Duluth Holdings Inc. Class B Common Stock (DLTH)

FairStock Score: 55/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am looking at Duluth Holdings as a small apparel retailer with a loyal niche in workwear and outdoor clothing, but the numbers show a business still in rehab. Revenue has fallen each year in the filed data: fiscal 2024, ended 2024-01-28, was $646.7M; fiscal 2025, ended 2025-02-02, was $626.6M; and fiscal 2026, ended 2026-02-01, was $565.2M. Net income was negative in all three years: -$9.9M, -$43.7M, and -$16.4M. That is not the record of a durable moat; apparel retail is competitive and Duluth's brand alone may not protect pricing. Still, the latest filed quarter is striking. In fiscal Q2 2027, the quarter ended 2026-08-02, Duluth reported revenue of $121.4M, net income of $18.4M, and diluted EPS of $0.50. That follows a loss of $10.1M in fiscal Q1 2027, the quarter ended 2026-05-03. FairStock's calculated trailing FCF is $57.5M, a 39.9% FCF yield on the $144.1M market cap; that is exceptional if sustainable. The balance sheet is not fortress-like: D/E is 0.81 and Altman Z-Score is 1.37, both cautions. FairStock's P/B is 0.85 and Graham Number is $4.23 versus the $3.96 close on 2026-10-13, suggesting modest asset protection. But P/E is 23.29 on EPS of $0.17, ROE is 3.56%, and ROCE is 2.01%, so earnings power is weak. FairStock classifies it as a TURNAROUND — Loss in latest year after earlier profits. I would want proof that Q2 fiscal 2027 is not a seasonal blip and that cash flow can repair the balance sheet before calling this a safe value.

In plain English: Duluth Holdings sells casual, work, and outdoor clothing and accessories in the United States. The business has been shrinking and has posted annual losses, but its latest reported quarter was profitable and it generates a lot of cash relative to its small market value. At the 2026-10-13 closing price of $3.96, the stock looks roughly in line with its accounting value and somewhat cheap on assets, though not obviously cheap on earnings.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2027 10-Q (period ended 2026-08-02) · fiscal Q1 2027 10-Q (period ended 2026-05-03) · fiscal Q3 2026 10-Q (period ended 2025-11-02) · fiscal Q2 2026 10-Q (period ended 2025-08-03) · FY2026 10-K (period ended 2026-02-01) · FY2025 10-K (period ended 2025-02-02) · FY2024 10-K (period ended 2024-01-28)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer