rating on (DLTH) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Duluth Holdings stock, see the DLTH Stock Forecast page.