Duluth Holdings Inc. key statistics and ratios

In fiscal 2026, Duluth Holdings Inc. had return on equity of -9.3%, an operating margin of -1.8% and a current ratio of 1.59. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Duluth Holdings Inc.: financial ratios, annual
Fiscal year	2014Feb 2014	2015Feb 2015	2016Jan 2016	2017Jan 2017	2018Jan 2018	2019Feb 2019	2020Feb 2020	2021Jan 2021	2022Jan 2022	2023Jan 2023	2024Jan 2024	2025Feb 2025	2026Feb 2026	LTMAug 2026
Gross margin	56.4%	56.5%	57.0%	56.9%	55.4%	54.6%	53.3%	51.9%	54.0%	52.6%	50.3%	49.2%	53.4%	58.3%
Operating margin	9.9%	10.4%	9.6%	9.3%	7.9%	6.5%	4.6%	3.8%	6.3%	1.0%	−1.5%	−5.9%	−1.8%	1.7%
Net margin	9.5%	10.2%	9.0%	5.7%	5.0%	4.1%	3.1%	2.1%	4.3%	0.4%	−1.5%	−7.0%	−2.9%	1.1%
Free-cash-flow margin	7.6%	7.5%	2.3%	−2.2%	−3.5%	−3.9%	−2.6%	6.1%	11.7%	−4.4%	−1.6%	−4.0%	2.9%	10.4%
Return on equity	49.7%	69.5%	43.7%	21.3%	18.7%	15.5%	11.2%	7.3%	14.2%	1.0%	−4.4%	−21.5%	−9.3%	3.4%
Return on assets	—	33.3%	28.6%	15.4%	12.4%	8.9%	4.9%	2.7%	5.8%	0.4%	−1.9%	−9.3%	−3.8%	1.5%
Asset turnover	—	3.27	3.18	2.72	2.49	2.20	1.60	1.29	1.36	1.25	1.27	1.33	1.32	1.38
Current ratio	—	1.93	3.98	2.88	2.00	2.25	2.03	2.19	1.92	1.87	1.71	1.49	1.59	1.88
Debt to equity	0.0%	13.8%	5.7%	0.7%	1.1%	17.9%	15.9%	—	—	—	—	—	—	0.6%
Interest cover (operating income ÷ interest)	65.4x	70.5x	95.3x	180.4x	18.6x	6.3x	6.3x	3.9x	9.3x	1.7x	n/m	n/m	n/m	2.5x
Effective tax rate	—	—	4.6%	38.6%	33.5%	26.7%	22.7%	25.7%	25.1%	24.0%	—	—	—	—
SG&A as % of revenue	46.5%	46.1%	47.5%	47.6%	47.5%	48.1%	48.7%	48.1%	47.7%	51.6%	51.7%	53.9%	54.9%	55.8%
Capital spending as % of revenue	2.4%	2.3%	2.4%	7.6%	9.9%	9.3%	4.0%	1.8%	1.5%	4.1%	7.6%	1.3%	1.3%	1.2%
Free cash flow ÷ net income	80.0%	73.4%	25.2%	−39.5%	−71.1%	−94.8%	−85.0%	287.3%	274.8%	<−999%	—	—	—	974.4%

US$ thousands unless shown otherwise. Fiscal quarters.

Duluth Holdings Inc.: financial ratios, quarterly
Quarter	2025 Q3Oct 2024	2025 Q4Feb 2025	2026 Q1May 2025	2026 Q2Aug 2025	2026 Q3Nov 2025	2026 Q4Feb 2026	2027 Q1May 2026	2027 Q2Aug 2026
Gross margin	52.3%	44.1%	52.0%	54.7%	53.8%	53.0%	57.4%	72.8%
Operating margin	−17.4%	−1.8%	−12.0%	1.8%	−7.7%	4.0%	−9.4%	15.5%
Net margin	−22.2%	−2.3%	−14.9%	1.0%	−8.8%	3.6%	−10.2%	15.1%
Free-cash-flow margin	−34.4%	16.0%	−56.3%	22.6%	−7.8%	24.8%	−15.4%	23.2%
Current ratio	1.30	1.49	1.35	1.44	1.29	1.59	1.62	1.88
SG&A as % of revenue	64.8%	45.9%	63.4%	52.2%	61.5%	48.8%	62.7%	57.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 3 checks passed · August 2, 2026

What it owns · $394m

Short-term assets $183mLonger-term assets $211m

What it owes, and who funded it · $397m

Short-term liabilities $97mLonger-term liabilities $122mShareholders' equity $178m

Short-term assets cover short-term liabilities $183m of assets due within a year against $97m of liabilities due within a year.
Short-term assets cover long-term liabilities $183m short-term assets against $122m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $9m against $4m of interest.

From Duluth Holdings Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

32 /100

Weak moat

How hard Duluth's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 2 / 20

Net income has been a median 2.9% of total assets over 10 years.
Pricing power 17 / 20

Gross margin has been a median 53.1%, moving by 2.6 percentage points (standard deviation) across 10 years.
Durability 0 / 20

Operating margin has been a median 3.8%; its worst year was -6.0%.
Cash conversion 4 / 20

Free cash flow was positive in 4 of 10 years, at a median -0.5% of revenue.
Discipline 14 / 20

The diluted share count rose 7.8% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (37 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Duluth Holdings Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Duluth Holdings Inc.