Duluth Holdings

DLTH

Apparel - Retail · Consumer Cyclical

Price

$3.81

-0.03 (-0.78%)

Market Cap

$144.8M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through May 3, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+5.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 32.9M (2022) → 34.5M (2026)

Winston Score History

The full picture

Duluth Trading Company sells work-inspired clothing, gear, and accessories designed for people who work with their hands or spend time outdoors. Its core products include pants, shirts, outerwear, and underwear built for durability and comfort, sold under the Duluth Trading brand. The company is known for its quirky, humor-driven marketing and products like the "Ballroom Jeans" and "Buck Naked" underwear line, targeting tradespeople, farmers, and outdoor enthusiasts across the United States.

Duluth makes money by selling directly to customers through its website, catalogs, and a network of retail stores located primarily in the US. With a market cap around $200 million, it is a small player in a crowded apparel market dominated by much larger brands. The company's gross margin is healthy at over 54%, but its operating margin is essentially flat, meaning it struggles to convert sales into profit — controlling costs and driving store traffic remain the key challenges for the business going forward.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-10.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+229.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

54.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$21M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Duluth Holdings's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

57.4%

Premium pricing power — 57.4% gross margin

Profit after running costs

Operating Margin

-5.2%

Losing money on operations — -5.2%

Return on the money invested

ROCE

-0.9%

Weak — -0.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-8.4%

Shrinking sales (-8.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

10.5%

Modest free cash flow (10.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.19

Conservative — low debt load (0.19)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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